Accumulate Narayana Hrudayalaya; target of Rs 561: Geojit

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26 Aug, 2025 12:21

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Geojit's research report on Narayana Hrudayalaya

Narayana Hrudayalaya Ltd (NH) is a chain of multi-specialty hospitals operating in India and the Cayman Islands. NH revenues in Q4FY21 grew by 12.8% YoY to Rs.838cr with strong recovery in the Indian business and continued momentum in Cayman Islands. The Q4FY21 operating profit recorded a 47.3% YoY growth to Rs.141cr as the hospitals started performing higher volumes of elective procedures. Health City Cayman Island’s expansion is expected to be completed in the next 24 months with niche offerings such as fully fledged oncology services. We expect a revenue CAGR of 24% over FY21-FY23E on the back of eased travel restrictions, HCCI expansion and a strong liquidity profile. We feel that the current valuations have adequately factored in the positive triggers for NH.

Outlook

Hence we downgrade our rating from “Buy” to “Accumulate” based on 20x FY23E EV/EBITDA with a target price of Rs.561.

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