Slides
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 1 For the quarter ending December 31, 2025 Earnings Presentation
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 2 Disclaimer • This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may impact the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. Contents in the Presentation do not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction. • Prospective and existing investors should make their own evaluation of the Company as the information provided here does not purport to be all inclusive or to contain all of the information a prospective or existing investor may desire. Interested parties shall conduct their own due diligence and investigation on the information, before relying and acting thereon. Company makes no representationor warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) regarding information contained in, or for any omissions from, this information or any other written or oral communications transmitted to the recipient in the course of its evaluation of the Company. • This presentation may contain certain "forward looking statements", which are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. Though such forward‐looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met. Neither the Company nor any of its advisors or representativesassumes any responsibilityto update forward-looking statements or to adapt them to future events or developments. • Note- QCIL Numbers are Indicative and subject to statutory audit adjustments. Proforma numbers for combined entity are also subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices.
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Aster + QCIL : Combined Performance
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 4 4 Aster + QCIL: Performance Highlights for the Quarter The Combined Entity demonstrates Strong YoY Revenue Growth aided by steady Patient Volume growth ▪ The combined entity1 (on a proforma basis) has seen a 15% YoY growth in Revenue, reaching INR 2,366 crores in Q3FY26 ▪ T otal Patient Volumes grew by 9% Y oY in Q3FY26 reaching 1.97 Mn in Q3FY26 ▪ CONGO Mix increased by ~150 bps reaching 54.4% in Q3FY26 from 52.9% in Q3FY25 Robust EBITDA Growth Reflecting Operational leverage and Effective Cost Management ▪ The merged entity1 exhibited robust 22% YoY EBITDA2 growth (25% ex. Kasargod) to INR 503 crores in Q3FY26 ▪ The EBITDA2 margins at 21% (22% ex. Kasargod) in Q3FY26 as compared with 20% in Q3FY25 Merger Update ▪ Post receipt of no-objection letter from Stock Exchanges/ SEBI, Company has filed the application to NCLT on December 11, 2025 ▪ As per NCLT direction, the shareholders meeting is to be convened between February 27 to March 13, 2026 1. Proforma Basis. 2. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one off expenses, ESOP cost, movement in fair value of conting ent consideration and variable O&M fee Added 560+ beds during the last year taking bed capacity to 10,620+ as on Dec 31, 2025 20.1% 21.3% Q3FY25 Q3FY26 1.80 1.97 Q3FY25 Q3FY26 414 503 Q3FY25 Q3FY26 2,057 2,366 Q3FY25 Q3FY26 Operating EBITDA 2 (INR Cr) Operating EBITDA Margin 2 (%)Total Patient Volume (mn) Revenue from Operations (INR Cr)
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 5 5 8% 8% 9% Q1FY26 Q2FY26 Q3FY26 Aster + QCIL: Consistently Delivering Robust Performance Consistent and Robust Revenue Growth at combined entity level ▪ The combined entity1 (on a proforma basis) has consistently seen improved revenue growth aided by ARPP IP growth and improving patient volumes. ▪ Patient volumes continue to build steadily, with accelerating trends. Robust Operating EBITDA3 Growth Reflecting Operational leverage and Effective Cost Management ▪ The combined entity1 exhibited robust Operating EBITDA3 growth across the quarters in FY26 demonstrating continued cost efficiencies. ▪ Margins remain resilient and healthy above 20%, despite capacity expansions and business seasonality Expansion Momentum – Building One of India’s Largest Hospital Networks 12% 13% 15% Q1FY26 Q2FY26 Q3FY26 YoY Revenue Growth (%)YoY Total Patient Volume Growth (%) 20% 17% 22% Q1FY26 Q2FY26 Q3FY26 YoY Operating EBITDA Growth 3 (%) 15% YoY Revenue Growth Ex. Kasargod in Q3FY26 25% YoY EBITDA Growth Ex. Kasargod in Q3FY26 ▪ 4,080+ beds to be added in coming years taking the total bed capacity to 14,710+ beds ▪ Out of planned expansion across 18 cities2, majority will be brownfield expansion 1. Proforma Basis 2. Including Dhaka and Chattogram 3. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one off expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee 20.5% 23.0% 21.3% Q1FY26 Q2FY26 Q3FY26 YoY Operating EBITDA Margin 3 (%) 22% EBITDA Margin Ex. Kasargod in Q3FY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 6 Combined Proforma Numbers for Q3FY26 Aster QCIL Merged Entity* = + (Figures for Q3FY26) 1. QCIL numbers are indicative and subject to statutory audit adjustments, if any 2. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one off expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee 3. RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles * Proforma financials for combined entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. Financial Metrics Op EBITDA Margin 2 % 18.9% 23.7% 21.3% ROCE3 (%) 21.0% 20.5% 20.7% YoY Growth Revenue (INR Cr) 1,186 1,1811 2,366 15% Operating EBITDA 2 (INR Cr) 224 279 503 22% Net Debt (INR Cr) (624) 329 953 110 bps 170 bps
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 7 Combined Proforma Numbers for Q3FY26 1. Includes WIMS 2. Includes Nagercoil facility (Tamil Nadu) which was operationalized in Sep’24 3. Refers to total capacity beds as of Dec‘25 Operational Metrics (Figures for Q3FY26) Aster QCIL Merged Entity* = + No. of Hospitals (Nos) 201 192 39 City Presence (Nos) 16 14 28 Beds Capacity 3 (Nos) 5,450+ 5,170+ 10,620+ Occupancy (%) 61% 64% 62% ARPP IP (INR) 1,22,294 1,27,845 Total Patient Volume (Mn) 1.00 1.97 * Proforma numbers for combined entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. 1,33,945 0.97 6% 8% 9% YoY Growth
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 8 Aster + QCIL Hospitals: Pipeline Projects 54% Beds in Existing Facilities Total Addition of 4,080+ beds, bringing the total bed capacity to 14,710+ beds Current1 Projected 46% Beds in New facilities 1. Total bed capacity as of December 2025 10,625 234 944 1,877 1,030 FY26: 234 beds FY27: 944 beds Beyond FY28: 1,030 beds 14,710 FY28: 1,877 beds
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 9 Merger Implementation: Progress Update Expected timeline for the completion of the Merger: Q1FY27 Transaction Announcement In Nov’24, Company announced: Merger of Quality Care with the Company (“Merger”) and Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care by the Company (“Share Swap”) Share Swap Company has received shareholders' approval, CCI approval and stock exchange approval Post receipt of the statutory approvals, company has completed the Share Swap, thereby owning 5.0% stake in Quality Care and the shares issued by Aster to Blackstone and TPG are now listed on the stock exchanges Company has received no-objection letter with no adverse observations from the Stock Exchanges/ SEBI NCLT Approval and Listing Post receipt of no-objection letter, Company has filed the application to NCLT onDecember 11, 2025 As per NCLT direction, the shareholders meeting to be convened between February 27, 2026, and March 13, 2026 NCLT to review the application post receipt of shareholders’ approval and once approved, Merger will be made effective and new shares of the company will be issued CCI Approval Company has received the CCI approval for the Share Swap and the Merger Stock Exchanges/ SEBI NOC (Merger) Latest in Q3
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Aster DM - Performance Highlights
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Aster: Key Highlights for Q3FY26 Double-digit YoY growth in Revenue and Operating EBITDA led by substantial volume growth in Kerala and strong growth in international revenue Aster MIMS Kasargod, a 263-bed multi-specialty hospital, completed its first quarter of operations in Q3FY26, with early traction across IP and OP services Added 320+ beds during the last year taking bed capacity to 5,451 as on Dec 31, 2025, (largely driven by 263 beds added in MIMS Kasargod) 11% YoY (17% ex-Kasargod) Operating EBITDA growth in Q3FY26 driven by improved performance of Kerala cluster and Lab business 13% Y oY (12% YoY ex-Kasargod) overall revenue growth in Q3FY26 on account of steady growth in ARPP IP and Patient volumes ▪ Core Hospital & Clinics revenue grew by 15% YoY (ex-Kasargod grew by 14%) ▪ Kerala revenue grew by 20% Y oY and Andhra & T elangana revenue grew by 13% YoY in Q3FY26 ▪ T otal patient volume grew by 10% Y oY in Q3FY26 - Kerala increased by 15%YoY and Andhra & Telangana increased by 9% Y oY ▪ ARPP IP rose by 9% YoY , largely driven by improved specialty mix ▪ CONGO mix increased by 240 bps to 52% in Q3FY26 ▪ ALOS improved by 4% Y oY to 3.1 days in Q3FY26, aided by increased robotics surgeries and efficient hospital operations ▪ Significant growth in MVT revenue by 41% YoY in Q3FY26, led by 64% YoY growth in Kerala MVT revenue ▪ Overall Operating EBITDA margins at 18.9% (20.2% ex-Kasargod) in Q3FY26 as compared with 19.3% in Q3FY25 ▪ Core hospitals & clinics Operating EBITDA grew 12% YoY (18% ex-Kasargod) in Q3FY26; Op EBITDA Margin at 21.4% (22.8% ex-Kasargod) ▪ Kerala Cluster Operating EBITDA grew by 18% Y oY (28% ex-Kasargod) with margins at 22.9% (25.4% ex. Kasargod) in Q3FY26 from 23.5% in Q3FY25 ▪ Andhra & T elangana cluster Operating EBITDA grew by 7% YoY with margin at 13.2% in Q3FY26 ▪ Labs’ revenue grew by 17% Y oY in Q3FY26, and Operating EBITDA grew by 31% YoY Healthy growth in Oncology revenue by 27% YoY; contribution increased to 11% in Q3FY26 from 10% in Q3FY25 11
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 12 Aster: Performance Financial Highlights for Q3FY26 ARPP IPCapacity Beds Q3FY26 : 5,451 Q3FY26 : 1,22,294 Q3FY25 : 1,12,528 Operational Q3FY25 : 5,128 323+ In PatientsALOS (Days) Q3FY26 : 3.1 days Q3FY26 : 71,097 Q3FY25 : 67,959Q3FY25 : 3.2 days -4% 5% Out-Patient Q3FY26 : 0.93 mn Q3FY25 : 0.84 mn 9% 11% 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q3 FY26 excludes the ESOP Cost of Rs. 2.3 Cr [Q3 FY25: 2.7 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [Q3 FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.10.3 Cr [Q3 FY25 : 7.7 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The Normalised PAT for Q3 FY26 includes an amount of ₹ 18.2 Cr [Q3 FY25 : 25.6 Cr] from the interest/gain earned on the investment of sale p roceeds from the segregation of GCC vertical. It excludes ₹27.9 Cr related to the revised labour code and Rs 0.4 Cr [Q3 FY25 : 23.7 Cr] Cr relating to merger 4. ROCE = EBIT/Average Capital Employed; [Capital employed excludes CWIP, Land Revaluation reserve and Investment in QCIL] The C WIP for ongoing projects (including ROU, Capital Advances, and Capital Creditors) amounts to ₹ 1083 Cr for Q3 FY26[Q3 FY25 : ₹ 991 Cr] Revenue1 Operating EBITDA 1,2 Financial Q3FY26 : INR 1,186 Cr Q3FY26 : INR 224 Cr Q3FY25 : INR 202 CrQ3FY25 : INR 1,050 Cr 13% 11% Op EBITDA Margin 1,2 Q3FY26 : 18.9% Q3FY25 : 19.3% -39 bps Normalised PAT3 Q3FY26 : INR 81 Cr Q3FY25 : INR 81 Cr 0.3% (Post-NCI) RoCE4 Q3FY26 : 21.0% Q3FY25 : 19.5% 150 bps Q3 FY26 (Ex-Kasargod) > Up 17% YoY to INR 237 Cr Up 90+ bps to 20.2% Up 22% YoY to INR 98 Cr Up 260+ bps to 22.1%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 13 Other Business Highlights ▪ Matured hospital2 Operating EBITDA margins stood at 25.1% in Q3FY26 (24.4% in Q3FY25) ▪ Aster Medcity revenue grew by 24% YoY and Op. EBITDA grew by 33% YoY in Q3FY26; Op EBITDA Margin at 30% ▪ Aster MIMS Calicut revenue grew by 14% YoY and Op. EBITDA grew by 20% Y oY in Q3FY26; Op EBITDA Margin at 26% ▪ Aster Whitefield revenue grew by 14% YoY in Q3FY26 ▪ Labs’ Operating margins improved to 10.5% in Q3FY26 as compared to 9.4% in Q3FY25 1. Surgery counts are on TTM basis 2. Over 7 Years Capex ▪ Adding 2,300+ beds to reach 7,800+ capacity — 234 beds in FY26, 754 beds in FY27, 650 beds in FY28, 730 beds beyond FY28 ▪ FY 26 Expansion – Aster Whitefield | Aster Ramesh Ongole ▪ FY 27 Expansion – Aster Capital, Trivandrum | Aster W&C, Hyderabad 13 Clinical Highlights ▪ Neurosciences department at Aster Whitefield hospital has successfully completed 2,000 Brain and Spine Surgeries in less than2 years ▪ Kerala’s 1st transcatheter Fontan procedure performed at Aster Medcity, Kochi ▪ Parenchyma-preserving bronchus intermedius sleeve resection milestone achieved at MIMS Kannur ▪ District’s 1st robotic cancer surgery in the private sector performed at MIMS Kottakkal ▪ Karnataka’s 1st robotic-assisted revision knee replacement using CORI system at Aster RV, Bengaluru ▪ 1st TMVR (Transcutaneous Mitral Valve Replacement) successfully performed at Aster Whitefield, Bengaluru ▪ 1st HIPEC (Hyperthermic Intraperitoneal Chemotherapy) procedure performed at Aster Prime Hospital, Hyderabad 1,475+ Cardio-vascular surgeries 3,667+ Joint Replacements 5,662+ Neuro surgeries 2,473+ Robotic surgeries 11,547+ Urology procedures 44,038+ CIG/PTCA (Angiogram & Angioplasty) 4,887+ Gastro-intestinal surgeries 563+ Transplants Transforming Lives Through Clinical Excellence1 Aster: Other Highlights for Q3FY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 14 Aster: Other Highlights for Q3FY26 ESG 1 Highlights ▪ 10 Mobile Medical Unit operationalisedincluding one unit launched in Mehsana, Gujarat, taking the India fleet to 46 ▪ 872 financially challenged patients supported through the Treatment Aid Support programme ▪ 3.16 lakh lives impacted through community initiatives in India, including 1.25 lakh underserved beneficiaries via mobile medical services ▪ Received 2 ESG & CSR awards - Rotary Bengaluru (Healthcare Impact) and Fortune Leadership (Volunteer Engagement) 1. ESG highlights are for Q3FY26 Recognition ▪ Padmashree Dr. Azad Moopen, Founder Chairman and Managing Director • Honored with the “Lifetime Achievement Award” by Mount Judi Ventures • Recognised as “Visionary Leader in Healthcare” at 17th Elet Healthcare Innovation Summit & Awards • Awarded “Legend in the Healthcare Industry”at FICCI Heal 2025 • Featured among “Top 5 Healthcare Leaders 2025” by Forbes Middle East ▪ Ms. Alisha Moopen, Deputy Managing Director • Recognized as “Dynamic Entrepreneur of the Year” at Entrepreneur India Awards 2025 • Named “Healthcare Visionary Leader of the Year” at ET-Middle East Awards 2025 • Featured among “Top 5 Healthcare Leaders 2025”by Forbes Middle East ▪ Aster Hospitals o The Week India Health Summit 2025: • Aster MIMS, Calicut – #1 Best Multispecialty Hospital • Aster Medcity, Kochi – #2 Best Multispecialty Hospital • Aster CMI, Bangalore – #2 Best Emerging Multispecialty Hospital ▪ Aster DM Healthcare recognised among India’s Top 500 Value Creators by Dun & Bradstreet. ▪ Aster Digital India received “Innovation – New Initiatives Award” at 24th Data Center Summit and Awards by UBS Forum ▪ 17th Elets Healthcare Innovation Summit & Awards– Aster DM Healthcare awarded as “Best Hospital Chain” o 17th Elet Healthcare Innovation Summit & Awards : • Aster RV – Best Multispecialty Hospital • Aster Whitefield – Best in cardiology, pulmonology and urology
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 15 15 202 224 Q3FY25 Q3FY26 81 81 Q3FY25 Q3FY26 81 98 Q3FY25 Q3FY26 129 157 Q3FY25 Q3FY26 1,050 1,176 Q3FY25 Q3FY26 Revenue from Operations 1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (Post NCI) Revenue and Profitability Snapshot: Q3FY26 1,050 1,186 Q3FY25 Q3FY26 18.9%19.3% 129 140 Q3FY25 Q3FY26 12.3% 11.8% 7.7% 6.8% 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period Q3 FY26 excludes the ESOP Cost of Rs. 2.3 Cr [Q3 FY25: 2.7 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [Q3 FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.10.3 Cr [Q3 FY25 : 7.7 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component o f the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The Normalised PAT for Q3 FY26 includes an amount of ₹ 18.2 Cr [Q3 FY25 : 25.6 Cr] from the interest/gain earned on the investment of sale p roceeds from the segregation of GCC vertical. It excludes ₹27.9 Cr related to the revised labour code and Rs 0.4 Cr [Q3 FY25 : 23.7 Cr] Cr relating to merger Margin 202 237 Q3FY25 Q3FY26 20.2%19.3% 12.3% 13.4% 7.7% 8.3% Margin Performance for the quarter (Ex -Kasargod) Performance for the quarter Revenue from Operations 1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (Post NCI) (INR Cr)
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 16 16 613 702 9MFY25 9MFY26 251 281 9MFY25 9MFY26 251 298 9MFY25 9MFY26 413 485 9MFY25 9MFY26 3,138 3,451 9MFY25 9MFY26 Revenue from Operations 1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (Post NCI) Revenue and Profitability Snapshot: 9MFY26 3,138 3,461 9MFY25 9MFY26 20.3%19.5% 413 468 9MFY25 9MFY26 13.2% 13.5% 8.0% 8.1% Margin 613 715 9MFY25 9MFY26 20.7%19.5% 13.2% 14.1% 8.0% 8.6% Margin Performance for the Nine Months (Ex -Kasargod) Performance for the Nine Months Revenue from Operations 1 Operating EBITDA and Margin 1,2 PBT and Margin Normalised PAT and Margin 3 (Post NCI) 1. Revenue, Operating EBITDA and EBITDA excludes other income. 2. Operating EBITDA for the period 9M FY26 excludes the ESOP Cost of Rs. 6.6 Cr [9M FY25: 7.8 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [9M FY25 : 8.1 Cr] , Variable O&M fee amounting to Rs.27.2 Cr [9M FY25 : 24.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The Normalised PAT for 9M FY26 i ncludes an amount of ₹ 59.2 Cr [9M FY25 : 85.1 Cr] from the interest/gain earned on the investment of sale proceeds from the segregation of GCC vertical. It excludes ₹27.9 Cr related to the revised labour code and Rs 5.2 Cr [9M FY25 : 23.7 Cr] relating to merger (INR Cr)
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QCIL Performance Highlights
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 18 QCIL: Key Highlights for Q3FY26 Strong 17% YoY revenue growth for the business driven by robust performanceacrossclusters ▪ Growth driven by higher IP volumes, favorable payor mix shift toward cash and insurance, and increased share of complex procedures ▪ Kerala cluster delivered 25% YoY growth driven by strong performance across units;T amil Nadu also saw strong ramp at Nagercoil launched in Oct’24 ▪ Hyderabad unitscollectively delivered20% Y oY growth driven by clinical recruitment and ramp of doctors recruited over the last three quarters Overall operating EBITDAgrew by 32% YoYlargely driven by higher topline growth, operational excellenceand better leverage ▪ Initiatives around procurement centralization, F&B in-sourcing, and clinical talent are showing continued success ▪ Procurement synergies across QCIL entities delivered ~INR 20 crore+ of EBITDA uplift during the quarter ▪ Nagercoil unitlaunchedin Oct’24 has ramped to an EBITDA margin of 29.3% within 5 quarters Strengthenedclinical teams by onboarding 100+ doctors across the QCIL hospital network Augmented managementteam by further adding 11 senior leaders over the last 18 months CARE and KIMSHealthrecognizedfor clinical leadership,nursing excellence,and researchfocus by FICCI, NABH, and Medical Dialogues ALOS has improved by 3.4% YoYto 3.9 days in Q3 FY26, reflecting better clinical protocols Deeper clinical mix and better payor mix drove 8% YoYgrowth in IP ARPP ,reaching ~INR 134k in Q3 FY26 (~INR 124k in Q3 FY25) ▪ Payor mix shift led by 131 bps reductions in scheme mix and 100 bps increase in share of cash and TPA business on a Y oY basis ▪ ARPP growth supportedby improved specialty mix – CONGO-T share increasedby 60 bps to 57.6% in Q3FY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 19 QCIL: Performance Highlights for Q3FY26 ARPP IPCapacity Beds Q3FY26 : 5,174 Q3FY26 : 1,33,945 Q3FY25 : 1,24,166 Operational Q3FY25 : 4,931 243+ In PatientsALOS (Days) Q3FY26 : 3.9 days Q3FY26 : 64,695 Q3FY25 : 59,780Q3FY25 : 4.1 days -3% 8% Out-Patient Q3FY26 : 0.91 mn Q3FY25 : 0.84 mn 8% 8% RoCE3 Financial Q3FY26 : 20.5% Q3FY25 : 18.6% 190 bps (Pre-Tax) Revenue Q3FY26 : INR 1,181 Cr Q3FY25 : INR 1,007 Cr 17% Q3FY26 : INR 279 Cr Q3FY25 : INR 211 Cr 32% Operating EBITDA 1 Op. EBITDA Margin Q3FY26 : 23.7% Q3FY25 : 21.0% 265 bps 1. Operating EBITDA is post -IndAS EBITDA adjusted for one -off expenses; 2. QCIL numbers are unaudited and subject to audit adjustments; 3. RoCE is computed on av erage capital employed excl. revaluation reserves and CWIP and Intangibles
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Aster DM - Detailed Performance
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 21 Financial Summary: Profitability Statement Particulars Q3FY26 Q3FY25 YoY % Revenue from Operations 1,186 1,050 13% Material Cost 2 267 247 Doctors Cost 270 229 Employee Cost 221 194 Other Cost 203 178 Operating EBITDA 224 202 11% Employee Stock Option Expenses 2 3 Movement in FV of contingent consideration payable 0 3 Variable operation and management fees 10 8 EBITDA Post INDAS 211 189 12% Depreciation 68 62 Finance Cost 31 31 Other Income 28 33 Profit Before Tax 140 129 8% Tax 44 37 Profit After Tax (Before exceptional item) 96 92 4% Exceptional Item (28) (24) Profit After Tax 3 67 68 -1% Share of Profit/(Loss) of Associates (9) (4) NCI 6 8 Profit After Tax (Post Non -Controlling Interest) 52 57 -8% Normalised PAT 3 81 81 0% 1. Above numbers are in INR crore. 2. Material Cost % (Ex.Wholesale pharmacy) for Q3 FY26 is 21.4% and Q3 FY25 is 20.9%, Material Cost % ( Ex.Wholesale pharmacy) for 9M FY26 is 21.4% and 9M FY25 is 20.8%, 3. Normalised PAT for Q3 and 9MFY26 excludes an amount of ₹ Rs 0.4 Cr and Rs. 5.2 Cr related to merger, respectively along with the impact of new Labour code Rs. 27.9 Cr EBITDA Pre INDAS 181 166 9% 9MFY26 9MFY25 YoY % 3,461 3,138 10% 786 713 767 691 628 577 578 544 702 613 15% 7 8 0 8 27 24 668 572 17% 197 185 93 91 89 117 468 413 13% 133 129 335 284 18% (33) (24) 302 260 16% (28) (9) 26 24 248 228 9% 281 251 12% 586 507 16%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 22 Kerala 55% [52%] Karnataka & Maharashtra 33% [36%] Andhra & Telangana 12% [12%] Contribution from Oncology increased to 11% in Q3FY26 from 10% in Q3FY25 1. Geographical Revenue Mix refers to the revenue from hospitals only 2. MVT: Medical Value Travel 3. Govt. Health Schemes include : ESI/ECHS/CGHS (5.5%) and State/Central Scheme (1.4%) 4. Numbers in brackets are for corresponding quarter prior year Geographical Revenue Mix1 Q3FY26 Specialty-wise Revenue Mix Q3FY26 Payor Revenue Mix Q3FY26 Multi Speciality, 16% [18%] OP Pharmacy, Anaesthesiology, 13% [14%] Cardiac Sciences , 15% [14%] Neuro Sciences, 11% [11%] Oncology, 11% [10%] Gastroenterology and Integrated Liver Care, 9% [8%] Orthopaedics, 7% [7%] Nephrology And Urology, 7% [7%] Women's Health, 6% [6%] Child and Adolscent Health, 5% [6%] Hospitals & Clinics Revenue Mix No single specialty accounts for more than 15% of total revenue. Walk In 54% [56%] Corporate & Insurance 33% [34%] Government Health Schemes3 7% [5%] MVT2 5% [4%] Others 1% [1%] Highlight cardiac CONGO Mix increased by 240 bps to 52.4% in Q3FY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 23 23 Maturity Wise Hospital Performance: Q3FY26 Maturity Hospitals3 Revenue4 (INR in Cr) Operational Beds 5 (Census) Key Performance indicators Operating EBITDA 4 (INR Cr) Operating EBITDA %4 ROCE Over 7 Years 3-7 Years2 0-3 Years1 10 ₹203 3 ₹39 71% ₹809 68% 2,642 15% ₹169 16% 622 19 ₹1,135 3,908 ₹246 21.7% 25.9% 1. 0-3 Years Hospitals include: Aster Whitefield Hospital, Aster Narayanadri, Ramesh (IB), Aster G Madegowda, Aster PMF & MIMS Kasargod 2. 3-7 Years Hospital include : Aster RV, Aster MIMS Kannur & Aster Mother Hospital Areekode 3. Wayanad Institute of Medical Sciences (WIMS) details are not included above. Considering WIMS, count of hospitals in India is 20 4. Revenue and Operating EBITDA shown above excludes other income 5. Operational Beds (Census) are beds as on 31st Dec, 2025. 6 ₹5 14% ₹157 16% 644 25.1% 22.8% 3.1% 36.2% 25.7% 2.0% * 0-3 Years (ex-Kasargod) : Revenue is INR 146 Cr, Operating EBITDA is INR 18 Cr, Operating EBITDA Margin stood at 12.3%, and ROCE is 4.6%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 24 Hospital and other New Business Performance: Q3FY26 Labs Margins 1. Wholesale Pharmacy Revenue 2. Aster India overall numbers are after eliminations of INR 32 Cr (Q3FY25: 29 Cr.) of intercompany revenue and INR 28 Cr. (Q 3FY25: INR 21 Cr.) of unallocated expenses. 3. Operating EBITDA for the period Q3 FY26 excludes the ESOP Cost of Rs. 2.3 Cr [Q3 FY25: 2.7 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [Q3 FY25 : 2.7 Cr] , Variable O&M fee amounting to Rs.10.3 Cr [Q3 FY25 : 7.7 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component o f the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] * Strategic exit from certain loss-making unit in the wholesale Pharmacy business led to the change in Pharmacy Revenue impact and EBITDA improvement Hospitals and Clinics Revenue Operating EBITDA 3 INR 4 Cr INR 1,150 Cr INR 247 Cr INR 39 Cr 15% YoY Revenue Growth 17% 21.4% 10.5% YoY Revenue Growth INR 1,186 Cr INR 224 Cr 18.9% Margins Margins Margins 95% 3% 13% YoY Revenue Growth 100% % of Revenue India Overall 2 *Pharmacies 1 YoY Revenue Growth -35% INR 28 Cr INR 1 Cr 2.2% Margins 2% Labs 94% * Hospital and clinics (ex-Kasargod) : Revenue is INR 1,140 Cr, Operating EBITDA is INR 260 Cr, and Operating EBITDA Margin stood at 22.8%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 25 Revenue Contribution1 2,920 Total Capacity Beds Kerala Cluster: Hospitals and Bed Capacity MIMS Calicut Kozhikode, Kerala 2013, Owned MIMS Kottakkal Kottakkal, Kerala 2013, Owned Aster Medcity Kochi, Kerala 2014, Owned MIMS Kannur Kannur, Kerala 2019, Owned Aster Mother Hospital Areekode, Kerala 2022, O&M Asset Light Aster PMF Kollam, Kerala 2023, O&M Asset Light Planned Expansion 554 Beds Planned for Expansion post commissioning of 263 beds at MIMS Kasargod 454 Greenfield Beds 100 Brownfield Beds • Kerala to have nearly ~3,500 beds • Aster Medcity on its way to become a 950+ bedded hospital Aster Capital Trivandrum 454 beds Aster Medcity Kerala 100 beds (Expansion) 55% 1. Hospital Revenue Contribution Capacity Beds MIMS Kasargod, Kerala 2025, Owned 263 874 695 359425 164 140 Newly Operationalised
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 26 23.7% 25.0% 9MFY25 9MFY26 382 450 9MFY25 9MFY26 1,609 1,801 9MFY25 9MFY26 11.2% 14.2% 13.2% 19.4% 21.0% 21.4% 23.4% FY19 FY20 FY21 FY22 FY23 FY24 FY25 701 875 935 1,318 1,690 2,007 2,108 FY19 FY20 FY21 FY22 FY23 FY24 FY25 78 124 124 255 356 430 493 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue (In INR Cr) Operating EBITDA1 (In INR Cr) Operating EBITDA Margin1 (In %) 1. 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA FinancialMetrics Q3FY26 Q3FY25 YoY Revenue (INR Cr) 629 523 20% Revenue Ex-Kasargod (INR Cr) 619 523 19% Op. EBITDA (INR Cr) 144 123 18% Op. EBITDA Ex-Kasargod (INR Cr) 157 123 28% Op. EBITDA Margin 22.9% 23.5% -50 bps Op. EBITDA Margin Ex-Kasargod 25.4% 23.5% 190 bps Kerala Cluster: Performance Highlights: • Continuing performance momentum, Kerala cluster achieved its highest ever quarterly revenue up 20% YoY in Q3FY26 driven by growth in MVT, increase in Oncology revenue and contribution from the newly operationalized Kasargod hospital. o Total patient volume increased by 15% YoY (Inpatient by 11% , Outpatient by 15%) o MVT business revenue jumped by 64% YoY o ARPP (IP) grew 7% YoY, supported by an improved case mix led by Oncology. o Aster Medcity, our flagship hospital, revenue grew by 24% YoY supported by 13% growth in IP volume; operating EBITDA margin at 30% • Operating EBITDA grew significantly by 18% YoY (28% YoY ex -Kasargod) with margin at 22.9% (25.4% ex. Kasargod) in Q3FY26, led by cost efficiencies and operating leverage in manpower and overhead costs. Ex-Kasargod Revenue: INR 1,791 Cr up by 11% Ex-Kasargod Op. EBITDA: INR 464 Cr up by 21% Ex-Kasargod Op. EBITDA Margin: 25.9%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 27 7th Multispecialty hospital in Kerala : Aster MIMS Kasargod Early operating metrics validate demand potential in Northern Kerala, with performance improving sequentially as capacity ramps up. 27 Kasaragod Currently operating with 80+ census beds, with capacity expected to scale up progressively. The hospital treated over 1,100+ inpatients and 17,500+ outpatients during Q3FY26, highlighting robust demand from the catchment area. Operating Census Bed: Inpatient and Outpatient: State of the Art Technology: Medical infrastructure includes a Cathlab, MRI (1.5 Tesla), CT (160 Slice), 4D Ultrasound, Neuro Surgical Microscope, and Surgical Lasers, with future additions of a Neuro Navigation System and CRRT. ARPOB stood at over INR 31,600, reflecting a favorable case mix during the ramp-up phase. ARPOB: Commissioned in Oct’25, the hospital delivered ~INR 10 Cr revenue in Q3FY26 during its first quarter of operations. Revenue: With 120+ doctors onboarded, including 32 surgeons, Kasargod is positioned to scale patient volumes. Doctor Strength:
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 28 Revenue Contribution1 1,484 Total Capacity Beds Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity 28 Planned Expansion 33% 1,430+ Beds Planned for Expansion 930 Greenfield Beds 500+ Brownfield Beds • Strengthening leadership position in Bangalore by adding 430 beds at Sarjapur and 500 beds at Yeshwanthpurtaking bed capacity to 2,900+ beds in K&M cluster 1. Hospital Revenue Contribution Capacity Beds Aster Sarjapur Bengaluru 430 beds Aster Yeshwanthpur Bengaluru 500 beds Aster CMI Bengaluru 350 beds (Expansion) Aster Whitefield Bengaluru 159 beds (Expansion) Aster CMI Bengaluru, Karnataka 2014, O&M Aster Whitefield Bengaluru, Karnataka 2021, Leased Aster RV Bengaluru, Karnataka 2019, O&M Aster Aadhar Kolhapur, Maharashtra 2008, Owned Aster G Madegowda Mandya, Karnataka 2023, O&M Asset Light 380 252 250 100 502
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 29 9.2% 9.5% 7.6% 12.6% 18.4% 19.7% 22.8% FY19 FY20 FY21 FY22 FY23 FY24 FY25 244 269 9MFY25 9MFY26 23.2% 23.2% 9MFY25 9MFY26 310 442 433 655 817 1100 1408 FY19 FY20 FY21 FY22 FY23 FY24 FY25 28 42 33 83 150 217 321 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Karnataka & Maharashtra Cluster: Performance Revenue (In INR Cr) Operating EBITDA1 (In INR Cr) Operating EBITDA Margin1 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA Operating EBITDA Margin excluding Whitefield is 24.9% in Q3 FY26 as compared to 24.7% in Q3 FY25 ; Operating EBITDA Margin ex cluding Whitefield is 24.9% in 9M FY26 as compared to 25.4% in 9M FY25 Financial Metrics Q3FY26 Q3FY25 YoY Revenue (INR Cr) 383 358 7% Op. EBITDA (INR Cr) 84 80 5% Op. EBITDA Margin 21.9% 22.5% -50 bps Highlights: ▪ Aster increased its stake in Aster Aadhar Hospital by 12% taking total stake to 99%. ▪ Revenue grew 7% YoY supported by strong growth in ARPP (IP) improvement o ARPP IP grew by 17% YoY driven by higher contributions from high -value procedures, mainly in Oncology and Neurosciences o Aster Whitefield revenue grew by 14% YoY in Q3FY26. o Volumes remained modest on account of rationalisation of scheme business at Aster Aadhar and a few clinician movements. ▪ Proactive hiring and retention strategies are in place. With this, the cluster is positioned for accelerated growth in the coming quarters. 1,054 1,160 9MFY25 9MFY26
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 30 Revenue Contribution1 1,047 Total Capacity Beds Andhra & Telangana Cluster: Hospitals and Bed Capacity Planned Expansion 12% Aster Ramesh Ongole 75 Beds (Expansion) Aster W&C Hyderabad 300 Beds 375+ Beds Planned for Expansion 300 Greenfield Beds 75 Brownfield Beds • Andhra & T elangana cluster to reach 1,400+ beds • Aster W&C hospital at Hyderabad is expected to be commissioned in H1FY27 with 300 bed capacity Ramesh Guntur Guntur, AP 2016, Leased Prime Hospitals – Ameerpet Hyderabad, Telangana 2014, Leased Ramesh Sanghamitra Ongole, AP 2018, Owned Aster Narayanadri Tirupati, AP 2023, O&M Asset Light Ramesh Main Centre Vijayawada, AP 2016, Leased Ramesh Labbipet Vijayawada, AP 2016, Leased Ramesh Adiran (IB) Vijayawada, AP 2023, Leased 1. Hospital Revenue Contribution Capacity Beds 150 150 135 54 50 350 158
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 31 357 391 9MFY25 9MFY26 47 45 9MFY25 9MFY26 11.9% 14.8% 16.2% 18.7% 9.3% 10.0% 12.7% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Andhra & Telangana: Performance Revenue (In INR Cr) Operating EBITDA1 (In INR Cr) Operating EBITDA Margin1 (In %) 303 314 279 370 344 412 473 FY19 FY20 FY21 FY22 FY23 FY24 FY25 36 47 45 69 32 41 60 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1. From FY19 to FY22 is reported as EBITDA and FY23 onwards it is operating EBITDA 13.2% 11.6% 9MFY25 9MFY26 Highlights: ▪ Aster increased its stake in Aster Ramesh Hospitals by 13% taking the total stake to over 70% in the previous quarter ▪ Revenue grew 13% YoY led by growth in IP volume and ARPP (IP) o Total patient volume increased by 9% YoY (Inpatient by 4%, Outpatient by 9%) o ARPP IP remained healthy with 10% YoY growth, indicating better case mix ▪ Operating EBITDA increased by 7% YoY with Margin at 13.2% in Q3 FY26 o Sequential margin improvement from 7.9% in Q1FY26 to 13.2% in Q3FY26 Financial Metrics Q3FY26 Q3FY25 YoY Revenue (INR Cr) 137 121 13% Op. EBITDA (INR Cr) 18 17 7% Op. EBITDA Margin 13.2% 13.9% -70 bps Highlights: narrative pending
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Capex
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 33 33 75 159 300 454 300 350 100 130 500 7,819 5,451 Leased Leased Leased Owned Owned Leased O&M Leased Leased Current Projected FY26 : 234 beds FY27 : 754 beds Further addition of 2,300+ beds, bringing the total bed capacity to 7,800+ beds. FY28 : 650 beds Aster Hospitals: Pipeline Projects Projects Current Status: *Aster Whitefield block D, Aster Ramesh Ongole, Aster W&C Hyderabad and Aster Capital are in Construction phase ** Aster CMI, Aster Medcity (PMR block), Aster Sarjapur and Yeshwanthpur are in design phase. Brownfield:- 684 beds; Greenfield: - 1,684 beds. Aster Ramesh Ongole* Aster Whitefield Block D* Aster W&C Hyderabad* Aster Capital* Trivandrum Aster Sarjapur** Phase I Aster CMI** (Expansion) Aster Medcity** Aster** Sarjapur Phase II Aster** Yeshwanthpur 6,8307,819 Prepare question for why postpone? Beyond FY28 : 730 beds
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 34 34 Greenfield Expansion Aster Capital, Trivandrum Multispecialty | 454 Beds (Phase 1) Construction start date : July 2024 Floors : G+7 Floors 6.5 Acre Land – Owned 6.2 lakh sq.ft Built up Area incl. MLCP area Expected Timeline : H2FY27 Civil works completed. MEP work in progress on site. Aster W&C, Hyderabad Mother and Child Care | 300 Beds Construction start date : June 2025 Floors : A block G+11 Floors and B block G+5 Floors, 3B common 2 Acre Land – Leased 3.23 lakhs sq.ft Built up Area Expected Timeline : H2FY27 Construction started. Civil work in progress Aster Yeshwanthpur , Bangaluru Multispecialty | 500 Beds (Phase 1) 30 year long term Lease 5 lakhs sq.ft Built up Area Total Investment: INR 580 Cr Expected Timeline: H2FY29 Architectural and design phase. Aster Sarjapur, Bengaluru Multispecialty | 430 Beds in two phases Design Phase 30 year long term Lease 4.2 lakhs sq.ft Built up Area Expected Timeline: 300 beds by H1 FY28 | 130 beds by FY29 Architectural and design phase. Note: Image used for representation purposes only; actual appearance may vary.
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 35 35 Brownfield Expansion Multispecialty | Current : 150 Beds Bed Expansion : 75 Beds Ownership: Leased Expected Timeline : H2FY26 Significant construction work is completed. Certification from external Chartered Engineer is pending. Multispecialty | Current : 874 Beds Bed Expansion : 100 Beds Ownership: Owned Expected Timeline : H1FY29 Waiting for statutory approvals. All design and other pre -construction activities completed Aster CMI Multispecialty | Current : 502 Beds Bed Expansion : 350 Beds Ownership: Leased (O&M) Expected Timeline : H1FY28 Architectural and design phase. Ongoing expansions at key hospitals to result in large-format facilities: Medcity – 950+ beds, CMI – 850+ beds, and Whitefield – 530+ beds, strengthening our ability to meet growing regional demand Aster Whitefield Multispecialty | Current : 380 Beds Bed Expansion : 159 Beds Ownership : Leased Expected Timeline : H2FY26 Interior works are in progress. Aster Medcity Aster Ramesh Ongole
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 36 ✓ Leveraging technology & digital medium for superior patient outcomes and reach Growth Strategy ✓ Focusing more on niche specialties to drive better ARPOB ✓ Optimizing existing facilities – Payor mix & high -end procedures ✓ Enhancing efficiency and lower operational expenses, thereby improving EBITDA margins ✓ Creating 360-degree ecosystem by gradually establishing labs and pharmacies ✓ Investing prudently in both brownfield (expanding existing units) and greenfield projects across clusters and opportunistically exploring inorganic opportunities Focus Areas Our Strategic Priorities E D C A B ✓ Obtained multiple key approvals and seeking remaining regulatory approvals to complete the merger transaction F Capital Investment Operational Efficiency Cost Optimisation Initiatives Continuity of Care Technology & Digital ✓ Making progress across multiple key areas of Integration Planning G Merger Implementation Merger Integration
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Appendix
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 38 Aster at a Glance 1. Presence and Operational metrics are as on December 31, 2025 2. Count includes 4 O&M Asset Light hospital beds with a capacity of 554 beds 3. Pharmacies in India operated by ARPPL under brand license from Aster 4. Operating EBITDA Margin has been rounded off 5. Five Year Revenue & Operating EBITDA CAGR and 5 Year Capex are till the year ending FY25 6. Kerala hospital and bed count excludes WIMS. PECs: Patient Experience Centers ; ALOS: Average Length of Stay; ARPOB: Average revenue per occupied bed Andhra & Telangana Andhra Pradesh Hospital: 6, Beds: 889 Telangana Hospital: 1, Beds: 158 Kerala Hospital6: 7, Beds: 2,920 Karnataka & Maharashtra Maharashtra Hospital: 1, Beds: 250 Karnataka Hospital: 4, Beds: 1,234 Financial metrics (9MFY26) Our Presence/Strength 1 Operational metrics (9MFY26) 202 Hospitals 16 Cities and 5 States 5,451 Capacity beds Op. EBITDA Margin: 20.3%4 38% 5 Year CAGR5 Revenue INR 3,461 Cr 20% 5 Year CAGR5 Capex INR 406 Cr ~INR 1,230 Cr 5 Year Capex5 61% Occupancy INR 51,100 ARPOB 3.1 days ALOS 203 Pharmacies3 302 Labs and PECsClinics 10
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 39 39 Geography wise Business: Snapshot for Q3FY26 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 2,920 2,635 1,484 1,446 1,047 1,047 5,451 5,128 2,088 1,971 1,017 1,014 803 781 3,908 3,766 689 585 366 361 170 192 1,225 1,138 143 79 101 71 74 74 318 224 2.8 3.1 3.1 3.1 3.8 3.8 3.1 3.2 65% 68% 55% 60% 55% 55% 61% 63% 0.63 0.55 0.19 0.19 0.11 0.10 0.93 0.84 43,975 39,579 16,460 18,138 10,662 10,240 71,097 67,960 49,600 42,400 73,600 63,000 33,200 30,000 52,300 45,500 105,737 98,706 186,267 158,949 91,822 83,732 122,294 112,528 Total Capacity Beds Operational Beds (Census) Operational Beds (Non -Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits (mn) In-patient visits ARPOB (INR) ARPP IP (INR) 1. Occupancy is calculated based on Operational Beds (Census). 2. Above details are for hospitals and does not relate t o clinics 3. Data excludes WIMS Operational
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Geography wise Business: Snapshot for 9MFY26 KERALA KARNATAKA & MAHARASHTRA ANDHRA & TELANGANA TOTAL 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 2,920 2,635 1,484 1,446 1,047 1,047 5,451 5,128 2,088 1,971 1,017 1,014 803 781 3,908 3,766 689 585 366 361 170 192 1,225 1,138 143 79 101 71 74 74 318 224 2.9 3.1 3.2 3.1 3.7 3.9 3.1 3.2 66% 74% 58% 64% 53% 55% 61% 67% 1.79 1.64 0.61 0.58 0.31 0.28 2.70 2.51 127,274 122,437 51,429 56,113 31,581 30,374 210,284 208,924 48,100 41,600 70,900 60,000 32,600 29,400 51,100 44,200 103,433 98,492 179,268 149,012 87,904 83,091 119,648 109,822 Total Capacity Beds Operational Beds (Census) Operational Beds (Non -Census) Available Capacity Beds ALOS (Days) Occupancy1 Outpatient Visits (mn) In-patient visits ARPOB (INR) ARPP IP (INR) 1. Occupancy is calculated based on Operational Beds (Census). 2. Above details are for hospitals and does not relate to clinics 3. Data excludes WIMS Operational 40
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Aster: Performance Financial Highlights for 9MFY26 ARPP IPCapacity Beds 9MFY26 : 5,451 9MFY26 : 1,19,648 9MFY25 : 1,09,822 Operational 9MFY25 : 5,128 323+ In PatientsALOS (Days) 9MFY26 : 3.1 days 9MFY26 : 210.3 K 9MFY25 : 208.9 K9MFY25 : 3.2 days -4% 1% Out-Patient 9MFY26 : 2.70 mn 9MFY25 : 2.51 mn 9% 8% 1. Revenue, Operating EBITDA and EBITDA excludes other income 2. Operating EBITDA for the period 9M FY26 excludes the ESOP Cost of Rs. 6.6 Cr [9M FY25: 7.8 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [9M FY25 : 8.1 Cr] , Variable O&M fee amounting to Rs.27.2 Cr [9M FY25 : 24.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed component o f the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] 3. The Normalised PAT for 9M FY26 an amount of ₹ 59.2 Cr [9M FY25 : 85.1 Cr] from the interest/gain earned on the investment of sale proceeds from the segregat ion of GCC vertical. It excludes ₹27.9 Cr related to the revised labour code and Rs 5.2 Cr [9M FY25 : 23.7 Cr] relating to merger Revenue1 Operating EBITDA 1,2 Op EBITDA Margin 1,2 Financial 9MFY26 : INR 3,461 Cr 9MFY26 : INR 702 Cr 9MFY25 : INR 613 Cr9MFY25 : INR 3,138 Cr 10% 9MFY26 : 20.3% 9MFY25 : 19.5% 15% Normalised PAT3 9MFY26 : INR 281 Cr 9MFY25 : INR 251 Cr 12%80 bps (Post-NCI) RoCE 9MFY26 : 21.0% 9MFY25 : 19.5% 150 bps 41 9M FY26 (Ex-Kasargod) > Up 17% YoY to INR 715 Cr Up 120+ bps to 20.7% Up 19% YoY to INR 298 Cr Up 260+ bps to 22.1%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: QCIL: Performance Highlights for 9MFY26 Operational RoCE3 Financial 9MFY26 : 20.5% 9MFY25 : 18.6% 190 bps (Pre-Tax) Revenue 9MFY26 : INR 3,254 Cr 9MFY25 : INR 2,973 Cr 16% 9MFY26 : INR 794 Cr 9MFY25 : INR 639 Cr 24% Operating EBITDA 1 Op. EBITDA Margin 9MFY26 : 23.0% 9MFY25 : 21.5% 150 bps 1. Operating EBITDA is post -Ind AS EBITDA adjusted for one -off expenses; 2. QCIL numbers are unaudited and subject to audit adju stments; 3. RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles ARPP IPCapacity Beds 9MFY26 : 5,174 9MFY26 : 1,31,735 9MFY25 : 1,19,6539MFY25 : 4,931 243+ In PatientsALOS (Days) 9MFY26 : 3.9 days 9MFY26 : 1,90,712 9MFY25 : 1,80,8459MFY25 : 4.0 days -4% 5% Out-Patient 9MFY26 : 2.67 mn 9MFY25 : 2.42 mn 10% 10% 42
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Maturity Wise Hospital Performance: 9M FY26 Maturity Hospitals3 Revenue4 (INR in Cr) Operational Beds 5 (Census) Key Performance indicators Operating EBITDA 4 (INR Cr) Operating EBITDA %4 ROCE Over 7 Years 3-7 Years2 0-3 Years1 10 ₹595 3 ₹112 71% ₹2,342 68% 2,642 15% ₹508 16% 622 19 ₹3,306 3,908 ₹764 23.1% 25.9% 1. 0-3 Years Hospitals include: Aster Whitefield Hospital, Aster Narayanadri, Ramesh (IB), Aster G Madegowda, Aster PMF & MIMS Kasargod 2. 3-7 Years Hospital include : Aster RV, Aster MIMS Kannur & Aster Mother Hospital Areekode 3. Wayanad Institute of Medical Sciences (WIMS) details are not included above. Considering WIMS, count of hospitals in India is 20 4. Revenue and Operating EBITDA shown above excludes other income 5. Operational Beds (Census) are beds as on 31st Dec, 2025. 6 ₹5814% ₹455 16% 644 25.4% 22.0% 12.7% 36.2% 25.7% 2.0% 43 * 0-3 Years (ex-Kasargod) : Revenue is INR 445 Cr, Operating EBITDA is INR 71 Cr, Operating EBITDA Margin stood at 15.9% and ROCE is 4.6%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Hospital and other New Business Performance: 9MFY26 Labs Margins * Strategic exit from certain loss-making unit in the wholesale Pharmacy business led to the change in Pharmacy Revenue impact and EBITDA improvement 44 Hospitals and Clinics Revenue Operating EBITDA 3 INR 14 Cr INR 3,352 Cr INR 765 Cr INR 115 Cr 11% YoY Revenue Growth 15% 22.8% 12.2% YoY Revenue Growth INR 3,461 Cr INR 702 Cr 20.3% Margins Margins Margins 95% 3% 10% YoY Revenue Growth 100% % of Revenue India Overall 2 *Pharmacies 1 YoY Revenue Growth -18% INR 89 Cr INR 2 Cr 1.8% Margins 3% Labs 94% 1. Wholesale Pharmacy Revenue 2. Aster India overall numbers are after eliminations of INR 94 Cr (9MFY25: 90 Cr.) of intercompany revenue and INR 78 Cr. (9 MFY25: INR 67 Cr.) of unallocated expenses. 3. Operating EBITDA for the period 9M FY26 excludes the ESOP Cost of Rs. 6.6 Cr [9M FY25: 7.8 Cr], Movement in fair value of con tingent consideration payable of Rs. Nil Cr [9M FY25 : 8.1 Cr] , Variable O&M fee amounting to Rs.27.2 Cr [9M FY25 : 24.2 Cr]. [Our Operating & Management (O&M) agreements, encompasses both fixed and variable component. While the fixed compon ent of the O&M fee is delineated into depreciation and finance costs as per Ind AS 116, whereas the variable component falls outside the scope of IndAS 116, leading to an incomplete reflection of the standard's impact in EBITDA] * Hospital and clinics (ex-Kasargod) : Revenue is INR 3,341 Cr, Operating EBITDA is INR 778 Cr, and Operating EBITDA Margin stood at 23.3%
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Financial Summary: Balance Sheet Particulars (INR Cr) As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 LIABILITIES Shareholders’ Equity 518 500 500 Minority Interest 239 224 158 Other Reserves 3,555 2,469 2,353 Land Revaluation Reserve 460 460 460 Gross Debt 639 642 669 Lease Liabilities - INDAS116 1,450 1,376 714 Other non-current liabilities 245 246 429 Other current liabilities 701 690 581 Total Liabilities 7,809 6,607 5,865 ASSETS Property, Plant and Equipment (including CWIP) 2,863 2,694 2,474 Investments (including Goodwill) 1,447 508 278 Right to Use Assets - INDAS116 1,297 1,255 608 Inventories 93 93 111 Cash, Bank Balance and Current Investments 1,276 1,381 1,570 Other non-current assets 323 247 285 Other current assets 510 429 541 Total Assets 7,809 6,607 5,865 Key financial ratios As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 Net Debt and Lease Liabilities/Equity ratio (x times) (Ex. Affinity) 0.2 0.2 0.6 Net Debt and Lease Liabilities/EBITDA ratio (x times) 1.0 0.8 2.2 Net Debt /EBITDA (Pre INDAS) ratio (x times) -0.9 -1.1 1.1 ROCE - Pre-Tax (%) (EBIT / Average Capital Employed) 20.9% 19.5% 16.4% 45
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Combined Proforma Numbers for 9MFY26 Financial Metrics Aster QCIL Merged Entity* = + (Figures for 9MFY26) 1. QCIL numbers are indicative and subject to statutory audit adjustments, if any 2. Combined Operating EBITDA is Post INDAS EBITDA adjusted for one off expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee 3. RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles * Proforma financials for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could causeactual results to differ materially from those estimated include harmonization of accounting policies and practices. Revenue (INR Cr) Operating EBITDA 2 (INR Cr) Op EBITDA Margin % ROCE3 (%) 3,461 702 20.3% 21.0% 3,4521 794 23.0% 20.5% 6,913 1,496 21.6% 20.7% YoY Growth 13% 20% 46 Net Debt (INR Cr) (624) 329 953 120 bps 170 bps
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: Combined Proforma Numbers for 9MFY26 Financial Metrics Aster QCIL Merged Entity* = + (Figures for 9MFY26) Operational Metrics No. of Hospitals (Nos) 201 16 5,450+ 1,19,648 2.9 39 28 10,620+ 1,25,396 5.8 YoY Growth 6% 10% 9% City Presence (Nos) Beds Capacity 3 (Nos) ARPP IP (INR) Total Patient Volume (Mn) 1. Includes WIMS 2. Includes Nagercoil facility (Tamil Nadu) which was operationalized in Dec’24 3. Refers to total capacity beds as of Dec ‘25 * Proforma numbers for merged entity are subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. Occupancy (%) 61% 192 14 5,170+ 1,31,735 2.9 62% 62% 47
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 48 Revenue Synergies Supply Chain Integrated Doctor Model Lower Overheads Identified synergies to have a near-term EBITDA upside potential of 10-15%1 ✓ Adopt best marketing practices across Aster and QCIL to maximize patient outreach and conversion ✓ Strengthened initiatives to attract international patients ✓ Expanded coverage by insurance companies with integrated operations ✓ Rationalization of spends on procurement of drugs, consumables & other expenses through centralization ✓ Leveraging scale to negotiate, streamline vendors and enhance formulary compliance ✓ Broader base of star senior specialists and exchange of learnings ✓ Greater ability to attract and retain medical talent with state -of-the-art medical facilities ✓ Optimization of corporate functions ✓ Leverage best practices, technology and channel mix optimization Additional Synergies within QCIL ✓ Increased revenue potential from international patients, optimized RCM, and better realization ✓ Cost savings including improvement in material margin, manpower optimization, corporate overheads, and other indirect expenses Expected Synergies Post-Merger 1. As % of FY24 Pro-forma EBITDA of the merged entity
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 49 49 Dr. Zeba Azad Moopen Sunil Theckath Vasudeva ManiedathMadhavan Nambiar James Mathew ChenayappillilJohn George Purana Housdurgamvijaya Deepti ShamsudheenBin Mohideen MammuHaji Non-Executive Director T. J. Wilson Board of Directors Alisha Moopen Independent Director Independent Director Non-Executive Director Independent Director Independent Director Independent Director Non-Executive DirectorDeputy Managing Director Dr. Azad Moopen Founder Chairman and Managing Director
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 50 50 Leadership Team . Dr. Azad Moopen Founder Chairman and Managing Director Alisha Moopen Deputy Managing Director T.J. Wilson Group Head - Governance & Corporate Affairs Ramesh Kumar S Chief Operating Officer Dr Somashekhar S P Chairman-Medical Advisory Board & Director – Aster International Institute of Oncology Sunil Kumar M R Chief Financial Officer Hitesh Dhaddha Chief Investor Relations & M&A officer Dr. Prashanth N Chief Executive Officer – Karnataka Cluster Durga Prasanna Head - HR Vinesh Kumar Ghel Country Head – Sales, Marketing & RCM Sudeep Dey Chief – Information Officer & Information Security Officer Hari Prasad V K Head – Internal Audit, Risk & Compliance Dr. Anup Warrier Chief – Medical Affairs & Quality Himesh Purushottam Company Secretary Hemakumar Nemmali Country Head – SCM & Central Procurement
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 51 Awards and Recognition Padmashree Dr. Azad Moopen and Pravasi Bharatiya Samman awardee Founder, Chairman and MD Ms. Alisha Moopen Deputy Managing Director • Honoured with ‘Lifetime Achievement Award’ by Mount Judi Ventures • Recognised as • ‘Legend in the Healthcare Industry’ at the 19th Edition of FICCI Heal 2025 • Awarded the • ‘Healthcare Icon of the Year’ at the Economic Times Healthcare Awards 2025 • Honoured with • ‘Visionary Leader in Healthcare’ • at Elets India Healthcare Awards 2025 • Honoured with • ‘Lifetime Achievement Award’ by Entrepreneur India 2025 and Association of Kerala Medical Graduates (AKMG) MARAAYA 2025 Convention • Honoured with the • ‘Healthcare Leader of the Year’ • award by Financial Express Healthcare Awards 2025 • Named among Top 5 in Forbes Middle East’s Top Healthcare Leaders 2025 (Founders and Shareholders) • Dr. Azad Moopen honoured among • Forbes Middle East Sustainability Leaders 2025 for leading Aster’s journey towards a greener, more equitable healthcare future. • Received the ‘Dynamic Entrepreneur of the Year’ award at the Entrepreneur India Awards 2025 • Featured in the ‘Fortune India 100 Most Powerful Women’ in Business 2025 • Awarded ‘Women Entrepreneur of the year’ at Financial Express Awards 2025 • Named among Top 5 in Forbes Middle East’s Top Healthcare Leaders 2025 (Founders and Shareholders) • Honoured as ‘Healthcare Visionary Leader of the Year’ at the Economic Times Healthcare Leaders Awards 2025 (Middle East).
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 52 Hospital of the Year Best Hospital Chain of the Year 2025 AHPI Excellence in Healthcare Aster Medcity, Kochi – Excellence in Emergency services Aster DM Healthcare has been awarded Excellence in Mergers & Acquisitions by Business World Awards, Recognition and Rankings Aster MIMS Calicut & Kottakkal – Employees Centric Hospital Aster Medcity | Aster CMI |Aster MIMS Calicut Most Credible Hospitals 2025 Best Multispecialty Hospital India 2025Aster Medcity : All India Best Multispeciality Hospital Aster CMI : All India Best Multispecialty Hospital Aster Medcity : South Best Multispeciality Hospital Aster CMI : South Best Multispecialty Hospital Best Multispecialty Hospital Ranking 2025 Comprehensive stroke centre certification Aster MIMS Calicut Global Hospital Rating – Aster Medcity, Aster CMI 2 Aster Medcity, Kochi 3 Golds(Emergency & Critical Care, Neurosciences, Robotic Surgery) 1 Silver(Organ Transplant) Aster Whitefield Silver (Oncology, Neurosciences) Bronze(Multi-Specialty Care) Aster CMI Bronzein Multi-Specialty Care. Times All India Critical Care Rankings 2025 The COEs of Aster Medcity, Aster CMI and Aster MIMS are ranked under Top 10 Aster MIMS Calicut First hospital in India to receive certification & accreditation as a “Comprehensive Chest Pain Center by the American Heart Association” 52 ET Healthcare Awards Aster Medcity National for Organ Transplantation Aster CMI Oncology (South) Aster Whitefield Critical Care, Reconstructive Surgery Aster RV Organ Transplantation 2 1 6 Hospital of the Year Aster CMI (South) Technology Transformation Initiative of the Year Aster Whitefield Hospital won Technology Transformation Initiative of the Year award at FICCI Heal 2025 Aster recognised among India's Top 500 Value Creators Innovation - New Initiative Award 2 Aster CMI, Bengaluru Aster Medcity, Kochi 13 28 The Worlds Best Hospitals 2025 Aster Digital Health won ‘Most Impactful Digital Transformation in Healthcare’ at the Elets Technomedia Healthcare Innovation Awards 2025. Aster RV won ‘Best Multispecialty’ Aster Whitefield Hospital won ‘Best in Cardiology, Pulmonology and Urology’ Excellence in Integrated Liver Care and Excellence in Medical Gastroenterology Aster CMI: Aster Whitefield: Excellence in multi-speciality Hospital with Healthcare Innovation Aster MIMS, Calicut1 2 Aster Medcity, Kochi Aster CMI, Bangalore (Emerging)
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 53 Best-in-class Medical Technology 31 Cathlabs 7 LINACs 17 MRI Machine 10 Robots Digital PET - CT The uMi 550 is an 80-slice digital PET/CT system delivering combined functional and anatomical imaging. Cuvis Joint is a robotic system for orthopaedic surgeries, specializing in knee and hip replacements A cost-effective robotic surgical system by Intuitive Surgical, designed to help hospitals adopt or expand robotic surgery programs Surgical Robot, SSI Mantra 3.0 Ortho Robot, ROSA Recon Surgical Robot, Da Vinci XI Philips Excimer Laser India’s first indigenous surgical robot. Cost effective with advanced features including telesurgery and tele - proctoring capabilities A robotic surgical system, specifically a stereotaxic instrumentation system, designed to assist surgeons in performing total/partial knee arthroplasty & THA Aster CMI becomes the first in Karnataka to install the advanced Philips Excimer Laser Atherectomy System for coronary and peripheral vascular procedures. Brain Lab, Loop X A surgical imaging system that provides intraoperative 2D and 3D imaging during spine, orthopaedic , and trauma surgeries. It acts as an intraoperative CT scanner O-arm Ortho Robot, Cuvis Mobile intraoperative imaging robot allowing neurosurgeons to obtain large, real-time field view of the patient during surgery
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 54 54 Digital Initiatives Building Blocks for Future GrowthStrengthening Footprints Through a Robust Phygital Ecosystem Building an Integrated Phygital Healthcare Platform Creating a Scalable, Data -Driven Patient Growth Engine Aggregating Hospitals, Labs, and Pharmacy services Enables anytime, anywhere patient access to healthcare services Data-Driven Patient Engagement Harnessing Online Behaviour, impacting patient care & Drive Enterprise Growth Digitizing Relationships, Personalizing Experiences, Powering Growth Radiology Reports and Images are now visible on the "Aster Health" App; enabled reduction of paper, films and CDs. Updates The "Aster Health" App has clocked over 3,50,000 downloads since its launch in November 2024, marking a strong push in adoption. Updates Live at 10 Hospitals Live at 2 Hospitals Live at 8 Hospitals Increased patient funnel expansion through digital acquisition Higher Patient Retention and Lifetime Value through Personalized Engagement via Aster Care Foundation for Precision & Data - Driven Care Reduced operational friction through integration of Hospital, Labs and Pharmacy Systems Aster Digital India received “Innovation – New Initiatives Award” at 24th Data Center Summit and Awards by UBS Forum
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218 219 221 206 231 254 0 180 141 0 72 57 74 144 228 148 176 200 129 129 129 22 77 146 A8: A3: A4: A5: A6: A2: A1: A7: Excel color scheme Page title 24 pt 22 77 146 Page subtitle 20pt non bold 22 77 146 Heading Font color – 22 77 146 Line: 22 77 146 For CS 0 180 141A3: For client 22 77 146A1: Highlight in tables 218 219 221 188 208 222H2: H1: 55 55 ESG Milestones* E S G Waste reduction is achieved in FY25,, i.e. 18% from the previous year Reduction in Water consumption in FY25 i.e.~ 0.6% from previous year Energy Consumption sourced from renewable (solar & wind) energy at Aster CMI and RV, Bangalore INR 3.3 Mn~8,681 tCO2e 16,100+ Worth of reduction in Annual Paper Usage across all Aster facilities, i.e. 2.4% from the previous year Trees Planted in FY25 51 No. of People of determination in workforce in India 6,022 Free Medical camps conducted through the network of Aster Volunteers Mobile Medical Services (AVMMS) 7,047 Patients from economical poor background benefitted through Free/discounted surgeries worth of INR 5.74 crore 7,23,642 Beneficiaries of the Aster Volunteers Community engagement initiatives during FY25 25% 15 Women representation in Board of Directors Policies supporting Governance framework including ESG Policy, CSR policy, Business Responsibility policy, etc Employees participated for cyber security awareness program through a game- based learning methodology 3,200+ Mobile Medical services in India offering free health screening services in the regions where healthcare is least accessible 34 5 ~577 ton 97%+~7,414 KL Reduction in Carbon emission in FY25 through renewable energy resources 100% Resolution of reported whistleblowing cases Standalone T ele Medicine Centers (AVCMS) in Rajasthan, J&K, Karnataka and Gujarat 50% of the Board of Directors comprises Independent Directors 2,732 Employees participated in a week-long training program under a new initiative for adhering to our code of conduct *All numbers are based on FY25 Gold Award – T errestrial Biodiversity Conservation & Afforestation Initiatives Aster India Platinum Award – Water Conservation Initiatives Global ESG Awards and Gulf Sustainability Awards 2025 Aster DM Healthcare won the Gold Award for the CSR Health System Strengthening Project at the 9th CSR Health Impact Awards Aster Volunteers team won the CSR Times Award 2025 for their continuous outreach programmes in the underserving communities Fortune Leadership Award 2025 for Best Volunteer Engagement
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Thank You Investor Relations: investors@asterdmhealthcare.in