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Multi-specialty hospital chain founded by Dr. Devi Shetty, known for high-volume, lower-cost cardiac and specialty care.
Multi-specialty hospital chain founded by Dr. Devi Shetty, known for high-volume, lower-cost cardiac and specialty care.
Charges patients per procedure, with insurers, government health schemes and self-paying patients all in the mix, and profit rests on filling beds and operating theatres at high volume and low unit cost. The Bengaluru campus is the flagship; a Cayman Islands hospital serves patients from the Caribbean and North America.
In one line: India's high-volume, low-cost cardiac-care hospital model.
Moat: narrow (scale, brand, process know-how). High-volume, standardized-cost surgical model built to serve price-sensitive patients at scale.
Headquarters: Bengaluru, India · Founded: 2000 · Employees: 15,467
Size Narayana Hrudayalaya (NH.NS) is an India Health Care company (Hospital/Nursing Management) with a market value of $4.11B, the 238th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,903 on 6 Nov 2026.
Performance Over six months the shares gained 2.5%, against 0.0% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 71.4% over the last twelve months (peer median +12.9%); the operating margin is 12.7% (peer median 11.1%).
Valuation It trades at 36.5× forward earnings against a peer median of 47.3× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.3 points below its cost of capital (12.3% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹103B | ₹79.0B | ₹54.8B | ₹48.9B | ₹45.2B |
| Revenue growth | — | +44% | +12% | +8% | — |
| Gross profit | ₹37.9B | ₹21.8B | ₹14.2B | ₹12.3B | ₹11.0B |
| EBITDA | ₹19.0B | ₹16.7B | ₹13.1B | ₹11.7B | ₹9.89B |
| Net income | ₹8.59B | ₹8.06B | ₹7.90B | ₹7.89B | ₹6.06B |
| Free cash flow | n/a | ₹5.98B | -₹1.96B | ₹412M | ₹5.27B |
| Capital expenditure | n/a | ₹8.75B | ₹10.8B | ₹9.71B | ₹5.22B |
| Total debt | ₹60.8B | ₹58.6B | ₹24.3B | ₹16.3B | ₹8.84B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Narayana Hrudayalaya NH.NS | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% |
| Max Healthcare Institute MAXHEALTH.NS | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% |
| Global Health MEDANTA.NS | $3.95B | +15% | +26% | 17% | 51.1× | n/a |
| Krishna Institute of Medical Sciences KIMS.NS | $3.21B | +2% | +31% | 12% | 70.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.4% | +3.7% | 5th highest of 21 |
| 6-month return | +2.5% | 0.0% | 9th highest of 20 |
| Distance from 52-week high | -9.1% | -17.9% | 6th highest of 21 |
| Revenue growth (TTM) | +71.4% | +12.9% | highest of 21 |
| Operating margin | 12.7% | 11.1% | 10th highest of 21 |
| Forward P/E | 36.5× | 47.3× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 31.1% | 13.8% | 4th most demanding of 18 |
| Growth delivered (Del g) | +25.0% | +9.7% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | +6.1 pp | +2.7 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | -0.3 pp | -2.6 pp | 8th highest of 21 |
| EV / EBITDA | 22.1× | 20.6× | 8th cheapest of 15 |
| Net debt / EBITDA | 1.6× | 3.8× | 6th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |
| Xi'an International Medical Investment 000516.SZ | China | $1.54B | 0% | -1% | -2% | n/a | 13.6% | +20.6% |
| Aevis Victoria AEVS.SW | Switzerland | $1.49B | +9% | +15% | -6% | 107.9× | 26.6% | +10.2% |
| Sanbo Hospital Management 301293.SZ | China | $1.48B | -21% | +17% | 6% | 148.9× | n/a | n/a |