Narayana Hrudayalaya Ltd.

Viren Shetty

VICE CHAIRMAN

Emmanuel Rupert

CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR

Sandhya J

CHIEF FINANCIAL OFFICER

R. Venkatesh

CHIEF OPERATING OFFICER, EAST AND SOUTH REGIONS

Anesh Shetty

MANAGING DIRECTOR, OVERSEAS SUBSIDIARY HCCI

Ravi Vishwanath

CHIEF EXECUTIVE OFFICER, NHIC

Nishant Singh

VICE PRESIDENT, FINANCE, MERGERS & ACQUISITIONS & INVESTOR RELATIONS

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

70%

of numbers. Let me begin with Cayman first. Anesh, this seems to be doing exceptionally well with 70% kind of revenue growth. So, if I have to look at insurance, the revenue has doubled compared to t

350 million

be approximately, including the government and private sector, it will be closer to about USD 300-350 million or so. But that does include the government insurance as well. So, an adjustment needs to be ma

25 million

i: And on the hospital side, after commissioning of the new hospital, the revenue went up from $25 million to $40 million at this point of time. Are we largely done with a complete scale-up and then shoul

40 million

hospital side, after commissioning of the new hospital, the revenue went up from $25 million to $40 million at this point of time. Are we largely done with a complete scale-up and then should we expect onl

50%

between pre- and post-Camana Bay Hospital, just if you look at the volume terms, we're looking at 50% increase in discharges, little more than that in outpatients and daycare, etc. So, we have seen a

40%

some more levers to increase the cost structure, I think the hospital margins are roughly around 40% to 43%. Do you see a further upside to the margin number? Anesh Shetty: It will depend on whe

43%

ore levers to increase the cost structure, I think the hospital margins are roughly around 40% to 43%. Do you see a further upside to the margin number? Anesh Shetty: It will depend on where we s

20%

to the team for a pretty solid set of numbers. Viren, on the India business, I think we've had a 20% EBITDA growth this quarter, which is quite remarkable. And in a broader sense, I think our growth

23.8%

tions that are there. So, like it's been reported for the India business that the margin is about 23.8% for this quarter. Would you be able to talk a bit about the margins that are seen in the Cayman I

44%

ch is separately reported. But just to give you some broader guidance, the hospital does about 43-44%, here and there, in that range every quarter. That's the hospital business. The insurance company

27%

down over the next couple of years. Vinay N: Yeah, that's why I was a little surprised by the 27% QoQ increase in international business. Viren Shetty: That's purely on Bangladesh. Vinay N:

“And what are we aspiring for with the market share in the medium term?”

“It will be approximately, including the government and private sector, it will be closer to about USD 300-350 million or so.”

“Given the way the scale-up is happening, should we expect the insurance business to breakeven in Q3 and move to profits from Q4?”

“Are we largely done with a complete scale-up and then should we expect only high single-digit growth rate on this base?”

“But then, earnings growth will be different because we have some levers to improve our cost structure still.”

“Can we expect this trend to continue going forward, and hopefully FY27 will be a much lower loss number for the clinics and insurance?”

“Our endeavor will be to maintain these margins and even try to improve, obviously subject to cyclical issues and adventures that may come up, but we remain positive on this.”

“But just to give you some broader guidance, the hospital does about 43-44%, here and there, in that range every quarter.”

“Though we have marginally come down on the length of stay, but a major impact will be there.”

“But having said that, we will continue to focus on our domestic numbers going forward for growth.”

Viren Shetty

48

Anesh Shetty

24

Deekshant B

19

Rajit Aggarwal

11

Nishant Singh

8

Prithvi

8

Sandhya J

8

Nitin Agarwal

7

R. Venkatesh

6

Vinay N

5

NH MANAGEMENT TEAM

MR. VIREN SHETTY – VICE CHAIRMAN DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER & MANAGING DIRECTOR MS. SANDHYA J – CHIEF FINANCIAL OFFICER MR. R. VENKATESH – CHIEF OPERATING OFFICER, EAST AND SOUTH REGIONS 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

Good afternoon, everyone. Go I am Nishant Singh and I welcome you all to the Q2 of FY26 TRANSCRIPT Earnings Call of Narayana Hrudayalaya Limited. To discuss our performance and address all your queries today, we have with us Mr. Viren Shetty, our Vice Chairman, Dr. Emmanuel Rupert, our CEO and MD, Mr. Sandhya Jayaraman, our Group CFO, Mr. Venkatesh, our Group COO, Dr. Anesh Shetty, our MD of our overseas business, Mr. Ravi Vishwanath, CEO of NHIC and Vivek Agarwal, Senior Manager 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 at a later date. 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 risks that they face. We would also want to hig

Prithvi

Congrats on the good set of numbers. Let me begin with Cayman first. Anesh, this seems to be doing exceptionally well with 70% kind of revenue growth. So, if I have to look at insurance, the revenue has doubled compared to the previous quarter. Could you explain how the product is being received? What is the market size? And what are we aspiring for with the market share in the medium term?

Anesh Shetty

Yeah, Prithvi. So, the response to the insurance product has been very, very good. We have most of the large employers who have already moved to us or are actively considering moving. That's why we're seeing the very aggressive revenue growth. It will take some time for us to decide on what is the market share and where we want to stabilize. We may take a calibrated call depending on how the insurance product is integrating with the hospital. Maybe in about 2-4 quarters, we'll have a view on what the steady state will look like. But for now, it's progressing very well.

Anesh Shetty

So, that information is available on the Monetary Authority website. It will be approximately, including the government and private sector, it will be closer to about USD 300-350 million or so. But that does include the government insurance as well. So, an adjustment needs to be made for that, which can be done.

Prithvi

Understood. Now, if I have to look at the insurance losses, losses have come down significantly in this quarter. Given the way the scale-up is happening, should we expect the insurance business to breakeven in Q3 and move to profits from Q4?