Narayana Health Announces INR 3,000 Cr Capex Plan to Add 2,000 Beds in 3 Years

Group CFO Sandhya J confirmed that around 20% of this investment has already been deployed, primarily towards land acquisition, with construction now set to begin.
Narayana Health has outlined an INR 3,000 crore capital expenditure plan over the next three years, with the goal of adding 2,000 beds across its hospital network in India.
Group CFO Sandhya J confirmed that around 20% of this investment has already been deployed, primarily towards land acquisition, with construction now set to begin.
The company has concluded its capex commitments for the Cayman Islands operations, and only routine maintenance investments are expected in the future.
Operationally, the Dharamshila facility has reached break-even and is generating stable EBITDA. Narayana Health's Gurugram unit also attained break-even during the January–March quarter and is expected to deliver positive EBITDA in FY26.
For FY25, capacity expansion was limited to the Cayman unit, indicating a strategic pivot towards maximizing throughput over new bed additions.
Domestic patient volume increased over 15% year-on-year in the March quarter, helping offset a 53% drop in medical tourism from Bangladesh. Occupancy across hospitals remains steady at 60–65%. The management prioritizes enhanced operational efficiency and a higher average revenue per patient (ARPP) over physical infrastructure expansion.
India operations recorded a margin of 21.5% in Q4 FY25, with expectations of further improvement in FY26. The consolidated EBITDA margin at the group level is 25%, and the Cayman unit is expected to remain stable.
Narayana Health has maintained a conservative financial profile, with a current net debt-to-EBITDA ratio of 0.15. The management aims to keep this below 2 through the capex cycle, though is open to short-term deviations in case of high-value opportunities.
Revenue for Q4 FY25 grew by 18.4% year-on-year, reaching INR 1,475.43 crore compared to INR 1,246 crore in the same quarter last year.

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