Norvic Hospital IPO 2026: Book Building Price, Valuation & Should You Apply?

Company Overview

Corporate Profile

Norvic International Hospital and Medical College Limited (NIHL) is one of Nepal's premier multi-specialty tertiary care hospitals, headquartered in Thapathali, Kathmandu. With 30 beds when it was first founded in 1993 as Norvic Health Care & Research Center, the organization has developed into a comprehensive quaternary care provider with more than 30 years of operation and a globally known name in South Asian healthcare.

The hospital is registered at Ward No. 11, Thapathali, Kathmandu Metropolitan City, and is incorporated under the Companies Act 2063 (BS). In 2021, the business became a Public Limited Company, and it is currently looking to list on NEPSE through an IPO using the Book Building Method.

Historic Milestone

Year	Milestone
1993	Established as Norvic Health Care & Research Center (30 beds)
1994	Operations commenced from rented premises
1995	Relocated to permanent premises at Thapathali, Kathmandu
1998	Partnered with Escorts Heart Institute, New Delhi, for Heart Command Center
2002	Achieved ISO 9001:2000 Quality Management System certification
2004	Established an advanced gastroenterology center (endoscopy, sigmoidoscopy, colonoscopy)
2009	Founded Norvic Institute of Nursing Education
2014	Launched Sunakardas Chaudhary Diagnostic Centre (CT scan, Mammography, Pathology)
2016	Established Nepal's first dedicated GI Intensive Care Unit; launched International Emergency Care Unit
2017	Installed 128-slice CT scan and 3-Tesla Silent MRI; received 'Best Regional Hospital' award, London
2018	Celebrated Silver Jubilee — 25 years of healthcare in Nepal; launched Vision 2025 expansion plan
2021	Converted to a Public Limited Company; launched Nepal's first IVF lab with genetic screening
2022	Commenced renal transplant services
2023	New hospital branch construction commenced
2025	Introduced FibroScan and EBUS machines for advanced diagnostics

Source: Norvic Hospital Website

Subsidiary

Founded in 2000, Norvic Pharmacy Pvt. Ltd. is a 100%-owned subsidiary of the corporation. The subsidiary manages the wholesale and retail import-export of health items and provides medications, surgical supplies, and health-related products to hospital patients as well as the general public.

Equity Investment

The company invested NPR 1 million in Nagrik Community Teaching Hospital's ownership, which represents 10,000 shares.

Strategic Objective & Future Plan

The five pillars of the company's growth plan are:

• After the new building is completed, the capacity will increase from 200 to 300 beds (from 110 to 275 beds).
• Creating all-inclusive organ transplant services, such as liver, kidney, and associated programs
• Establishing a comprehensive oncology department for both surgical and medical oncology
• Introducing the newest medical technologies in Modular Hybrid Operation Theatres
• Establishing a genetics department to provide advanced genetic counselling and testing.

Historical Financial Performance

Income Statement Summary

Particulars (NPR ‘000)	FY 2079/80	FY 2080/81	FY 2081/82	FY 2082/83 (Q2)
Revenue from Operations	2,458,685	2,664,354	2,917,545	1,697,131
Other Income	24,110	17,768	16,925	3,199
Operating Expenses	1,552,559	1,747,965	1,747,965	1,018,582
Administrative Expenses	418,089	418,089	405,221	188,268
Selling Expenses	79,353	80,236	101,491	51,242
EBITDA	432,794	477,533	593,705	442,238
EBITDA Margin (%)	17.6%	17.9%	20.3%	26.0% (Q2)
Depreciation & Amortization	152,533	146,173	156,849	77,330
Finance / Interest Expenses	99,335	99,335	62,270	16,764
Profit Before Tax (PBT)	179,224	235,160	370,931	313,330
Tax Expense	47,822	67,965	96,920	79,124
Net Profit (PAT)	131,402	167,195	274,011	234,206
PAT Margin (%)	5.3%	6.3%	9.4%	13.8% (Q2)
Earnings Per Share (NPR)	48.67	51.60	46.98	28.68

Key finding: Over the past three years, revenue has increased at a CAGR of roughly 9.0%, while EBITDA margin has significantly increased from 17.6% to 20.3%, indicating increased operational efficiency. Due mostly to increased revenue contributions from genecology and IVF services, net profit increased by 108.5% in FY 2081/82 compared to FY 2079/80. Due to partial capacity expansion and increased patient throughput, the company's Q2 FY 2082/83 earnings (NPR 234 million PAT) are very impressive, annualizing to over NPR 468 million.

Balance Sheet Summary

Particulars (NPR ‘000)	FY 2079/80	FY 2080/81	FY 2081/82	FY 2082/83 (Q2)
Total Non-Current Assets	3,278,221	3,704,446	5,554,632	5,780,479
Total Current Assets	432,501	369,107	592,726	529,937
Total Assets	3,710,722	4,073,553	6,147,358	6,310,416
Total Equity	1,774,337	1,875,058	3,364,451	3,586,379
Long-Term Borrowings	894,414	1,203,690	1,514,938	1,635,342
Short-Term Borrowings	277,076	217,410	144,485	153,966
Total Debt	1,171,490	1,421,100	1,659,423	1,789,308
Debt-to-Equity Ratio	0.66x	0.76x	0.49x	0.50x
Total Current Liabilities	683,295	638,361	552,327	369,703

Capital structure improvement: After a large equity infusion (share capital increased from NPR 324 million to NPR 583 million), the debt-to-equity ratio significantly improved in FY 2081/82. In FY 2081/82, total equity rose by 79%, greatly reducing the balance sheet's leverage. To finance the hospital development, a noteworthy new project loan of NPR 1,196 million (Q2 FY 2082/83) has been raised. The primary goal of the upcoming IPO's proceeds is to partially reduce this expansion-related debt.

Cash Flow Analysis

Particulars (NPR ‘000)	FY 2079/80	FY 2080/81	FY 2081/82	FY 2082/83 (Q2)
Net Cash from Operations	371,354	483,413	290,091	250,353
Net Cash from Investing	(322,738)	(595,460)	(468,872)	(303,178)
Net Cash from Financing	(54,169)	91,009	298,076	(48,505)
Net Change in Cash	(5,553)	(21,038)	119,295	(101,330)
Closing Cash Balance	71,935	50,897	170,192	68,862
CAPEX (PPE Purchase)	(325,338)	(572,398)	(561,166)	(303,178)

Over the course of three years (FY 2079/80 to FY 2081/82), the company invested NPR 1,458 million in fixed assets, mostly to finance the construction of its new building. This represents a considerable CAPEX cycle. The hospital's ability to finance its daily operations on its own is demonstrated by the positive operating cash flows. Due to significant investment activity, free cash flow has been negative; this is anticipated to change when the new facility operates and revenue levels rise.

Valuation Methodology & Cost of Capital

Valuation Framework

The Discounted Cash Flow (DCF) methodology, which is based on the Free Cash Flow to the Firm (FCFF) model, is used to determine Norvic International Hospital's intrinsic value per share. The enterprise value of the company is calculated by adding a terminal value that represents cash flows beyond the forecast horizon to the present value of predicted FCFFs during a six-year explicit forecast period (FY 2025/26–FY 2030/31). Next, net debt is subtracted and divided by the total number of outstanding shares to determine the equity value per share.

FCFF Formula: FCFF = EBITDA × (1 − t) + Depreciation × t − CAPEX – ΔNWC

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WACC Calculation

The Weighted Average Cost of Capital (WACC) is estimated using capital structure data as of Q2 FY 2082/83.

Parameter	Value	Remarks
Adjusted Beta (β)	1.17	Estimated using comparable companies listed on the NEPSE with paid-up capital ranging from NPR 950 million to NPR 1.1 billion, incorporating both levered and unlevered beta calculations.
Market Return (Rm)	11.60%	CAGR of NEPSE closing index from FY 2001/02 to FY 2024/25
Risk-Free Rate (Rf)	3.24%	Average development bond rate (FY 2082/83), adjusted for 6% tax rate
Cost of Equity (Ke)	13.02%	CAPM: Ke = Rf + β × (Rm − Rf)
Cost of Debt (Kd, pre-tax)	10.41%	Average monthly lending rate of commercial banks since Feb 2014
Cost of Debt (Kd, post-tax)	7.81%	Adjusted for 25% corporate tax rate
Equity Weight	66.71%	Based on total equity of NPR 3,586M out of total capital of NPR 5,376M
Debt Weight	33.29%	Based on total debt of NPR 1,789M out of total capital of NPR 5,376M
WACC	11.28%	Weighted average of cost of equity and post-tax cost of debt

Beta Derivation Methodology

The estimation of beta was done in two steps. Initially, a peer group of NEPSE-listed companies with paid-up capital ranging from NPR 950 million to NPR 1.1 billion yielded an industry unlevered beta of 0.91. Five-year weekly levered betas, as well as the corresponding debt-to-equity ratios and effective tax rates, served as the basis for the estimation. Due to the lack of comparable publicly listed hospitals in Nepal, companies with equivalent paid-up capital were chosen as a proxy.

Using Norvic's own capital structure (D/E ratio of 0.50 as of Q2 FY 2082/83), the unlevered beta was then re-levered to provide a levered beta of 1.25. After that, a final adjusted beta of 1.17 was obtained.

Revenue Projections & Key Assumptions

Capacity Assumptions

Parameter	Base Case	Best Case	Worst Case
Bed Capacity (FY 2082/83)	150 beds	150 beds	150 beds
Bed Capacity (FY 2083/84 onward)	275 beds	275 beds	275 beds
Avg. Length of Stay (days)	4.0 days	3.4 days	4.7 days
Occupancy — FY 2082/83	83%	85%	81%
Occupancy — FY 2083/84	50%	55%	48.5%
Occupancy — FY 2085/86	58%	65%	52%
Occupancy — FY 2087/88	66%	75%	62.5%
Revenue per IPD Patient (NPR)	130,000	130,000	130,000
Revenue per OPD Patient (NPR)	5,600	5,600	5,600
Revenue from Sales (% of HC Rev)	31%	35%	29%
Other Income (% of Revenue)	0.7%	0.7%	0.7%
Terminal Growth Rate	3.70%	3.70%	3.70%

Operating Cost Assumptions

Expense Category	% of Revenue	Basis
Operating Expenses	62%	Historic average (FY 2079/80 – 2081/82)
Administrative Expenses	15.0%	Historic average
Selling Expenses	3.0%	Historic average
Depreciation	6.0%	Historic average
CAPEX	6.0%	Of total revenue (including other income)
Corporate Tax Rate	25.0%	Applicable rate for hospitals in Nepal

Revenue Projection Summary (Base Case, NPR '000)

Particulars	FY 2025/26	FY 2026/27	FY 2027/28	FY 2028/29	FY 2029/30	FY 2030/31
Occupancy Rate	83%	50%	54%	58%	62%	66%
IPD Patients	11,361	12,547	13,551	14,554	15,558	16,562
OPD Patients	162,295	168,786	175,538	182,559	189,862	197,456
IPD Revenue	1,476,881	1,631,094	1,761,581	1,892,069	2,022,556	2,153,044
Healthcare Services Rev.	2,385,731	2,576,298	2,744,593	2,914,401	3,085,782	3,258,799
Revenue from Sales (31%)	739,577	798,652	850,824	903,464	956,592	1,010,228
Total Revenue	3,125,308	3,374,950	3,595,417	3,817,866	4,042,375	4,269,026
YoY Revenue Growth		7.99%	6.53%	6.19%	5.88%	5.61%

Note on FY 2025/26 Transition: According to management guidelines, revenue in FY 2025/26 represents a partial-year transition with 150 beds at 83% occupancy. From FY 2026/27, the full 275-bed capacity is modeled at a conservative 50% base case occupancy, reflecting HMIS data for Bagmati Province (average occupancy ~52%). In the base case, occupancy increases by 4% annually.

DCF Valuation — Free Cash Flow to Firm(FCFF)

Base Case — FCFF Projection (NPR '000)

Particulars	FY 25/26	FY 26/27	FY 27/28	FY 28/29	FY 29/30	FY 30/31	TV	PV(TV)
Revenue	3,125,308	3,374,950	3,595,417	3,817,866	4,042,375	4,269,026
Other Income	21,877	23,624	25,168	26,725	28,297	29,883
Operating Exp.	(1,937,691)	(2,092,469)	(2,229,159)	(2,367,077)	(2,506,272)	(2,646,796)
Admin Exp.	(468,796)	(406,243)	(539,313)	(572,680)	(606,356)	(640,354)
Selling Exp.	(93,759)	(101,249)	(107,863)	(114,536)	(121,271)	(128,071)
EBITDA	646,939	698,614	744,251	790,298	836,772	883,688
EBITDA Margin	20.7%	20.7%	20.7%	20.7%	20.7%	20.7%
Depreciation	(187,518)	(202,497)	(215,725)	(229,072)	(242,542)	(256,142)
CAPEX	(188,831)	(203,914)	(217,235)	(230,675)	(244,240)	(257,935)
Change in NWC	22,412	(4,397)	(8,821)	4,628	(3,220)	(1,576)
FCFF	365,665	366,274	386,064	423,944	440.754	467.291	6,389,692	3,645,125
PV of FCFF	356,020	320,454	303,520	299,506	279,808	266,575

Equity Bridge Value (Base Case)

Bridge Item	NPR '000
Sum of PV of FCFF (FY 2025/26 – 2030/31)	1,825,884
Present Value of Terminal Value	3,645,125
Enterprise Value (EV)	5,471,009
Less: Total Debt	(1,789,308)
Add: Cash & Cash Equivalents	170,188
Add: Investments	1,000
Equity Value (FCFE)	3,852,889
Total Shares Outstanding	8,164,800
Intrinsic Value Per Share (Base Case)	NPR 471.89

Scenario Summary

Metric	Worst Case	Base Case	Best Case
Avg. Length of Stay (days)	4.7	4.0	3.4
Post-Exp. Occupancy (FY 26/27)	48.5%	50%	55%
Revenue — FY 2025/26 (NPR M)	2,718	3,125	3,641
Revenue — FY 2030/31 (NPR M)	3,416	4,042	5,122
Revenue CAGR (FY26–FY31)	~4.8%	~5.3%	~7%
Terminal Value (NPR M)	5,382	6,390	8,259
PV of Terminal Value (NPR M)	3,070	3,645	4,711
Sum of PV of FCFFs (NPR M)	1,553	1,826	2,263
Enterprise Value (NPR M)	4,623	5,471	6,974
FCFE (NPR M)	3,005	3,853	5,357
Intrinsic Value Per Share (NPR)	368.10	471.89	656.08
Average	498.69

Valuation range: The intrinsic value per share ranges from a conservative NPR 368.10 (worst case) to an optimistic NPR 656.08 (best case), with the base case at NPR 471.89 and a scenario-weighted average of NPR 498.69. The wide range primarily reflects uncertainty in post-expansion occupancy ramp-up, a key variable that will be closely monitored post-listing.

Risk Factors & Mitigants

Key Risks

Risk Type	Risk Description	Potential Impact	Mitigant
Expansion Risk	The new building may face delays or cost overruns affecting the 275-bed target	Revenue ramp-up slower than projected; base case intrinsic value falls toward NPR 368	Management track record; loans already secured from NRB, Laxmi Sunrise Bank; 75–80% funded
Occupancy Risk	Post-expansion occupancy may lag projections in competitive Kathmandu market	Revenue shortfall; free cash flow impact	Conservative base case (50% vs. 85%+ pre-expansion occupancy); HMIS Bagmati avg. validates 52%
Competitive Risk	Multi-specialty hospitals (B&B, Medicity) competing for specialists and patients	Margin pressure; patient volume risk	30+ year brand, NABL lab accreditation, ISO certification, prime Thapathali location
Regulatory Risk	Healthcare regulations, fee controls, or hospital licensing changes	Revenue caps or compliance costs	Long operating history; strong regulator relationships; compliant with DoHS norms
Debt Risk	Elevated leverage (D/E ~0.50x); interest burden from project loans	Cash flow strain if revenue  is delayed	IPO proceeds to retire debt; interest coverage at 5.39x (FY 2081/82)
Key-Man Risk	Dependence on senior medical professionals and management team	Service disruption; patient attrition	Institutional brand, diversified specialties; nursing education program builds pipeline

Credit Rating Context

Among its listed peer group, Norvic International Hospital has the highest [ICRANP-IR] BBB credit rating. Ashwins Medical College (Medicity) has CARE-NP BB, and Peer B&B Hospital has [ICRANP] LBBB (just upgraded). Compared to Ashwins's 6.64x gearing and 1.63x coverage, Norvic's financial profile is marked by a good interest coverage ratio of 5.39x and a low overall gearing of 1.924x (FY 2024).

IPO Structure & Use of Proceeds

Share Allocation Structure

Category	Amount (NPR)	% of Public Issue
Promoter Shares	816,480,000	80% of paid-up
Public Issue Total	204,120,000	20% of paid-up
Qualified Institutional Buyers (QIBs)	81,648,000	40% of public issue
Employees	10,206,000	5% of public issue
Mutual Funds	10,206,000	5% of public issue
Foreign Employees	20,412,000	10% of public issue
General Public	81,648,000	40% of public issue
General Public No. of Shares	816,480 units
Expected No. of Allottees (General)	~16,330 investors

Use of IPO Proceeds

The primary goal of the net funds from the public offering is to lower the company's debt commitments related to the ongoing hospital expansion project. Loans from Nepal Infrastructure Bank, Laxmi Sunrise Bank, and NMB Bank have provided between 75–80% of the funding for the expansion; internal equity has provided the remaining amount. In addition to lowering interest expenses, repaying these project loans will strengthen the balance sheet, increase liquidity, and boost shareholders' long-term return on equity.

Conclusion

As it gets ready to enter the public capital market using the book-building method, a pricing strategy that is still in its infancy but is gaining acceptance in Nepal's capital market landscape, Norvic International Hospital and Medical College Limited (NIHL) offers an attractive investment opportunity. The hospital's valuation, which has a base case intrinsic value of NPR 472 per share and a scenario-weighted average of NPR ~500, is backed by more than thirty years of operational excellence, a strong brand in tertiary healthcare, improving EBITDA margins (17.6% to 20.3% over the last three fiscal years), a strong BBB credit rating from ICRA Nepal, and a near-term capacity expansion from 150 to 275 beds, which is anticipated to significantly increase in revenue and cash flow. The primary purpose of the IPO proceeds is to pay off debt, which will significantly improve the company's balance sheet and future shareholder returns.

Precedent: Book-Building IPOs in Nepal's Capital Market

Only two other businesses on the Nepal Stock Exchange (NEPSE), Sarbottam Cement Limited (SARBTM) and Reliance Spinning Mills Limited (RSML), had used the book-building technique before Norvic's proposed IPO. Investors assessing Norvic's upcoming offering can learn valuable lessons from their post-IPO trajectories.

Sarbottam Cement Limited (SARBTM) — Nepal’s First Book-Building IPO

In November 2023 (Mangsir 2080 BS), Sarbottam Cement Limited became the first firm in Nepal to offer an IPO using the book-building approach, making history. According to SEBON regulations, the general public was given shares at NPR 360.90, a statutory 10% discount to the Qualified Institutional Investor (QII) cut-off price of NPR 401 per share. The corporation issued 6,000,000 shares, representing 12.9033% of its paid-up capital of NPR 4.65 billion, of which 40% were given to QIIs and the other 60% to the general public, residents, workers, and international migrants. Sarbottam Cement received a BBB+ issuer rating from ICRA Nepal, indicating a stronger credit profile than Norvic's present BBB rating.

Based on the then-current NEPSE rule of up to three times the audited net worth per share, SARBTM's opening price range was set at NPR 185.36 to NPR 556.08 upon its listing on NEPSE on March 18, 2024. The stock promptly rose in spite of this limited opening range, finishing at NPR 611.60 and reaching the 10% positive circuit within minutes of trading on the first day. The stock achieved an all-time high of NPR 1,083 just 10 days after listing on March 28, 2024, a premium of over 200% over the IPO price of NPR 360.90, demonstrating the rapid and persistent market enthusiasm. With a market capitalisation of roughly NPR 43.4 billion, SARBTM is trading in the area of NPR 880–900 as per the latest trading data, comfortably above the IPO price. Sarbottam's book-building IPO produced strong, sustained secondary market returns for its investors, as evidenced by the stock's 52-week range of NPR 700–1,048 and its 180-day volume-weighted average price (VWAP) of roughly NPR 907. This validates the book-building methodology as an efficient price discovery tool in the Nepali context.

Reliance Spinning Mills Limited (RSML) — Nepal’s Second Book-Building IPO

With an annual export portfolio of almost USD 50 million, Reliance Spinning Mills Limited, one of Nepal's biggest yarn producers, became the second company in Nepal to get public capital using the book-building process. During the QII phase, which took place in Magh 2080 BS (January/February 2024), institutional investors were given 40% of the whole issue (770,640 shares) at a cut-off price of NPR 912 per share. With a minimum application fee of NPR 41,040 for 50 shares, the general public IPO price was set at NPR 820.80 per share (10% less than the cut-off price). The company has a CARE-NP A- credit rating, which denotes low credit risk and sufficient safety. However, legal issues over valuation methods and a writ case filed by the company at the Patan High Court caused the IPO process to be severely delayed by more than a year.

Despite controversy at the start, RSML's secondary market performance has been the most remarkable of any NEPSE-listed stock in recent memory. NEPSE simultaneously changed its listing price regulation when shares were listed on February 16, 2026, substituting "up to three times the face value" for the "up to three times net worth per share" calculation. Retail investors suffered immediate paper losses on listing day as a result of RSML's opening price range being limited to just NPR 100 to NPR 300, which is significantly less than the IPO purchase price of NPR 820.80. Investor confidence in the book-building system is undermined by this updated rule, which has drawn widespread criticism from market analysts and stock market players. After that, the stock quickly gained momentum, reaching an all-time high of NPR 5,049 on April 13, 2026. This represents a gain of more than 515% from the listing-day starting price and roughly 515% from the general public IPO price. One of the most valuable manufacturing sector companies on NEPSE, RSML was trading at NPR 4,000 as of the most recent trading session (April 28, 2026), with a total market capitalization of over NPR 76 billion. The 180-day VWAP was NPR 4,104.

Comparative Summary: Book-Building IPOs on NEPSE

The table below summarizes the key IPO metrics and post-listing performance of the two-precedent book-building issuances and their comparison with Norvic’s upcoming offering:

Parameter	Sarbottam Cement (SARBTM)	Reliance Spinning Mills (RSML)	Norvic Hospital (NIHL) Upcoming
Sector	Cement / Manufacturing	Textile / Manufacturing	Healthcare / Hospital
IPO Sequence (Book-Building)	1st (Pioneer)	2nd	3rd (Upcoming)
QII Cut-off Price (NPR)	NPR 401	NPR 912	To be determined
General Public IPO Price (NPR)	NPR 360.90	NPR 820.80	DCF Base Case: NPR ~472 | Avg: NPR ~500
Credit Rating	ICRANP BBB+	CARE-NP A-	ICRANP BBB
Listing Date on NEPSE	March 18, 2024	February 16, 2026	Pending
Opening Price on Listing Day	NPR 185.36–556.08; closed at NPR 611.60	NPR 100–300 (Revised NEPSE Rule)	TBD (subject to NEPSE listing rules)
All-Time High Post-Listing	NPR 1,083 (March 28, 2024)	NPR 5,049 (April 13, 2026)	N/A
Recent Market Price (Apr 2026)	~NPR 880–900	NPR 4,000 (as of Apr 28, 2026)	N/A
Market Cap (Approx.)	~NPR 43.4 billion	~NPR 76.0 billion	N/A

Source: NEPSE, ShareSansar, ShareHub, Kathmandu Post

Key Takeaways and Investment Perspective

Sarbottam Cement and Reliance Spinning Mills' post-listing results set a clear precedent: even though short-term secondary market performance is impacted by regulatory pricing mechanisms at the time of listing, fundamentally sound businesses that obtain public capital through the book-building method on NEPSE can produce significant long-term returns for investors. Sarbottam Cement has maintained a market price far above its IPO issue price, indicating ongoing confidence in its brand and operational profile, and has rewarded investors with substantial instant gains. Despite the controversy surrounding its listing-day starting price ceiling, Reliance Spinning Mills eventually produced remarkable returns, demonstrating the quality of the underlying business and the institutional validation ingrained in the book-building process.

As the potential third book-building IPO on NEPSE, Norvic International Hospital enters the market with several clear advantages, including a unique industry (healthcare, a first in the NEPSE book-building space), more than 30 years of operational excellence, growing margins, a catalyst for near-term capacity expansion, and a cautious DCF-driven valuation methodology. A strong analytical anchor for pricing during the QII bidding process is provided by the intrinsic value range of NPR 368-656 (with a base case of NPR ~472 and a weighted average of NPR ~500). When evaluating Norvic's impending issuance, investors and institutional participants are urged to take into account both the core characteristics of the company and the lessons learned from SARBTM and RSML, especially the significance of a medium-to-long-term investment horizon.

Disclaimer & Disclosures

FOR INFORMATIONAL AND EDUCATIONAL PURPOSES ONLY — NOT INVESTMENT ADVICE

This research report has been prepared solely for informational and educational purposes based on publicly available financial data and the financial model provided. It does not constitute investment advice, a solicitation to buy or sell securities, or a recommendation of any kind. The analysis, opinions, and valuations contained herein are those of the analyst and are subject to change without notice.

Investing in securities involves substantial risk of loss. Past financial performance is not indicative of future results. The valuations presented are based on assumptions about future performance that may not materialize. Actual results may differ materially from any projections or forward-looking statements herein.

This report has not been reviewed or approved by Norvic International Hospital Limited , Nepal Stock Exchange (NEPSE), or any regulatory authority. Readers should conduct their own independent due diligence and consult a qualified financial advisor before making any investment decisions.

All financial data sourced from: Company Annual Reports, NEPSE market data, Nepal Rastra Bank lending rate data, and the financial model prepared by the commissioning analyst.