Narayana Hrudayalaya Limited submitted its Annual Report for the financial year 2025-26 to the stock exchanges on July 23, 2026, in compliance with Regulation 34(1) and 53(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report has been dispatched electronically to shareholders with registered email addresses and uploaded on the Company's website at www.narayanahealth.org .

Record Financial Performance in FY 2025-26

The Group recorded its highest-ever revenue and EBITDA at the consolidated level in FY26, underpinned by strong performances across all three geographies — India, the Cayman Islands, and the newly acquired UK operations.

The India Hospital business recorded revenue from operations of ₹47,396 million in FY26 against ₹43,051 million in the corresponding period, reflecting a 10% increase. The Cayman business delivered its highest-ever revenue of ₹18,893 million, up 59.7% YoY. UK operations, consolidated from the November 2025 acquisition date, contributed ₹12,992 million in FY26.

Segment-Wise and Geographic Performance

The following table summarises key revenue drivers for the India Hospital business:

The NH Integrated Care business reported operating revenue of ₹772 million in FY26, up from ₹418 million in FY25, reflecting a 49.8% YoY increase. Gross Written Premium (GWP) for the insurance vertical reached ₹438 million in FY26.

UK Acquisition and Tri-Continental Footprint

A landmark development in FY26 was the acquisition of Practice Plus Group Hospitals Limited (PPG) in the United Kingdom in November 2025, for a total consideration of GBP 188.78 million (₹22,009.69 million). PPG runs and operates 7 hospitals, 3 Surgical Centers, 2 Urgent Treatment Centers, 3 Musculoskeletal/Diagnostic Centers, and 1 Ophthalmology Center with 330 bed capacity in the UK. The acquisition makes Narayana Health the only Indian healthcare group with direct experience owning and managing hospital operations across Asia, Europe, and the Caribbean.

Balance Sheet and Capital Expenditure

The Group's balance sheet remained robust as of March 31, 2026. Net debt stood at ₹22,397 million with a net debt-to-equity ratio of 0.49. Total borrowings (non-current) increased to ₹46,671.82 million from ₹19,664.82 million in the prior year, primarily on account of borrowings for the PPG acquisition. The Company has planned a capex of ₹7,300 million in FY27, with greenfield projects across Bengaluru, Kolkata, and Raipur expected to add approximately 1,500 beds over the next 3–4 years at a total estimated cost of ₹30,000 million.

Clinical Highlights and Governance

Across the network, the Group recorded 2.7 million+ outpatient consultations, 250,000+ inpatient admissions, and over 1 million patient bed days. The cardiac programme performed 16,500+ cardiac surgeries, with group-wide robotic cardiac surgery volumes crossing 750 procedures. The Group also performed more than 650 solid organ transplants and over 350 bone marrow transplants during FY26.

A significant safety milestone was the reduction in 30-day all-cause mortality following discharge from 3.2% in 2024 to 0.9% in 2026, a 71% relative reduction. Narayana Health became the first healthcare provider in India and sixth globally to achieve JCI Enterprise Accreditation, alongside 17 hospitals accredited by NABH and 8 by the Joint Commission International.

Key Financial Ratios

The Board of Directors recommended a final dividend of ₹4.50 per equity share for FY 2025-26, subject to shareholder approval at the 26th Annual General Meeting scheduled for August 14, 2026. The Company has 20 subsidiary companies and 2 associate companies as on March 31, 2026, with total revenue from all subsidiaries aggregating to ₹39,208.94 million, contributing 49.66% of consolidated revenue.

Narayana Hrudayalaya Limited has scheduled its 26th Annual General Meeting (AGM) for August 14, 2026, seeking shareholder approval for a final dividend of ₹4.50 per equity share and a mandate to raise debt securities worth up to ₹1,500 crore. The meeting, to be held via video conferencing, also includes resolutions to revise the remuneration of three key Whole-time Directors and reappoint independent directors. The dividend, aggregating ₹91.96 crore, is payable to members holding shares on the record date of July 17, 2026, subject to AGM approval.

The Board of Directors, in its meeting on May 22, 2026, recommended the dividend for the financial year ended March 31, 2026. In compliance with SEBI Listing Regulations and the Companies Act, 2013, the company has provided remote e-voting facilities through National Securities Depository Limited (NSDL). The 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), with the cut-off date for voting eligibility set as August 7, 2026.

Key AGM Dates and Details

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.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE410P01011/db8167fa-228a-412b-a97a-079deb505f0f.pdf