Narayana Hrudayalaya Limited (NH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-52.1%

₹906.04

vs ₹1,890.00 price

Levered DCF

₹984.43

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.06

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	41.22×	43.15×	33.51×	25.93×	44.23×	-579.79×	42.24×	74.16×
P/B	7.32×	9.39×	9.13×	7.38×	10.17×	7.35×	4.42×	4.06×
P/S	4.21×	6.21×	5.38×	3.47×	4.09×	3.19×	1.6×	1.53×
EV / EBITDA	22.22×	27.95×	23.98×	16.83×	23.62×	47.01×	13.54×	17.04×
Gross margin	44.0%	38.5%	37.7%	37.0%	32.8%	24.9%	31.2%	30.3%
Operating margin	14.8%	34.1%	33.2%	33.0%	29.0%	20.4%	26.5%	23.9%
Net margin	10.2%	14.4%	16.1%	13.4%	9.2%	-0.6%	3.8%	2.1%
Current ratio	2.15×	2.14×	1.75×	1.31×	1.17×	0.95×	0.98×	1.03×
Debt / equity	1.29×	0.67×	0.56×	0.41×	0.49×	0.74×	0.84×	0.75×
Interest coverage	4.8×	11.43×	14.52×	17.87×	14.23×	6.45×	8.87×	8.52×
Dividend yield	0.3%	0.2%	0.2%	0.1%	0.0%	0.0%	1.0%	0.0%
Payout ratio	11.3%	10.3%	6.4%	3.3%	0.0%	0.0%	41.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.8%	21.8%	27.4%	28.4%	23.0%	-1.3%	10.5%	5.5%
Return on invested capital	8.9%	24.8%	30.1%	36.1%	34.0%	6.1%	25.3%	19.8%
Return on assets	6.5%	10.9%	14.0%	14.6%	10.9%	-0.5%	4.1%	2.2%
Free cash flow yield	1.8%	-0.3%	0.4%	3.6%	1.5%	2.9%	6.5%	2.9%
Earnings yield	2.4%	2.3%	3.0%	3.9%	2.3%	-0.2%	2.4%	1.3%
Enterprise value	₹369.4B	₹358.4B	₹276.9B	₹164.5B	₹157B	₹89.5B	₹58.7B	₹51.1B
Net debt / EBITDA	2.24×	1.39×	1.18×	0.75×	0.85×	3.75×	1.96×	2.39×
Cash conversion cycle (days)	-42	-13	-23	-30	-10	-17	-17	-9