Transcript of Investors & Analyst Meet held on Thursday, August 27, 2026

Ref: MHL/Sec&Legal/2026-27/45 September 02, 2026 BSE Limited National Stock Exchange of India Limited Scrip Code: 542650 Scrip Symbol: METROPOLIS Dear Sir/Madam, Sub: Transcript of Investors & Analyst Meet Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of Investors & Analyst Meet held on Thursday, August 27, 2026. The transcript is also available on the Company’s website i.e. www.metropolisindia.com You are requested to take the above information on record. Thanking you, Yours faithfully, For Metropolis Healthcare Limited Kamlesh C Kulkarni Head - Legal & Secretarial Encl: a/a “Metropolis Healthcare Limited Investor and Analyst Meet” August 27, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchanges on August 27, 2026, will prevail. MANAGEMENT: MS. AMEERA SHAH – CHAIRPERSON & WHOLE-TIME DIRECTOR – METROPOLIS HEALTHCARE LIMITED MR. SURENDRAN CHEMMENKOTIL – MANAGING DIRECTOR – METROPOLIS HEALTHCARE LIMITED MR. SAMEER PATEL – CHIEF FINANCIAL OFFICER– METROPOLIS HEALTHCARE LIMITED MR. MOHAN MENON – CHIEF MARKETING OFFICER – METROPOLIS HEALTHCARE LIMITED MR. PINAKIN SHAH – CHIEF INFORMATION OFFICER – METROPOLIS HEALTHCARE LIMITED DR. NILANJU SARMA – HEAD OF RESEARCH & DEVELOPMENT AND ACADEMICS Page 1 of 34 Metropolis Healthcare Limited August 27, 2026 Moderator: Good afternoon everyone. Request everyone to be seated please. Thank you all for joining us today. It is a pleasure to welcome you all to the Investor and Analyst Meet of Metropolis Healthcare Limited. We are delighted to have you and we appreciate you taking out the time. From the management team, we are today joined by Ms. Ameera Shah, Promoter and Executive Chairperson, Mr. Surendran Chemmenkotil, Managing Director, Mr. Sameer Patel, Chief Financial Officer, Mr. Mohan Menon, Chief Marketing Officer, Mr. Pinakin Shah, Chief Information Officer, Dr. Nilanju Sarma, Head R&D and Academics, and other members of the leadership team. The format for today will be as follows. We will begin with a presentation from the management team followed by a Q&A session. Without further ado, I would now like to invite Ameera ma'am to take the proceedings forward. Thank you. Over to you, ma'am. Ameera Shah: Good evening, everyone, and thank you so much for taking out the time on a slightly rainy day to be here with us. Metropolis is an outcome as a company, is an outcome of 3 things. Not only passion for healthcare and taking care of people, but then the idea of business and most importantly values and what we would like to share with you today is a little bit of the journey, where we are today, and most importantly where we are going. So if I just come to our present, and just before I come to the present, if I talk a little bit about the history of how we got to where we are today. So while we've been building Metropolis, it started off as Dr. Sushil Shah's lab, as a single lab. And in the last, I would say, about 25 years, we've really grown from a single lab to the multi-center chain that we are today, not only across towns in India but all across multiple other countries internationally as well and while a lot of you from the financial markets will focus a lot obviously on the financial outcomes. This organization has been built with a lot of love. It's been built with a lot of care and most important for us has always been the patient at the center of it. Our philosophy has always been that you treat every sample like it's your own mother's sample and that has been the logic with which we've always built the business, to say that 19-20 is not good enough. It has to be perfection. Just dealing it with like a factory or a manufacturing facility is not good enough because you're dealing with real people and real lives and so therefore it has to be done with a sense of passion and compassion and at the end of the day, while all of this is great, it has to result into a successful, profitable business that makes money. We keep reinvesting with innovation and good things for the future. So governance and values has been important for us as well. But coming to where we are today, so while we say 45 years, obviously really the growth only started happening about 20 to 25 years ago. Till then we were obviously a single lab, but currently we have 209 laboratories and 5,000 plus centers. It's easy to build labs. It's not hard to Page 2 of 34 Metropolis Healthcare Limited August 27, 2026 build labs. That's not the moat in the business and as we go along, I'll explain to you what the moat for Metropolis is. We operate in 750 towns in India alone, plus 5 international markets where we actually have our own labs and our own people. Then there are many other countries who outsource specialized testing to us where we use our assets in India and including these 5 international countries, they send about 30%-40% of the samples to India and we spend our assets in India. So these are not operating separately. These teams are actually quite integrated and they make a lot of sense belonging together. We ended last year with a revenue of INR1,646 crores, which is coming from B2C and B2B. and this is if you see the distribution by region for the people who can't see at the back. West contributes about 50%, South 27%, North 18%, and East 5%. As we saw last year, our North India contribution was less than 10%, about 7%-8%, and we've managed to move this up by 10% in a year's time because we did some interesting acquisitions last year and they're using that as a base to grow North India very quickly. By the way, in Q1, I think North India was the fastest growing region for Metropolis. So of this entire business, about 57% of our revenue comes from B2C. And B2C, the way we define it, is when we engage with the patient. It is not us dealing with a sample, but it is us dealing with the patient and B2B is where we deal with the sample. So we may not meet the patient, but somebody else is sending their sample to us. A lot of this revenue of B2C actually comes through our own operated centers. Some percentage of it comes to our franchise centers as well, but majority of the B2C revenue comes from our own operated centers and this allows us to actually have significant influence over the customer experience, going back to what I told you around dealing with compassion and care and training, and not dealing with them just like they're a number but actually a human life and therefore, you'll find the NPS scores of Metropolis probably the highest in the industry, because it's something that we spend a lot of time and attention on. B2B volumes keeps the labs full, right? You get volumes across and we're doing almost about 4,500 varieties of tests. So to keep the labs full for every variety of test means you need to get the volumes through different channels and B2B allows us to do that, is to have a minimum volume to keep processing the test. But where you build your brand and where you build your - - even bigger profitability is obviously on the B2C side. We currently have 30,000 prescribing specialists. Now I'm not talking about our entire database of doctors who prescribe to us. That database will be much higher. But these prescribing specialists are people who are sort of your gastroenterologists, neurologists, gynaecologists, oncologists, sort of very high-end doctors. I'm not talking about sort of GPs and other doctors in this list at all. Page 3 of 34 Metropolis Healthcare Limited August 27, 2026 If you talk, doctors across India are customers of Metropolis, and every leading hospital chain is a customer of Metropolis. Now today, a lot of the thought usually is, a hospital has the best of everything, and therefore hospitals have the ability to be able to compete on everything in pathology. The reality, however, is opposite, that hos [Showing first 8,000 characters — download PDF for full document]