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 reported a 16.7% increase in standalone net profit to ₹5,031.13 million for the financial year ended March 31, 2026, driven by higher operational income. Revenue from operations rose 10.7% to ₹39,751.41 million from ₹35,901.22 million in the previous year. The company’s earnings before depreciation, amortisation, finance costs, and exceptional items (EBITDA) stood at ₹10,158.82 million for the year.

The board of directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 22, 2026. Statutory auditors M/s. Deloitte Haskins & Sells LLP issued an unmodified opinion on the financial results. The company also declared a final dividend of ₹4.50 per equity share of ₹10 each for FY26, subject to shareholder approval at the upcoming Annual General Meeting. The record date to determine shareholder eligibility for the dividend has been fixed as July 17, 2026.

For the quarter ended March 31, 2026, standalone net profit increased to ₹2,021.25 million from ₹1,599.76 million in the corresponding period of the previous year. Revenue from operations for the quarter was ₹10,440.50 million, compared to ₹9,190.27 million in Q4 FY25. Total income for the quarter stood at ₹11,711.09 million.

Key Financial Metrics (Standalone)

The board resolved to seek shareholder approval via special resolution to issue debt securities, including non-convertible debentures (NCDs), for an amount not exceeding ₹1,500 crore in a financial year. The issuance may be done in one or more tranches, denominated in Indian Rupees or foreign currency, on a private placement basis.

On the corporate governance front, the board approved the re-appointment of Ms. Terri Smith Bresenham as an Independent Director for a second term of five consecutive years commencing from August 5, 2026, subject to shareholder approval. The 26th Annual General Meeting of the company is scheduled to be held on August 14, 2026, via video conferencing.