India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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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> 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)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

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)

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

Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Sudarshan Bhandari

Narayana Hrudayalaya - Good Start to New Cayman Unit

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.

Prabhudas Lilladhar

Narayana Hrudayalaya: Forensic Review

Narayana Hrudayalaya Ltd is showing improvements in capital allocation and turnaround in few operations, but facing concerns over PPE disposals,...

Nitin Mangal

Narayana Hrudayalaya - India Business to Drive Growth

In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be...

Prabhudas Lilladhar

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Sudarshan Bhandari

Narayana Hrudayalaya - Good Start to New Cayman Unit

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.

Prabhudas Lilladhar

Narayana Hrudayalaya: Forensic Review

​Narayana Hrudayalaya Ltd is showing improvements in capital allocation and turnaround in few operations, but facing concerns over PPE disposals,...

Nitin Mangal

Narayana Hrudayalaya - India Business to Drive Growth

In the medium term, NARH intends to add 1,500 beds through greenfield expansion across Bengaluru, Kolkata and Raipur, benefits of which will be...

Prabhudas Lilladhar

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

Narayana Hrudayalaya Ltd is a leading player in Indian healthcare, known for affordable high-quality services. Expanding internationally and...

Narayana Hrudayalaya Ltd is showing improvements in capital allocation and turnaround in few operations, but facing concerns over PPE disposals,...