Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Narayana Hrudayalaya Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.</li>
<li>Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.</li>
<li>Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.


Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

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Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> is a prominent player in the Indian healthcare sector, distinguished by its commitment to providing affordable, high-quality medical services.</li>
<li>The company established its first international hospital in the Cayman Islands in 2014, targeting patients from the Americas and Caribbean regions by offering competitively priced medical services</li>
<li>Management has outlined a capex guidance of around INR 4,000 crores over the next 3 to 4 years, funded by healthy cash flows and stable operating margins.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) is a prominent player in the Indian healthcare sector, distinguished by its commitment to providing affordable, high-quality medical services.
The company established its first international hospital in the Cayman Islands in 2014, targeting patients from the Americas and Caribbean regions by offering competitively priced medical services
Management has outlined a capex guidance of around INR 4,000 crores over the next 3 to 4 years, funded by healthy cash flows and stable operating margins.


The Beat Ideas: Narayana Hrudayalaya Ltd (NHL) ~ Driving Growth from India to Cayman Islands

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.</li><li>The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.</li><li>India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.1bn (up 10% YoY) in Q3FY25, 9% above our estimates due to sharp ramp up in Cayman units.The Cayman business reported profitability of Rs1.3bn, up 8% YoY and 37% QoQ.India business reported healthy EBITDA adjusted for NHIC losses, up 15% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Narayana Hrudayalaya - Good Start to New Cayman Unit

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

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Narayana Hrudayalaya Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> is on an expansion spree and looks to add further 1500 beds in the next four years, to its 5683 operational beds as at FY24.</li>
<li>As far as forensics are concerned, the company has shown improvement in its capital allocation, shown ramp up/turnaround in some hospitals; also impairments are done with in the past. </li>
<li>However, few concerns loom over PPE disposals and non-reconciliation with cash flows, treatment of reversal of provisions and high growth rate assumed in goodwill CGU.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) is on an expansion spree and looks to add further 1500 beds in the next four years, to its 5683 operational beds as at FY24.
As far as forensics are concerned, the company has shown improvement in its capital allocation, shown ramp up/turnaround in some hospitals; also impairments are done with in the past. 
However, few concerns loom over PPE disposals and non-reconciliation with cash flows, treatment of reversal of provisions and high growth rate assumed in goodwill CGU.


<ul><li>We hosted Mr. Viren Shetty (Executive Chairman) and Dr. Anesh Shetty (CEO – HCCI Cayman) of Narayana Hrudayalaya (NARH) for NDR at Mumbai.</li><li>The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix.</li><li>In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be seen from FY28/29. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted Mr. Viren Shetty (Executive Chairman) and Dr. Anesh Shetty (CEO – HCCI Cayman) of Narayana Hrudayalaya (NARH) for NDR at Mumbai.The management reiterated its aggressive capex plan and commitment towards growing throughput over the next 3-4 years through debottlenecking, refurbishment and better bed mix.In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be seen from FY28/29. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Narayana Hrudayalaya - India Business to Drive Growth

India

Narayana Hrudayalaya Limited operates a network of hospitals. The Company offers cardiac surgery, cardiology, diabetes and endocrinology, gastroenterology, general surgery, neuroscience, facial surgery, nephrology, obstetrics and gynecology, orthopedics, oncology, pediatrics, transplant, and urology services. Narayana Hrudayalaya serves patients worldwide.

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Narayana Hrudayalaya Ltd (NARH IN)