Narayana Hrudayalaya Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 2,843.99 Cr (+73.01% YoY) and PAT growth of +16.51% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,843.99 Cr (+73.01% YoY) |
| PAT (Q2) | Rs. 301.15 Cr (+16.51% YoY) |
| EBITDA margin | 21.29% (-466 bps YoY) |
| EPS (Q2) | Rs. 14.82 (+16.60% YoY) |
Q2 FY27 consolidated revenue grew 73.01% YoY (predominantly the Practice Plus Group UK acquisition plus FX) with EBITDA margin recovering 246 bps QoQ to 21.29%, tracking management's ~22% normalized guidance. The insurance segment loss narrowed 42.7% QoQ and standalone India margins expanded 154 bps YoY, while acquisition-driven finance costs (+128.87% YoY) keep consolidated PAT growth at 16.51% versus EBITDA growth of 41.95%. Cash conversion (CFO/PAT 1.91x) and deleveraging (net debt ~1.28x EBITDA) support the path to the margin guide, with UK-only P&L and insurance geography splits open for the 2-Nov-2026 call.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead" — FX tailwind, UK recovery, India momentum, NHS backlog | Revenue +73.01% YoY, +5.98% QoQ | Played out |
| Consolidated margin | "tug-of-war" between wage/power inflation and guided recovery levers | 21.29%: +246 bps QoQ, −466 bps YoY, still short of the ~22% normalized guide | Partially |
| Cayman insurance | July repricing narrows the US$(3.7) Mn Q1 loss | Insurance segment loss narrowed to Rs.(35.77) Cr from Rs.(62.46) Cr — direction; no geography split in filing | Played out |
| India insurance drag | "couple more quarters" — narrowing, not closed | Same segment: narrowed but still loss-making | Played out |
| FX | Weaker rupee aids revenue, pressures FX-debt revaluation | Finance costs +128.87% YoY; translation OCI +Rs.34.48 Cr | Played out |
| GST appeal update / South-West Bengaluru start | Watch items | Filing silent on both — open for the call | Not observable |
| Wage/power cost-stack pressure | "Other expenses biased upward" | QoQ cost ratios improved; India-specific push not isolable in the filing | Not observable cleanly |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Normalized consolidated EBITDA margin "slightly over 22%" | Q4 FY26 earnings call | 21.29% reported EBITDA margin (Reg-52 operating-margin basis 19.48%); Q1 FY27 was 18.82% — +246 bps QoQ; ~70 bps reported-basis gap to 22% | On Track |
| Margin trajectory "upward" in the medium term | Q1 FY27 earnings call | +246 bps QoQ to 21.29% (still −466 bps YoY) | On Track |
| India insurance drag "potentially a couple more quarters" | Q1 FY27 earnings call | Insurance segment loss narrowed to Rs.(35.77) Cr from Rs.(62.46) Cr | On Track |
| Cayman insurance improvement in Q2 barring abnormal claims | Q4 FY26 earnings call | Combined insurance segment loss narrowed 42.7% QoQ (no geography split in filing) | On Track |
| Net Debt/EBITDA below 2.5x | Q3 FY26 earnings call | ≈1.28× on my derived proxy (basis stated in §4) | On Track |
| FY27 consolidated capex guidance "closer to the end of this year" | Q2 FY26 earnings call | H1 capex Rs.379.21 Cr booked; no FY27 guide in filing | Too Early |
| Rs.3,000 Cr deployment into committed projects over two years | Q1 FY27 earnings call | H1 capex Rs.379.21 Cr; CWIP Rs.327.99 Cr vs Rs.266.84 Cr at Mar-26 | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.