3 Affordable Cardiac Care, Radiology and Pathology Chain and Multi-Specialty Hospitals Stocks With a Strong Future Roadmap: Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare
- October 22, 2026
- Posted by: Chaitanya Auti
- Category: Best Stocks
Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare: ROE of 10.5% to 18.1% and FY22 to FY26 revenue CAGR of 12.4% to 21.0%. Prices as of 21 Oct 2026.
Quick Answer
The three hospital group and imaging diagnostics stocks to watch are Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare. Their return on equity ranges from 10.5% to 18.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.4% to 21.0%. Vijaya Diagnostic Centre has the highest return on equity at 18.1%, while Narayana Hrudayalaya has the fastest revenue growth at 21.0% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Hospital group and imaging diagnostics stocks let investors follow providers that treat patients and the chains that test them. Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare cover an affordable cardiac care group, a radiology and pathology chain and a multi-specialty hospital network.
This list covers three hospital group and imaging diagnostics stocks with complete current figures: Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Hospital Group and Imaging Diagnostics Stocks?
Hospital group and imaging diagnostics stocks are listed companies that run hospitals and diagnostic centres on a commercial basis. Their earnings depend on bed capacity, occupancy, test volumes and the mix of procedures.
Hospital Group and Imaging Diagnostics Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Narayana Hrudayalaya | 1,725 | 35,603 | 43.6 | 59.6 | 17.8 | 1.29 |
| Vijaya Diagnostic Centre | 1,353.4 | 14,066 | 75.0 | 59.6 | 18.1 | 0.44 |
| Fortis Healthcare | 729 | 55,554 | 51.9 | 59.6 | 10.5 | 0.35 |
On valuation, Narayana Hrudayalaya and Fortis Healthcare trade at a P/E below the industry P/E, while Vijaya Diagnostic Centre trades above it, which reflects the growth the market already expects. Readers comparing hospital group and imaging diagnostics stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in hospital group and imaging diagnostics stocks can use the coming numbers to test whether growth is holding.
Why Do Hospital Group and Imaging Diagnostics Stocks Have a Strong Roadmap in India?
Hospital group and imaging diagnostics stocks have a strong roadmap in India because demand for advanced treatment and early testing is rising faster than the supply of organised beds and imaging centres.
- Insurance cover. More insured families choose organised providers for planned care.
- Capacity additions. New beds and centres in proven cities lift volumes.
- Imaging and testing. Scans and tests are used earlier in the treatment journey.
Why Narayana Hrudayalaya Features Among These Hospital Group and Imaging Diagnostics Stocks
Among the hospital group and imaging diagnostics stocks on this list, Narayana Hrudayalaya, widely known as Narayana Health, is a Bengaluru-based hospital group built around affordable cardiac care that now covers multiple specialities across India and also operates in the Cayman Islands.
Revenue rose from Rs 3,736 crore in FY22 to Rs 7,996 crore in FY26, a compound annual growth rate of 21.0%. Net profit grew from Rs 342 crore in FY22 to Rs 810 crore in FY26, which works out to a compound annual growth rate of 24.1%.
The company has a return on equity of 17.8%, a debt to equity ratio of 1.29 and a market capitalisation of Rs 35,603 crore. The stock trades at a P/E of 43.6, below the industry P/E of 59.6.
Roadmap: Growth is coming from bed additions across its hospital clusters, a rising share of higher-value specialities and an expanding insurance-led patient base. The group has a track record of running hospitals at high efficiency, which supports margins as scale builds.
What to watch: Keep an eye on occupancy in newly added beds and the payor mix between insurance and cash patients.
Why Vijaya Diagnostic Centre Features Among These Hospital Group and Imaging Diagnostics Stocks
Among the cardiac care hospital shares on this list, Vijaya Diagnostic Centre is a Hyderabad-headquartered diagnostics chain that offers pathology and radiology services through a network of centres, with Hyderabad and Telangana as its home base.
In the June 2026 quarter, revenue grew 22.8% year on year to Rs 240 crore, while net profit rose 37.6% to Rs 53.1 crore. Revenue rose from Rs 475 crore in FY22 to Rs 835 crore in FY26, a compound annual growth rate of 15.1%.
Net profit grew from Rs 111 crore in FY22 to Rs 173 crore in FY26, which works out to a compound annual growth rate of 11.8%. The company has a return on equity of 18.1%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 14,066 crore. The stock trades at a P/E of 75.0, above the industry P/E of 59.6.
Roadmap: The plan is to deepen its network in existing clusters and extend the Vijaya brand into new regions, adding imaging modalities and wellness packages that raise revenue per patient. Diagnostics is a fragmented business, so organised chains with strong brands keep gaining share.
What to watch: Check the revenue contribution from newer regions and the pace at which new centres turn profitable.
Why Fortis Healthcare Features Among These Hospital Group and Imaging Diagnostics Stocks
Among the three companies on this list, Fortis Healthcare operates a network of multi-specialty hospitals across India, with strengths in cardiac sciences, oncology, neurosciences and orthopaedics, and it also runs a diagnostics business.
The company has a return on equity of 10.5%, a debt to equity ratio of 0.35 and a market capitalisation of Rs 55,554 crore. The stock trades at a P/E of 51.9, below the industry P/E of 59.6.
Revenue rose from Rs 5,745 crore in FY22 to Rs 9,178 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 790 crore in FY22 to Rs 1,064 crore in FY26, which works out to a compound annual growth rate of 7.7%. In the June 2026 quarter, revenue grew 17.3% year on year to Rs 2,560 crore, while net profit rose 2.3% to Rs 273 crore.
Roadmap: The company is adding beds at existing hospitals and building new capacity in cities where demand for advanced care is rising. Its diagnostics arm and a growing share of complex procedures widen the earnings base beyond routine admissions.
What to watch: Track bed additions, occupancy and revenue per occupied bed.
Narayana Hrudayalaya vs Vijaya Diagnostic Centre vs Fortis Healthcare on Key Financials
The table below sets the three hospital group and imaging diagnostics stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Narayana Hrudayalaya | 3,736 | 7,996 | 21.0% | 810 | 10.1% |
| Vijaya Diagnostic Centre | 475 | 835 | 15.1% | 173 | 20.7% |
| Fortis Healthcare | 5,745 | 9,178 | 12.4% | 1,064 | 11.6% |
Vijaya Diagnostic Centre posts the highest return on equity in this group at 18.1%. Fortis Healthcare has the largest FY26 revenue at Rs 9,178 crore, and Narayana Hrudayalaya shows the fastest revenue growth with a 21.0% compound annual rate. A useful habit with hospital group and imaging diagnostics stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Hospital Group and Imaging Diagnostics Stocks
Every theme carries risks that deserve a check before any decision. For these hospital group and imaging diagnostics stocks, the main points are: Long-term cardiac care hospital shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Ramp-up timing. New hospitals and centres take time to reach stable utilisation.
- Doctor availability. Expert doctors are central to growth and hard to attract.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter hospital group and imaging diagnostics stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Hospital Group and Imaging Diagnostics Stocks
Hospital group and imaging diagnostics stocks reward investors who follow bed additions, occupancy and test volumes together. Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare each have a visible expansion path. Based on the 21 October 2026 close, Narayana Hrudayalaya trades at Rs 1,725, Vijaya Diagnostic Centre at Rs 1,353.4 and Fortis Healthcare at Rs 729. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these hospital group and imaging diagnostics stocks to a watchlist.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are hospital group and imaging diagnostics stocks?
Ans. Hospital group and imaging diagnostics stocks are listed companies that run hospitals and diagnostic centres on a commercial basis. Their earnings depend on bed capacity, occupancy, test volumes and the mix of procedures. This list looks at three of them, Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which hospital group and imaging diagnostics stocks are covered in this list?
Ans. This list covers Narayana Hrudayalaya, Vijaya Diagnostic Centre and Fortis Healthcare. Based on the 21 October 2026 close, Narayana Hrudayalaya traded at Rs 1,725, Vijaya Diagnostic Centre at Rs 1,353.4 and Fortis Healthcare at Rs 729. Their return on equity ranges from 10.5% to 18.1%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.4% to 21.0%.
Why do hospital group and imaging diagnostics stocks have a strong future roadmap in India?
Ans. Hospital group and imaging diagnostics stocks have a strong roadmap in India because demand for advanced treatment and early testing is rising faster than the supply of organised beds and imaging centres. The main drivers are as follows. Insurance cover. More insured families choose organised providers for planned care. Capacity additions. New beds and centres in proven cities lift volumes. Imaging and testing. Scans and tests are used earlier in the treatment journey. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Narayana Hrudayalaya performed financially?
Ans. Revenue rose from Rs 3,736 crore in FY22 to Rs 7,996 crore in FY26, a compound annual growth rate of 21.0%. Net profit grew from Rs 342 crore in FY22 to Rs 810 crore in FY26, which works out to a compound annual growth rate of 24.1%. The company has a return on equity of 17.8%, a debt to equity ratio of 1.29 and a market capitalisation of Rs 35,603 crore. The stock trades at a P/E of 43.6, below the industry P/E of 59.6. Looking ahead, growth is coming from bed additions across its hospital clusters, a rising share of higher-value specialities and an expanding insurance-led patient base. The group has a track record of running hospitals at high efficiency, which supports margins as scale builds.
How has Vijaya Diagnostic Centre performed financially?
Ans. Revenue rose from Rs 475 crore in FY22 to Rs 835 crore in FY26, a compound annual growth rate of 15.1%. Net profit grew from Rs 111 crore in FY22 to Rs 173 crore in FY26, which works out to a compound annual growth rate of 11.8%. In the June 2026 quarter, revenue grew 22.8% year on year to Rs 240 crore, while net profit rose 37.6% to Rs 53.1 crore. The company has a return on equity of 18.1%, a debt to equity ratio of 0.44 and a market capitalisation of Rs 14,066 crore. The stock trades at a P/E of 75.0, above the industry P/E of 59.6. Looking ahead, the plan is to deepen its network in existing clusters and extend the Vijaya brand into new regions, adding imaging modalities and wellness packages that raise revenue per patient. Diagnostics is a fragmented business, so organised chains with strong brands keep gaining share.
How has Fortis Healthcare performed financially?
Ans. Revenue rose from Rs 5,745 crore in FY22 to Rs 9,178 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 790 crore in FY22 to Rs 1,064 crore in FY26, which works out to a compound annual growth rate of 7.7%. In the June 2026 quarter, revenue grew 17.3% year on year to Rs 2,560 crore, while net profit rose 2.3% to Rs 273 crore. The company has a return on equity of 10.5%, a debt to equity ratio of 0.35 and a market capitalisation of Rs 55,554 crore. The stock trades at a P/E of 51.9, below the industry P/E of 59.6. Looking ahead, the company is adding beds at existing hospitals and building new capacity in cities where demand for advanced care is rising. Its diagnostics arm and a growing share of complex procedures widen the earnings base beyond routine admissions.
What risks should investors check before buying hospital group and imaging diagnostics stocks?
Ans. Investors should check a few risks before buying hospital group and imaging diagnostics stocks. Ramp-up timing. New hospitals and centres take time to reach stable utilisation. Doctor availability. Expert doctors are central to growth and hard to attract. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of hospital group and imaging diagnostics stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.