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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Uzbekistan Kazakhstan India Kingdom of Saudi Arabia Nepal Philippines 38,000+ Patients 550+ Clinics 350+ Cities Nephrocare Health Services Limited Q2 & H1FY27 Investor Presentation November 2026 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Nephrocare Health Services Limited (the “Company” or “NephroPlus”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward- looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. 1
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Notes: HHD: Home Haemodialysis, DOC: Dialysis on Call, DoW: Dialysis on Wheels. 1. As of March 31, 2025. 2. Silver Lining: Overcoming Adversity to Build NephroPlus – Asia’s Largest Dialysis Provider. We understand Dialysis the way no other Company does as our Cofounder Kamal Shah is on dialysis for 28+ years! ◼ Author of “Silver Lining”2 ◼ Recipient of the Tamil Nadu Kidney Research Foundation Award in 2016 ◼ Active Tedx speaker Clear Mission Redefine Dialysis Care and Enable People on Dialysis to Lead Normal Lives PatientCentricity Endeavourto M akePatients FeelLike“Guests” UniquePersonalExperience DrivesConsum erInsightsinto the Pain Points ofDialysis Patients Kamal D. Shah – Co-founder ▪ Well-structured protocol- driven ecosystem ▪ Clinics designed to create a welcoming environment ▪ Activities and celebrations to foster sense of community and emotional well-being Patient- Centric Experience ▪ Olympic style event for dialysis guests where they participate in sports ▪ Conducted 6 Dialysis Olympiads across India and Philippines1 Dialysis Olympiad ▪ Annual guest forum ▪ Guests engage with nephrologists, urologists, dieticians, and transplant specialists Aashayein ▪ Holiday dialysis program ▪ Off-Clinic services such as DoC, HHD and DoW ▪ Introduced first of its kind buttonhole needles for painless dialysis Patient’s Convenience 2
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Dialysis Chain of the Year Best Medical Service Outsourcer - Business Model Innovation Award For the Sake of Honour Award Dialysis Provider of the Year SMB Leader of the Year Awarded by TANKER Foundation January 2016 Awarded by Lenovo i4SMB February 2023 Awarded by ET Health world Healthcare Awards June 2025 Innovation Award - Innovation in Health Category Awarded at 14th Aegis Graham Bell Awards Feb 2024 Maximum People Screened for Serum Creatinine Test Recognized by India Book of Records March 2025 Most People Signed Up for a Kidney Screening Online in One Week Awarded by Guinness World Records March 2025 Excellence in Healthcare of the Republic of Uzbekistan Ministry of Health, Uzbekistan March 2023 Received several awards and accolades over the years 3
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Agenda 1 2 3 NephroPlus - Snapshot Dialysis Industry Overview Operational and Financial Performance – Q2 & H1FY27 Key Differentiators4 4
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1 Operational and Financial Performance – Q2 & H1FY27 5
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 H1 FY27 (YoY) Performance Overview H1FY27 H1FY26 YoY Revenue ₹ 585.2 Cr. ₹ 473.5 Cr. 23.6% Adjusted EBITDA3 ₹ 134.4 Cr. ₹ 116.5 Cr. 15.3% Adjusted PAT4 ₹ 76.1 Cr. ₹ 56.5 Cr. Guests1 38,814 35,425 9.6% Treatments 21,01,189 18,65,545 12.6% 34.7% RPT2 ₹ 2,785 ₹ 2,538 9.7% 1. Guests at the end of the period 2. RPT: Revenue per treatment 3. EBITDA adjusted for ESOP expenses 4. PAT adjusted for Sau di/JV, ESOP and CCPS expenses Metrics 6
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 *All figures in INR Cr. Q2FY27 Consolidated Profit & Loss Account 7 Particulars Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Guests 38,814 35,425 9.6% 38,814 35,425 9.6% Treatments 10,70,105 9,55,685 12.0% 21,01,189 18,65,545 12.6% RPT 2,835 2,571 10.3% 2,785 2,538 9.7% Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue from Operations 303.4 245.7 23.5% 585.2 473.5 23.6% Cost of Materials Consumed 66.2 54.2 128.7 108.6 Employee Cost 51.1 40.2 97.6 77.7 Healthcare professional & Hospital fees 55.3 47.9 107.5 90.9 Other Expenses 61.8 36.7 116.9 79.7 Adjusted EBITDA 68.9 66.7 3.3% 134.4 116.5 15.3% Adjusted EBITDA Margin 22.7% 27.1% (443) bps 23.0% 24.6% (165) bps Less: ESOP 1.8 2.8 3.1 5.0 Less: Expenses related to Saudi Operations - - - - Reported EBITDA 67.1 63.9 131.3 111.5 Reported EBITDA Margin 22.1% 26.0% 22.4% 23.5% Depreciation 27.7 23.4 52.2 43.0 Other Income 8.0 3.9 15.1 10.5 Finance Cost 3.1 45.0 5.3 51.1 Share of Profit / (Loss) of Associate (3.9) - (7.5) - Profit before Tax 40.4 (0.6) 81.4 27.9 Tax 6.9 8.9 15.9 13.7 Profit After Tax 33.5 (9.5) 65.5 14.2 Add: Saudi Ops expenses / Share of loss from JV (net of tax) 3.9 - 7.5 - Add: Impact on Finance cost on account of CCPS conversion - 37.2 - 37.2 Add: ESOP 1.8 2.8 3.1 5.0 Adjusted Profit After Tax 39.3 30.5 28.7% 76.1 56.5 34.7% Adjusted Profit After Tax Margin 12.9% 12.4% +52 bps 13.0% 11.9% +107 bps
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 *EBITDA adjusted for ESOP expenses Key Performance Highlights ▪ H1FY27 revenue of ₹ 585.2 crore, an increase of 23.6% YoY; driven by - • Treatments up 12.6% YoY to 21.01 lakh (H1FY26: 18.66 lakh) and guests up 9.6% YoY to 38,814, alongside a 9.7% YoY increase in revenue per treatment to ₹2,785 (H1FY26: ₹2,538) ▪ H1FY27 Adjusted EBITDA* of ₹ 134.4 crore, an increase of 15.3% YoY • Healthy Adjusted EBITDA margin of 23.0%, while investing in clinical talent and network expansion; Q2FY27 Adjusted EBITDA up 5.8% QoQ to ₹68.9 crore • Adjusted PAT grew 34.7% YoY to ₹76.1 crore (H1FY26: ₹56.5 crore); margin up 107 bps to 13.0% 8
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Key Operational Metrics Increasing Guests Translating into Increasing Treatment Count Rising Revenue Per Treatment (RPT) 22,890 28,947 33,076 36,981 38,814 FY23 FY24 FY25 FY26 H1FY27 2.29 2.67 3.30 3.84 2.10 FY23 FY24 FY25 FY26 H1FY27 1,912 2,084 2,292 2,598 2,785 FY23 FY24 FY25 FY26 H1FY27 ~17.3% CAGR ~18.9% CAGR ~10.8% CAGR Volume Price Consistent Growth in Volumes Consistent YoY growth in RPT - indicating continued pricing/mix momentum # of Guests # of Treatments (Mn) Revenue per Treatment (₹) 9
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Robust Financial Performance Revenue from Operations Revenue Split Adjusted EBITDA* & Adjusted PAT# (₹ Crores) 49 100 173 238 134 -12 35 74 128 76 FY23 FY24 FY25 FY26 H1FY27 EBITDA PAT *EBITDA adjusted for ESOP expenses #PAT Adjusted post adding back notional impact on account of CCPS conversion, ESOP expenses & expenses related to Saudi Operations (₹ Crores) 10 Year FY23 FY24 FY25 FY26 H1FY27 Adj. EBITDA Margin 11.1% 17.8% 22.9% 23.8% 23.0% Adj. PAT Margin (2.7%) 6.2% 9.7% 12.8% 13.0% 437 566 756 999 585 FY23 FY24 FY25 FY26 H1FY27 32% CAGR 53% 47% India International Q2FY27 International (47%) breakup Philippines 34.5% Uzbekistan 11% Others 1.5%
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Management Commentary 11 “H1FY27 took NephroPlus into a sixth country, with our network now at 570 clinics across 6 countries. Revenue grew 23.6% year-on-year to ₹585.2 crore and Adjusted EBITDA rose 15.3% to ₹134.4 crore. We delivered over 21 lakh treatments, up 12.6% YoY, with guest volumes up 9.6%. Growth came from a combination of new market entries, acquisitions and steady volumes across our established networks. Kazakhstan is our newest market, entered through the acquisition of 2 clinics with 34 machines in Almaty, giving us a base from which to assess the wider Central Asian opportunity. In the Philippines, 10 acquisitions during the half took our network there to 55 clinics. In Saudi Arabia, our Riyadh clinic is now operational and home dialysis has commenced in both Riyadh and Jeddah. Clinically, we are piloting Peritoneal Dialysis in Punjab, with nearly 50 guests onboarded. We have also begun centre-level analysis of the barriers keeping guests on twice-weekly sessions and of earlier vascular access, both of which bear directly on guest survival. On technology, automated off-hours calling now gathers guest feedback and speeds up query resolution, while in-house agents are compressing our development and quality assurance cycles so improvements reach guests sooner. Expansion is only as good as the care it carries.” “Our India platform keeps delivering, and it continues to carry us across borders into new countries. International business is now 47% of our revenue. In H1 FY27, revenue grew 23.6% year-on-year, beating our 15–20% guidance, as we have every single quarter. Adjusted EBITDA grew 15.3%, and Adjusted PAT grew 34.7%. We are investing with discipline. In H1 FY27, we spent ₹102 crore on capex, adding 40 clinics in India and 11 in the Philippines, and we opened in two new countries, Saudi Arabia and Kazakhstan. That gives us more ways to grow. We converted 69% of our EBITDA into cash, and with more than ₹500 crore in liquidity, we have the resources to fund our plans and the confidence to meet our guidance. As we enter new markets, margins and returns will move during the ramp-up. That's the nature of building something new. But they will stay healthy, because our goal is clear: a scalable global dialysis platform built for the long term.” Vikram Vuppala Chairman and MD Rohit Singh Group CEO Prashant Goenka Group CFO “Dialysis market across the World continues to grow due to the increasing burden of Diabetes and Hypertension as well as improving access due to various interventions. NephroPlus continues to grow healthily in India and international markets and expect margins to remain in healthy range. We are excited to open NephroPlus in Kazakhstan, which will be our 6th market. The two clinics we acquired are a good starting point for us to better understand the local market nuances before we start scaling this network in Kazakhstan. We have technically qualified in the Saudi Arabia’s Ministry of Health tender. We are one of the 12 Providers who qualified to bid for 4 regions in this tender and hence expect the process to be very competitive. We continue to invest in Strategic initiatives to strengthen our Platform over the long term. One major initiative is that we recently launched a new NIDA initiative – NephroPlus International Dialysis Academy. We intend to train lot of nurses from Philippines and India to enable us to expand in International markets.”
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2 NephroPlus - Snapshot 12
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 1. In terms of number of guests served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in FY27 YTD. 2. On the number of guest in Q2FY27. 3. In terms of operating revenue in FY24. 4. Source: Internal audited numbers. 5. Corresponds to Q2FY27. 6. Corresponds to Q2FY27 and excludes revenue from other operating revenues and revenue generated from Nepal. 7. EBITDA adjusted for ESOP expenses. 8. Calculated as the EBIT divided by average adjusted capital employed and excludes Sau di expenses and ESOP expenses 9. As a percentage of revenue from operations. 10. Calculated basis international and India metrics. 11. Corresponds to H1FY27 We are India’s and Asia’s Largest Dialysis Network Leadership Global Presence Track Record of Growth and Profitability (H1FY27) 33,325 # of Guests Served in India5 314 Cities Extensive Pan- India Network of Clinics4 ~80% # of Clinics in Tier II / Tier III Cities and Towns4 #4 Largest Global Dialysis Network2 4.4x The Size of the Next Largest Organized Indian Dialysis Network3 >50% Market Share in Indian Organized Market2 165 Beds Largest Dialysis Clinic Globally (Tashkent, Uzbekistan)4 Largest Indian1 and Asian2 Dialysis Network Philippines Uzbekistan Kazakhstan KSA Nepal Q2FY27 Revenue from Operations Outside India9 ~47% ₹ 585.2 Cr. Revenue from Operations11 31.7% Revenue CAGR (FY23-26) 23.0% Adj. EBITDA Margin 7 21.18% Adjusted ROCE (Pre-tax)8 ~1.75mn # of Treatments Performed in India11 5,400+ # of Guests4,10 ~0.35mn # of Treatments2,10 500 Clinics in India4 ~77% Revenue Salience of Tier II / III Cities and Towns11 70 Clinics across Philippines, Uzbekistan, Kazakhstan, Saudi and Nepal4 Driving Accessibility, Quality and Value in India Fastest Scaled Dialysis Network Globally Partnered with Leading Indian Hospitals Fortis Escorts Hospitals, Medanta, Care Hospitals, Max Hospital 570 Global Clinics ₹ 134.4 Cr. Adj. EBITDA7 13
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Notes: PPP: Public–Private Partnership - Dialysis clinic set up in government hospital., PH: Philippines. 1. Royal Care Dialysis Center. 2. Third largest dialysis service provider in the Philippines in terms of annual treatments in FY 2025 Established Leadership in India Only Indian Dialysis Network To Have Scaled Internationally Launched 1st Clinic under the PPP Model Launched 1st Standalone Clinic in Hyderabad, India Opened 1st Clinic in Nepal Acquired 100% stake in DaVita’s India operations (18 clinics) 2012 2018 2020 20222010 2015 2023 2024 2025 Launched 50th Clinic Crossed 10k+ Treatments / Month Acquired 6 RCDC1 clinics with 35K annual treatments Launched Uzbekistan operation by winning a US$75mn global PPP tender Acquired 6 clinics with 49K annual treatments 3rd largest dialysis network in PH2 Acquired 7 clinics with 30K annual treatments Entered the Middle East market through a JV with Al Faisaliah Group We are the only Indian Dialysis Network to have scaled Internationally Phase 1 Phase 2 14
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Dialysis Unit, Almaty Haemodialysis Centre, Almaty 34 Machines across 2 Clinics In-Clinic Dialysis, Almaty In Kazakhstan, we entered with 2 clinics in Almaty, operating 34 beds and 1,200+ monthly sessions Entered Kazakhstan by acquiring 2 standalone clinics in Almaty All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. 15
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 6 In India, we serve 33,000+ Guests in 500 clinics across 314 cities in 25 States 50%+ Market Share in Indian Organized Market and 80% Clinics in Tier 2/3 Cities 16 6 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 In the Philippines,11 clinics were added this year taking the total to 55 clinics Executed 10 acquisitions during H1FY27 17 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 In Uzbekistan, we now serve 1,450+ guests across 6 clinics in 3 provinces Expanded footprint in Kungrad and Beruniy to address increasing guest volumes 18All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Delivering Care to 1,450+ Patients in Uzbekistan
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Saudi Arabia: Riyadh Clinic Operational and Dialysis Sessions Commenced; MoH Tender RFI Submitted; Home Dialysis commenced in Riyadh and Jeddah A 51:49 JV established with publicly listed Arabian International Healthcare Holding Company (Tibbiyah) 19 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. Riyadh Jeddah Dialysis sessions underway at the Riyadh clinic Riyadh clinic, Saudi Arabia NephroPlus and Tibbiyah team in Riyadh Delivering dialysis care in Riyadh
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 We are an End-to-End Dialysis Platform with Capabilities Across All Formats Home Haemodialysis (HHD) Dialysis on Call (DoC) Dialysis on Wheels (DoW) Brownfield Clinics Greenfield Clinics Adaptable Model – Bringing care closer to guests, wherever they are, and however they need it Large In-Hospital Captive Clinics Large Government- Backed PPPs Largest Dialysis Clinic Globally ✓ Lower upfront capital investment ✓ quicker market entry and faster operational ramp-up and revenue realization ✓ Immediate access to an existing Guest base, infrastructure, and local staff 10 Beds Average Capacity 165-bedded Clinic in Tashkent, Uzbekistan 5 Beds Average Capacity 250 Treatments First-Year Run Rate 20
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3 Dialysis Industry Overview – Sizeable, Under penetrated and Fast growing 21
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Source: F&S Report. Notes: CKD: Chronic Kidney Disease, Bn: Billion, ESRD : End-Stage Renal Disease. 1. Corresponds to the current period. 2. Corresponds to CKD deaths worldwide. 3. By 2030. 4. In 2022. Sizeable, Under-Penetrated and Fast-Growing Diabetes 14% Adults with Diabetes1 1.4bn Diabetic Population Globally3 Hypertension 1 in 6 People with Hypertension 1.4bn Hypertension Population Globally4 1 in 10 People Suffer from CKD >750mn CKD Prevalence in the World 5th Leading Cause of Death2 by 2040 CKD Crisis Due to Diabetes and Hypertension Recurring and Life-Sustaining Nature 25mn People Lack Access to Dialysis Services Globally Recurring 3 times / week Standard Requirement for Dialysis Life-Sustaining Cannot Survive >2 Weeks People with ESRD cannot survive without dialysis / transplant 95% Time Guest sticks to the same dialysis clinic Stickiness 15+ Hours Time Spent Per Week – Effectively Clinic becomes Second Home Second Home Geographical Disparities in Access Low Awareness Non-adherence to Recommended Treatment of 3 Sessions / Week Financial Barriers 22
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Source: F&S Report. Notes: CAGR : Compound Annual Growth Rate, IN: India, PH: Philippines, UZ : Uzbekistan. 1. 17% refers to Uzbekistan CAGR (24-29E) and 23% refers to Philippines CAGR (24-29E). 2. Calculated as a multiple of India pricing / treatment of US$22. 3. Calculate d as no. of Guests undergoing dialysis (in thousands) in 2024 divided by no. of Guests requiring dialysis (in thousands) in 2024 for resp ective geographies. With Asia Seeing Major Burden of Chronic Kidney Disease (“CKD”) FY24 Dialysis Service Market Size (US$mn) Philippines Uzbekistan Kingdom of Saudi Arabia (KSA) India 492 79 1,435 818 Replicated India Model to Other Sizable High Growth Markets Offering Significant Higher Price Point A $1.9bn Combined Market Size (IN, PH, UZ) A B 17-23%1 (vs ~7%) Market CAGR (24-29E) Range (~7% for Global Market) B 3.3x – 13.6x Premium vs India Price Points2 C C 7-35% Extent of Under penetration3 D D Market Size CAGR (24-29E) Pricing / Treatment Penetration3 ~16% 23% 17% ~27% US$111 (5.0x India Price2) US$72.5 (3.3x India Price2) 18% ~35% US$300 (13.6x India Price2) 19% US$22 ~7% 1,361 171 3,2141,979 FY29 Dialysis Service Market Size (US$mn) 23
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Attractiveness of Dialysis Model (vs Other Single-Specialty Models1) Source: F&S Report. Notes: 1. Includes oncology, orthopedics, eye care, IVF, mother and child health and diagnostics. 2. Lower than oncology, ort hopedics, eye care, IVF, mother and child health and diagnostics. Recurring + Stability Growth Potential Asset Light Expansion Potential Clinical Replicability Chronic Ongoing Guest Care vs. Episodic for Other Single Specialities1 Significant Under Penetration Increasing Govt Reimbursements Capex-Light Nature High Hospital Integration / Government Partnership Potential Low Clinical Expertise Requirement Standardized Treatment Protocols ✓ Allows replication across multiple locations with consistent service quality ✓ Scalability is more challenging in specialties requiring highly specialized staff such as specialist doctors / complex infrastructure, such as orthopedics or oncology ✓ Predictable Recurring Revenue ✓ High Patient Lifetime Value ✓ Projected India growth rate (24-29E) of 20-22% (vs 9-11% for Mother & Child Health) ✓ Government and private sector initiatives aimed at improving access, affordability and quality of care ✓ Lowest Cost per Clinic2 – ₹10-15mn vs ₹1,000-1,500mn (i.e. 100x for Oncology) ✓ Lowest Payback Period2 (1.5-2 years vs 7-10 years for Oncology) A B C D 24
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Source: F&S Report. Chronic Ongoing Guest Care With Strong Growth Profile Strong Growth ProfileRecurring + Stability: Chronic Ongoing Guest Care 9-11% 11-13% 12-14% 12-14% 14-16% 14-16% 20-22% Mother & child Oncology IVF Diagnostics Orthopedics Eye Care Dialysis Industry CAGR (FY24-29) Chronic Ongoing Care Acute Episodic Care Non-Acute Episodic Care Dialysis Diagnostics IVF Mother and Child Health Oncology Eye Care Orthopaedics A B 25
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4 Key Differentiators 26
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Drive Clinical Excellence and Quality Through Protocols and Advanced Technology 3 Organic Growth Augmented by Proven Track Record of Acquisitions and Integration in India and Internationally 4 India Cost Leadership Playbook - Built to Leverage Globally 5 Guest – Centric Leadership and Seasoned Management Team Backed by Marquee PEs 6 India’s and Asia’s Largest Dialysis Chain With Leadership Across Markets 1 Scale Coupled with Asset-light Model Driving Cost Efficiencies and Operational Excellence 2 What Differentiates Marquee Foreign and Domestic Institutions as Major Shareholders post IPO 7 27
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Accessibility Quality Value Scalable, Asset- Light And Capital Efficient ModelMultiple Formats Growing Inorganically Advisory Team of Experts Protocol- Driven Approach Modern Technology Research & Innovation Enpidia - Training Academy Single-specialty Focus Global Procurement Scale Acquired DaVita India and 18 subsidiaries in PH1 Price Range of $22 to $300 Across Geographies 314 Indian Cities1 ~80% # of Clinics in Tier II / Tier III Cities and Towns1 570 Clinics Globally1 ~77% Revenue Salience of Tier II / III Cities and Towns2 2 Clinics accredited by JCI Certified with ISO Standards 9001:2015 Efficiency Improvement Philosophy Preferred Partner to Public Hospitals NephroPlus Foundation Leadership Anchored To Our Ethos 1 Notes: ENPIDIA : Dialysis Training Institute for tuture Technicians JCI: Joint Commission International; NABH: National Accreditation Board for Hospitals and Healthcare Providers. P H : Philippines. 1. As of Sep 30, 2026. 2. Corresponds to H1FY27 and excludes revenue from other operating revenues and revenue generated from Nepal. 169 Clinics accredited by NABH 28
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Rising Burden of Diabetes & Hypertension Multiple Tailwinds in India to Support Future Growth 1 Significant Under penetration leading to market growth Shift from Unorganized to Organized 7% 15% India Global 16% 19% 2019 2029 Share of Dialysis Guest Volumes for Organized Share of Organized Networks Across Regions US 80%+ EU 70%+ APA <25% ME <25% Source: F&S Report. Notes: EU: Europe, APA: Asia-Pacific, ME: Middle East. CKD: Chronic Kidney Disease. Bn: Billion. 1. Corresponds to the current period. 2. Corresponds to CKD deaths worldwide. 3. By 2030. 4. In 2022. Asia-Pacific Middle East Diabetes 14% Adults with Diabetes1 1.4bn Diabetic Population Globally3 Hypertension 1 in 6 People with Hypertension 1.4bn Hypertension Population Globally4 29
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Only Indian Dialysis Network that has Scaled Internationally 1 No of Clinics* Launch Year 2020 55 Philippines 2022 6 Uzbekistan 2023 1 KSA 2018 6 Nepal Ability to Leverage Operating Expertise and India-based Support Systems to Replicate Model in Geographies with High Growth Potential Replicating India Model in High Growth International Geographies FY23 FY24 FY25 FY26 12% 24% 32% 42% Share of International Revenues ✓ Focus on geographies offering meaningful Guest volumes ✓ Ensures operational efficiency and faster breakeven Demand Depth & Scale ✓ Entry limited to markets with established reimbursement mechanisms ✓ Presence of government-backed dialysis schemes critical for sustainability Policy & Reimbursement Viability ✓ Preference for regions with stable political environment ✓ Predictable healthcare regulations and long-term policy continuity Political & Regulatory Stability ✓ Clear and predictable repatriation frameworks, ensuring efficient movement of cash flows back to India Repatriation Geographical Expansion Framework 30*As on 30th Sep 2026
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Notes: Captive : Located within private or Trust hospitals. 1. As of Sep 30, 2026. 2. Not an exhaustive list. The Most Widely Distributed Network Powered by an Asset-Light Model 2 ~51% Clinics Under Revenue-sharing Model1 – Limited Upfront Investment Type of Clinic Captive PPP Standalone Model Inside Private Hospitals Inside Government Hospitals Outside Hospitals # of Clinics1 291 199 80 Tenor 7 to 15 Years 5 – 10 Years (subject to renewal) - Revenue Share Yes No - Rental Payment - No Yes Additions (H1FY27) 15 25 14 Comments Partner provides space, utilities, and access to captive Guest flow Dedicated in-house team to oversee end-to-end PPP lifecycle Expand access in high-demand areas by decoupling from hospitals Examples Max Super Specialty Hospital, Fortis Escorts Hospitals, Care Hospitals Andhra Pradesh, Bihar, Uttarakhand and Karnataka Maharashtra, Jammu & Kashmir, Telangana2 Benefit For Hospital Partner NephroPlus’ operational scale, standardized protocols, and sourcing efficiencies enables significant cost advantages and operating margin improvements 31
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Notes: BONENT: Board of Nephrology Examiners Nursing Technology, U.S. based certification agency, JCI: Joint Commission International, NABH: National Accreditation Board for Hospitals and Healthcare Providers. 1. As of Sep 30, 2026. Driving Clinical Excellence and Quality Through Protocols and Advanced Technology 3 ▪ Training academy – India’s only institute accredited by BONENT ▪ 24-month diploma program ▪ 357 Enpidia-trained technicians1 Enpidia ▪ Ensure adherence to key protocols and service excellence Internal Quality and Operational Audits ▪ Reviews protocols to be in line with global best practices ▪ Experts such as Professor Vivekanand Jha, Dr. Suresh Sankar, Dr. Umesh Khanna and Dr. Avinash Ignatius Advisory Team of Experts ▪ Standardised, evidence-based protocol ▪ Comprises comprehensive clinical checklist, encompassing Guest admission, treatment preparation, etc RenAssure ▪ Renova: Cloud-enabled and globally patented dialyzer reprocessing system allowing reuse of dialyzer for same Guest without impacting quality ▪ Developed host of custom web-based and mobile applications to manage clinic operations Technology ▪ Undertake clinical research projects independently presented in several international nephrology conferences ▪ Involved in 5 clinical trials1 Ethics Committee Consistent Guest Outcomes Identification of Best Practices: Enabled by Structured Outcome-based Monitoring framework Awards Driving Clinical Excellence and Quality Accreditations1 169 Clinics 2 Clinics 9001:2015 Certified NABH JCI ISO Standards “Innovation in Health” Award – Aegis Graham Bell Awards Guinness World Records for the most people to sign-up for a kidney screening online in one week 32
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Organic Growth Augmented by Proven Track Record of Acquisitions and Integration 4 Acquired DaVita’s India Operations Acquired 18 Clinics Strategically Expanded into Philippines Acquired 18 Subsidiaries Entered Kingdom of Saudi Arabia – Joint Venture with Al Faisaliah Group Company Bolstered Position as Leading Dialysis Service Provider in India 2018 2020 Onwards 2024 Dedicated Business Development Team of 25 People to Source Acquisitions / Strategic Partnerships Comprehensive Evaluation Based on infrastructure quality, clinical outcomes, regulatory compliance, etc Review by Internal Investment Committee Integration Deploying ‘Transition Technicians’ - RenAssure protocols and centralized procurement systems Process-Driven and Structured M&A Faster Operational Breakeven in 3-4 Months vs 12 Months for Greenfield Clinics # of Clinics Acquired 4 12 10 11 FY23 FY24 FY25 FY26 33
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 India Cost Leadership Playbook - Built to Replicate Globally 5 Tested India model—built on cost discipline, scale efficiencies, and operational rigor — is now being replicated across global markets to deliver superior margins and sustainable returns ✓ Scale-led global procurement with direct manufacturer relationships ✓ Protocol-driven consumables tailored to Guest profiles to drive efficiency ✓ Private-label & Contract manufacturing with raw materials sourced in-house Lowest Consumables cost Per treatmentConsumables Optimization ✓ HR cost at ~20% of revenue—among the lowest globally ✓ In-house training institute ensures continuous talent pipeline ✓ Up-or-out progression model: rapid merit-based growth; underperformance replaced with trained freshers Controls wage inflation while maintaining clinical quality Human Resource Model ✓ In-house biomedical engineering teams ✓ Centralized spare inventories reduce downtime and emergency costs Significantly lower lifecycle cost per machine Biomedical Maintenance ✓ Low price point enforces tight overhead control across HR, tech, consumables, and admin ✓ Eliminates inefficiencies and embeds operational rigor by design Lower costOverhead Discipline 34
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Guest-Centric Leadership and Seasoned Management Team Backed by Marquee Investors 6 Share of organized dialysis networks across regionsGuest-Centric Leadership and Seasoned Management Team Share of organized dialysis networks across regionsBoard of Directors # of Years of Experience Sunil Kumar Thakur Non-Executive Nominee Director Gaurav Sharma Non-Executive Nominee Director Dr. Ajay Bakshi Independent Director Hemant Sultania Independent Director Annette Berit Ingrid Kumlien Independent Director Vishal Vijay Gupta Non-Executive Nominee Director Om Prakash Manchanda Independent Director Vikram Vuppala Chairman and MD Vikram Vuppala Chairman and MD Kamal D. Shah Co-founder 21+ McKinsey & Company and Abott Laboratories Prashant Vinodkumar Goenka Group CFO Rohit Singh Group CEO 20+ 16+ HSBC, Bank of America and JP Morgan ChaseApollo Speciality Hospitals Sukaran Singh Saluja CEO – India and Nepal Pavanesh Tiwari Group – BD and Government Affairs 12+16+ Medall Healthcare Medall Healthcare McKinsey & Company and Abott Laboratories Dr. Lal Path Labs Quadria Capital Investcorp Bessemer Venture Partners Diaverum and Munters Max Healthcare and Manipal Health Enterprises Aakash Educational and Dr. Lal Path Labs 35
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Shareholding Pattern as on 30th September 2026 58.3% 8.1% 11.7% 21.8% Promoter & Promoter Group DIIs FIIs Public Marquee Investors ✓ SBI Mutual Fund ✓ Polar Capital Funds ✓ 360 One AIF ✓ The Prudential Assurance Company (M&G) ✓ SBI Mutual Fund ✓ ICICI Mutual Fund ✓ Fidelity Funds ✓ DSP Mutual Fund ✓ Prudential Assurance Company ✓ Eastspring Investments ✓ Polar Capital ✓ Manulife Global Fund ✓ Bandhan Mutual Fund ✓ Baroda BNP Paribas Mutual Fund ✓ HDFC Life Insurance ✓ Motilal Oswal AIF Anchor Investors Funds Holding >1% 12.5% Other Public 6.3%Investcorp 3.1% IFC Public Shareholding Breakup Marquee Foreign and Domestic Institutions as Shareholders 7 36
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Notes: CIS: Commonwealth of Independent States. NephroPlus Growth Strategy – Key Pillars ✓ Expansion into micro- markets and clusters through an asset-light and capital- efficient model ✓ Focus on PPP opportunities and add greater value to public hospitals ✓ Develop clinic level partnerships through service agreements with hospitals ✓ Become a preferred partner for increasing accessibility of dialysis services across India Continue to Consolidate India Leadership Position Scale Operations in PH, UZ and KSA Further Expand into New Markets Leveraging Scale to Drive Profitability Innovation-led Digital Healthcare 1 2 3 4 5 Philippines ✓ Strategic acquisitions to improve offerings with efficient post-acquisition integration ✓ Dedicated business development team to identify acquisition targets Other International Markets ✓ Strengthen network and improve offerings to grow Guest base ✓ Leverage operational synergies and expand network of dialysis clinics across key geographies ✓ Phased expansion considering PPP potential, ease of doing business and availability of local partners ✓ Focus on new markets with strong growth potential and opportunities to leverage our network for efficiency, supported by rising CKD cases and low dialysis penetration ✓ Leverage established supply chain relationships and centralized procurement efficiencies to offer competitive prices in global markets ✓ Consolidated India position to deepen purchasing power & manufacturer relationships and secure competitive pricing ✓ Scaling contract manufacturing of key consumables, enabling control over quality and supply chain timelines ✓ Enhance cost efficiency by reducing dependency on third- party brands and import- related costs ✓ Strategic investments in technology-led solutions ✓ Leveraging cloud-enabled and patented Renova Dialyzer Reprocessing System to reduces human error and enhance treatment traceability ✓ Leveraging AI and predictive analytics to identify high-risk Guests through proprietary data platforms and clinical dashboards ✓ Effective resource utilization and greater transparency through user-friendly mobile apps 37
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Appendices 38
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Historical Financial Performance Revenue from Operations EBITDA Profit after Tax (PAT) 39 ₹ Cr. ₹ Cr. ₹ Cr. 566.2 755.8 998.8 FY24 FY25 FY26 32.8% CAGR 100.9 166.6 227.0 FY24 FY25 FY26 50.0% CAGR 35.1 67.1 76.8 FY24 FY25 FY26 47.9% CAGR EBITDA Margin (%) PAT Margin (%) 17.8% 22.0% 22.7% FY24 FY25 FY26 6.2% 8.9% 7.7% FY24 FY25 FY26
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Consolidated Profit and Loss 40 ₹ in Crores unless otherwise specified Particulars FY26 FY25 FY24 Revenue from Operations 998.8 755.8 566.2 Cost of Goods Sold 226.8 194.1 168.6 Gross Profit 772.1 561.7 397.6 Gross Margin (%) 77.3% 74.3% 70.2% Employee benefit expense 171.8 122.7 91.4 Healthcare professional fees & Hospital Fees 192.1 158.1 115.2 Other Expenses 181.2 114.3 90.0 EBITDA 227.0 166.6 100.9 EBITDA Margin (%) 22.7% 22.0% 17.8% Depreciation & Amortisation 90.7 72.5 56.1 Other Income 24.5 14.1 8.6 EBIT 160.8 108.3 53.4 Finance Cost 60.2 20.8 20.2 Share of Profit / (Loss) of Associate (3.1) - - Profit before Tax 97.5 87.4 33.2 Tax 20.6 20.3 (2.0) Profit After Tax 76.8 67.1 35.1 Profit After Tax Margin (%) 7.7% 8.9% 6.2%
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Consolidated Balance Sheet 41 ₹ in Crores unless otherwise specified Assets (₹ Crores) Sep-26 Mar-26 Mar-25 Non - Current Assets 716.2 631.7 451.1 Property, Plant and Equipment 347.7 330.2 277.7 Capital work-in-progress 7.1 5.5 5.8 Right-of-use assets 76.5 66.0 46.4 Goodwill 91.3 86.7 55.5 Other Intangible assets 118.5 33.6 16.7 Intangible assets under development 0.1 0.2 - Financial Assets Investments 8.9 7.1 - Other Financial assets 12.2 48.1 19.2 Deferred Tax assets 39.2 34.0 20.6 Other tax assets (net) 3.2 4.3 0.8 Other non-current assets 11.5 16.0 8.4 Current Assets 917.1 839.2 545.4 Inventories 47.4 33.0 26.6 Financial Assets Investments 204.8 170.6 50.8 Trade receivables 327.5 316.9 266.4 Cash and cash equivalents 213.2 123.9 125.8 Bank balances other than cash and cash equivalents 31.4 131.6 29.6 Other Financial assets 61.0 31.8 29.2 Other current assets 31.9 31.3 17.0 Total Assets 1,633.3 1,470.9 996.5 Liabilities (₹ Crores) Sep-26 Mar-26 Mar-25 Total Equity 1,189.0 1,116.5 584.1 Equity Share capital 20.1 20.1 1.8 Instruments entirely equity in nature - - 3.7 Other Equity 1,168.9 1,096.4 578.7 Non-Current Liabilities 65.6 55.0 128.5 Financial Liabilities Borrowings 0.0 - 96.0 Lease liability 55.3 45.1 24.9 Other financial liabilities 0.4 0.4 0.7 Provisions 6.6 5.9 4.8 Deferred tax liabilities (net) 3.3 3.5 2.0 Current Liabilities 378.8 299.4 283.9 Financial Liabilities Borrowings 79.5 23.0 129.8 Lease liabilities 14.1 11.6 7.1 Trade payables 159.6 143.0 112.9 Other financial liabilities 105.6 96.7 22.0 Other Current Liabilities 6.2 6.0 5.2 Provisions 3.1 2.4 1.5 Current Tax Liabilities (Net) 10.5 16.7 5.3 Total Equity & Liabilities 1,633.3 1,470.9 996.5
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Consolidated Cash Flow 42 ₹ in Crores unless otherwise specified Particulars (₹ Crores) Mar-26 Mar-25 Mar-24 Net Profit Before Tax 97.5 87.4 33.2 Adjustments for: Non -Cash Items / Other Investment or Financial Items 168.2 93.0 80.2 Operating profit before working capital changes 265.7 180.5 113.3 Changes in working capital (5.6) (44.2) (33.0) Cash generated from Operations 260.1 136.3 80.3 Direct taxes paid (net of refund) (27.5) (1.0) (8.1) Net Cash from Operating Activities 232.6 135.4 72.3 Net Cash from Investing Activities (410.4) (125.1) (50.7) Net Cash from Financing Activities 157.1 54.4 26.7 Net Decrease in Cash and Cash equivalents (20.8) 64.6 48.4 Add: Cash & Cash equivalents at the beginning of the period 125.8 61.2 14.1 Add : Effect of movement in exchange rates of cash held in Foreign Subsidiaries 18.8 0.0 (1.3) Cash & Cash equivalents at the end of the period 123.9 125.8 61.2
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250, 221, 129 133, 197, 235 246, 156, 155 130, 207, 155 254, 242, 202 208, 234, 249 252, 217, 215 217, 242, 238 242, 242, 242 Key Impact & ESG Metrics 43 Impact Metrics H1 FY27 Number of centers (at network level) 570 Guests served (at network level) 38,814 % Male and Female guests served 68.9% & 31.1% % Patients using public insurance for treatment (at network level) 80% ESG Metrics H1 FY27 Number of people trained 5,064 Number of females trained 2,119 Total number of training hours 9,776
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“Guest Care Comes First” Thank you ! Nephrocare Health Services Limited (NephroPlus) Strategic Growth Advisors Private Limited (SGA) CIN: L85100TG2009PLC066359 CIN: U74140MH2010PTC204285 Mr. Rohit Aidasani investor.relations@nephroplus.com Mr. Sagar Shroff / Mr. Ayush Haria sagar.shroff@sgapl.net / ayush.haria@sgapl.net +91 98205 19303 / +91 98204 62966