Narayana Hrudayalaya Limited has announced the incorporation of a wholly owned subsidiary to strengthen its healthcare operations in northern India. The company disclosed this strategic development on January 16, 2026, under regulatory compliance requirements.

New Subsidiary Details

The newly incorporated entity, Narayana Healthcare North Private Limited, has been established with specific financial parameters and operational objectives:

Strategic Business Focus

The subsidiary will operate in the hospital and healthcare industry, with its main objectives centered on comprehensive healthcare delivery. The company's primary business activities will include:

• Operation and management of hospitals
• Provision of healthcare services
• Health and wellness management services

Narayana Hrudayalaya has identified significant potential in northern India, where it has already established a presence. The formation of this dedicated entity represents a strategic approach to optimize operations in the region through focused management and specialized attention to the northern market.

Financial Investment Structure

The parent company has made a direct cash investment in the new subsidiary through equity participation:

Regulatory Compliance

The incorporation has been disclosed in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled all necessary regulatory requirements, with no additional governmental or regulatory approvals required for this incorporation.

As a newly incorporated entity that has yet to commence business operations, the subsidiary currently has no turnover or operational history. The company's strategic expansion through this subsidiary formation demonstrates its commitment to strengthening its healthcare network across different geographical regions in India.

Narayana Hrudayalaya Limited has received a comprehensive credit rating reaffirmation from ICRA Limited, with the rating agency maintaining its AA (Stable) ratings across the company's extensive banking facilities and debt instruments. The development was communicated to stock exchanges on January 13, 2026, pursuant to regulatory disclosure requirements.

Comprehensive Bank Facilities Rating

ICRA has reaffirmed ratings for bank facilities totaling ₹3,895.00 crores across multiple categories. The rating action covers a diverse portfolio of banking arrangements designed to support the company's operational and growth requirements.

The term loan facility of ₹1,912.00 crores represents the largest component, reflecting the company's significant capital requirements for healthcare infrastructure development and expansion initiatives.

Non-Convertible Debentures Rating

The rating agency also reaffirmed AA (Stable) ratings for the company's non-convertible debenture program totaling ₹1,300.00 crores. This includes both existing instruments and proposed issuances.

Banking Partner Network

The company maintains relationships with multiple leading financial institutions for its diverse funding requirements. Major banking partners include HDFC Bank Limited, HSBC Limited, Bank of Baroda, and The National Bank for Financing Infrastructure and Development. The EXIM Bank Limited facility of ₹100.00 crores and other arrangements demonstrate the company's access to specialized financing options.

Rating Implications and Outlook

The AA (Stable) rating reaffirmation indicates ICRA's continued confidence in Narayana Hrudayalaya's financial strength and debt servicing capabilities. The stable outlook suggests the rating agency expects the company to maintain its current credit profile over the rating horizon. The comprehensive nature of the rating review, covering both banking facilities and debt instruments, provides stakeholders with a complete assessment of the company's credit standing.

The rating communication, dated January 12, 2026, emphasizes that these ratings will be subject to surveillance within one year, with ICRA reserving the right to review ratings based on new information or changing circumstances that could impact the company's creditworthiness.