Slides
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August 02, 2023 Earnings Update Q1 FY27
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2 Index Our Footprint 03 Narayana Health at a Glance 04 Q1 FY27 Highlights 05 Capex 15 Digital Transformation Initiatives 16 Narayana Health ESG Vision – “Health For All” 17 Shareholding Pattern 18 Topic Slide No.
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Our Footprint (as on 1st July 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
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Facility Details No. of Facilities Operational Beds India – Hospitals and Heart Centres 20 5,461 India - Clinics and Dialysis Centres (1) 20 0 Cayman Islands 2 164 United Kingdom 13 330 Healthcare Facilities 55 5,955 Total Staff ~20,950 Clinical : ~ 12,900 Non-clinical : ~ 8,050 (1)This includes 11 (Eleven) Integrated Care Clinics as on 30th June 2026. Narayana Health – At a Glance 4 4 South (India) Hospitals - 6 | Heart Centres - 2 | Clinics - 14 | Diagnostic Centre - 1 Operational Beds - 2,043 (Hospitals) and 132 (HC) East (India) Hospitals - 7 | Clinics - 4| Dialysis Centre - 1 Operational beds - 2,074 North (India) Hospitals – 3 Operational beds: 838 West (India) Hospitals - 2 Operational beds - 374 Total Capacity Beds 6,269
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Key Highlights – Operational & Financial Performance (Q1 FY27) Clinical & Operational ▪ Narayana Institute of Cardiac Sciences, Bengaluru has performed: • 2,137 cardiac surgeries in Q1 FY27. • 19 Pulse Field Ablation procedures in June 2026 for Atrial Fibrillation since launch in India. ▪ Narayana Hospital, Gurugram operationalized - • CUVIS Ortho Robotic System in Q1 FY27. • Thulium Laser System (enabling advanced minimally invasive urological procedures). ▪ Wide spectrum of Robotic Surgery performed across our units in Q1 FY27- • Robotic CBD Exploration • Robot-assisted Hiatus & Ventral Hernia Repair + Paraumbilical Lump Excision. • Robotic Simple Prostatectomy • Robotic Cytoreductive Surgery Financial Performance ▪ Consolidated operating revenues of ₹ 26,836 Mn in Q1 FY27, a change of +78.0% YoY and +3.5% QoQ ▪ Consolidated EBITDA of ₹ 5,052 Mn in Q1 FY27 at a margin of 18.8%. Consolidated PAT of ₹ 2,073 Mn for Q1 FY27 at a margin of 7.7%. ▪ Consolidated Total Borrowings less Cash & Bank Balance and Investments of ₹ 19,671 Mn as on 30th June 2026, i.e., net debt to equity ratio of 0.42 (Out of which, debt worth US $115 Mn and GBP £150 Mn are foreign currency denominated). 5 5
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India Operations – Revenue (Q1 FY27) International 403 579 638 - 100 200 300 400 500 600 700 Q1 FY26 Q4 FY26 Q1 FY27 6 6 11,316 12,494 13,196 4 5,004 10,004 15,004 Q1 FY26 Q4 FY26 Q1 FY27 Total* 58.3% YoY 16.6% YoY 5.6% QoQ 10.2% QoQ *Total revenue is excluding ATHMA, Medha and adjusted with Inter Company eliminations ** Gross written premium of NH Insurance. The YTD numbers are starting from 1st April of the financial year to the reporting quarters. ₹ Mn 438 262 5 105 205 305 405 505 FY26 FY27 YTD Gross Written Premium** Domestic 10,825 11,783 12,381 9,500 10,000 10,500 11,000 11,500 12,000 12,500 13,000 Q1 FY26 Q4 FY26 Q1 FY27 12,552 171 162 136 11,945 10,961 C C C H H H H - Hospitals C - Clinics
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73% 25% 1% 0% Owned Hospitals Operated Hospitals Heart Centres Clinic Business 43% 33% 18% 5% Domestic Walk-in patients Insured Patients Schemes International patients Business Mix(4,7) Specialty-Profile(4,7) Payor-Profile(4,7) (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 33% 13% 16% 9% 8% 5% 17% Cardiac Sciences Medicine and GI sciences Oncology Renal Sciences Neuro Sciences Orthopaedics Others India Hospital – Revenue Mix (Q1 FY27) (1) (3) (2) (6) (5) 7
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India Hospitals – Operations Review (Q1 FY27) ICU Occupied Bed Days ALOS Patient Footfalls (IP & OP)(1,3) ₹ ‘000 Days ‘000 Hospitals OP IP 617 621 674 51 70 67 53 53 570 100 200 300 400 500 600 700 Q1 FY26 Q4 FY26 Q1 FY27 (1) OP figures include day-care business. Clinics OP pertains to footfalls related to NHIC. (2) ARPOB for the period Q1 FY27 was ₹ 19.2 Mn as against ₹ 17.6 Mn in Q1 FY26. (3) Footfalls for IP correspond to Discharges. 8 8 ‘000 4.8 5.0 5.1 149 164 163 Q1 FY26 Q4 FY26 Q1 FY27 Average Revenue Per Patient (IP & OP) (1,2) OP IP 85 95 96 60 70 80 90 100 110 Q1 FY26 Q4 FY26 Q1 FY27 4.3 4.4 4.3 3.7 3.9 4.1 4.3 4.5 Q1 FY26 Q4 FY26 Q1 FY27 Clinics OP
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India Hospitals – Cluster Split (Q1 FY27) This considers owned/operated hospitals & heart centers in India (1) OP ARPP includes day care. 20% 14% 14% 37% 9% 10% 14% % 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 25% 9 13% 2% 10% 7% 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 6.0 4.4 4.7 4.5 4.5 5.2 254 85 164 141 133 134 5% 10% 4% Capacity Beds 1490 800 1453 745 405 882 -2% 4% 18% 16%
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10 India Hospitals – Profitability Snapshot (Q1 FY27) Includes NH India Hospitals EBITDA and EBITDA Margin (1) Cost Structure ₹ ‘Mn % of Operating Revenues 4) Doctors and Nurses = Employee benefits + Professional fees to doctors 5) Consumable Expenses = Purchase of medical consumables, drugs and surgical equipment net of changes in inventories of medical consumables, drugs and surgical equipment 6) Other Expenses = Overhead expenses + All other expenses 7) Effect of IND AS benefits is not considered 1) Denotes EBITDA and EBITDA% of India Hospitals 2) Denotes EBITDA% of India Hospitals and NHIC Clinics together. 3) EBITDA of NH India for Q1 FY27 stood at ₹ 2,901 Mn (21.9%). 10 2,309 3,106 3,229 20.6% 25.1% 24.8% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 1,500 1,700 1,900 2,100 2,300 2,500 2,700 Q1 FY26 Q4 FY26 Q1 FY27 (1) 28% 28% 28% 24% 23% 23% 18% 17% 17% 11% 10% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 FY26 Q4 FY26 Q1 FY27 Chart Title Doctors and Nurses Consumable Expenses Other Expenses Other Manpower Cost Rental / Revenue Share (7) 2% 2% (5) (3) (4) 2% (5)(4) (6) (1) 19.2% (2) 23.9% (2) 23.4% (2)
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11 India Insurance – Key Financial Summary Financial Parameters Q1 FY27 Q1 FY26 Gross Written Premium 262 17 Reinsurance Premium -10 -1 Net Written Premium 252 16 Change in Reserve -151 -8 Net Earned Premium 101 8 Net Incurred Claims 220 6 Net Commission 2 0 Total Operating Expenses 100 75 Investment Income 20 12 Profit After Tax -201 -60 Key Ratios Q1 FY27 Q1 FY26 Expense Ratio /NWP 41% 454% Claims Ratio / NEP 219% 72% Combined Operating Ratio 259% 526% Solvency Ratio 167% 162% ₹ Mn
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Cayman Islands (Q1 FY27) Hospital Revenues Insurance Revenues (CIHL) Discharges Out-Patients US$ Mn US$ Mn 12 5.3 14.3 15.4 0.0 5.0 10.0 15.0 20.0 Q1 FY26 Q4 FY26 Q1 FY27 11,804 13,928 13,194 7,500 8,500 9,500 10,500 11,500 12,500 13,500 14,500 Q1 FY26 Q4 FY26 Q1 FY27 738 848 780 450 550 650 750 850 950 Q1 FY26 Q4 FY26 Q1 FY27 1) EBITDA of CIHL for Q1 FY27 is US$ -3.7 Mn. 2) HCCI consol revenue to be adjusted for inter-co elimination of US$ 2.0 Mn in Q1 FY27. 42.6 49.6 44.8 24.0 29.0 34.0 39.0 44.0 49.0 54.0 Q1 FY26 Q4 FY26 Q1 FY27 193% YoY 7.7% QoQ 5.1% YoY -9.6% QoQ
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United Kingdom (Q1 FY27) Hospital Revenues EBITDA Pre-IFRS EBITDA Post-IFRS EBITDA Margin (Post-IFRS) GBP Mn GBP Mn 13 2.8 5.9 3.3 0.0 2.0 4.0 6.0 8.0 Q3 FY26 Q4 FY26 Q1 FY27 1) Q3 FY26 numbers are considered from 6th November 2025 (effective date of acquisition). 2) One time acquisition costs are excluded from the EBITDA. 42.3 67.6 65.0 24.0 34.0 44.0 54.0 64.0 74.0 Q3 FY26 Q4 FY26 Q1 FY27 -44.1% QoQ -3.8% QoQ GBP Mn 3.6 7.1 5.7 0.0 2.0 4.0 6.0 8.0 Q3 FY26 Q4 FY26 Q1 FY27 -19.6% QoQ 8.6% 10.5% 8.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q3 FY26 Q4 FY26 Q1 FY27 (1) (1) (1)(1) 3) EBITDA is including the new center loss of GBP 1.1 Mn for Q1 FY27.
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Consolidated Financial Performance (Q1 FY27) 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 ₹ 1,019 Mn, non-cash financial lease impact of ₹ 176 Mn and non-cash EPCG license impact of ₹ 344 Mn. Particulars (₹ Mn) Q1 FY26 Q1 FY27 Total Operating Revenue 15,073 26,836 Consumption 3,058 5,143 Doctors Expenses 2,442 3,270 Employee (Excluding Doctors) Expenses 2,955 7,248 Other Admin Expenses 3,248 6,478 Total Expenses 11,703 22,139 Other Income 238 355 EBITDA 3,607 5,052 Exceptional item - - One time Acquisition Cost - - Depreciation and Amortization 843 1,561 Finance Costs 452 868 Share of (loss)/profit of equity accounted investees (4) (19) PBT 2,308 2,604 Tax Expense 348 531 PAT 1,961 2,073 Total Comprehensive Income 1,972 1,940 Profit and Loss Statement(1) 14 Key Balance Sheet Items(1) Particulars 30th Jun 2026 Shareholder Equity 47,336 Total Borrowings 48,776 Lease Liability 9,711 Net Block + CWIP (2) 48,258 Goodwill 13,923 Right to Use Assets 8,230 Net Receivables 7,037 Current Investments 8,240 Cash and Bank Balance 19,934
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15 215 350 220 350 300 100 400 5,775 7,710 30-Jun-26 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 15 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 FY29 Sanctions in place, project timelines shifted. Central Bangalore Lease 220 1,600 FY29 Lease & Construction Agreement executed. Design and approvals process underway; project timelines shifted. South Bangalore Greenfield 350 8,000 FY30 Design and approvals process underway; project timelines shifted. Raipur Expansion 300 5,400 FY28 Main contractor onboarded; Project is progressing as per schedule. South-West Bangalore Lease 100 840 FY 27 Infrastructure completed, medical equipment installation, external development and regulatory approvals in progress. Current Bed Capacity Bed Capacity Addition Bed Capacity Target Capex Head (INR Mn) FY27 (P) FY27 (A) Greenfield/ Inorganic 4,600 745 Replacement/ Maintenance 2,700 314 7,600+
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Digital Transformation Initiatives 16 •Incident Management achieved 50% reduction in patient incidents. Clinical Electronic Documentation Digitally enabled JCI audits with instant access to process guides, manuals and policy documents for assessors. Universal QR NAMAH – Error free tracking of patients and tasks Systematic QR-based patient identification and task confirmation, actively eliminating errors across nursing care. Operations 50% Bot assisted Inpatient Admissions Simplified patient and administrative workflows, powered by bots to create a seamless admission experience. 300+ Digital Outreach Camps Conducted Successfully completed ATHMA-assisted outreach camps, expanding ATHMA's accessibility footprint and reach. Patient Experience Crossed 4Mn+ NH patient app installs Strong user adoption reflected in 4.9 on the App Store and 4.8 on Google Play Store, reinforcing quality-led growth. ₹50Cr+ Monthly kiosk digital payments High-volume processing through kiosk setups deployed across all Narayana Health hospitals. Customers 400 Beds SaaS Customer Onboarding SaaS footprint grew 25%, taking the overall SaaS bed count beyond 1,500. EU Region ATHMA Onboarding Onboarded a major customer, marking ATHMA's entry into another premier healthcare market. Digital SOP Audit
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NH ESG Vision – “Health For All” 17 Actuals Q1 FY 26-27 (T=Target Q1 FY 26-27) 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) 60 (T 60) 3673 (T 2700) 951 (T 932) 5.21 Pages/Patient/Month (T 5.00) On Plan Ongoing 90 Publications (T 50)On Plan Ongoing On Plan Ongoing On Plan OngoingOn Plan Ongoing Ongoing 1.39 KL Water Per occupied bed (T 1.44) 2.20 KG Per occupied bed (T 2.18) 36% (T 38%) 0.92 L Person Hours of training (T 0.90 L)
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Shareholding Pattern As on 30th Jun 2026(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 18 Promoter Group 63.3% Others 15.7% FIIs 9.4% DIIs 10.9% ESOP Trust 0.7% Key FIIs Vanguard Index Fund Franklin Templeton Investment Funds Simcah Partners LP iShares by Blackrock Government Pension Fund Global Mirae Asset 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 Deputy General Manager – Investor Relations, M&A +91 9510756827 vivek.agarwal@narayanahealth.org investorrelations@narayanahealth.org | www.narayanahealth.org 19 19
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