Buy Narayana Hrudayalaya; target of Rs 260: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Narayana Hrudayalaya

Q1FY20 revenues grew 19.2% YoY to Rs 777.4 crore (I-direct estimate: Rs 766.5 crore) mainly due to consolidation of Health City Cayman Islands (Cayman) and ramp up in new hospitals. EBITDA margins improved 596 bps YoY to 13.2% (I- direct estimate: 11.9%) due to lower other expenditure and employee cost. EBITDA grew 116.8% YoY to Rs 102.8 crore (I-direct estimate: Rs 91.4 crore). Net profit was at Rs 30.3 crore against net loss of Rs 4.1 crore in Q1FY19 (I-direct estimate: Rs 29.3 crore) mainly due to strong operational performance.

Outlook

We arrive at an SOTP target price of Rs 260 by valuing the matured hospitals and Cayman Islands at 7x of FY21E EV/EBITDA and other hospitals & other businesses at 1x FY21E EV/sales.

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