Summary of quarterly results filing for Narayana Hrudayalaya Ltd published on 13 Feb, 2026
1. Auditor’s Note
- The auditor’s review reports for both Standalone and Consolidated financial results are unqualified.
- No qualifications, concerns, or issues were raised.
- The reports state that nothing has come to the auditor’s attention to indicate material misstatements or non-compliance with applicable accounting standards and SEBI regulations.
Conclusion: Auditor’s notes are standard boilerplate with no qualifications or concerns.
2. Financial Performance
Standalone Financial Results
(₹ in Million)
| Particulars | Q3 FY26 (31-Dec-25) | Q2 FY26 (30-Sep-25) | Q3 FY25 (31-Dec-24) | 9M FY26 (31-Dec-25) | 9M FY25 (31-Dec-24) | FY25 (31-Mar-25) |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from operations | 9,687.81 | 10,191.69 | 8,650.43 | 29,310.91 | 26,710.95 | 35,901.22 |
| Other income | 158.51 | 170.88 | 86.52 | 493.75 | 354.99 | 1,421.63 |
| Total income | 9,846.32 | 10,362.57 | 8,736.95 | 29,804.66 | 27,065.94 | 37,322.85 |
| Expenses | ||||||
| Purchases of medical consumables, drugs and surgical instruments | 2,177.10 | 2,355.76 | 1,901.35 | 6,744.17 | 6,069.11 | 8,277.94 |
| Changes in inventories (Increase)/Decrease | 1.69 | 11.00 | 24.96 | 40.98 | 108.60 | 119.61 |
| Employee benefits expense | 1,740.70 | 1,804.35 | 1,685.35 | 5,306.60 | 5,213.12 | 6,875.65 |
| Professional fees to doctors | 2,002.22 | 2,012.09 | 1,799.45 | 5,949.93 | 5,489.94 | 7,356.60 |
| Other expenses | 1,718.46 | 1,717.98 | 1,672.68 | 5,140.90 | 4,872.46 | 6,556.03 |
| Expenses before depreciation, finance costs & exceptional items | 7,640.17 | 7,901.18 | 7,083.79 | 23,182.58 | 21,753.23 | 29,185.83 |
| EBITDA (1-2) | 2,206.15 | 2,461.39 | 1,653.16 | 6,622.08 | 5,312.71 | 8,137.02 |
| Finance costs | 291.33 | 285.78 | 212.89 | 883.34 | 621.36 | 877.08 |
| Depreciation and amortisation expense | 469.44 | 462.66 | 425.83 | 1,407.68 | 1,234.36 | 1,692.63 |
| Total expenses (2+4+5) | 8,400.94 | 8,649.62 | 7,722.51 | 25,473.60 | 23,608.95 | 31,755.54 |
| Profit before tax and exceptional items (1-6) | 1,445.38 | 1,712.95 | 1,014.44 | 4,331.06 | 3,456.99 | 5,567.31 |
| Exceptional item (Labour Codes impact) | (452.76) | - | - | (452.76) | - | - |
| Profit before tax (7+8) | 992.62 | 1,712.95 | 1,014.44 | 3,878.30 | 3,456.99 | 5,567.31 |
| Tax expense | ||||||
| - Current tax | 272.11 | 315.79 | 228.24 | 874.51 | 688.86 | 1,068.68 |
| - Deferred tax charge/(credit) | (36.86) | 18.36 | (6.03) | (6.09) | 56.47 | 187.21 |
| Total tax expense | 235.25 | 334.15 | 222.21 | 868.42 | 745.33 | 1,255.89 |
| Net Profit for the period/year (9-10) | 757.37 | 1,378.80 | 792.23 | 3,009.88 | 2,711.66 | 4,311.42 |
| Other comprehensive income/(loss), net of taxes | (14.38) | 3.39 | (2.26) | (15.42) | (30.97) | (44.19) |
| Total comprehensive income (11+12) | 742.99 | 1,382.19 | 789.97 | 2,994.46 | 2,680.69 | 4,267.23 |
| Paid-up equity share capital (₹10 each) | 2,043.61 | 2,043.61 | 2,043.61 | 2,043.61 | 2,043.61 | 2,043.61 |
Consolidated Financial Results
(₹ in Million)
| Particulars | Q3 FY26 (31-Dec-25) | Q2 FY26 (30-Sep-25) | Q3 FY25 (31-Dec-24) | 9M FY26 (31-Dec-25) | 9M FY25 (31-Dec-24) | FY25 (31-Mar-25) |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue from operations | 21,511.70 | 16,437.90 | 13,345.90 | 53,022.29 | 40,075.39 | 54,829.77 |
| Other income | 232.06 | 239.92 | 182.90 | 709.90 | 651.93 | 920.35 |
| Total income | 21,743.76 | 16,677.82 | 13,528.80 | 53,732.19 | 40,727.32 | 55,750.12 |
| Expenses | ||||||
| Purchases of medical consumables, drugs and surgical instruments | 4,074.03 | 3,229.60 | 2,587.63 | 10,357.62 | 8,335.17 | 11,409.07 |
| Changes in inventories (Increase)/Decrease | (259.53) | (7.36) | 63.95 | (262.78) | (44.64) | (45.32) |
| Employee benefits expense | 4,594.81 | 2,990.92 | 2,712.14 | 10,540.96 | 8,173.32 | 10,927.20 |
| Professional fees to doctors | 3,584.85 | 2,548.66 | 2,294.80 | 8,575.29 | 6,957.40 | 9,324.08 |
| Other expenses | 5,845.17 | 3,651.07 | 2,613.21 | 12,744.31 | 7,447.48 | 10,450.87 |
| Expenses before depreciation, finance costs & exceptional items | 17,839.33 | 12,412.89 | 10,271.73 | 41,955.40 | 30,888.73 | 42,065.90 |
| EBITDA (1-2) | 3,904.43 | 4,264.93 | 3,257.07 | 11,776.79 | 9,838.59 | 13,684.22 |
| Finance costs | 650.33 | 422.60 | 365.84 | 1,524.56 | 1,057.26 | 1,464.08 |
| Depreciation and amortisation expense | 1,222.52 | 874.76 | 695.77 | 2,940.30 | 1,956.13 | 2,781.13 |
| Total expenses (2+4+5) | 19,712.18 | 13,710.25 | 11,333.34 | 46,420.26 | 33,902.12 | 46,311.11 |
| Profit before tax and exceptional items (1-6) | 2,031.58 | 2,967.57 | 2,195.46 | 7,311.93 | 6,825.20 | 9,439.01 |
| Exceptional item (Labour Codes impact) | (509.36) | - | - | (509.36) | - | (83.63) |
| Profit before share of loss of equity accounted investees and income tax (7+8) | 1,522.22 | 2,967.57 | 2,195.46 | 6,802.57 | 6,825.20 | 9,355.38 |
| Share of loss of equity accounted investees | (18.66) | (12.75) | - | (3.82) | - | - |
| Profit before tax (9+10) | 1,503.56 | 2,954.82 | 2,195.46 | 6,766.75 | 6,825.20 | 9,355.38 |
| Tax expense | ||||||
| - Current tax | 301.14 | 362.31 | 288.85 | 1,005.10 | 878.29 | 1,298.40 |
| - Deferred tax charge/(credit) | (78.44) | 9.62 | (29.80) | (62.61) | 11.12 | 158.79 |
| Total tax expense | 222.70 | 371.93 | 259.05 | 942.49 | 889.41 | 1,457.19 |
| Net Profit for the period/year from continuing operations (11-12) | 1,280.86 | 2,582.89 | 1,936.41 | 5,824.26 | 5,935.79 | 7,898.19 |
| Profit/(loss) from discontinued operations after taxes | (13.01) | 2.06 | (5.87) | (4.39) | (2.33) | 8.12 |
3. Detailed Notes / Management Commentary
- The results have been prepared as per Ind AS 34 and comply with SEBI Listing Regulations.
- The Company operates in a single operating segment for standalone results: Medical and Healthcare Related Services. Hence, segment disclosures are not applicable for standalone.
- For consolidated results, segments include Medical and Healthcare Related Services and Others (Insurance).
- Exceptional Item:
- ₹452.76 million (Standalone) and ₹509.36 million (Consolidated) charge recognized in Q3 FY26 and 9M FY26 related to the impact of new Indian Labour Codes notified on 21 Nov 2025.
- This relates to increased gratuity and leave liabilities due to changes in wage definitions and benefits.
- Considered non-recurring.
- Corporate Actions:
- Merger scheme approved for Meridian Medical Research & Hospital Ltd. (MMRHL) with appointed date 1 April 2024.
- Scheme of arrangement approved for demerger of clinical services from NH Integrated Care Private Limited (NHIC) with appointed date 1 April 2025; no impact on Q3 FY26 results.
- Acquisition of Practice Plus Group Hospitals Limited (UK) by Narayana Hrudayalaya UK Ltd. completed on 6 Nov 2025; consolidation effective from that date.
- New wholly owned subsidiary Narayana Healthcare North Private Limited incorporated on 16 Jan 2026 for northern India healthcare services.
- Other income in FY25 includes dividend income of ₹824.83 million from Health City Cayman Islands Limited (HCCI), a wholly owned subsidiary.
- The Group continues to monitor developments related to Labour Codes for further implications.
4. Segment Information (Consolidated)
| Particulars | Q3 FY26 (₹ Mn) | Q2 FY26 (₹ Mn) | Q3 FY25 (₹ Mn) | 9M FY26 (₹ Mn) | 9M FY25 (₹ Mn) | FY25 (₹ Mn) |
|---|---|---|---|---|---|---|
| Segment Revenue | ||||||
| Medical and Healthcare Related Services | 20,697.91 | 16,098.60 | 13,672.09 | 51,867.13 | 41,085.74 | 56,085.18 |
| Others (Insurance) | 1,216.33 | 844.85 | 78.34 | 2,519.76 | 127.55 | 312.92 |
| Less: Inter-segment revenue | (87.45) | (111.28) | (83.63) | (295.88) | (136.92) | (226.08) |
| Total Revenue from Operations | 21,826.79 | 16,832.17 | 13,666.80 | 54,091.01 | 41,076.37 | 56,172.02 |
| Unallocated Other Income | 232.59 | 240.84 | 183.62 | 712.77 | 654.57 | 932.35 |
| Total Income | 22,059.38 | 17,073.01 | 13,850.42 | 54,803.78 | 41,730.94 | 57,104.37 |
| Segment Result (PBIT) | | | | | | | | Medical and Healthcare Related Services | 2,145.35 | 3,303.86 | 2,470.97 | 8,217.58 | 7,439.08 | 10,153.23 | | Others (Insurance) | (236.95) | (164.79) | (100.59) | (642.20) | (213.64) | (250.99) | | Add: Unallocated Other Income | 232.59 | 240.84 | 183.62 | 712.77 | 654.57 | 932.35 | | Less: Finance Costs | 650.44 | 423.03 | 365.84 | 1,525.10 | 1,057.26 | 1,464.08 | | Profit before tax | 1,490.55 | 2,956.88 | 2,188.16 | 6,763.05 | 6,822.75 | 9,370.51 |
| Segment Assets | | | | | | | | Medical and Healthcare Related Services | 98,652.29 | 60,549.15 | 52,992.47 | 98,652.29 | 52,992.47 | 58,735.10 | | Others (Insurance) | 2,344.81 | 1,964.61 | 1,337.89 | 2,344.81 | 1,337.89 | 1,434.74 | | Unallocated Assets | 16,848.06 | 14,905.97 | 10,994.63 | 16,848.06 | 10,994.63 | 12,480.45 | | Total Assets | 117,845.16 | 77,419.73 | 65,324.99 | 117,845.16 | 65,324.99 | 72,650.29 |
| Segment Liabilities | | | | | | | | Medical and Healthcare Related Services | 24,741.76 | 13,291.81 | 12,901.48 | 24,741.76 | 12,901.48 | 12,986.35 | | Others (Insurance) | 919.32 | 688.04 | 209.85 | 919.32 | 209.85 | 302.96 | | Unallocated Liabilities | 49,994.59 | 22,820.93 | 17,845.54 | 49,994.59 | 17,845.54 | 23,078.63 | | Total Liabilities | 75,655.67 | 36,800.78 | 30,956.87 | 75,655.67 | 30,956.87 | 36,367.94 |
| Capital Employed (Assets - Liabilities) | | | | | | | | Medical and Healthcare Related Services | 73,910.53 | 47,257.34 | 40,090.99 | 73,910.53 | 40,090.99 | 45,748.75 | | Others (Insurance) | 1,425.49 | 1,276.57 | 1,128.04 | 1,425.49 | 1,128.04 | 1,131.78 | | Unallocated (Negative Capital Employed) | (33,146.53) | (7,914.96) | (6,850.91) | (33,146.53) | (6,850.91) | (10,598.18) | | Total Capital Employed | 42,189.49 | 40,618.95 | 34,368.12 | 42,189.49 | 34,368.12 | 36,282.35 |
Segment EBIT Margin (PBIT / Revenue from operations)
| Segment | Q3 FY26 | Q2 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 | FY25 |
|---|---|---|---|---|---|---|
| Medical & Healthcare Services | 10.37% | 20.53% | 18.07% | 15.85% | 18.11% | 18.10% |
| Others (Insurance) | -19.49% | -19.50% | -128.39% | -25.48% | -167.41% | -80.27% |
Note: EBIT margin for Others segment is negative reflecting losses.
Segment Revenue Growth
| Segment | QoQ Growth (Q3 FY26 vs Q2 FY26) | YoY Growth (Q3 FY26 vs Q3 FY25) |
|---|---|---|
| Medical & Healthcare Services | +28.57% | +51.41% |
| Others (Insurance) | +43.86% | +1452.60% |
5. Capex, Projects, and Corporate Activity
-
Acquisition:
- Narayana Hrudayalaya UK Ltd. acquired 100% equity in Practice Plus Group Hospitals Limited, UK for GBP 188.78 million. Acquisition completed on 6 Nov 2025 and consolidated from that date.
- Purchase consideration allocated on provisional basis pending final fair value determination.
-
Corporate Restructuring:
- Merger scheme approved for Meridian Medical Research & Hospital Ltd. with appointed date 1 April 2024.
- Scheme approved for demerger of clinical services from NH Integrated Care Private Limited effective 1 April 2025; no impact on current quarter results.
-
New Subsidiary:
- Narayana Healthcare North Private Limited incorporated on 16 January 2026 to expand healthcare services in northern India.
-
Exceptional Provision:
- ₹452.76 million (Standalone) and ₹509.36 million (Consolidated) recognized as exceptional item due to increased gratuity and leave liabilities following new Labour Codes notified in Nov 2025.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and reviewed.
- Standalone results pertain solely to Narayana Hrudayalaya Limited.
- Consolidated results include 22 subsidiaries, associates, and joint ventures as detailed in the auditor’s report and notes.
- Consolidated results reflect significantly higher revenue and expenses due to inclusion of subsidiaries and international operations.
- Consolidated segment reporting is provided; standalone has a single operating segment.
Summary
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Unqualified review reports; no concerns or qualifications. |
| Standalone Revenue (Q3 FY26) | ₹9,687.81 million |
| Consolidated Revenue (Q3 FY26) | ₹21,511.70 million |
| Exceptional Item | ₹452.76 million (Standalone), ₹509.36 million (Consolidated) due to Labour Codes impact. |
| Profit After Tax (Q3 FY26) | Standalone: ₹757.37 million; Consolidated: ₹1,280.86 million |
| Segment Info (Consolidated) | Medical & Healthcare segment dominant; Others segment (Insurance) loss-making. |
| Corporate Activity | Acquisition of Practice Plus Group Hospitals (UK); Merger and Demerger schemes approved. |
| New Subsidiary | Narayana Healthcare North Private Limited incorporated Jan 2026. |
This extracted information is comprehensive and suitable for investment analysis and decision-making.