Narayana Hrudayalaya insurance revenue doubles, loss widens

Narayana Hrudayalaya Limited reported Rs 173.90 crore of insurance-segment revenue for the quarter ended 30 September 2026, more than double Rs 84.49 crore a year earlier. Narayana Hrudayalaya’s segment loss widened year on year to Rs 35.77 crore from Rs 16.48 crore, although it narrowed from Rs 62.46 crore in the preceding quarter.

How did Narayana Hrudayalaya’s insurance segment perform in the September quarter?

Narayana Hrudayalaya’s insurance segment generated Rs 173.90 crore of revenue from operations and recorded a Rs 35.77 crore segment loss in the quarter ended 30 September 2026. The company presents insurance in its “Others” segment, separately from medical and healthcare related services, in its unaudited consolidated financial results approved on 30 October 2026.

Revenue rose by Rs 17.60 crore from Rs 156.30 crore in the quarter ended 30 June 2026. The segment loss, however, narrowed by Rs 26.69 crore sequentially from Rs 62.46 crore, meaning the September quarter combined higher revenue with a smaller loss than the June quarter.

Against the quarter ended 30 September 2025, insurance revenue increased by Rs 89.41 crore, while the segment loss increased by Rs 19.29 crore. The filing does not provide a separate breakdown of claims, policy acquisition costs, premium income, or other individual items that caused the year-on-year change in the segment result.

What do Narayana Hrudayalaya’s six-month insurance figures show?

Narayana Hrudayalaya reported Rs 330.25 crore of insurance-segment revenue in the six months ended 30 September 2026, compared with Rs 130.34 crore in the corresponding six months of 2025. The increase of Rs 199.91 crore reflects the combined June and September 2026 quarters.

The six-month insurance-segment loss was Rs 98.23 crore, compared with a Rs 40.53 crore loss a year earlier. Thus, the loss increased by Rs 57.70 crore despite the revenue increase, based on the segment result disclosed before unallocated other income and finance costs.

For the year ended 31 March 2026, Narayana Hrudayalaya’s insurance segment reported Rs 385.65 crore of revenue and a Rs 124.19 crore loss. The first-half revenue in 2026-27 was Rs 55.40 crore below the preceding full-year total, while the first-half loss was Rs 25.96 crore below the full-year loss; the filing sets no revenue, profitability, or break-even target for insurance.

How does Narayana Hrudayalaya’s insurance business compare with healthcare services?

Narayana Hrudayalaya’s medical and healthcare related services remained substantially larger, reporting Rs 2,686.43 crore of revenue in the September 2026 quarter versus Rs 173.90 crore from insurance. Healthcare services generated a Rs 424.29 crore segment result, while the insurance segment posted a Rs 35.77 crore loss.

Medical and healthcare related services revenue increased from Rs 2,540.35 crore in the June 2026 quarter, and its segment result rose from Rs 374.18 crore. Insurance represented about 6% of the two segments’ combined Rs 2,860.33 crore pre-elimination revenue in the September quarter.

Narayana Hrudayalaya eliminated Rs 16.34 crore of inter-segment revenue to report consolidated revenue from operations of Rs 2,843.99 crore for the September quarter. The group also reported Rs 51.54 crore of unallocated other income and profit before tax of Rs 343.35 crore after Rs 96.72 crore of finance costs, which are group-level figures rather than measures of insurance profitability.

What happened to Narayana Hrudayalaya’s insurance assets and liabilities?

Narayana Hrudayalaya reported Rs 373.79 crore of insurance-segment assets as at 30 September 2026, up from Rs 342.72 crore at 30 June 2026 and Rs 196.46 crore at 30 September 2025. The asset base therefore rose by Rs 31.07 crore sequentially and Rs 177.33 crore from a year earlier.

Insurance-segment liabilities were Rs 167.40 crore at 30 September 2026, compared with Rs 162.00 crore three months earlier and Rs 68.80 crore a year earlier. Capital employed, defined in the filing as segment assets less segment liabilities, was Rs 206.39 crore, up from Rs 180.72 crore at 30 June 2026.

The segment disclosure excludes some corporate-managed balances, including investments, fixed deposits, current taxes, deferred taxes and certain financial assets and liabilities. Narayana Hrudayalaya also classifies interest on fixed deposits and gains from mutual funds as unallocated other income, so the Rs 373.79 crore segment-asset figure is not a measure of all group resources that could support insurance operations.

What does Narayana Hrudayalaya disclose about its insurance operations?

Narayana Hrudayalaya includes Narayana Health Insurance Limited as a subsidiary in its consolidated results for the quarter and six months ended 30 September 2026. The auditor’s review report states that the appointed actuary estimated and certified the valuation of insurance-policy liabilities for that period.

Those actuarially assessed liabilities include claims incurred but not reported, claims incurred but not enough reported, and premium deficiency reserve. Deloitte Haskins & Sells LLP relied on the appointed actuary’s certificate in reviewing these liabilities, but the filing does not state the individual reserve amounts within the Rs 167.40 crore insurance-segment liabilities.

Narayana Hrudayalaya’s statutory auditor issued an unmodified review conclusion on the unaudited consolidated results approved on 30 October 2026. The filing does not disclose insurance policy counts, claim ratios, solvency measures, premium mix, or a timetable for the segment to become profitable.

Conclusion

Narayana Hrudayalaya’s September 2026 filing shows a rapidly expanding insurance segment that remains loss-making. Quarterly revenue rose to Rs 173.90 crore from Rs 84.49 crore a year earlier, while assets increased to Rs 373.79 crore; yet the segment loss widened year on year to Rs 35.77 crore and the six-month loss reached Rs 98.23 crore.

The key matter to watch is whether future disclosures show further narrowing from the Rs 62.46 crore loss reported in the June 2026 quarter. Narayana Hrudayalaya has not disclosed a profitability target, claims-cost breakdown, policy count, or individual actuarial reserve balances, leaving the development of revenue, segment losses and insurance liabilities unresolved in the current filing.