Narayana Health Share Price: 21.3% CAGR in 3 Years as It Beats Max Healthcare and Rainbow
- November 10, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Narayana Health Share Price: 21.3% CAGR in 3 Years as It Beats Max Healthcare and Rainbow
Narayana Health previous close Rs 1,891.70. 3-year CAGR 21.3%. Up 1.8x since 9 Nov 2023. ROE 17.17%. Market cap Rs 38,665 crore.
Quick Answer
The Narayana Health share price closed at Rs 1,891.70 on 9 November 2026, a compounded annual return of 21.3% over three years. That compares with Yatharth Hospital and Trauma Care Services at 40.1%, Max Healthcare Institute at 15.5% and Rainbow Children’s Medicare at 8.1%. The company has a market cap of Rs 38,665 crore and a P/E of 45.00 against an industry P/E of 61.92.
The Narayana Health share price has quietly delivered a strong three-year run among listed hospital chains. Narayana Hrudayalaya, the Bengaluru-based group built around cardiac care and affordable treatment, now runs a large network of hospitals across India, and its stock has compounded faster than Max Healthcare and Rainbow.
We calculate the three-year CAGR for Narayana Health, Yatharth Hospital, Max Healthcare and Rainbow Children’s Medicare, then compare market cap, valuation, return on equity and debt. All prices are adjusted for corporate actions so the comparison is like for like.
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How Much Has the Narayana Health Share Price Returned in 3 Years?
The Narayana Health stock closed at Rs 1,060.05 on 9 November 2023 and at Rs 1,891.70 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.78 lakh, which is a CAGR of 21.3%. This is a price return and leaves out dividends.
CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Narayana Health can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.
The Narayana Health share price has also followed the growth of private healthcare in India, where rising incomes, insurance coverage and demand for tertiary care have lifted occupancy and revenue per bed.
Narayana Health vs Yatharth Hospital and Trauma Care Services, Max Healthcare Institute and Rainbow Children’s Medicare: 3-Year CAGR Compared
The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.
| Company | Close on 9 Nov 2023 | Previous close (9 Nov 2026) | Price multiple | 3-year CAGR |
|---|---|---|---|---|
| Yatharth Hospital and Trauma Care Services | Rs 384.20 | Rs 1,055.90 | 2.7x | 40.1% |
| Narayana Hrudayalaya | Rs 1,060.05 | Rs 1,891.70 | 1.8x | 21.3% |
| Max Healthcare Institute | Rs 593.25 | Rs 915.00 | 1.5x | 15.5% |
| Rainbow Children’s Medicare | Rs 1,009.40 | Rs 1,275.20 | 1.3x | 8.1% |
The Narayana Health stock ranks second of the four at 21.3%. It sits ahead of Max Healthcare Institute (15.5%) and Rainbow Children’s Medicare (8.1%). The company ahead is Yatharth Hospital and Trauma Care Services (40.1%). Yatharth Hospital leads the group from a smaller base, with Narayana Health in second place and Max Healthcare and Rainbow behind. Narayana is larger than Yatharth and Rainbow by market cap, so its return came on a bigger base.
Look at the Narayana Health share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.
Valuation and Quality Compared
| Company | Market cap | P/E | Industry P/E | ROE | Debt to equity |
|---|---|---|---|---|---|
| Max Healthcare Institute | Rs 89,059 crore | 64.53 | 61.92 | 12.18% | 0.33 |
| Narayana Hrudayalaya | Rs 38,665 crore | 45.00 | 61.92 | 17.17% | 1.21 |
| Rainbow Children’s Medicare | Rs 12,970 crore | 43.45 | 61.92 | 17.05% | 0.56 |
| Yatharth Hospital and Trauma Care Services | Rs 10,200 crore | 56.16 | 61.92 | 10.16% | 0.25 |
By market cap, Max Healthcare Institute is the largest of the group at Rs 89,059 crore, while the Narayana Health stock stands at Rs 38,665 crore, about 43% of that size. On earnings, Narayana Health shares trade at a P/E of 45.00 against an industry P/E of 61.92, a discount of about 27% to the sector, which leaves room if earnings keep growing. Peer multiples are Yatharth Hospital and Trauma Care Services at 56.16, Max Healthcare Institute at 64.53 and Rainbow Children’s Medicare at 43.45.
Return on equity is 17.17% for the Narayana Health stock, which ranks first among the four, and debt to equity stands at 1.21. Trailing EPS is Rs 42.04. Hospital companies are valued on bed capacity, occupancy and revenue per bed, so the P/E should be read together with return on equity and the debt needed to build new capacity.
What Is Driving the Narayana Health Stock?
Narayana Health runs multi-speciality hospitals across India, with a long record in cardiac care, and it also operates an international unit. It is known for treating a high volume of patients at relatively affordable prices.
Hospital earnings grow when bed capacity, occupancy and the value of each bed rise together. The company has been adding beds and widening its range of services, which can support revenue growth over time.
Followers of the Narayana Health share price usually track occupancy, average revenue per occupied bed, bed additions and margins in newer hospitals.
How the Established Players Stack Up
Yatharth Hospital and Trauma Care Services is a Noida-based chain with hospitals across Delhi NCR and neighbouring cities. It compounded at 40.1% a year, on a market cap of Rs 10,200 crore and an ROE of 10.16%.
Max Healthcare Institute is a Delhi NCR-based network of premium multi-speciality hospitals with a large national footprint. It compounded at 15.5% a year, on a market cap of Rs 89,059 crore and an ROE of 12.18%.
Rainbow Children’s Medicare is a Hyderabad-based chain that focuses on paediatric and maternity care. It compounded at 8.1% a year, on a market cap of Rs 12,970 crore and an ROE of 17.05%.
What Should Investors Track Next?
Three things are worth watching on the Narayana Health share price. First, occupancy and revenue per occupied bed. Second, the pace of bed additions and how quickly new hospitals reach profitability. Third, the balance sheet, since expansion is capital heavy.
At a P/E of 45, the stock already prices in healthy growth. A three-year CAGR describes the past, so size any position accordingly.
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How to Compare Hospital Stocks Yourself
You can repeat this exercise for any pair of stocks, including the Narayana Health stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.
A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Narayana Health share price, the same four checks give a more complete picture than price alone.
Download the Univest iOS App or Univest Android App to track the Narayana Health share price and compare hospital stocks live.
A Cardiac Care Specialist Compounding at a Strong Pace
The Narayana Health share price compounded at 21.3% a year over three years, ahead of Max Healthcare at 15.5% and Rainbow at 8.1%, and behind Yatharth Hospital at 40.1%. Its ROE of 17.17% is the highest in the group.
Max Healthcare brings premium scale, Rainbow brings a specialised niche, and Yatharth Hospital brings a smaller, fast growing base. The choice depends on the balance of scale and growth that suits you.
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).
Frequently Asked Questions
What is the Narayana Health share price today?
Ans. Narayana Hrudayalaya closed at Rs 1,891.70 on 9 November 2026, according to NSE data. It has a market cap of Rs 38,665 crore and a P/E of 45.00. Check live quotes before acting, as prices change every trading day.
What is the 3-year CAGR of the Narayana Health stock?
Ans. Narayana Hrudayalaya delivered a price CAGR of 21.3% over three years, moving from Rs 1,060.05 on 9 November 2023 to Rs 1,891.70 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.
Is Narayana Health better than Max Healthcare?
Ans. The Narayana Health stock delivered a higher three-year CAGR at 21.3% than Max Healthcare at 15.5%. Max Healthcare is larger by market cap at Rs 89,059 crore, while Narayana has the higher ROE at 17.17% against 12.18%. Narayana trades at a lower P/E of 45.00 than Max at 64.53.
What does Narayana Hrudayalaya do?
Ans. Narayana Hrudayalaya is a Bengaluru-based hospital group that runs multi-speciality hospitals across India, with a long record in cardiac care.
Is the Narayana Health stock debt free?
Ans. The debt to equity ratio of the Narayana Health stock is 1.21 and its return on equity is 17.17%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.
Is Narayana Health expensive compared with the industry?
Ans. Narayana Health trades at a P/E of 45.00 against an industry P/E of 61.92. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.
Which hospital stock gave the highest return in 3 years?
Ans. Among the companies compared here, Yatharth Hospital and Trauma Care Services delivered the highest three-year CAGR at 40.1%, followed by Narayana Hrudayalaya at 21.3%. Past returns do not guarantee future performance.
How do I calculate CAGR for a stock?
Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.
