Narayana Hrudayalaya

Narayana Hrudayalaya reported a strong Q3 FY26, driven by India business margin expansion of 150-200 bps YoYCurrent 150-200 bps YoY. Reported change: +150-200 bps YoY. from payor mix optimization, robotic surgeries, and technology infusion. Bangalore cluster led growth, while North faced softness due to scheme payer caps and competition. Cayman insurance losses widened despite revenue growth, but management expects underwriting focus from Q4. UK acquisition (Practice Plus) contributed 2 months, with EBITDA margins at 8.5-9% pre-IFRSCurrent 8.5-9% pre-IFRS. Reported change: flat.; Birmingham hospital losses are expected to narrow within 4 quarters. India like-to-like growth is sustainable until new hospitals (900 beds in Bangalore, Kolkata health city) come online. Key risk: increased competition in Gurgaon and North Bangalore may pressure occupancy and realizations.