Narayana Hrudayalaya Limited conducted comprehensive stakeholder meetings on January 19, 2026, to seek approval for the amalgamation scheme involving its subsidiary Meridian Medical Research & Hospital Ltd. The meetings were held pursuant to the Order dated December 02, 2025, passed by the Hon'ble National Company Law Tribunal, Bengaluru Bench.

Meeting Structure and Timeline

The company organized four separate meetings on January 19, 2026, each targeting different stakeholder groups through video conferencing facilities:

Amalgamation Scheme Details

The proposed scheme involves the merger of Meridian Medical Research & Hospital Ltd., acting as the subsidiary and transferor company, with Narayana Hrudayalaya Limited as the transferee company. All meetings focused on a single agenda item: approval of the scheme of arrangement between the two entities.

Meeting Proceedings and Compliance

Shri Murali Ananthasivan, Advocate, appointed as Chairman by the NCLT, presided over all meetings. Shri Sachin Kumar Jhankal served as the appointed Scrutinizer to ensure fair and transparent e-voting processes. The meetings commenced at their scheduled times, with the equity shareholders meeting starting at 12:06 PM after quorum confirmation.

Documentation and Notice Distribution

The company distributed comprehensive documentation to all stakeholders, including:

• Meeting notices and explanatory statements under Sections 230 and 102 of the Companies Act, 2013
• Scheme of arrangement details
• Valuation reports and fairness opinions
• Relevant disclosures as per SEBI regulations
• Other attachments meeting NSE and BSE observation requirements

Voting Arrangements

The company provided dual voting mechanisms to ensure maximum participation:

Meeting Conclusions

The meetings concluded at different times throughout the day, with 15 minutes additional time provided for e-voting after each meeting's proceedings. No shareholders raised queries or sought clarifications regarding the amalgamation scheme during the equity shareholders meeting.

Regulatory Compliance and Next Steps

The company confirmed compliance with the Companies Act, 2013, SEBI Listing Regulations, and applicable MCA circulars. Results of the e-voting process for equity shareholders will be submitted to stock exchanges by January 21, 2026, in the prescribed format under Regulation 44 of SEBI LODR. The Scrutinizer will submit detailed reports to the Chairman, who will incorporate them into the final report for NCLT submission.

Narayana Hrudayalaya Limited has received credit rating reaffirmation from ICRA Limited, with the rating agency maintaining its [ICRA]AA (Stable) rating across the healthcare company's comprehensive credit facilities portfolio. The development was communicated to stock exchanges on January 19, 2026, highlighting the company's continued financial strength and market position.

Credit Rating Details

ICRA has reaffirmed ratings for Narayana Hrudayalaya's total credit facilities worth ₹5,195.00 crore across multiple instruments. The rating action covers various financial instruments including term loans, working capital facilities, and non-convertible debentures.

Strong Financial Performance

The rating reaffirmation reflects Narayana Hrudayalaya's robust financial profile characterized by consistent revenue growth and healthy margins. The company achieved revenue growth of 12.10% in FY2025 and 15.00% in H1 FY2026, supported by steady improvements in Average Revenue Per Occupied Bed (ARPOB), enhanced payor mix, and new facility launches.

Operating profit margins remained strong at 23.40% in FY2025 and 23.50% in H1 FY2026, despite losses from integrated care and insurance segments and initial operations at the new Cayman Islands facility. The company's Cayman hospital operations registered significant growth of 12.90% in FY2025 and approximately 38% in H1 FY2026.

Diversified Healthcare Network

Narayana Hrudayalaya operates an extensive network of 42 healthcare facilities with 5,554 operational beds as of September 30, 2025. The network includes 18 owned/operated hospitals with 5,257 beds, two heart centres with 132 beds, 20 primary healthcare facilities, and two hospitals in the Cayman Islands with 165 beds.

Expansion and Acquisition Strategy

The company has embarked on significant expansion plans with planned capital expenditure of ₹700-800 crore in FY2026 and ₹1,400-1,450 crore in FY2027. Narayana Hrudayalaya completed the acquisition of UK-based Practice Plus Group Hospitals Limited (PPGHL) in November 2026 for approximately ₹2,200 crore, funded through internal accruals and debt.

PPGHL operates 10 hospitals and surgical centres across the UK with 330 beds, expanding Narayana Hrudayalaya's international presence beyond the Cayman Islands. The company has six hospital projects in India with over 1,500 beds expected to commence operations between FY2027 and FY2029.

Credit Strengths and Market Position

ICRA highlighted several key strengths supporting the rating reaffirmation. The company maintains a healthy market position with established brand equity, particularly in cardiac and renal sciences segments. Narayana Hrudayalaya has expanded its speciality areas to include oncology, neurology, orthopaedics, and gastroenterology, developing comprehensive cancer care services across multiple locations.

The rating agency noted the company's geographically diversified operations with strong brand recognition in Karnataka and eastern India, along with emerging presence in western, central, and northern India. The favourable demand outlook for healthcare services, driven by improved affordability and widening medical insurance coverage, continues to benefit the company.

Financial Metrics and Outlook

Despite increased debt levels due to expansion activities, Narayana Hrudayalaya maintains healthy financial metrics. Total debt including lease liabilities increased from ₹1,678.40 crore in FY2024 to ₹2,463.80 crore in FY2025, with the TD/OPBITDA ratio improving to 1.60 times as of September 30, 2025.

The Stable outlook reflects ICRA's expectation that Narayana Hrudayalaya will maintain credit metrics commensurate with the current rating despite significant expansion plans, with timely ramp-up of new centres and effective debt level management.