Slides
Page 1
August 02, 2023 Earnings Update Q3 FY26
Page 2
2 Index Our Footprint 03 Narayana Health at a Glance 04 Q3 FY26 Highlights 05 Capex 16 Digital Transformation Initiatives 17 Narayana Health ESG Vision – “Health For All” 18 Shareholding Pattern 19 Topic Slide No.
Page 3
Our Footprint (as on 1st January 2026) 3 Mumbai Kolkata Ahmedabad Raipur Jamshedpur Guwahati Shimoga Bengaluru Mysore Delhi NCR Jaipur Davanagere Health City Cayman Islands Health City Camana Bay Cayman Islands India Devizes Southampton Portsmouth Shepton Mallet Ilford Gillingham Barlborough Birmingham Plymouth Emersons Green Rochdale Buckinghamshire Lincolnshire Hospitals/Surgical Centers + Urgent Treatment Centers Diagnostic Centers Hospitals/ Surgical Centers Ophthalmology Centers United Kingdom
Page 4
Facility Details No. of Facilities Operational Beds India - Owned / Operated Hospitals(1) 18 5,306 India - Heart Centres 2 132 India - Clinics and Dialysis Centre 20 0 Cayman Islands 2 165 United Kingdom 13 330 Healthcare Facilities 55 5,933 Total Staff ~20,500 Clinical : ~ 12,500 Non-clinical : ~ 8,000 6,245 Total Capacity Beds (1) Owns the P&L responsibility. (2) Average effective cost per operational bed in India is INR 7.2 Mn. 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 Dec 31st, 2025. Narayana Health – At Glance 4 4 South (India) Hospitals - 6 | Heart Centres - 2 | Clinics - 14 | Diagnostic Centre - 1 Operational Beds - 2,065 (Hospitals) and 132 (HC) East (India) Hospitals - 7 | Clinics - 4| Dialysis Centre - 1 Operational beds - 2,059 North (India) Hospitals – 3 Operational beds: 828 West (India) Hospitals - 2 Operational beds - 354
Page 5
Key Highlights – Operational & Financial Performance (Q3 FY26) Clinical & Operational • Narayana Institute of Cardiac Sciences, Bangalore has performed: • 244 robotic cardiac surgeries (35% increase QoQ). • 48 TAVIs (50% increase YoY). • Narayana Super-specialty Hospital, Howrah has performed Complex Pediatric Interventions – 3 Transcatheter Fontan procedure, 2 Sinus venosus ASD Stenting procedure and 2 Coronary Cameral Fistula Device Closure. • Narayana Multi-specialty Hospital, Ahmedabad has successfully completed its first ever heart transplant in December-25. Financial Performance • Consolidated operating revenues of ₹ 21,512 Mn(1) in Q3 FY26, a change of +61.2% YoY and +30.9% QoQ. • Consolidated EBITDA of ₹ 3,904 Mn(1) in Q3 FY26 at a margin of 18.2% and consolidated PAT of ₹ 1,281 Mn(1) for Q3 FY26 at a margin of 6.0% • Consolidated Total Borrowings less Cash & Bank Balance and Investments of ₹ 22,321 Mn as on 31st December 2025, i.e., net debt to equity ratio of 0.53 (Out of which, debt worth US $119 Mn and GBP £150 Mn are foreign currency denominated). 5 5 (1) UK numbers in Q3 FY26 are consolidated from 6th November 2025 i.e., from the effective date of acquisition.
Page 6
India Operations – Revenue (Q3 FY26) Domestic International Integrated Care - NHIC and NHIL 397 513 583 0 100 200 300 400 500 600 700 Q3 FY25 Q2 FY26 Q3 FY26 6 6 107 190 232 20 70 120 170 220 270 Q3 FY25 Q2 FY26 Q3 FY26 10,044 11,707 11,003 4 5,004 10,004 Q3 FY25 Q2 FY26 Q3 FY26 10,548 12,331 11,780 4 5,004 10,004 15,004 Q3 FY25 Q2 FY26 Q3 FY26 Total* 9.5% YoY 46.6% YoY 116.9% YoY 11.7% YoY -4.5% QoQ -6.0% QoQ 13.6% QoQ 21.9% QoQ *Note - Total revenue is excluding Jammu, ATHMA, Medha and adjusted with Inter Company eliminations. Previous quarters numbers are adjusted for Jammu. ₹ Mn
Page 7
73% 25% 1% 0% Owned Hospitals Operated Hospitals Heart Centres Other Anciliary Businesses 45% 32% 17% 5% 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% 13% 15% 9% 8% 4% 17% Cardiac Sciences Medicine and GI sciences Oncology Renal Sciences Neuro Sciences Orthopaedics Others India Hospital Operations – Revenue Mix (Q3 FY26) (1) (3) (2) (6) (5) 7
Page 8
Operational Review – India Hospitals (Q3 FY26) ICU Occupied Bed Days ALOS Patient Footfalls (IP & OP)(1,3) ₹ ‘000 Days ‘000 OP IP 579 662 617 53 58 53 0 100 200 300 400 500 600 700 Q3 FY25 Q2 FY26 Q3 FY26 (1) OP figures include day-care business. (2) ARPOB for the period Q3 FY26 was ₹ 18.1 Mn as against ₹ 15.8 Mn in Q3 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 4.6 4.8 4.9 141.5 149.4 157.2 Q3 FY25 Q2 FY26 Q3 FY26 Average Revenue Per Patient (IP & OP) (1,2) OP IP 94 96 93 60 70 80 90 100 110 Q3 FY25 Q2 FY26 Q3 FY26 4.5 4.3 4.4 3.7 3.9 4.1 4.3 4.5 4.7 Q3 FY25 Q2 FY26 Q3 FY26
Page 9
Cluster Split – India Hospitals (Q3 FY26) This considers owned/operated hospitals & heart centers in India (1) OP ARPP includes day care. 17% 8% 9% 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 1% 2% 0% -2% -6% 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 5.7 4.3 4.6 4.3 4.3 4.9 239 84 161 137 139 130 0% 5% 4% Capacity Beds 1498 797 1453 730 392 880 -2% -4% 11% 9%
Page 10
10 Profitability Snapshot – India Hospitals (Q3 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 Q3 FY26 including NHIC, NHIL, ATHMA & MEDHA stood at ₹ 2,506 Mn (21.2%). EBITDA for NHIC and NHIL stood at ₹ -134 Mn for Q3 FY26. (3) Previous quarter numbers are also adjusted for Jammu, NHIC, NHIL, ATHMA and MEDHA. 10 2,061 2,903 2,630 19.7% 23.8% 22.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1,500 1,700 1,900 2,100 2,300 2,500 2,700 Q3 FY25 Q2 FY26 Q3 FY26 (1) 28% 27% 28% 22% 23% 23% 19% 17% 18% 12% 11% 11% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3 FY25 Q2 FY26 Q3 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)
Page 11
Points of Presence * No. of Patient Transactions * Revenue – Integrated Care* YTD Gross Written Premium** ‘000 11 106 155 145 0 50 100 150 200 Q3 FY25 Q2 FY26 Q3 FY26 6.5 87 240 5.0 55.0 105.0 155.0 205.0 255.0 Q3 FY25 Q2 FY26 Q3 FY26 104 156 156 50 70 90 110 130 150 170 Q3 FY25 Q2 FY26 Q3 FY26 10 11 11 2 4 6 8 10 12 Q3 FY25 Q2 FY26 Q3 FY26 NH Integrated Care and Insurance: Snapshot ₹ ‘Mn ₹ ‘Mn * Includes Integrated Care (Clinics) only. ** Gross written premium of NH Insurance 0.1% QoQ 49.7% YoY
Page 12
Operational Review – Cayman Islands (Q3 FY26) Hospital Revenues Insurance Revenues (CIHL) Discharges Out-Patients US$ Mn US$ Mn 12 0.9 9.3 12.9 0.0 5.0 10.0 15.0 Q3 FY25 Q2 FY26 Q3 FY26 9,910 12,301 12,831 7,500 8,500 9,500 10,500 11,500 12,500 13,500 Q3 FY25 Q2 FY26 Q3 FY26 630 785 799 450 550 650 750 850 Q3 FY25 Q2 FY26 Q3 FY26 1) EBITDA of CIHL for Q3 FY26 is US$ -1.5 Mn. 2) HCCI consol revenue to be adjusted for inter-co elimination of US$ 1.6 Mn in Q3 FY26. 35.3 41.6 44.8 24.0 29.0 34.0 39.0 44.0 49.0 Q3 FY25 Q2 FY26 Q3 FY26 1332% YoY 38.4% QoQ 27.1% YoY 7.7% QoQ
Page 13
United Kingdom – Consolidated (Q3 FY26) 13 GBP Mn FY25 Q3 FY26 Revenue 250 42 Adj. EBITDA (Pre IFRS) 20 2.8 Adj. EBITDA (Post IFRS) 28 4.2 GBP Mn FY25 Q3 FY26 Shareholder’s Equity 24 40 Total Borrowings 0 149 Lease Liabilities 58 60 Other Liabilities 7 23 Non-Current Assets 83 257 Current Asset less Current Liab. 6 16 - FY25 is based on the UK financial year from 1st October 2024 to 30th September 2025. - Q3 FY26 (as per India financial year) numbers are considered from 6th November 2025 i.e., from the effective date of acquisition. - Adj. EBITDA excludes Birmingham Loss of GBP 6.1 Mn in FY25 and 0.6 Mn in Q3 FY26. And Adj. EBITDA of Q3 FY26 also excludes one-time acquisition cost of GBP 3.4 Mn - Adj. PAT of Q3 FY26 is excluding only one time acquisition cost of GBP 3.4 Mn. - FY25 Balance sheet (Shareholder’s equity and Current Assets) are adjusted with inter-company balances of ~ GBP 86.4 Mn which was knocked off as a part of the acquisition. Corresponding interest income on the inter-company balances is also knocked-off from the P&L. Profit and Loss Key Balance Sheet Items Impact on PAT FY25 Q3 FY26 Hospital PAT 3 0.5 Int. on Loan for Acquisition - (1.1) Amortization of Acquisition related Intangible Assets - (0.8) Less – Deferred Tax Impact - 0.2 Adj. PAT 3 (1.2)
Page 14
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 ₹ 1,035 Mn, non-cash financial lease impact of ₹ 285 Mn and non-cash EPCG license impact of ₹ 362 Mn. (3) Financial performance of NVDSHPL (Jammu) is not considered in the consolidated financial and has been disclosed as discontinued operations. (4) Exceptional Item pertains of new labor code. (5) One time Acquisition cost - out of INR 757 Mn of acquisition cost, INR 367 Mn is booked in HCCI and balance in UK. This is classified under Other Admin Expenses in the financials Particulars (₹ Mn) Q3 FY25 Q3 FY26 (W/o UK) Q3 FY26 (With UK) Total Operating Revenue 13,346 16,610 21,512 Consumption 2,652 2,968 3,815 Doctors Expenses 2,295 2,545 3,585 Employee (Excluding Doctors) Expenses 2,712 2,954 4,595 Other Admin Expenses(5) 2,613 4,104 5,088 Total Expenses 10,272 12,571 17,082 Other Income 183 197 232 Adj EBITDA(5) 3,257 4,235 4662 Exceptional item(4) - (509) (509) One time Acquisition Cost(5) - (367) (757) Depreciation and Amortization 696 812 1,223 Finance Costs 366 456 650 Share of (loss)/profit of equity accounted investees - (19) (19) PBT 2,195 2,072 1,504 Tax Expense 259 271 223 PAT 1,936 1,801 1,281 Total Comprehensive Income 2,294 2,025 1,571 Profit and Loss Statement(1) Key Balance Sheet Items(1) Particulars 31st Dec 2025 (With UK) Shareholder Equity 42,189 Total Borrowings 45,442 Lease Liability 9,239 Net Block + CWIP (2) 45,272 Goodwill 13,485 Right to Use Assets 7,613 Net Receivables 7,500 Current Investments 4,813 Cash and Bank Balance 17,503 14
Page 15
15 ₹ Mn Q3FY26 Q3FY25 YoY % India Revenue(1) 11,796 10,552 11.8% Cayman Revenue(2) 4,991 2,935 70.0% UK Revenue(2) 4,902 0 Consol Revenue(3) 21,512 13,346 61.2% Consol Adj. EBITDA(4) 4,662 3,257 43.1% Adj. EBITDA margin 21.7% 24.4% Adj. PAT(4) 2,548 1,936 31.6% Adj. PAT % 11.8% 14.5% Profitability before Adjustment of One-time costs (as per the financials) Consol EBITDA 3,904 3,257 19.9% EBITDA margin 18.2% 24.4% PAT 1,281 1,936 -33.9% PAT % 6.0% 14.5% Summary of Financial Performance (1) India and Consolidated numbers are adjusted with NVDSHPL. (2) Cayman & UK nos. are converted from USD to INR at 87.35 for Q3FY26, and 83.89 for Q3FY25. UK numbers are converted from G BP to USD at 1.33 for Q3 FY26. The numbers may slightly vary on conversion due to different exchange rates applicable at different reporting periods. UK revenue for Q3 FY26 is considered from date of acquisition i.e., 6th November 2025. (3) Consol revenue numbers are adjusted for Inter-company eliminations. (4) Q3 FY26 - EBITDA is adjusted with one time acquisition cost of ₹ 757 Mn and PAT is further adjusted with one time impact due to new labor code of ₹ 509 Mn. 15
Page 16
16 215 350 220 350 300 100 400 5,750 7,685 31-Dec-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 16 Location Type No. of Beds Project Cost (₹ Mn) Completion Current Status HSR, Bangalore Greenfield 215 4,900 FY28 Main contractor onboarded; 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 Main contractor onboarded; Project is progressing as per schedule. South-West Bangalore Lease 100 840 FY27 Structural work completed, MEP and interior work in progress. Current Bed Capacity Bed Capacity Addition Bed Capacity Target Capex Head FY26 (P) FY26 (A) Greenfield/ Inorganic 4,240 955 Brownfield/ Capacity Addition 159 86 Replacement/ Maintenance 2,865 1,642 Cayman 457 616 7,600+
Page 17
Digital Transformation Initiatives 17 Impact | Mobile Apps Initiatives | Business GTM | ATHMA • AADI now processes 40Mn monthly messages, including progress notes, lab results, discharge summaries etc. delivering clinical context in real time for the care givers. • NH patient app crosses 3.7 Mn overall installs with an Appstore rating of 4.9 and Playstore rating of 4.7 continuing its strong growth with uncompromising quality. • Medicine Administration and Reconciliation (MAR) – 200k Orders processed with adoption kicking in across all units. • ~70% Appointments now booked through digital platforms enabling patient interaction getting closer to self sufficiency using the app and installed kiosks. • 1000+ beds initiated across various parts of the country boosting the overall ATHMA footprint. • ATHMA platform is now enabling more than 5000 care providers improving day- to-day operations. Launch | New Products • Advanced Service Procurement pilot rolled out leading to cost savings on third party licensing costs. • Launched Clinical Worklist to flag anomalies and early health risks by evaluating key clinical indicators guiding for further evaluation. •Incident Management achieved 50% reduction in patient incidents.
Page 18
NH ESG Vision – “Health For All” 1818 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) 2169 (T 2040) 12006 (T 9825) 2636 (T 2888) 5.77 Pages/ Patient YTD (T 5.03) On Plan Ongoing 166 Publications (T 150)On Plan Ongoing On Plan Ongoing On Plan OngoingOn Plan Ongoing Ongoing 1.43 KL Water Per occupied bed (*T 1.42) 2.20 KGs Per occupied bed (*T 2.10) 37.28% (T 38.00%) 2.89 L Person Hours of training (T 2.93 L) *Water and Waste targets have been re-evaluated and updated to account for the expansion of activities and associated resource requirements. Actuals FY 25~26-Upto Q3 (T – Target FY 25~26-Upto Q3)
Page 19
Shareholding Pattern As on 31st Dec 2025(1) Key DIIs Mirae Asset Management Parag Parikh Asset Management Nippon Life India Asset Management Axis Asset Management Unifi Capital DSP Asset Management (1) Percentages might not add up to 100% due to rounding off Total Number of Shares 204,360,804 19 Promoter Group 63.3% Others 15.6% FIIs 11.1% DIIs 9.4% ESOP Trust 0.7% Key FIIs Franklin Templeton Investment Funds Vanguard Index Funds Simcah Partners LP Robeco Asset Management iShares by Blackrock Government Pension Fund Global
Page 20
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 20 20
Page 21
21