Narayana Hrudayalaya Ltd.

Viren Shetty

VICE CHAIRMAN

Emmanuel Rupert

CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR

Sandhya J

GROUP CHIEF FINANCIAL OFFICER

R. Venkatesh

GROUP CHIEF OPERATING OFFICER

Anesh Shetty

MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI

Ravi Vishwanath

CHIEF EXECUTIVE OFFICER, NHIC

Nishant Singh

VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

Venkatesh

Group COO, Dr. Anesh Shetty - MD

rs,

ecretary Listing Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code –539551(EQ), 975516 & 976418 Dear Sir / Madam, To, T

INR 20

absolute EBITDA number for Cayman business, on a sequential basis, the decline seems to be around INR 20-25 crores. I understand there is a INR 9 crore number coming from the Integrated Care. What expla

25 crore

e EBITDA number for Cayman business, on a sequential basis, the decline seems to be around INR 20-25 crores. I understand there is a INR 9 crore number coming from the Integrated Care. What explains the r

INR 9 crore

on a sequential basis, the decline seems to be around INR 20-25 crores. I understand there is a INR 9 crore number coming from the Integrated Care. What explains the remaining difference in the EBITDA numb

120 million

hvi: And on the Hospital side, earlier, before commissioning the new hospital, you were making $120 million revenue and a 45% margin. I understand, a new hospital is focused more towards OP, where it can b

45%

side, earlier, before commissioning the new hospital, you were making $120 million revenue and a 45% margin. I understand, a new hospital is focused more towards OP, where it can be a bit of margin

200 million

a bit of margin dilute too. So, can we expect, or can we look at the Cayman Hospital business as $200 million revenue under 40 to 42% of EBITDA margin business on a sustainable basis? Anesh Shetty: Yeah,

42%

can we expect, or can we look at the Cayman Hospital business as $200 million revenue under 40 to 42% of EBITDA margin business on a sustainable basis? Anesh Shetty: Yeah, I think it is difficult

40%

a linear growth going forward. Damayanti: Okay. And for the combined operations, you mentioned 40% to 45% margin looks sustainable. Anesh Shetty: No, we didn't. Yeah, we didn't say a number, but

25%

ncology has increased very much. So, can we expect oncology in the coming five years to become 20-25% as a percentage of revenue? Dr. Emmanuel Rupert: The oncology has been growing very well for the

85%

t question is on the digital and technology investment side. You have mentioned digitalization of 85% patient documents. How are these initiatives transferring into measurable operational efficiencie

INR 9.3 crore

Anesh Shetty: That will be the slide. Sorry, go ahead, Sandhya. Yeah, go ahead. Nancy: That's INR 9.3 crore negative number, right? Sandhya J: Yes. Actually, there is a revenue as well as EBITDA number t

“My name is Nishant Singh, and I welcome you all to the Q1 FY26 Earnings TRANSCRIPT Call for the company.”

“Is it the same and you expect patient numbers to return back in this quarter, or has there been anything structural that happened in the last quarter?”

“And the next quarter as we proceed, maybe two or three quarters, things should stabilize.”

“So, can we expect, or can we look at the Cayman Hospital business as $200 million revenue under 40 to 42% of EBITDA margin business on a sustainable basis?”

“Yeah, I think it is difficult to give exact guidance to that extent.”

“So, there will be to that extent that change.”

“Longer term, we expect this to be a breakeven to plus or minus, slightly positive, hopefully by the end of the year or 1st Quarter next year.”

“In fact, I would say the reason why we find it difficult to give an exact prediction on EBITDA as a percentage terms, because it's going to be challenging to predict the relative revenue between the Integrated Care business and the Hospital going forward, especially because the Integrated Care is going to see good revenue growth since it's starting from a low base.”

“But in absolute terms, it would depend on where the revenue lands up the next quarter.”

“Having said that, we don't expect to see wild swings, unlike the Hospital business.”

Viren Shetty

48

Anesh Shetty

28

Nishant Singh

22

Sandhya J

22

Rajit

15

Prithvi

13

Ravindra

12

Ravi Vishwanath

11

Vedant

11

Deekshant

10

NH MANAGEMENT TEAM

MR. VIREN SHETTY – VICE CHAIRMAN DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR MS. SANDHYA J – GROUP CHIEF FINANCIAL OFFICER MR. R. VENKATESH – GROUP CHIEF OPERATING OFFICER DR. ANESH SHETTY – MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI MR. RAVI VISHWANATH – CHIEF EXECUTIVE OFFICER, NHIC MR. NISHANT SINGH – VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS MR. VIVEK AGARWAL, SENIOR MANAGER, IR FUNCTION

Nishant Singh

Hello, everyone. My name is Nishant Singh, and I welcome you all to the Q1 FY26 Earnings TRANSCRIPT Call for the company. To discuss our performance and address all your queries today, we also have with us Mr. Viren Shetty - Vice Chairman, Dr. Emmanuel Rupert - CEO and MD, Mrs. Sandhya Jayaraman - Group CFO, Mr. Venkatesh - Group COO, Dr. Anesh Shetty - MD of our Overseas Subsidiary, HCCI, Mr. Ravi Vishwanath – CEO, NHIC and Vivek - Senior Manager in the IR function. Before we proceed with this call, we would like to remind everyone that the call is being recorded and the transcript of the same shall be made available on our website as well as on the stock exchange later. We would also like to remind you that everything that is being said on this call that reflects any outlook for the future or which can be construed as a forward-looking statement, must be viewed in conjunction with the uncertainties and the risks that they face. With that now, we would like to start the Q&A session. I

Prithvi

Thanks, Nishant. Anesh I just have a few questions on Cayman. If you have to look at the discharges and OP patients’ number, it has come down on a sequential basis and the decline seems to be quite high. We just wanted to understand this is something we saw in the past, there is some quarterly volatility in Cayman numbers. Is it the same and you expect patient numbers to return back in this quarter, or has there been anything structural that happened in the last quarter?

Anesh Shetty

Yeah, I think you're right. As you recall, since we commissioned the new hospital… you had the Q4 of last year and Q1 of this year being the first two quarters of the new hospital. And if you recollect, even in the early days of Cayman when the hospital was new, when we're starting a new building with low base, low volumes, you're going to see this volatility up and down. But these are just standard blips quarter-to-quarter because the structure is new. And the next quarter as we proceed, maybe two or three quarters, things should stabilize. But your intuition is right. These are things that happen in the early days and they will settle in as we progress. On the ground, we have no reason to have any concerns around the growth trajectory with the new building. 2

Prithvi

Got it. And if I have to look at the absolute EBITDA number for Cayman business, on a sequential basis, the decline seems to be around INR 20-25 crores. I understand there is a INR 9 crore number coming from the Integrated Care. What explains the remaining difference in the EBITDA numbers on a sequential basis?

Anesh Shetty

So if you account for the slight decrease quarter-on-quarter in the Hospital business, aside from that, maybe I'll just say that the Hospital business as such, the economics have not changed, whether it's comparing Q4 to Q1 or a few quarters later. It's just that right now we have broken up and we are starting to see the Integrated Care business ramp up significantly in revenue terms, which is obviously at a very different margin profile, A) given it's a new business and B) it is Integrated Care insurance, which is very different on a margin profile from the Hospital business. So, the Hospital business itself, the economics remain unchanged. We did have a slight revenue decrease quarter-on-quarter. You are, again, going to see some early volatility in case mix. In the previous quarter, we had few in volume, but high value cases, which you generally tend to have higher margins. This time, that was not the case; you saw that reflected in the volumes as well. But over the next few quarter