Slides
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August 02, 2023 Earnings Update Q2 FY26
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2 Index Our Footprint 03 Narayana Health at a Glance 04 Q2 FY26 Highlights 05 Capex 14 Digital Transformation Initiatives 15 Narayana Health ESG Vision – “Health For All” 16 Shareholding Pattern 17 Topic Slide No.
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East Hospitals - 7 | Clinics - 4| Dialysis Centre - 1 Operational beds - 2,030 West Hospitals - 2 Operational beds - 354 As on 1st October 2025 Our Footprint 3 South Hospitals - 6 | Heart Centres - 2 | Clinics - 14 | Diagnostic Centre - 1 Operational beds - 2,045 (Hospitals) - 132 (Heart Centres) North Hospitals – 3 Operational beds: 828 Mumbai Kolkata Ahmedabad Raipur Jamshedpur Guwahati Shimoga Bengaluru Mysore Delhi NCR Jaipur (1) Jammu unit is removed and is considered as a part of discontinued operation effective from FY25 Davanagere
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Facility Details No. of Facilities Operational Beds Owned / Operated Hospitals(1,3) 18 5,257 Heart Centres 2 132 Clinics and Dialysis Centre 20 0 Cayman Islands 2 165 Healthcare Facilities 42 5,554 Total 18,718 Clinical : 11,512 Non-clinical : 7,206 7.1 Mn(2) Average Effective Capital Cost per Operational Bed 5,915 Capacity Beds 4,233 Doctors (1) Owns the P&L responsibility (2) Based on (Gross Block for Fixed Assets (adjusted for non-cash government grant provision impact, non-cash financial lease impact for Dharamshila unit, non-cash EPCG license impact )+ Capital Work in Progress (CWIP)) / Number of operational beds as of Sept 30th, 2025, but excluding Cayman facility (3) Jammu unit is removed and is considered as a part of discontinued operation effective from FY25 Narayana Health – At Glance 4
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Key Highlights – Operational & Financial Performance (Q2 FY26) Clinical & Operational • Received the prestigious award for Clinical Governance from International Hospital Federation (IHF) and American college of Healthcare executives (ACHE) for Advancing Safety through Governance at their annual Congress in Geneva. • Narayana Superspeciality Hospital, Howrah has: • Commissioned a dual source 256 Slice CT Scan machine in the quarter • Achieved a significant milestone of completing 1000+ Robotic surgeries • Narayana Institute of Cardiac Sciences, Bangalore • Achieved its highest ever no of procedures across Robotic & Minimally Invasive Cardiac Surgery setting a national benchmark • 97 Robotic cardiac surgeries in Sep’25 & 197 Robotic Surgeries for the quarter. • 420 Minimally Invasive Cardiac Surgery and 10 Percutaneous Pulmonary Valve Implantation. • Narayana Multi-specialty Hospital, Jaipur has expanded spectrum of quaternary care with Bone Marrow Transplant Services (BMT) in the quarter. Financial Performance • Consolidated operating revenues of ₹ 16,438 Mn in Q2 FY26, a change of +20.3% YoY and +9.1% QoQ. • Consolidated EBITDA of ₹ 4,265 Mn in Q2 FY26 at a margin of 25.9% and consolidated PAT of ₹ 2,583 Mn for Q2 FY26 at a margin of 15.7% • Consolidated Total Borrowings less Cash & Bank Balance and Investments of ₹ 2,466 Mn as on 30th September 2025, i.e. net debt to equity ratio of 0.06 (Out of which, debt worth US$ 69.0 Mn is foreign currency denominated). 5 5
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India Operations – Revenue (Q2 FY26) Domestic International Integrated Care - NHIC and NHIL 762 403 513 0 100 200 300 400 500 600 700 800 900 Q2 FY25 Q1 FY26 Q2 FY26 6 6 99 144 190 5 55 105 155 Q2 FY25 Q1 FY26 Q2 FY26 10,482 10,825 11,707 4 5,004 10,004 Q2 FY25 Q1 FY26 Q2 FY26 11,344 11,316 12,331 4 5,004 10,004 15,004 Q2 FY25 Q1 FY26 Q2 FY26 Total* 11.7% YoY -32.7% YoY 90.9% YoY 8.7% YoY 9.0% QoQ 8.1% QoQ 27.2% QoQ 32.1% QoQ *Note - Total revenue is excluding Jammu, ATHMA, Medha and adjusted with Inter Company eliminations. Previous quarters numbers are adjusted for Jammu. ₹ Mn
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73% 25% 1% 0% Owned Hospitals Operated Hospitals Heart Centres Other Anciliary Businesses 47% 31% 18% 4% Domestic Walk-in patients Insured Patients Schemes International patients Business Mix(4,7,8) Specialty-Profile(4,7,8) Payor-Profile(4,7,8) (1) NH owns on freehold basis and operates with the P&L responsibility (2) NH operates the hospitals on rental/revenue sharing basis and owns the P&L responsibility (3) Includes clinics and dialysis centres excl. NHIC (4) As percentage of operating revenue, excluding NHIC (5) Insured Patients include Insurance-covered patients, corporate patients (including PSU’s on hospital tariff) (6) Schemes include CGHS, ESIS, other state government schemes (7) Percentages might not add up to 100% due to rounding off (8) Jammu unit is removed and is considered as a part of discontinued operation effective from FY25 33% 14% 15% 9% 7% 4% 16% Cardiac Sciences Medicine and GI sciences Oncology Renal Sciences Neuro Sciences Orthopaedics Others India Hospital Operations – Revenue Mix (Q2 FY26) (1) (3) (2) (6) (5) 7
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Operational Review – India Hospitals (Q2 FY26) ICU Occupied Bed Days ALOS Patient Footfalls (IP & OP)(1,3) ₹ ‘000 Days ‘000 OP IP 664 617 662 59 53 58 0 100 200 300 400 500 600 700 Q2 FY25 Q1 FY26 Q2 FY26 (1) OP figures include day-care business. (2) ARPOB for the period Q2 FY26 was ₹ 17.5 Mn as against ₹ 15.3 Mn in Q2 FY25. (3) Footfalls for IP correspond to Discharges. (4) Jammu unit is removed and is considered as a part of discontinued operation effective from FY25. Previous quarter numbers are adjusted for Jammu. 8 8 ‘000 4.5 4.8 4.8 136.4 148.7 149.4 Q2 FY25 Q1 FY26 Q2 FY26 Average Revenue Per Patient (IP & OP) (1,2) OP IP 101 85 96 60 70 80 90 100 110 Q2 FY25 Q1 FY26 Q2 FY26 4.5 4.3 4.3 3.7 3.9 4.1 4.3 4.5 4.7 Q2 FY25 Q1 FY26 Q2 FY26
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Cluster Split – India Hospitals (Q2 FY26) This considers owned/operated hospitals & heart centers in India (1) OP ARPP includes day care. 9% 7% 5% 36% 10% 10% 13% % of Hospital Operating Revenues YoY Revenue Growth OP ARPP(1) (₹ ‘000) YoY Hospital Discharges Bangalore Southern Peripheral Kolkata Eastern Peripheral Western Northern Regions 5% • NICS • MSMC • HSR • Mysore • Shimoga • Davangere • Dharwad • Kolar • RTIICS • Barasat • NMH • NSH • Jamshedpur • Guwahati • Raipur • Mumbai • Ahmedabad • Gurugram • New Delhi • Jaipur 26% 9 4% 2% -7% -4% 0% IP ARPP (₹ ‘000) 5.0 3.7 4.5 4.1 4.3 4.6 198.3 67.9 121.4 114.7 128.3 5.6 4.1 4.5 4.2 4.0 4.8 232 79 151 133 120 124 2% -1% 4% Capacity Beds 1498 797 1453 730 392 880 -2% 0% 9% 4%
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10 Profitability Snapshot – India Hospitals (Q2 FY26) Excludes Jammu, NHIC, NHIL, ATHMA & MEDHA (2) EBITDA and EBITDA Margin (1) Cost Structure ₹ ‘Mn % of Operating Revenues (4) Consumable Expenses = Purchase of medical consumables, drugs and surgical equipment net of changes in inventories of medical consumables, drugs and surgical equipment (5) Doctors and Nurses = Employee benefits + Professional fees to doctors (6) Other Expenses = Overhead expenses + All other expenses (7) Effect of IND AS benefits is not considered (1) Denotes EBITDA for entire India hospitals business excluding Jammu, NHIC, NHIL, ATHMA & MEDHA. EBITDA is without Dividend income. (2) EBITDA for Q2 FY26 including NHIC, NHIL, ATHMA & MEDHA stood at ₹ 2,712 Mn (22.0%). EBITDA for NHIC and NHIL stood at -₹ 164 Mn for Q2 FY26. (3) Previous quarter numbers are also adjusted for Jammu, NHIC, NHIL, ATHMA and MEDHA. 10 2,441 2,309 2,903 21.7% 20.6% 23.8%Q2 FY25 Q1 FY26 Q2 FY26 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 Q2 FY25 Q1 FY26 Q2 FY26 (1) 28% 28% 27% 24% 24% 23% 17% 18% 17% 12% 11% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 FY25 Q1 FY26 Q2 FY26 Chart Title Doctors and Nurses Consumable Expenses Other Expenses Other Manpower Cost Rental / Revenue Share (7) 2% 2% (5) (3) (4) 2% (2)(3)
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11* 154,909* ₹155.77 Mn.* As on 30th September 2025 Q2 FY26 Q2 FY26 Points of Presence Patient Transactions Revenue - Integrated Care Program running since September 2022 at select Bengaluru and Hosur locations NH Integrated Care and Insurance: Snapshot 11 11 ₹86.99 Mn.** YTD Q2 FY26 GWP - Insurance * Includes Integrated Care (Clinics) only. ** Gross written premium of NH Insurance Expanding Group and Retail Insurance business nationally to markets having NH presence
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Operational Review – Cayman Islands (Q2 FY26) Hospital Revenues Insurance Revenues (CIHL) Discharges Out-Patients US$ Mn US$ Mn 12 0.6 5.3 9.3 0.0 2.0 4.0 6.0 8.0 10.0 Q2 FY25 Q1 FY26 Q2 FY26 8,819 11,804 12,301 7,500 8,500 9,500 10,500 11,500 12,500 13,500 Q2 FY25 Q1 FY26 Q2 FY26 524 738 785 450 550 650 750 850 Q2 FY25 Q1 FY26 Q2 FY26 1) EBITDA of CIHL for Q2 FY 26 is US$ -0.3 Mn. 2) HCCI consol revenue to be adjusted for inter-co elimination of US$ 1.5 Mn in Q2 FY26. 29.2 42.6 41.6 24.0 29.0 34.0 39.0 44.0 Q2 FY25 Q1 FY26 Q2 FY26
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Consolidated Financial Performance Figures in ₹ Mn, unless stated otherwise (1) Figures might not equal the reported numbers due to rounding off. (2) Net Block includes non-cash government grant impact of ₹ 1,042 Mn, non-cash financial lease impact of ₹ 335 Mn and non-cash EPCG license impact of ₹ 371 Mn. (3) Financial performance of NVDSHPL (Jammu) is not considered in the consolidated financial and has been disclosed as discontinued operations. (4) Q2 FY 26 EBITDA is adjusted with one time acquisition related cost accrued in this quarter.. As on September 30th 2025, the Total Borrowings less Cash & Bank Balance and Investments was ₹ 2,466 Mn, representing a net debt to equity ratio of 0.06 (Out of which, debt worth US$ 69.0 Mn is foreign currency denominated). Particulars (₹ Mn) Q2 FY25 Q2 FY26 Total Operating Revenue 13,667 16,438 Consumption 2,894 3,222 Doctors Expenses 2,380 2,549 Employee (Excluding Doctors) Expenses 2,760 2,991 Other Admin Expenses 2,546 3,607 Total Expenses 10,579 12,369 Other Income 235 240 EBITDA(4) 3,323 4,309 Exceptional item(4) - 44 Depreciation and Amortization 647 875 Finance Costs 351 423 Share of (loss)/profit of equity accounted investees - (13) PBT 2,325 2,955 Tax Expense 332 372 PAT 1,993 2,583 Total Comprehensive Income 2,041 3,279 Profit and Loss Statement(1) Key Balance Sheet Items(1) Particulars 30th Sep 2025 Shareholder Equity 40,619 Total Borrowings 21,355 Lease Liability 2,048 Net Block + CWIP (2) 40,818 Goodwill 1,204 Right to Use Assets 2,102 Net Receivables 5,864 Current Investments 13,057 Cash and Bank Balance 5,180 13
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14 5,750 215 350 220 350 300 100 400 7,685 30-Sep-25 HSR Bangalore Rajarhat Kolkata Central Bangalore South Bangalore Raipur South West Bangalore Pipeline FY30 Expansion: Progress Status & Capex Strategy Building to strengthen our presence in flagship regions 14 Location Type No. of Beds Project Cost (₹ Mn) Completion Current Status HSR, Bangalore Greenfield 215 4,900 FY28 Sanctions in place, Project is progressing as per schedule. Rajarhat, Kolkata Greenfield 350 9,000 FY28 Sanctions in place, Project is progressing as per schedule. Central Bangalore Lease 220 1,600 FY28 Lease & Construction Agreement is executed; design and approvals are in process. South Bangalore Greenfield 350 8,000 FY29 Design and approvals are in process. Raipur Expansion 300 5,400 FY28 Sanctions in place, Project is progressing as per schedule. South-West Bangalore Lease 100 840 FY27 Structural work completed, MEP and interior works in progress. Current Bed Capacity Bed Capacity Addition Bed Capacity Target Capex Head FY26 (P) FY26 (A) Greenfield/ Inorganic 4,240 166 Brownfield/ Capacity Addition 159 82 Replacement/ Maintenance 2,865 1,016 Cayman 457 451 7,600+
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Digital Transformation Initiatives 15 Impact | Mobile Apps Initiatives | Business GTM | ATHMA • Completed the first fully digital Nursing Excellence Audit at Narayana Institute of Cardiac Sciences, Bengaluru • NH patient app crosses 3.5 Mn overall installs with an Appstore rating of 4.9/5 • ~40% of install-base are active monthly on the app • Incident Management achieves 50% reduction in reported patient incidents • AI Lab Insights enabled for advanced ICU care. • GST Bachat Utsav – Sep’25 – Seamless transition to new national GST guidelines • Kiosk – Crossed 100k bookings/month on patient Kiosks • India: 200 beds added • 20+ Units using ATHMA in the domestic market • Service Rendering Management rolled- out in Kenya • Saudi compliant Patient Portal enabled Launch | New Products • Digital Consent for general consent from the patients rolled out across various units • 5000+ Tumor Board conducted digitally since launch • Tablet-first EMR intelligence platform launched to enhance clinical decision- making. •Incident Management achieved 50% reduction in patient incidents.
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NH ESG Vision – “Health For All” 16 16 A Healthy Society By improving access to care, digitising patient safety & experience and building the workforce for tomorrow 25,000+ Doctors, nurses, and paramedical trained by 2030 Digitization For enhancing patient safety & experience 5000+ Bridging care gaps with 5000 BMTs by 2030 3400 free pediatric heart procedures annually 10000+ Bright underprivileged students aiming to be doctors by 2030 Touching lives of 50,000+ Supporting govt. school children with hygiene and nutrition by 2030 5,60,000+ hours Associate upskilling and development hours by 2030 A Healthy Institution- By fostering a culture of innovation & strong governance 100% NABH & enterprise level JCI recertified hospitals by 2026 Industry leader Best in Class risk management Robust Risk Management Process Cyber resilience Zero Trust Architecture by 2026 1200+ peer-reviewed indexed publications (2025–2030) 1000+ Publications In clinical Governance A Healthy Planet By being conscious about impact on the environment, prioritizing consumption efficiency and resource optimization Renewable energy (Electricity) mix by 2030 50% Carbon Neutral By 2040 Waste-water recycling by 2030 Water Consumption per occupied bed/day 100% Optimized Waste management processes BMW Generation per occupied bed/day 30% less Paper use across patients by 2026 from 2023 On Plan (T 1000) 959 (T 1474) 7846 (T 5950) 1765 (T 1925) 5.15 Pages/ Patient YTD (T 5.10) On Plan Ongoing 118 Publications (T 100)On Plan Ongoing On Plan Ongoing On Plan OngoingOn Plan Ongoing Ongoing 1.41 KL Water Per occupied bed (T 1.23) 1.88 KGs Per occupied bed (T 1.69) 36% (T 36%) 1.30 L Person Hours of training (T 1.95 L) Actuals FY 25~26-Upto Q2 (T – Target FY 25~26-Upto Q2)
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Shareholding Pattern As on 30th Sep 2025(1) Key DIIs Nippon Life India Asset Management Axis Asset Management Parag Parikh Asset Management SBI Life Insurance Co. Ltd. DSP Asset Management Unifi Capital (1) Percentages might not add up to 100% due to rounding off Total Number of Shares 204,360,804 17 Promoter Group 63.9% Others 15.8% FIIs 10.5% DIIs 9.2% ESOP Trust 0.7% Key FIIs Vanguard Index Funds Franklin Templeton Investment Funds Simcah Partners LP iShares by Blackrock Government Pension Fund Global Kuwait Investment Authority Fund
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Disclaimer and Contact Details No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation can not be copied and/or disseminated in any manner. For further Information, please contact : Mr. Nishant Singh Vice President – Finance, Investor Relations, M&A +91 8369353821 nishant.singh@narayanahealth.org Mr. Vivek Agarwal Senior Manager – Investor Relations, M&A +91 9510756827 vivek.agarwal@narayanahealth.org investorrelations@narayanahealth.org | www.narayanahealth.org 18 18
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