Narayana Hrudayalaya Q2 revenue reaches Rs 2,843.989 crore

Narayana Hrudayalaya Limited, referred to hereafter as Narayana Hrudayalaya, reported consolidated revenue from operations of Rs 2,843.989 crore for the quarter ended 30 September 2026, compared with Rs 1,643.790 crore a year earlier. Net profit from continuing operations was Rs 301.153 crore, up from Rs 258.289 crore in the September 2025 quarter.

How did Narayana Hrudayalaya perform in Q2 2026?

Narayana Hrudayalaya's Q2 2026 revenue, total income and profit from continuing operations all increased from both the preceding quarter and the prior-year quarter. Revenue from operations was Rs 2,843.989 crore, up from Rs 2,683.634 crore in the quarter ended 30 June 2026 and Rs 1,643.790 crore in the quarter ended 30 September 2025.

Total income, including Rs 51.542 crore of other income, reached Rs 2,895.531 crore in Q2 2026. That compared with Rs 2,719.110 crore in Q1 2026 and Rs 1,667.782 crore a year earlier. Other income rose from Rs 35.476 crore sequentially and Rs 23.992 crore year on year.

Profit before tax was Rs 343.345 crore, compared with Rs 260.389 crore in Q1 2026 and Rs 295.482 crore in Q2 2025. After tax expense of Rs 42.192 crore, net profit from continuing operations was Rs 301.153 crore, against Rs 207.270 crore in the preceding quarter and Rs 258.289 crore a year before.

What drove Narayana Hrudayalaya's operating earnings?

Narayana Hrudayalaya reported earnings before depreciation and amortisation, finance costs and exceptional items, or EBITDA, of Rs 605.415 crore in Q2 2026. EBITDA increased from Rs 505.178 crore in Q1 2026 and Rs 426.493 crore in Q2 2025, while expenses before depreciation, amortisation, finance costs and exceptional items were Rs 2,290.116 crore.

Employee benefits expense was Rs 735.867 crore, compared with Rs 724.838 crore in the preceding quarter and Rs 299.092 crore a year earlier. Professional fees to doctors were Rs 343.236 crore, up from Rs 327.010 crore in Q1 2026 and Rs 254.866 crore in Q2 2025.

Purchases of medical consumables, drugs, surgical instruments and other consumables totalled Rs 554.160 crore, versus Rs 520.306 crore sequentially and Rs 322.960 crore a year earlier. Other expenses were Rs 663.361 crore, compared with Rs 647.802 crore in Q1 2026 and Rs 365.107 crore in Q2 2025; changes in inventories reduced expenses by Rs 6.508 crore.

Finance costs rose to Rs 96.719 crore from Rs 86.801 crore in Q1 2026 and Rs 42.260 crore in Q2 2025. Depreciation and amortisation expense was Rs 162.949 crore, compared with Rs 156.081 crore in the preceding quarter and Rs 87.476 crore a year earlier.

Which segments generated Narayana Hrudayalaya's revenue?

Narayana Hrudayalaya's medical and healthcare related services segment generated Rs 2,686.432 crore of revenue in Q2 2026, while the Others segment, identified as insurance, generated Rs 173.895 crore before eliminations. After Rs 16.338 crore of inter-segment revenue was eliminated, consolidated revenue from operations was Rs 2,843.989 crore.

Medical and healthcare related services revenue increased from Rs 1,609.860 crore in Q2 2025 to Rs 2,686.432 crore in Q2 2026. Others segment revenue increased from Rs 84.485 crore to Rs 173.895 crore before eliminations. The segment presentation includes continuing and discontinued operations, whereas the main income statement separately identifies discontinued operations.

The medical and healthcare related services segment recorded a result of Rs 424.289 crore in Q2 2026. The Others segment recorded a loss of Rs 35.767 crore, compared with a Rs 16.479 crore loss in Q2 2025. Combined segment results of Rs 388.522 crore were adjusted for Rs 51.542 crore of unallocated other income and Rs 96.719 crore of finance costs.

Medical and healthcare related services had segment assets of Rs 10,644.596 crore and liabilities of Rs 2,760.462 crore at 30 September 2026. The Others segment had assets of Rs 373.789 crore and liabilities of Rs 167.398 crore, while Narayana Hrudayalaya's total consolidated assets were Rs 13,367.361 crore.

What do Narayana Hrudayalaya's six-month results show?

Narayana Hrudayalaya generated Rs 5,527.623 crore of revenue from operations in the six months ended 30 September 2026, compared with Rs 3,151.059 crore in the corresponding six months of 2025. Total income increased to Rs 5,614.641 crore from Rs 3,198.843 crore over the same periods.

Six-month EBITDA rose to Rs 1,110.593 crore from Rs 787.236 crore. Finance costs more than doubled to Rs 183.520 crore from Rs 87.423 crore, while depreciation and amortisation increased to Rs 319.030 crore from Rs 171.778 crore.

Net profit from continuing operations was Rs 508.423 crore for the six months ended 30 September 2026, compared with Rs 454.340 crore a year earlier. Profit attributable to owners was Rs 508.205 crore, against Rs 455.022 crore, and basic earnings per share from continuing operations were Rs 25.02, not annualised, compared with Rs 22.36.

The Audit, Risk and Compliance Committee reviewed the unaudited consolidated results and the board approved them on 30 October 2026. Deloitte Haskins & Sells LLP issued an unmodified review conclusion on the consolidated results for the quarter and six months ended 30 September 2026.

What corporate changes affected Narayana Hrudayalaya's disclosures?

Narayana Hrudayalaya classified the operations of its Vaishno Devi hospital subsidiary as discontinued from 1 April 2026. The business undertaking of Shri Mata Vaishno Devi Narayana Superspeciality Hospital was transferred on a going-concern basis to Shri Mata Vaishno Devi Charitable Society, while the subsidiary continues to provide management and consultancy support under the applicable agreements.

The discontinued operation recorded no revenue or profit in Q2 2026. In Q2 2025, it recorded Rs 39.427 crore of revenue from operations and Rs 0.206 crore of profit after tax, a comparison that reflects the transfer of ownership, operations and control from 1 April 2026.

Narayana Hrudayalaya paid a final dividend of Rs 4.50 per equity share of face value Rs 10 during Q2 2026. The dividend totalled Rs 91.962 crore for the year ended 31 March 2026 and was approved at the annual general meeting held on 14 August 2026.

The results also include Narayana Hrudayalaya UK Ltd from 8 October 2025, Practice Plus Group Hospitals Limited from 6 November 2025 and Narayana Healthcare North Private Limited from 16 January 2026. The filing lists Samvaya Oncology Private Limited as a subsidiary of the joint venture from 18 June 2025.

Conclusion

Narayana Hrudayalaya reported higher Q2 and six-month revenue and earnings, with medical and healthcare related services delivering a Rs 424.289 crore segment result in Q2 2026. The insurance segment recorded a Rs 35.767 crore loss, while finance costs reached Rs 96.719 crore, up from Rs 42.260 crore a year earlier.

The next disclosed matters are the pending National Company Law Tribunal orders for the merger of Meridian Medical Research & Hospital Limited into Narayana Hrudayalaya and the demerger involving NH Integrated Care Private Limited. Narayana Hrudayalaya said both arrangements had no impact on results through 30 September 2026, with final orders expected in due course after regulatory no-objection processes and hearings.