Slides
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Earnings Update Q2 FY27
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2 Index Our Footprint 03 Narayana Health at a Glance 04 Q2 FY27 Highlights 05 Capex 16 Digital Initiatives 17 Narayana Health ESG Vision – “Health For All” 18 Shareholding Pattern 19 Topic Slide No.
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Our Footprint (as on 1st October 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 21 5,624 India - Clinics and Dialysis Centres (1) 20 0 Cayman Islands 2 165 United Kingdom 13 330 Healthcare Facilities 56 6,119 Total Staff ~21,150 Clinical : ~ 13,100 Non-clinical : ~ 8,050 (1)This includes 12 (Twelve) Integrated Care Clinics as on 30th Sep 2026. (2)Banashankari Hospital and Nagarabhavi Clinic commenced operations in the last week of Sep'26; operating metrics will be reflected from Q3 FY27. Narayana Health – At a Glance 4 4 South (India) Hospitals - 7 | Heart Centres - 2 | Clinics - 15 | Diagnostic Centre - 1 Operational Beds - 2,159 (Hospitals) and 132 (HC) East (India) Hospitals - 7 | Clinics - 3| Dialysis Centre - 1 Operational beds - 2,121 North (India) Hospitals – 3 Operational beds: 838 West (India) Hospitals - 2 Operational beds - 374 Total Capacity Beds 6,374
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Key Highlights – Operational & Financial Performance (Q2 FY27) Clinical & Operational ▪ Narayana Institute of Cardiac Sciences, Bengaluru has performed : • South India’s first Percutaneous Transcatheter Tricuspid Valve Replacement (TTVR) • India’s first Transcatheter Tricuspid Valve Implantation (TTVI) on a 14-year-old • 54 TAVIs and 6 hybrid percutaneous pulmonary valve implantations in Q2 FY 27 • Highest volume of cardiac surgeries cases in a single day: 38 cases. ▪ NH Mumbai successfully managed • Complex surgical management of a newborn presented with sternal cleft, a very rare condition. ▪ NH RTIICS achieved: • Multidisciplinary surgery for spindle cell sarcoma of the adnexa with extensive IVC tumor thrombus extending into the right atrium • Robotic-assisted resection of Type B3 thymoma with phrenic nerve invasion in a patient with myasthenia gravis. Financial Performance ▪ Consolidated operating revenues of ₹ 28,440 Mn in Q2 FY27, a change of +73.0% YoY and +6.0% QoQ. ▪ Consolidated EBITDA of ₹ 6,054 Mn in Q2 FY27 at a margin of 21.3%. Consolidated PAT of ₹ 3,012 Mn for Q2 FY27 at a margin of 10.6%. ▪ Consolidated Total Borrowings less Cash & Bank Balance and Investments of ₹ 18,830 Mn as on 30th September 2026, i.e., net debt to equity ratio of 0.38 (Out of which, debt worth US $114 Mn and GBP £150 Mn are foreign currency denominated). 5 5
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India Operations – Revenue (Q2 FY27) International 513 638 901 - 100 200 300 400 500 600 700 800 900 1,000 Q2 FY26 Q1 FY27 Q2 FY27 6 6 12,331 13,196 14,388 4 5,004 10,004 15,004 20,004 Q2 FY26 Q1 FY27 Q2 FY27 Total* 75.7% YoY 16.7% YoY 9.0% QoQ 41.2% 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 438 341 5 105 205 305 405 505 FY26 FY27 YTD Gross Written Premium** Domestic 11,707 12,381 13,256 10,500 11,000 11,500 12,000 12,500 13,000 13,500 14,000 Q2 FY26 Q1 FY27 Q2 FY27 13,442 186 171 156 12,552 11,863 C C C H H H H - Hospitals C - Clinics
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74% 25% 1% 1% Owned Hospitals Operated Hospitals Heart Centres Clinic Business 43% 33% 18% 7% 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% 14% 15% 9% 8% 5% 17% Cardiac Sciences Medicine and GI sciences Oncology Renal Sciences Neuro Sciences Orthopaedics Others India Hospital – Revenue Mix (Q2 FY27) (1) (3) (2) (6) (5) 7
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India Hospitals – Operations Review (Q2 FY27) ICU Occupied Bed Days ALOS Patient Footfalls (IP & OP)(1,3) ₹ ‘000 Days ‘000 Hospitals OP IP 662 674 744 64 67 81 58 57 600 100 200 300 400 500 600 700 800 Q2 FY26 Q1 FY27 Q2 FY27 (1) OP figures include day-care business. Clinics OP pertains to footfalls related to NHIC. (2) ARPOB for the period Q2 FY27 was ₹ 19.5 Mn as against ₹ 17.5 Mn in Q2 FY26. (3) Footfalls for IP correspond to Discharges. 8 8 ‘000 4.8 5.1 5.2 149.4 162.6 163.4 Q2 FY26 Q1 FY27 Q2 FY27 Average Revenue Per Patient (IP & OP) (1,2) OP IP 96 96 102 60 70 80 90 100 110 Q2 FY26 Q1 FY27 Q2 FY27 4.3 4.3 4.3 3.7 3.9 4.1 4.3 4.5 Q2 FY26 Q1 FY27 Q2 FY27 Clinics OP
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India Hospitals – Cluster Split (Q2 FY27) This considers owned/operated hospitals & heart centers in India (1) OP ARPP includes day care. 18% 10% 16% % of Hospital Operating Revenues YoY Revenue Growth OP ARPP(1) (₹ ‘000) YoY Hospital Discharges Bangalore Southern Peripheral Kolkata Eastern Peripheral Western Northern Regions • NICS • MSMC • HSR • Mysore • Shimoga • Davangere • Dharwad • Kolar • RTIICS • Barasat • NMH • NSH • Jamshedpur • Guwahati • Raipur • Mumbai • Ahmedabad • Gurugram • New Delhi • Jaipur 9 12% 2% 7% 1% 5% 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 6.1 4.3 4.6 4.4 4.3 5.3 251 88 169 145 130 126 2% 6% 2% Capacity Beds 1490 800 1453 745 405 882 -2% 2% 16% 12% 37% 9% 26% 10% 5% 13%
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2,903 3,229 3,799 23.8% 24.8% 26.8% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q2 FY26 Q1 FY27 Q2 FY27 10 India Hospitals – Profitability Snapshot (Q2 FY27) Includes NH India Hospitals EBITDA and EBITDA Margin (1) Cost Structure ₹ ‘Mn % of Operating Revenues 5) Doctors and Nurses = Employee benefits + Professional fees to doctors 6) Consumable Expenses = Purchase of medical consumables, drugs and surgical equipment net of changes in inventories of medical consumables, drugs and surgical equipment 7) Other Expenses = Overhead expenses + All other expenses 8) 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 Q2 FY27 stood at ₹ 3,548 Mn (24.6%) 4) EBITDA (excluding other income) of NH India Hospitals for Q2 FY27 is 23.6%; Q1 FY27: 22.3%; Q2 FY26: 22.2% 10 (1) 27% 28% 26% 23% 23% 22% 17% 17% 18% 11% 10% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 FY26 Q1 FY27 Q2 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) 22.5% (2) 23.4% (2) 26.0% (2)
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11 India Insurance – Key Financial Summary Financial Parameters Q2 FY27 Q2 FY26 Gross Written Premium 78 70 Reinsurance Premium -3 -3 Net Written Premium 75 67 Change in Reserve 57 -33 Net Earned Premium 133 34 Net Incurred Claims 211 25 Net Commission 3 -0 Total Operating Expenses 93 65 Investment Income 22 14 Profit After Tax -151 -42 Key Ratios Q2 FY27 Q2 FY26 Expense Ratio /NWP 123% 97% Claims Ratio / NEP 159% 72% Combined Operating Ratio 282% 169% Solvency Ratio 162% 155% ₹ Mn (1) Figures might not equal the reported numbers due to rounding off. 11
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Cayman Islands (Q2 FY27) Hospital Revenues Insurance Revenues (CIHL) Discharges & Out-Patients US$ Mn US$ Mn 12 9.3 15.4 16.8 0.0 5.0 10.0 15.0 20.0 Q2 FY26 Q1 FY27 Q2 FY27 12,301 13,194 12,979 785 780 823 Q2 FY26 Q1 FY27 Q2 FY27 Out-Patients Discharges 1) EBITDA of CIHL for Q2 FY27 is US$ -1.1 Mn. 2) HCCI consol revenue to be adjusted for inter-co elimination of US$ 2.7 Mn in Q2 FY27. 41.6 44.8 49.3 24.0 29.0 34.0 39.0 44.0 49.0 54.0 Q2 FY26 Q1 FY27 Q2 FY27 80.2% YoY 8.8% QoQ 18.4% YoY 9.9% QoQ 17.9 15.1 22.1 0 5 10 15 20 25 30 Q2 FY26 Q1 FY27 Q2 FY27 Hospital & Insurance – EBITDA US$ Mn
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United Kingdom (Q2 FY27) Hospital Revenues EBITDA Pre-IFRS EBITDA Post-IFRS EBITDA Margin (Post-IFRS) GBP Mn GBP Mn 13 4.8 3.3 1.9 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q4 FY26 Q1 FY27 Q2 FY27 1) One time acquisition costs are excluded from the EBITDA. 2) Pre IFRS & Post IFRS EBITDA is including the new center losses. 3) New center loss for Q2 FY27 is GBP 0.8 Mn. 67.6 65.0 64.4 24.0 34.0 44.0 54.0 64.0 74.0 Q4 FY26 Q1 FY27 Q2 FY27 -41.7% QoQ -0.9% QoQ 7.1 5.7 4.7 0.0 2.0 4.0 6.0 8.0 Q4 FY26 Q1 FY27 Q2 FY27 -18.5% QoQ 10.5% 8.8% 7.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q4 FY26 Q1 FY27 Q2 FY27 GBP Mn
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Consolidated Financial Performance (Q2 FY27) Figures in ₹ Mn, unless stated otherwise (1) Figures might not equal the reported numbers due to rounding off. Particulars (₹ Mn) Q2 FY27 Q2 FY26 Total Operating Revenue 28,440 16,438 Consumption 5,477 3,222 Doctors Expenses 3,432 2,549 Employee (Excluding Doctors) Expenses 7,359 2,991 Other Admin Expenses 6,634 3,651 Total Expenses 22,901 12,413 Other Income 515 240 EBITDA 6,054 4,265 Depreciation and Amortization 1,629 875 Finance Costs 967 423 Share of (loss)/profit of equity accounted investees (24) (13) PBT 3,433 2,955 Tax Expense 422 372 PAT 3,012 2,583 Total Comprehensive Income 3,632 3,279 Profit and Loss Statement(1) 14 Key Balance Sheet Items(1) Particulars 30th Sep 2026 Shareholder Equity 50,054 Borrowings + Lease Liability 60,753 Net Block + CWIP 49,685 Goodwill 14,133 Right to Use Assets 9,596 Net Receivables 9,619 Current Investments 10,451 Cash and Bank Balance 19,398 Net Debt as on 30th Sep 2026 (1) Particulars Gross Debt Cash & Cash Equivalents Net Debt India 19,852 11,351 8,501 Cayman Islands 10,805 17,586 (6,781) United Kingdom 18,991 1,880 17,111 Consolidated 49,648 30,818 18,830
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Financial Summary (Q2 FY27) 15 Particulars Q2 FY27 Q1 FY27 Q2 FY26 QoQ Growth% YOY Growth% NH India (₹ Mn) Operating Revenue 14,402 13,247 12,347 ▲ 8.7% ▲ 16.6% EBITDA 3,548 2,901 2,712 ▲ 22.3% ▲ 30.8% PAT 1,899 1,317 1,395 ▲ 44.2% ▲ 36.2% 13.2% 9.9% 11.3% HCCI ($ Mn) Operating Revenue 63.4 58.2 49.5 ▲ 8.9% ▲ 28.2% EBITDA 22.1 15.1 17.9 ▲ 46.4% ▲ 23.8% PAT 16.6 10.2 13.7 ▲ 62.9% ▲ 20.9% 26.2% 17.5% 27.8% NHUK (£ Mn) Operating Revenue 64.4 65.0 - ▼ 0.9% - EBITDA 4.7 5.7 - ▼ 18.5% - PAT -2.7 -2.2 - ▲ 22.1% - -4.2% -3.4% NH Group (Excl. UK) (₹ Mn) Operating Income 20,156 18,580 - ▲ 8.5% - EBITDA 5,452 4,325 - ▲ 26.1% - PAT 3,359 2,356 - ▲ 42.6% - 16.7% 12.7% NH Group (₹ Mn) Operating Income 28,440 26,836 16,438 ▲ 6.0% ▲ 73.0% EBITDA 6,054 5,052 4,265 ▲ 19.8% ▲ 42.0% PAT 3,012 2,073 2,583 ▲ 45.3% ▲ 16.6% 10.6% 7.7% 15.7%
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16 215 350 220 350 300 120 400 5,879 7,834 30-Sep-26 HSR Bangalore Rajarhat Kolkata Central Bangalore South Bangalore Raipur Park Street Kolkata 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 FY29 Sanctions in place, Project is progressing as per schedule. Central Bangalore Lease 220 1,600 FY29 Lease & Construction Agreement executed; Design and approvals process underway. South Bangalore Greenfield 350 8,000 FY30 Design and approvals process underway. Raipur Expansion 300 5,400 FY28 Main contractor onboarded; Project is progressing as per schedule. Park Street, Kolkata Lease 120 1,000 FY28 Operations and Management Agreement executed. Current Bed Capacity Bed Capacity Addition Bed Capacity Target Capex Head (INR Mn) FY27 (P) FY27 (A) Greenfield/ Inorganic 4,600 955 Replacement/ Maintenance 2,700 681 7,800+ 1) Project South-West Bangalore (Banashankari Hospital) commenced operations in the last week of Sep’26.
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17 Digital Hospitals – Way Forward BANASHANKAR I · DIGITAL HOSPITAL OP Journey Outpatient 5 steps · all digital Paperless Registration Kiosk or counter registration creates the patient ID and books the appointment or walk-in — no paper form at any step. Touch-Free Consultation Invoicing Consultation bill raised and paid at the kiosk or counter; receipt digital, refund to source or hospital wallet. Counter-Free Service Invoicing Doctors' investigation and procedure orders post to the same visit and are billed digitally — no separate cash counter. Live Queue Tracking Token is shared with the patient on NHCare or WhatsApp; QMS runs the ward TVs, doctor-wise tokens and wait-time tracking. Green-Channel Pharmacy Prescription lands on Pharmacy Cart in NHCare and the kiosk; patient pays digitally and collects at the green channel. IP Journey Inpatient 6 steps · all digital Upfront Cost Estimate Estimate built in ATHMA from package and per-day rates, shared with the family before admission. One-Tap Digital Consent Consent captured and signed digitally on WhatsApp or NHCare — no paper consent form at the counter. Paperless Admission WhatsApp/NHCare-based admission bot — documents, advance payment, bed allotment and IP number. Always-On IP Companion Every in-stay request or complaint ticketed by the companion bot, escalated L1–L3 on a 30-minute SLA. Discharge Without Delay Mark for discharge, summary, final bill and payment link all on WhatsApp; the file never moves on paper. Digital Gate Pass Visitor, attendant and discharge passes issued as a QR on WhatsApp, validated by security at the exit gate. Eleven steps, one platform — zero paper handoffs.
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NH ESG Vision – “Health For All” 18 Actuals Q2 FY 26-27 (T=Target Q2 FY 26-27) 18 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) 754 (T 810) 7150 (T 6700) 1826 (T 1864) 6.15 Pages/Patient/Month (T 5.00) On Plan Ongoing 167 Publications (T 100)On Plan Ongoing On Plan Ongoing On Plan OngoingOn Plan Ongoing Ongoing 1.42 KL Water Per occupied bed (T 1.37) 2.16 KG Per occupied bed (T 2.18) 34% (T 38*%) 2.35 L Person Hours of training (T 1.80 L) *The annual renewable electricity target revised from 41% to 37% due to the exclusion of one hospital from the reporting scope
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Shareholding Pattern As on 30th Sep 2026(1) Key DIIs Mirae Asset Management Parag Parikh Asset Management Nippon Life India Asset Management Axis Asset Management DSP Asset Management Unifi Capital (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 14.6% FIIs 9.0% DIIs 12.5% 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 investorrelations@narayanahealth.org | www.narayanahealth.org 20 20
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