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Investor & Analyst Meet 2026 Strengthen the core. Expand adjacencies. Compound shareholder value.Diagnostics trusted by Doctors and Patients alike Metropolis Healthcare Limited
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SAFE HARBOURSafe HarbourThis presentation has been prepared by Metropolis Healthcare Limited for information purposes only. It does not constitute a prospectus, offering circular or offering memorandum, and is not a recommendation regarding any securities of the Company. It may contain forward-looking statements based on the beliefs, opinions and expectations of the Company as on the date of this presentation. These do not guarantee future performance and involve risks and uncertainties that are difficult to predict, including changes in economic, business, competitive, technological and regulatory conditions. The Company undertakes no obligation to publicly revise any forward-looking statement, except as required under applicable law. This presentation contains three-year directional ambitions expressed as ratios and revenue mix. They assume mid-teen volume-led revenue growth, no scheduled price increase, convergence of acquired businesses to company-level margins, delivery of the laboratory transformation and automation programme, continued improvement in centre productivity, and no material adverse change in the regulatory, competitive, tariff or reimbursement environment. Actual outcomes may differ materially. 2
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METROPOLIS AT A GLANCEA strong national network and legacy built over 45 years 209 / 5,000Laboratories andcollection centres750Towns in India, plusfive international markets₹1,646 CrFY26 revenue across B2C and B2B Revenue mix by geography, % · map not to scale 30,000 prescribing specialists, and every leading hospital chain is a client. B2C is 57% of revenue, through own and franchisee networks. B2B keeps the labs full: hospitals, labs and corporates send steady volume. Clinician trust and quality are the moat By Region West 50%South 27%North 18%East 5% 3
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MARKET CONTEXTMajority market is unorganised - and three shifts broadening it The shift to organised players is real, but gradual. $11 28.5 BnIndian diagnostics market to 2034, at 11% CAGR60%Of mortality from non-communicable disease 01 · SHIFT TO ORGANISED CARE●Expectations on accuracy, consistency and service are rising●Share moves to quality-led providers 02 · HEALTHCARE BEYOND METROS●New hospital capacity and Tier 2/3 access●More high-end testing outsourced 03 · ADVANCING TREATMENT PATHWAYS●Targeted therapies and biologics●Molecular, genomic and immunological testing expand 48% 15% 37% Unorganised / standaloneOr ganise d cha insHospital-based labs 4
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SCIENTIFIC CAPABILITY THE COMPETITIVE MOATSpecialty is not an automatic win“Instruments are easy to add. The confidence of specialists is earned over time.”Interpretation takes years to build, and it is what clinicians buy. 2,200Tests - Oncology, neurology, nephrology, allergy 347 36Added in FY26 and Q1 FY2799% / 99.99%EQAS score /report accuracy WHAT CANNOT BE REPLICATED QUICKLY35 NABL labs and 2 CAPaccredited genomics labsMedical Advisory Board of 60 expertsFirst listed Indian diagnostics company with a GoI patent, in TB monitoring Growth goes to specialty depth and clinician trust 5
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PERFORMANCE · FY2426Three years of broad-based, profitable growthGroup basis, ₹ Crore.REVENUE FROM OPERATIONS₹ Crore 1,190 FY24 1,331 FY25 1,646 FY2617.6% CAGR · FY26 23.6% EBITDA₹ Crore 285 FY24 325 FY25 401 FY2618.6% CAGR · FY26 23% PROFIT AFTER TAX₹ Crore 128 FY24 161 FY25 191 FY2622.2% CAGR · FY26 19% ●Margin reached 24.4% while absorbing a loss-making acquisition - organic margin was 25.9%, up 140 bps.●Volume-led - patient volume grew 12% and test volume 13%, with no price increase. 6
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Sameer PatelChief Financial Officer Dr. Sushil ShahFounder & Non – Executive Non - Independent DirectorAmeera ShahPromoter & Executive ChairpersonSurendran ChemmenkotilManaging Director Avadhut JoshiChief Business Development OfficerDiya SuriChief People OfficerDr. Kirti KaziChief Scientific & Innovation Officer Mohan MenonChief Marketing OfficerBhoopendra RajawatChief Business OfficerWest and EastKannan AlangadanChief Business OfficerSouth Pinakin ShahChief Information Officer Glen MenezesGroup Head – Customer Success Umesh RaiHead - Emerging BusinessRavikumar KarthaGroup Head - Internal Assurance and Business ExcellenceDr. Monika PrabhakarGroup Head - Lab Operations LEADERSHIPPromoter led, professionally drivenA leadership team built for the next level of growth. 7
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ENABLER · PEOPLE AND TALENTTalent is the enabler acrossLeadership, a training pipeline and a deep clinical bench.LEADERSHIP AND SCALELeadership strengthened at CXO and CXO1Over 6,000 professionals, 44% of them womenRevenue per employee up 15% in FY26 DOCTORS AND SCIENTIFIC TALENTThe bench behind the specialty menu 30,000 prescribing specialistsMedical Advisory Board of 60+ experts A culture built on science, compassion and integrity. MiLES UGC-certified medical technology courses Genetic counsellors, molecular pathologists and bioinformaticians 8
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GOVERNANCE · BOARD AND SHAREHOLDINGBoard, governance framework and shareholding 10Directors on the Board5Independent directors, one a woman48.9%Promoter and promoter group holding46.2%Institutional holding, FII plus DII GOVERNANCE FRAMEWORK●Promoter led, professionally driven●Five Board committees per the Listing Regulations SHAREHOLDING AND CAPITAL RETURN●No private equity overhang: Warburg Pincus exited in 2015, Carlyle exited fully in July 2020●Bonus issue of 31, record date 20 March 2026, 15.55 crore shares allotted●FY26 dividend about 22% of profit after tax 9 Board composition, governance framework and the shareholding structure. 49%36% 10%5% PromoterDIIFPIRetail and other
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AV Metropolis, Our Scientific Capabilities and growth 10
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STRATEGYMetropolis – Way forwardOUR STRATEGIC IDENTITY A technology-led and scientifically differentiated company, consistently delivering profitable growth and sustained value creation for stakeholders.01Lead withTechnologyPioneer AI and automation across the lab, the network and the customer journey.Company-wide automationISO 27001 / 27701 · DPDP 02DifferentiateScientificallyScientific excellence and uncompromising quality, setting the industry benchmark. 2,200+ specialty tests99% EQAS · 03CompoundProfitable GrowthScale the core profitably and expand adjacencies with disciplined capital allocation.EBITDA expansion to 2728%Improve ROCE 04Deliver theBrand PromiseEmpower consumers, clinicians and employees through precise, compassionate care.99.99% report accuracy5,000+ touchpoints, 750 towns 05StrongGovernancePromoter led and professionally driven, underpinning the four pillars above. Fully Compliant 11
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STRATEGYGrowth enginesCapital goes to five growth engines, supported by two enablers. 01NetworkScaling to 1,000 stores, adding new adjacencies. 03SpecialtyAdvanced testing to 45% of revenue, from 40% in Q1FY27 02TruHealthWellness, radiology and consults together. 04TechnologyDigital platforms, automation and AI to lift productivity. Science and QualityMenu depth, accreditation and expert interpretationPeople and TalentScientific, clinical and commercial capability at scale All five engines are designed to improve revenue per patient or cost efficiency, enabled by common capabilities.12 05InorganicSelective, aligned assets via a proven playbook.
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01 GROWTH · NETWORK AND ACCELERATIONGrowth accelerates on the network we have already builtDeepening 750 towns and doing more from every site. 750 1,000Own centres over three years241 → 351Centre-to-lab ratio, from 201 in FY21100Mini-hubs - 50 upgrades, 50 new builds Beyond diagnosticsRetail and services, more per siteM&A at greater speedProven playbook, strong guardrailsCorporate and insuranceNascent channels, existing network Volume-led, network-led and adjacency-led - without a step-up in the fixed cost base. 13
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01 NETWORK & CHANNELSBoth channels growing, with different jobs to do 57%B2C share of revenue43%B2B share of revenue26%From Tier 3 and smaller towns B2C WHAT NEXT●1,000 own stores by FY29, beyond pathology into vitals, diet and consults●TruHealth toward 25% of revenue●D2C at lower acquisition cost and higher LTV●100 mini-hubs add radiology and consults B2B WHAT NEXT●Core oncology and genomics menu cross-sold nationally●Corporate and insurance on the same mini-hub assets●Specialty toward 45% of revenue●Margin-accretive accounts only; the cleanup is done Accelerating distribution on both sides of the network. 14
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02 GROWTH · TRUHEALTH & ADJACENCIESTruHealth is on its way to a quarter of revenuePreventive bundles lift ticket size and bring patients back on a schedule. 18% 25%TruHealth share of revenueover three years₹2,500TruHealth ticket size, atcompany-level marginsIn lineWellness margins against the company average40% Growth in radiology-integrated and premium packages From single tests to bundles of pathology, radiology and consultation: bigger tickets, same margin. 15 DiabetesMetabolic panels, monitoring and follow-upObesityBody composition, and the therapies around it NutritionDiet and lifestyle guidance alongside testingPreventiveVitals, radiology and consultation in one visit WHY THESE, AND WHY NOW●Covers more in one visit - radiology, vitals, consults and nutrition.●Growth is bundle-led - fuller check-up, not a single test.●Demand is already here - chronic cases drive most test volume.●Cost base does not move – use the same network.●Richer mix lifts margin - higher realisation, not dilutive.●Patients come back - testing becomes a recurring relationship. BEYOND DIAGNOSTICS
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03 GROWTH · SPECIALTYSpecialty from 40% to ~45% of revenueBy taking the Core oncology and genomics menu to the national network. 40% → 45%Specialty share of revenue over three years2,200Specialty tests in the menu347 36Tests added in FY26 and Q1 FY2717%Specialty revenue growth in Q1 FY27 NEWAGE TEST LAUNCHES●Alzheimer's blood-based test●AI Karyotyping●Hereditary cancer panel●NextGen 1000-gene panel●geneCore Prime – 3 Day Rapid TAT●MetExome 360 WHY THE MENU STRENGTHENS●Core adds Oncology super-specialty menu, and the clinicians●Specialty pulls routine volume in same visit●30,000 prescribing specialists Specialty can ramp up as the Core menu scales and Genomics expands across the national network 16Specialty Revenue 40% ~ in Q1FY27
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03 SCIENCE · GENOMICSGenomics is where our specialty base gives us the right to winIntegrated diagnostics - biomarkers and genomics, read together. 2xGenomics portfolio growth in the past year23 yrsAcceleration from the Core acquisition2CAP-accredited genomics labs - Gurgaon and MumbaiFastestGrowing segment within Specialty INTEGRATED DIAGNOSTICS●Biomarkers and genomics correlated●Orthogonal testing - two independent methods, one confident answer●Centre of Genomics: Mumbai reference lab plus Core's Delhi NCR lab WHY WE WIN HERE●Platforms are easy to acquire; interpretation takes years●Medical Geneticist, Genetic counsellors, molecular pathologists and bioinformaticians in house●Clinician Support Vertical ●Oncology and neurology are the fastest-growing areas globally Competitive strength in genomics is interpretation capability, not sequencing capacity. 17
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04 GROWTH · TECHNOLOGY · DIGITAL AND CUSTOMER EXPERIENCE Every journey getting simpler, for patients and for doctors.25%Digital share of revenue, from zero 40%Of B2C revenue from self-referrals30,000Specialists on the partner ecosystem THE METROPOLIS APP FOR PATIENTS●Booking on app, web and WhatsApp●Reminders and Next Best Action●Home collection tracked end to end●AI report summaries●AI led diet guidance●Talk to Expert, doctor on call FOR DOCTORS, HOSPITALS AND SUPPLY CHAIN●Partner Portal for orders and reports●Paperless test requisition●QR enabled collections for traceability●Vendor and inventory management●Clinical Intelligence, data and trends●Talk to our pathologist on call Each new patient costs less to win, and less to serve. One engine - digital on the front end, automation in the labs 18
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04 GROWTH · TECHNOLOGY · AUTOMATION AND AIOperational excellence through digital transformationReducing manual effort, improving workflow, strengthening operational control. AI led Workflow AutomationAI ticket resolution, reporting and routine workflows, automated Faster Sample JourneyDigital workflows streamlining collections and cutting turnaround Process OptimisationAutomation simplifying routine work and improving consistency Reliable Digital PlatformsEnhanced Laboratory Information Systems and operational resilienceTECHNOLOGY HIGHLIGHTSPartner PortalB2B End-to-End managementCustomer Service AutomationNew Sales App with beat planningLab Automation and Inventory managementCorporate & Insurance automationWHAT IT DELIVERSLower cost per testFaster turnaroundProcess efficiencyVendor consolidation savingsTighter inventory control AI is an enabler of productivity and turnaround time, not a near-term disruptor. 19
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05 GROWTH · INORGANIC · M&AM&A adds capability, geography and scale - to a repeatable playbookCore is the benchmark, not the exception5Acquisitions integrated - Hitech, Core, DAPIC, Scientific Pathology, Ambika 2xRevenue multiple paid for Core 4 quartersFrom 2% EBITDA to high single digit 18%North India share of revenue, from mid single digit M&A GUARDRAILS●Strong regional consumer brand●Ethical practices and good science●Positive unit economics at a disciplined entry valuation WHAT M&A ADDS●New geographies where we are under-represented●Adjacencies to diagnostics services●Capabilities we do not yet have organically●Funded from internal accruals and cash, against a return hurdle Inorganic additions are a strong part of the three-year growth plan. 20
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INTERNATIONALInternational: leading positions across five marketsProfitable and self-funding 5Countries, principally in AfricaNo. 1Market position in two marketsTop 3Position in every marketNilIncremental capitalcontemplated over FY2729 Revenue and EBITDA both grew, helped by specialised testing routed to the India labsThe model mirrors India, but the market took years to learnDoes not compete for capital with the India plan Africa scales into a specialty-led reference network, with higher-value work routed back to India 21 Go deeper: expand the network in existing markets
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FY27 OUTLOOKGuidance of 14–15% assumes no price increase. Q1 delivered 17%Q1 is ahead of the trajectory. 1415%Full-year revenuegrowth guidance100150 bpsEBITDA marginimprovement guided₹450 CrQ1 FY27 revenue17% YoY25.2%Q1 FY27 EBITDA margin210 bps YoY THE LEVERS BEHIND ITB2C led the quarter at 18% - rural centres grew 36%. 22 Leverage the existing network for higher volumes and stronger operating leverage. Specialty grew 17% - the genomics portfolio doubled after Core.Tier III revenue rose about 25% - against 14% in Tier II and 11% in Tier I.295 service points added and 36 new tests launched.
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THE THREEYEAR PLANRevenue to grow faster than the preceding three yearsFive drivers behind the step up in growth. 23 Growth comes mostly from assets already in place, with selective bolt on deals on top. 01Better network utilisationMore from labs and stores already built. 02Faster Tier 3 growthDeeper reach into smaller towns. 03Higher specialty growthAdvanced tests ahead of routine work. 04Bolt on acquisitionsSelective adds on a proven playbook. 05Stable volumes in leadership citiesSteady base volumes in core markets.
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EFFICIENCY AND PRODUCTIVITYFive levers take margin from 24.4% toward 27–28% Gains come from mix, density and productivity. 01Specialty & digital mixPremiumisation through Specialty, genomics and digital mix. 02Lab & centre densityCentre-to-lab ratio from 241 to 351. 03Platform standardization Common menu, equipment, reagents and TAT; vendor consolidation across all labs. 04Cost efficiency & automationAI-led re-engineering and automation. 05Core margin convergence20%+ by year three. 24
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FINANCIAL AGENDAImproving balance sheet efficiencyWORKING CAPITAL●Receivables automated end to end●Supply chain digitised with vendors●Higher share of digital and cash collection●Target single digit working capital days ASSET EFFICIENCY AND CASH ALLOCATION●Capex held light @ 4% of the revenue ●Rising asset turns on the same estate ●ROCE improvement as the driver●Regular dividend payout Lower working capital and higher asset turns lift returns. 25
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THREE TAKEAWAYSVolume drives growth, Utilisation drives margin 01Growth is volume-ledOutlook CAGR of 1415% Q1 FY27 grew 17% on 10% patient and 11% test volume. 02Margin comes from utilisationMargin improvement through operating leverage, automation led cost efficiency, Core margin convergence. Price leverage in hand 03Capital now compoundsImprove ROCE through higher utilisation and low CAPEX Volume, utilisation and compounding capital together expand shareholder value. 26
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Thank YouFOR FURTHER INFORMATIONMetropolis Healthcare Ltd. CIN L73100MH2000PLC192798Mr. Kamlesh Kulkarni - Head, Legal & Secretarialsecretarial@metropolisindia.com | www.metropolisindia.com Strategic Growth Advisors Pvt. Ltd. CIN U74140MH2010PTC204285Mr. Sagar Shroff / Mr. Shogun Jain 91 98205 19303 / 91 77383 77756sagar.shroff@sgapl.net / shogun.jain@sgapl.net | www.sgapl.net 27