Listed hospital groups running multi-specialty and super-specialty hospitals - beds, ICUs, operating theatres and doctors - across metros and tier-2 cities.
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Park Medi WorldOperator · HighListed
Narayana Hrudayalaya (Narayana Health) (NH)
Value-focused hospital chain known for high-volume cardiac surgery, with hospitals across India, Health City Cayman Islands, the UK's Practice Plus Group Hospitals (bought Nov 2025) and its own health-insurance arm
Price
₹1,903
snapshot 6 Nov 2026
Strengths
Low-cost, high-volume clinical model keeps prices affordable while earning good margins
Cayman Islands hospital earns in US dollars; the £188.78m Practice Plus deal adds UK elective surgery (NHS-funded)
Launched Narayana Health Insurance to sell its own integrated cover - a step toward a payer-provider model
Risks
Overseas expansion adds currency, NHS-policy and integration risk
Insurance arm is small and early-stage, and needs capital before it earns
India growth depends on filling newer hospitals
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹38,884 Cr
Stock P/E
43.0x
Div Yield
0.24%
ROCE
15.5%
ROE
20.5%
P/B
7.8x
Revenue growth
+44.0%FY26
Profit growth
+1.9%FY26
Net margin
10.2%FY26
1Y vs Nifty
+7 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
3,701FY22
4,525FY23
4,890FY24
5,483FY25
7,896FY26
Stock price return · as of 6 Nov 2026
1Y price return
+5%
3Y CAGR
+21%
5Y CAGR
+28%
Trend60th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 9.1% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Owns or operates hospitals and turns beds into revenue: admits patients for surgery and complex care (cardiac, oncology, neuro, ortho, renal, transplants), runs outpatient clinics, in-house pharmacies and labs, and bills insurers, government schemes and cash patients. Most chains grow through brownfield bed additions, new greenfield hospitals and acquisitions of regional hospitals.
Why it matters
This is where most of India's healthcare spending is earned and where returns compound: a mature hospital fills its beds, raises its average revenue per occupied bed (ARPOB) with high-acuity work and earns 25%+ EBITDA margins with little extra capital. Listed chains hold only about a fifth of the market (Crisil), so they keep taking share from standalone and trust hospitals.
Where the value pool sits
Crisil (in the Manipal RHP) sizes healthcare delivery at ~₹7L Cr in FY25, growing 10-12% a year to ₹11.2-12.2L Cr by FY30, with inpatient care at 71-72% of value. ICRA (Jul 2026) expects its listed sample to grow revenue 13-15% in FY27 on 6-8% ARPOB growth. Mature metro hospitals earn 25-30% EBITDA margins; new hospitals lose money for 2-3 years before breaking even.
Key drivers
Low bed density - about 16 beds per 10,000 people (Crisil), far below global norms
Insurance penetration and GST-free retail health policies (Sep 2025) widen the paying base
CGHS rate revision (Oct 2025) and PM-JAY expansion to everyone aged 70+ (Oct 2024)
Shift to high-acuity specialties (oncology, transplants, robotic surgery) and medical tourism