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Earnings Presentation Q1 FY27
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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 2 Disclaimer • This presentation has been prepared by Aster DM Quality Care 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 representation or 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 representatives assumes any responsibility to update forward-looking statements or to adapt them to future events or developments. Note - Quality Care 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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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: 3 3 Merger became effective on July 1, 2026 forming Aster DM Quality Care Limited Executed on schedule with zero operational friction, establishing the cultural foundation required to unlock long -term financial synergies Guided by 8 tenets. United by purpose On Time Merger Execution Merger completed on schedule reflecting our disciplined execution 41+ Sites Hospitals & offices covered with zero service disruption. 4,000+ Key Leaders Aligned Doctors & senior executives engaged through leadership webinar on day-1 45,000+ Celebration Kits Delivered Enterprise-wide adoption of single brand & operating framework. A structured cultural integration programme driving employee engagement, shared behaviors & long -term integration success Building one culture across the combined organisation #GO GREATER
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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 Andhra Pradesh Hospitals: 8, Beds: 1,316 Maharashtra Hospitals: 3, Beds: 693 Karnataka Hospitals: 4, Beds: 1,329 Kerala7 Hospitals: 11, Beds: 4,642 Tamil Nadu Hospitals: 1, Beds: 216 Odisha Hospitals: 1, Beds: 241 International Hospitals: 2, Beds: 620 Notes: 1. Presence and Operational metrics are as on June 30, 2026 2. Including WIMS. Count includes 4 O&M Asset Light hospital beds with a capacity of 608 beds 3. PECs: Patient Experience Centers 4. Pharmacies in India operated by ARPPL under brand license from Aster 5. Including outsourced Employees, as on Mar'26 6. On TTM Basis 7. Kerala hospital and bed count excludes WIMS Vijaywada (3 hospit als) Tirupati Visakhapatnam (2 hospit als) Raipur Bengaluru (3 hospit als) Indore Kolhapur Nagpur Aurangabad Mandya Kochi Kozhikode Kannur Kottakkal Kasargod Areekode Trivandrum Kollam (2 hospitals) Kottayam Guntur Ongole Hyderabad (5 hospit als) Nagercoil Bhubaneshwar Dhaka Perinthalmanna 35% - Metro and Tier 1 65% -Tier 2 & Tier 3 28 Cities 37,700+ Workforce 5 7,400+ Doctors 5 ~8.0 Mn 6 Total Patient Volume 10,898 Capacity Beds Creating a larger platform to make quality healthcare accessible 39 2 Hospitals 9 States 321 Labs & PECs 3 and 205 4 Pharmacies Madhya Pradesh Hospitals: 1, Beds: 222 Chhattisgarh Hospitals: 1, Beds: 379 Telangana Hospitals: 6, Beds: 1,240 Chattogram
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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 Strategic rationale behind the merger 5. Growth Potential In-built growth potential with established hospitals in diverse locations with room for brownfield and greenfield expansion 6. Backing of Global Marquee Investor Blackstone, world’s largest alternative asset manager, is highly reputed in the Indian public markets having backed numerous companies in the listed space 4. Diversification Geographically well diversified platform with low overlap in cities of presence ▪ 1. Scale Merged entity as one of the top 3 hospital chains in India and with strong presence across South and Central India 2. Enhanced Metrics Strong financial, operational metrics and return metrics being highly accretive for investors 3. Synergies ▪ Combination to result in potential synergies from revenue, procurement & supply chain, capex, and integration of corporate functions
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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 6 20.5% 22.2% Q1FY26 Q1FY27 442 576 Q1FY26 Q1FY27 2,156 2,597 Q1FY26 Q1FY27 Aster DM Quality Care Proforma Performance Highlights 1. Proforma Basis. 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 4. New unit: Kasargod The Combined Entity1 demonstrates Strong YoY Revenue Growth aided by Steady Patient Volume growth • 20% YoY growth in Revenue, reaching INR 2,597 Cr in Q1FY27 driven by 13% growth in patient volumes led by Neurosciences, Oncology, Orthopedics and Gastroenterology • ARPP IP grew by 10% YoY to INR 1,36,802 driven by growth in high-end tertiary procedures, like robotic, transplants and joint replacements • Medical Value Travel (MVT) has grown by 62% supported by addition of new geographies Robust EBITDA Growth Reflecting Operational leverage and Effective Cost Management; Improvement in RoCE Reflecting better asset utilisation • The merged entity1 delivered robust 30% YoY EBITDA2 growth to INR 576 Cr in Q1FY27 driven by strong revenue growth and disciplined cost management • EBITDA2 margin increased by 170 bps to 22.2% in Q1FY27 driven by efficiency in material consumption and better absorption of fixed costs • RoCE3 increased by 246 bps reaching 22.9% in Q1FY27 due to EBITDA upside • The newly operationalised Kasargod Hospital achieved EBITDA breakeven in June, within nine months of launch • Commissioned 159-beds at "Aster Women & Child" block at Aster Whitefield in April 2026 Revenue from Operations (INR Cr) Operating EBITDA Margin2 (%) Operating EBITDA2 (%) (INR Cr) Operational Beds Q1FY27 : 10,559 Q1FY26 : 10,193 ▲ 366 ALOS (Days) Q1FY27 : 3.40 Q1FY26: 3.47 ▼ 2% Total Patients Volume Q1FY27 : 2.01 Mn Q1FY26 : 1.78 Mn ▲ 13% ROCE 3 Q1FY27 : 22.9% Q1FY26: 20.4% ▲ 246 bps Ex. new unit 4 Up 31% YoY to INR 578 Cr Ex. new unit 4 Up 190 bps to 22.4%
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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 7 Combined Proforma Numbers for Q1FY27 Financial Metrics Aster Quality Care 1 Merged Entity* = + (Figures for Q1FY27) 1. Quality Care 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 com bined entity are subject to finalization and audit of the merged accounts. A ctual am ounts, losse s or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cau se actual results to differ materially from those estim ated include harmonization of accounting policies and practices. YoY Growth Revenue (INR Cr) 1,311 1,287 2,597 20% Operating EBITDA2 (INR Cr) 277 299 576 30% Net Debt (INR Cr) (511) 1,162 1,673 Op EBITDA Margin % 21.1% 23.2% 22.2% 170 bps ROCE 3 (%) 22.6% 23.1% 22.9% 246 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: 8 8 Combined Proforma Numbers for Q1FY27 Aster Quality Care 1 Merged Entity* = + (Figures for Q1FY27) * Proforma financials for com bined entity are subject to finalization and audit of the merged accounts. A ctual am ounts, losse s or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cau se actual results to differ materially from those estim ated include harmonization of accounting policies and practices. YoY Growth No. of Hospitals (Nos) 201 19 39 City Presence (Nos) 16 14 28 Total Patient Volume (Mn) 1.03 2.01 0.98 Operational Beds2 (Nos) 5,385 5,174 10,559 Occupancy (%) 62% 65% 64% 3.6% 13% 510 bps 1. Includes WIMS 2. Capacity bedsgrew from 10,288 to 10,898 as on June 30, 2026 Operational Metrics
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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 9 Aster DM Quality Care Overview
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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: 10 10 1. MVT: Medical Value Travel 2. Numbers in brackets are for corresponding quarter prior year Specialty-wise Revenue MixPayor Revenue Mix Cardiac Sciences, 15% [16%] Oncology, 10% [10%] Neuro Sciences, 11% [11%] Gastroenterology, 10% [10%]Orthopaedics, 10% [9%] Nephrology, 6% [6%] Others, 38% [38%] Hospitals & Clinics Revenue Mix Q1FY27 Walk-in 53% [5 6%] Corporate & Insurance 34% [33%] Government Health Schemes 9% [8%] MVT1 4% [3%] Q1FY27 [Q1FY26]
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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: 11 11 1. Surgery counts are on TTM basis and proforma basis • Kerala’s 1st transcatheter Fontan procedure performed at Aster Medcity, Kochi • Karnataka’s 1st robotic-assisted revision knee replacement using CORI system at Aster RV, Bengaluru • Highest number of Lymph Venous Anastomosis in a single institution in India at Aster Whitefield, Bengaluru • 1st and largest Robotic Hepatic Artery Infusion (HAI) therapy, in India for non-curable liver metastases • Neurosciences department at Aster Whitefield hospital has successfully completed 2,000 Brain and Spine Surgeries in less than 2 years 9,215+ Joint Procedures 11,685+ Neuro Procedures 4,780+ Robotic Surgeries 87,125+ Cardiac Procedures 885+ Transplants (Renal, Liver & Heart) Transforming Lives Through Clinical Excellence 1 Aster DM Quality Care: Q1FY27 Clinical Highlights Our Clinical Excellence Accreditations 58 Cathlabs 14 LINACs 34 MRI machine 23 Robots Clinical Infrastructure Expanding the Reach of Advanced Care • High-risk multidisciplinary surgery performed for Stage IV colon cancer with liver metastasis at KIMSHEALTH Nagercoil • Parenchyma-preserving bronchus intermedius sleeve resection milestone achieved at MIMS Kannur • Critical neonate with pulmonary hemorrhage and severe PAH successfully stabilized and discharged at KIMSHEALTH Trivandrum • First minimally invasive multivessel CABG performed at unit for high-risk comorbid patient at CARE Vizag
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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 12 Maturity Wise Hospital Performance: Q1FY27 65% 14% 10,559 2,535 639 25.2% 10% 29.7% 16.8% 12.4%6% 11% 3.6% 19%73% 15% 5% 16% 63% 28% 21% 3% 29% 86% 10% 1% 20% 240% 422% 31% 1. Mature: Units aged more than 3 years, with EBITDA margin of 25% or higher 2. Focus: Units aged more than 3 years, with EBITDA margin of 15 –25% 3. Em erging: Units aged 0–3 years 4. Under Performing: Units aged more than 3 years, with EBITDA margin below 15% 5. Total Operational Beds are beds as on 30th Jun, 2 026. 6. Revenue and Operating EBITDA shown above are of Hospitals and Clinics only and excludes other business and corporate cost All numbers above exclude Wayanad Institute of M edical Sciences (WIMS) . Maturity cut will be reviewed on annual basis. YoY Growth % % share Maturity Operational Beds 5 Key Performance indicators Revenue 6 (INR in Cr) Operating EBITDA 6 (INR Cr) Operating EBITDA % 6 Mature 1 Focus 2 Emerging 3 Hospitals Under 4 Performing
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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 13 Board of Directors Dr Azad Moopen Executive Chairman Varun Khanna Managing Director and Group CEO Ayshwarya Vikram Non-Executive Director T.J. Wilson Non-Executive Director Ganesh Mani Non-Executive Director P H Vijaya Deepti Independent Director James Mathew Independent Director Sunil Theckath Vasudevan Independent Director Neeraj Jain Independent Director Kewal Handa Independent Director VK Mathews Independent Director Alisha Moopen Executive 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: 14 14 Leadership Team Varun Khanna Managing Director & Group Chief Executive Officer T J Wilson Director and Head - Integration, ESG and CSR Sunil Kumar M R Group Chief Financial Officer Vishal Maheshwari Chief Executive Officer (India III) Vinod Raman Chief Digital Officer Ramesh Kumar Chief Executive Officer (India I) Dr. Ratnadeep Chaskar Chief Executive Officer International Sudeep Dey Chief Information Officer Dr. Somashekhar SP Group Medical Director Dr. Pawan Kumar Chief Executive Officer (India II) SV Kiran Group Chief People Officer Richa Singh Chief Legal Officer Hemish Purushottam Company Secretary and Compliance Officer Hari Prasad VK Chief Internal Audit and Risk Management Officer
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Ranking Aster Hospitals shines in Newsweek’s 2026 World’s Best Hospital Rankings Best Multispecialty Hospital, India Aster Medcity Aster CMI Aster MIMS Aster CMI Aster Medcity Aster RV Aster MIMS 12th 28th 58th 71st National Ranking Best Hospital Aster Medcity Aster CMI Aster MIMS KIMS Health, Trivandrum Care Banjara Hills 2nd 4th 8 th The Best Brand Award- Aster DM Healthcare The Best Brand Award- CARE Hospitals The Best Brand Award- KIMSHealth Times of India Critical Care Ranking 2026 - Centres of Excellenceof Aster Medcity, Aster CMI, and Aster MIMS featured in All India Top 10 Ranking Dr. Azad Moopen Executive Chairman • ASSOCHAM Awards 2026 – Women Leader in Business • Ranked 4th among Top Women Leaders and listed in Top 100 Successors List 2026 in the Hurun India ASK Private Wealth List • ET Family Business Awards - NexGen Business Leader • Fortune India - Featured in 100 Most Powerful in BusinessMs. Alisha Moopen Executive Director • Lifetime Achievement Award by Financial Express • ET Entrepreneur Awards - Global Entrepreneur of the Year • ET Healthcare Awards - Healthcare Icon of the Year • Entrepreneur India - Lifetime Achievement Award • Mount Judi – Lifetime Achievement Award Awards, Rankings Ratings Awards, Rankings & Ratings 3rd 1st Prize in the Central Zone Sustainability Award: Care Hospitals Fortune Leadership Award 2025for Best Volunteer Engagement Aster Digital Health won ‘Most Impactful Digital Transformation in Healthcare’ at the Elets Technomedia Healthcare Innovation Awards 2025 Aster DM Healthcare has been awarded Excellence in Mergers & Acquisitions by Business World Dun & bradstreet Recognised Aster among India's Top 500 Value Creators • Lifetime Achievement Award by Financial Express • Legend in the Healthcare Industry - FICCI HEAL • Lifetime Achievement Award - CAHO Dr. M I Sahadulla Chair - Medical Advisory Board 7 th KIMSHEALTH Trivandrum is ranked No.1 in the category of Best Multi-Specialty Private Hospital (November 2025) KIMS health Received FE award in June 2026 for Excellence in Multi- Specialty Care (National) and Excellence in Cardiac Care (South India)
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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 Business KPI & Reporting Standardization Material Cost Optimization (Pharmacy, Consumables etc.) International Medical Tourism Quality & Accreditation F&B Insourcing Academics, Nursing & Talent Sharing Renewable Energy Savings Indirect Cost Optimisation (AMC / CMC) CAPEX Efficiencies IT Integration (Call Centre, CRM, Digital App etc.) Well positioned to unlock value through synergies and deliver 10–15%1 EBITDA uplift Multiple avenues of synergies poised to accelerate growth and profitability GROUP SYNERGY WHEEL 1 2 3 4 6 7 8 5 9 10 8 7 6 4 3 2 1 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: 17 17 Planned Expansion across Aster DM Quality Care 53% Beds in Existing facilities Addition of 4,179 beds, bringing the total bed capacity to 15,077 beds Current Projected 47% Beds in New facilities 10,898 634 1,190 1,555 800 FY27: 634 beds FY29: 1,555 beds 15,077 FY28: 1,190 beds FY30 and beyond: 800 beds 454180 760430 550250 Greenfield Brownfield 1951,360
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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 18 Aster DM - Performance Highlights Q1FY27
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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 19 Aster: Key Highlights for Q1FY27 Strong 22% YoY growth in Revenue led by robust performance across Core Hospital & Clinics 29% YoY Operating EBITDA growth driven by combination of strong revenue growth, operating leverage, and disciplined cost management. • Driven by higher patient volumes, stronger specialty and payor mix, clinician additions and the ramp-up of Kasargod • Mature units (~77% of revenue) saw a revenue growth of 19% YoY, supported by increase in patient volumes and improved case mix across Oncology and Neurology • Revenue in emerging units (~5% of revenue) grew 95% YoY, driven by ramp up of Kasargod facility • Focused Units (~13% of revenue) grew 19% YoY, with operationalization of newly added beds in the quarter • Revenue growth of 22% drove operating leverage, while Kasaragod's nine-month breakeven further boosted EBITDA • Enhanced cost efficiencies across material and other operating costs supported EBITDA growth • EBITDA growth aided by strong performance of mature and emerging hospitals, driven by focused operational initiatives and better fixed cost absorption Aster DM Healthcare Limited conferred with ‘Healthcare Brand of the Year’ by Economic Times 2026 Occupancy improved by 350 bps (from 59% to 62%) led by higher IP volume growth ARPP IP rose by 10% supported by healthy payor mix and increase in CONGO Revenue by 23% YoY Medical Value Travel (MVT) which grew by 72% YoY aided by improving international patient inflows and stronger referral networks • Led by the Maldives and GCC markets, with a growing contribution from Africa, other MENA countries and the rest of SAARC • Growth in high-end tertiary care, with robotic cases up 80%, bone-marrow transplants up 80%, kidney transplants up 55% and joint replacements up 27% ALOS improved by 4% to 3.0 days aided by increased robotics surgeries and efficient hospital operations
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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: 20 20 Aster: Performance Highlights for Q1FY27 ARPP IPOperational Beds Q1FY27 : 5,385 Q1FY27 : 1,30,352 Q1FY26 : 1,18,011 Operational Q1FY26 : 5,019 366 ALOS (Days) Q1FY27 : 3.0 days Q1FY26 : 3.1 days 4% Total Patient Q1FY27 : 1.03 mn Q1FY26 : 0.89 mn 10% 16% 1. Revenue, Operating EBITDA and EBITDA excludes other income. 2. Operating EBITDA for Q1 FY27 excludes ESOP Cost of. INR 2.45 Cr [Q1 FY26: 0.82 Cr], Variable O&M fee amounting to INR10.44 Cr [Q1 FY26 : 7.16 Cr]. 3. ROCE = EBIT/Average Capital Employed; [Capital employed excludes CWIP, Land Revaluation reserve and Investment in Quality Care The CWIP for ongoing projects (including ROU, Capital Advances, and Capital Creditors) is INR 1,238 Cr for Q1 FY27 [Q1 FY26 : 1,057 Cr]. 4. New unit: Kasargod Revenue 1 Operating EBITDA 1,2 Financial Q1FY27 : INR 1,311 Cr Q1FY27 : INR 277 Cr Q1FY26 : INR 215 CrQ1FY26 : INR 1,078 Cr 22% 29% Op EBITDA Margin 1,2 Q1FY27 : 21.1% Q1FY26 : 20.0% 117 bps RoCE 3 Q1FY27 : 22.6% Q1FY26 : 20.7% 190 bps Q1 FY27 (ex -new unit 4) > Up 30% YoY to INR 279 Cr Up 170 bps to 21.7% Up 350+ bps to 24.2%
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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 21 Walk In 54% [5 6%] Corporate & Insurance 35% [35%] Government Health Schemes 7% [6%] MVT2 4% [3%] Aster: Revenue Mix Q1FY27 Kerala 54% [53%] Karnataka & Maharashtra 34% [36%] Andhra & Telangana 12% [11%] 1. 1. Refers to the revenue from hospitals only | 2. MVT: Medical Value Travel | 3. Numbers in brackets are for corresponding quarter prior year Geographical Revenue Mix 1 Specialty-wise Revenue Mix 1 Payor Revenue Mix 1 Cardiac Sciences, 13% [13%] Oncology, 11% [11%] Neuro Sciences, 11% [11%] Gastroenterology & Integrated Liver Care, 9% [9%]Orthopaedics, 8% [8%] Multi Speciality, 16% [16%] OP Pharmacy, Anaestheolgy & Others, 14% [14%] Nephrology & Urology, 7% [7%] Women's Health, 6% [6%] Child & Adolescent Health, 5% [5%] Segmental Revenue Mix Hospitals & Clinics 95% [94%] Labs 3% [3%] Pharmacy 2% [3%] Hospitals & Clinics includes: Others (-3%) Q1FY27 [Q1FY26]
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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 22 Aster : Profitability Statement Particulars Q1FY27 Q1FY26 YoY % Revenue from Operations 1,311 1,078 22% Gross Profit 1,019 831 23% Gross Profit Margin (%) 77.7% 77.1% Operating EBITDA 277 215 29% Operating EBITDA Margin (%) 21.1% 20.0% EBITDA Post INDAS 264 207 27% EBITDA Post INDAS Margin (%) 20.2% 19.2% Profit Before Tax 201 147 37% PBT Margin (%) 15.3% 13.6% Normalised PAT2 (Post NCI) 3 125 90 39% Normalised PAT2 Margin 9.5% 8.3% 1. Above numbers are in INR Cr 2. The Normalised PAT for Q1 FY27 excludes exceptional expenses of INR11 4.4 Cr (Q1 FY2 6: INR 4.4 Cr)( merger related costs) . 3. Non-Controlling Interest EBITDA Pre INDAS 232 181 28% Revenue • Grew by 22% YoY in Q1FY27 driven by higher patient volumes, improved realizations, a stronger specialty and payor mix, doctor additions and the ramp-up of Kasargod. Gross Profit • 23% YoY growth in Gross Profit on account of the leverage from material cost reduction by 67 bps, supported by continued procurement efficiencies and ongoing cost-optimisation initiatives across key procedures Operating EBITDA • 29% YoY Operating EBITDA growth which is higher than revenue growth with the leverage from disciplined cost management • Operating cost (doctor & employee cost and other cost) reduced by 50 bps, supported by fixed-cost absorption and ongoing efficiency initiatives PAT • Normalised PAT2 (post NCI) grew 39% to 125 Crs in Q1FY27
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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 Geography wise Business: Snapshot for Q1FY27 1. Data for hospitals only 2. Data excludes WIMS 3. Occupancy is calculated based on Operational Beds (Census). Kerala 1,2 INR 687 cr Capacity Beds 2,988 Operational Beds 2,912 Occupancy3 64% ALOS (days) 2.7 IP Volume Growth ▲ 16% Total Patient Growth ▲ 19% ARPP IP INR 1,12,610 ▲10% Karnataka & Maharashtra 1 INR 432 cr Capacity Beds 1,579 Operational Beds 1,438 Occupancy3 60% ALOS (days) 3.2 IP Volume Growth ▲ 5% Total Patient Growth ▲ 6% ARPP IP INR 1,95,022 ▲13% Andhra & Telangana 1 INR 157 cr Capacity Beds 1,157 Operational Beds 1,035 Occupancy3 60% ALOS (days) 3.7 IP Volume Growth ▲ 18% Total Patient Growth ▲ 19% ARPP IP INR 99,874 ▲15% ▲ 25% YoY 54% 34% 12% ▲16% YoY ▲33% YoYRevenue Revenue Revenue
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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 24 Investment & Scale INR 96 Cr investment Total Capacity expanded from 377 to 536 beds 159-bed specialized facility added Comprehensive Care Offering • Level 3 NICU • Aesthetic & Cosmetic Center • Neonatal & paediatric surgical services • Foetal Medicine • Fertility center • PICU & HDU • End-to-End Maternity Care • Child Development Center • Advanced Laparoscopic Gynaec Surgery • Water Birthing Key Highlights Expansion aligned with rising demand for high-quality maternal & pediatric care A state-of-the-art facility delivering compassionate care and clinical excellence for healthier mothers and happier children. Commissioning Women & Child unit (Block D) successfully inaugurated in April’26 In Presence of Inaugurated in the presence of Shri Dinesh Gundu Rao, Hon’ble Minister of Health & Family Welfare, Govt. of Karnataka, and Shri U.T. Khader, Hon’ble Speaker, Karnataka Legislative Assembly. 12+ YEARS OF CARE IN BENGALURU ‘Women & Children’ Facility - Aster Whitefield, Bengaluru
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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 25 Quality Care 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: 26 26 Quality Care: Key Highlights for Q1FY27 Strong 19% YoY revenue growth for the business driven by robust performanceacross clusters Overall operating EBITDAgrew by 32% YoY largely driven by higher topline growth, operational excellence initiatives and better leverage Strengthened clinical teams by onboarding 50+ doctors across the hospital network contributing ~9.5 Cr in monthly revenue Occupancy improved by 656 bps (from 58.9% to 65.4%) led by higher IP volume growth 9% YoY growth in IP ARPP, reaching ~INR 144k in Q1FY27 driven by deeper clinical mix, robust growth in robotic, joint replacement and transplants along with better payor mix CARE Hitech secured JCI accreditation, becoming the 1st unit in CARE network • Growth driven by higher IP Volumes, favorable shift in payor mix toward cash and insurance and increased share of complex procedures associated with strong clinical hiring • Mature Units (~69% of revenue) registered a revenue growth of 18% YoY led by 10% volume growth • Revenue in Emerging Units (~7% of revenue) grew 47% YoY aided by newly hired doctors and new corporate/insurance tie ups • Focused Units (~17% of revenue) grew 13% YoY through continued focus on clinician engagement in competitive local markets, and driving higher OP and IP footfalls • Robust EBITDA growth led by higher revenue growth of 19% • Operating leverage in material cost and Doctor cost through increased patient footfalls, improved case mix including complex procedures and a favorable payor mix • EBITDA growth also driven mainly by strong performance from improved volumes and efficiencies, and rapid turn around in emerging units which have started to contribute favourably towards EBITDA • 100% growth in robotic procedures, 41% in Joint replacement along with 42% increase in Transplants • Share of Cash and Insurance business improved by 50 bps on a YoY basis • ARPP growth supported by better performance from surgical specialities namely Neuro, Ortho and transplants
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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 27 Quality Care : Performance Highlights for Q1FY27 1. Quality Care numbers are unaudited and subject to audit adjustments; 2. 1. Operating EBITDA is post-IndAS EBITDA adjusted for one-off expenses; 3. 2 RoCE is computed on average capital employed excl. revaluation reserves and CWIP and Intangibles ARPP IPOperational Beds Q1FY27 : 5,174 Q1FY27 : 1,44,064 Q1FY26 : 1,31,805 Operational Q1FY26 : 5,174 0 ALOS (Days) Q1FY27 : 3.9 days Q1FY26 : 3.9 days 0% Total Patients Q1FY27 : 0.98 mn Q1FY26 : 0.89 mn 9% 10% RoCE 2 Financial Q1FY27 : 23.1% Q1FY26 : 20.2% 293 bps Revenue Q1FY27 : INR 299 Cr Q1FY26 : INR 227 Cr 32% Operating EBITDA 1 Q1FY27 : 23.2% Q1FY26 : 21.1% 216 bps Op. EBITDA Margin 1 Revenue Q1FY27 : INR 1,287 Cr Q1FY26 : INR 1,079 Cr 19%
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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 28 Annexure
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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 29 Merged entity with robust revenue growth and strong margin profile Revenue (INR Cr) Aster Quality Care1,2,3 Aster DM Quality Care* 16.8% 19.5% 20.4% 620 806 947 FY24 FY25 FY26 776 859 1,066 FY24 FY25 FY26 21.5% 21.7% 23.0% 1,396 1,665 2,013 FY24 FY25 FY26 19.1% 20.5% 21.7% Operating EBITDA 4 (INR Cr) 1. Financials reflect Quality Care consolidated proforma metrics, including CARE Hospitals, KIMSHEALTH and Evercare. The acquisi tion of KIMSHEALTH was completed in Q4 FY24 2. Quality Care Historical financials have been converted at a different exchange rate vis-à-vis FY25 3. All numbers of Quality Care are indicative and subject to statutory audit adjustments , if any 4. Combined Operating EBITD A is Post INDAS EBI TDA adjusted for one-time & non-cash expenses, ESOP cost, movement in fair value of contingent consideration and variable O&M fee * 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. I n addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. Margin 3,699 4,138 4,643 FY24 FY25 FY26 3,615 3,967 4,630 FY24 FY25 FY26 7,314 8,105 9,273 FY24 FY25 FY26 Margin Margin
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