Choice Institutional Equities's report on Narayana Hrudayalaya
Strategic expansion to drive long-term outperformance: With an INR 3,000Cr expansion pipeline in India, NARH is well-positioned for sustained double-digit revenue growth. In India, initiatives, such as digitisation, patient mix optimisation and focus on high-end specialties, such as oncology and robotic surgeries will continue to drive ARPOB. The Cayman Islands business remains a strong profit engine, contributing ~25% of NARH’s consolidated revenues.
Outlook
Accordingly, we revise our target price to INR 2,500 (earlier INR 2,110), implying a P/E of 40x/34x and PEG ratio of 1.1x/1.8x for FY27E/FY28E, and maintain our BUY rating.
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