Narayana Hrudayalaya Limited reported a consolidated operating revenue of ₹26,836 million in Q1FY27, marking a 78.0% year-on-year increase driven primarily by the inclusion of its newly acquired United Kingdom business operations. Consolidated net profit (PAT) rose to ₹2,073 million from ₹1,961 million in the year-ago period. The Board of Directors approved these unaudited standalone and consolidated financial results on July 31, 2026, following a limited review by statutory auditors Deloitte Haskins & Sells LLP.

Segment Performance and Margin Dynamics

The revenue growth was significantly bolstered by the UK operations, which contributed substantially in their third quarter under Narayana Hrudayalaya's ownership. Excluding the UK, domestic India revenue grew robustly by 16.6% to ₹13,196 million, while Cayman Islands revenue also saw expansion. The standalone segment reported total income of ₹11,275.15 million, up from ₹9,595.77 million in Q1FY26, with standalone PAT rising to ₹1,378.55 million from ₹873.71 million.

Despite robust volume growth, profitability faced headwinds. Professional fees to doctors increased significantly, and employee benefit expenses jumped, impacting margins. Consequently, while consolidated EBITDA grew to ₹5,052 million from ₹3,607 million, the consolidated EBITDA margin contracted to 18.8% (as per investor presentation) or 17.50% (as per earlier disclosure), reflecting rising professional fees and employee benefits that outpaced top-line growth across the India and Cayman segments.

Operational Highlights and Integration

Dr. Emmanuel Rupert, Managing Director and Group CEO, highlighted strong patient footfall in India, supported by the expanding Integrated Care ecosystem including clinics and insurance. The Cayman business remained stable, aided by the One Health insurance platform. The UK business, now in its third quarter under Narayana Hrudayalaya, showed stable performance with separation from its erstwhile parent approaching completion.

Operationally, the Narayana Institute of Cardiac Sciences in Bangalore performed 2,137 cardiac surgeries in Q1FY27 and conducted 19 Pulse Field Ablation procedures for Atrial Fibrillation in June 2026. Narayana Hospital Gurugram operationalized the CUVIS Ortho Robotic System and Thulium Laser System, enabling advanced minimally invasive procedures.

Balance Sheet and Corporate Developments

As of June 30, 2026, consolidated total borrowings less cash and bank balance and investments stood at ₹19,671 million, resulting in a net debt-to-equity ratio of 0.42. This includes foreign currency debt components worth US $115 million and GBP £150 million. The standalone debt-to-equity ratio was 0.73. Net worth increased to ₹47,336 million (consolidated shareholder equity).

Structural reorganizations remain pending final approval from the National Company Law Tribunal (NCLT). The merger scheme for Meridian Medical Research & Hospital Ltd. awaits final orders after receiving approvals in January 2026. Similarly, the demerger scheme involving NH Integrated Care Private Limited is pending NCLT orders following April 2026 approvals. Neither scheme impacted Q1FY27 results. The company will host a conference call on August 3, 2026, to discuss these results.

Narayana Hrudayalaya Limited has dispatched letters to shareholders whose email addresses are not registered with the company, Registrar and Share Transfer Agent (RTA), or Depositories, pursuant to Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication provides web-links for accessing the Annual Report for FY26 and the Notice of the 26th Annual General Meeting (AGM), scheduled for August 14, 2026. This step ensures that all shareholders have access to critical corporate governance documents ahead of the meeting.

The 26th AGM will be held via video conferencing or other audio-visual means (VC/OAVM) at 11:30 A.M. (IST). The agenda includes seeking shareholder approval for a mandate to raise debt securities worth up to ₹1,500 crore and revisions in remuneration for three key Whole-time Directors. Additionally, the Board of Directors has recommended a final dividend of ₹4.50 per equity share, aggregating ₹91.96 crore, for the financial year ended March 31, 2026. The dividend is payable to members on the record date of July 17, 2026, subject to AGM approval.

Key AGM Dates and Details

Shareholders holding shares as of the cut-off date of August 7, 2026, are eligible to vote. The remote e-voting window opens on August 11, 2026, at 9:00 A.M. (IST) and closes on August 13, 2026, at 5:00 P.M. (IST). For those who did not receive the notice via email, the company has provided direct web-links in the dispatched letters. Physical copies of the Annual Report can be obtained by contacting the RTA at einward.ris@kfintech.com or the company at investorrelations@narayanahealth.org .

Executive Remuneration Revisions

Shareholders will vote on special resolutions to revise the consolidated annual salaries of three senior executives, effective April 1, 2026. The revisions are based on market benchmarking and industry standards:

• Dr. Devi Prasad Shetty, Whole-time Director: Salary increased to up to ₹26.17 crore per annum from ₹23.79 crore.
• Mr. Viren Prasad Shetty, Executive Vice Chairman: Salary increased to up to ₹6.61 crore per annum from ₹5.51 crore.
• Dr. Emmanuel Rupert, Managing Director and Group CEO: Salary increased to up to ₹11.33 crore per annum from ₹10.12 crore.

Additionally, the Board seeks approval to ratify the remuneration of M/s. PSV & Associates as Cost Auditors for FY27 at ₹4 lakh per annum plus taxes and expenses. The company also proposes to approve payment of remuneration to Non-Executive Directors by way of commission not exceeding 1% of net profits for five years from April 1, 2026.

Debt Securities and Director Reappointments

Pursuant to SEBI Master Circular requirements for Large Corporates with outstanding long-term borrowings exceeding ₹1,000 crore, Narayana Hrudayalaya seeks permission to issue secured or unsecured redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The total issuance limit is capped at ₹1,500 crore over one year from the AGM date. The company’s long-term credit rating from ICRA is AA (Stable).

The AGM agenda also includes the reappointment of Dr. Kiran Mazumdar Shaw, who retires by rotation, and Ms. Terri Smith Bresenham, who seeks a second term as Independent Director from August 5, 2026, to August 4, 2031. Members are advised to update their KYC and bank details with KFin Technologies Limited to ensure timely dividend credit and tax deduction at source (TDS) compliance under the Income-tax Act, 1961.