NH Q1 FY27 Guidance vs Delivery (NH Management Mirror)

INR 3,000 Crore Capex Plan Reaffirmed Over Next 2 Years; Three Expansion Projects Pushed to FY29/FY30 on Licensing Delays

In the Dec'25 Qtr concall, management outlined an approximately INR 3000 crore total capex program. In the Mar'26 Qtr concall, this was detailed as INR 3000 crore for India and USD 100 million for the Cayman Islands, with total project spending expected to average INR 1000 crore annually across FY28 and FY29. In the Jun'26 Qtr concall, management reaffirmed its total capital expenditure commitment of INR 3000 crores over the next 2 years, expecting leverage ratios to rise before declining by FY30. The Southwest Bangalore facility (100 beds) remains on track to operationalize by the end of the Sep'26 Qtr. However, three expansion projects were postponed from FY28/FY29 to FY29/FY30 (a roughly 6-month delay) due to licensing delays in partner-led models.