Analysts/Institutional Investor Meet/Con. Call Updates

Date of submission: November 07, 2026 To, To, The Secretary The Secretary Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Scrip Code – 539551 (EQ), 975516, 976418 Scrip Code- NH Dear Sir/Madam, Sub: Transcript of Earnings Call for the quarter and half year ended September 30, 2026. Further to our earlier letter dated Monday November 02, 2026 in relation to uploading the Audio Recording of the Earnings Call of the Company held on Tuesday, November 02, 2026 for the quarter and half year ended September 30, 2026, please find attached the transcript of the said Earnings Call. We wish to inform you that the Earnings Call transcript is also available on the website of the Company at: https://www.narayanahealth.org/stakeholder-relations/earnings-call-audio-and-transcripts Kindly take the same on record. Thanking you Yours faithfully For Narayana Hrudayalaya Limited Sridhar S. Group Company Secretary, Legal & Compliance Officer “Narayana Hrudayalaya Limited Quarter 2 FY27 Earnings Call” November 02, 2026 MANAGEMENT: MR. VIREN SHETTY – VICE CHAIRMAN DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR MS. SANDHYA JAYARAMAN – GROUP CHIEF FINANCIAL OFFICER MR. R. VENKATESH – GROUP CHIEF OPERATING OFFICER DR. ANESH SHETTY – MANAGING DIRECTOR OF INTERNATIONAL BUSINESSES MR. RAVI VISHWANATH – BOARD MEMBER – NHIL MR. NISHANT SINGH – VICE PRESIDENT – FINANCE AND INVESTOR RELATIONS MR. VIVEK AGARWAL – DEPUTY GENERAL MANAGER – FINANCE AND INVESTOR RELATIONS Moderator: Good afternoon, everyone, and welcome to the Quarter 2 FY27 Earnings Call of Narayana Hrudayalaya Limited. We thank you all for joining us today. On the call with us from the management team are Mr. Viren Shetty, Vice Chairman; Dr. Emmanuel Rupert, CEO and MD; Ms. Sandhya Jayaraman, Group CFO; Mr. Venkatesh, Group COO; Dr. Anesh Shetty, MD of the International Business; Mr. Ravi Vishwanath, Board Member of NHIL; Mr. Nishant Singh, Vice President, Finance and Investor Relations; and Mr. Vivek Agarwal, Deputy General Manager, Finance and Investor Relations. Page 1 of 19 Narayana Hrudayalaya Limited November 02, 2026 The results presentation and financial statements have already been uploaded on the stock exchanges and are also available on the company's website. Before we proceed with this call, we would like to remind everyone that everything that is being said on this call that reflects any outlook for the future or which can be construed as a forward-looking statement must be viewed in conjunction with the uncertainties and the risks that they face. Please note that this call is for a duration of 1 hour. We will address questions pertaining to the India business in the first 30 minutes, followed by the international business. Given the limited time available, participants are requested to ask maximum two questions at a time and join the queue for any follow-on questions. We also request participants to avoid chat questions and ask the questions live. With that, we would like to start the Q&A. I request everyone to now use the raise hand feature to start posing their questions. First question is from Prithvi Raj. Prithvi Raj kindly announce your company name and go ahead with your question, please. Prithvi Raj: This is from Unifi Capital. Firstly, on the India business margins. This quarter, the margins are around 25% and it's now almost on par with the best amongst the large players. However, the ARPOB is still at INR55,000 only compared to INR70,000 plus for others. Is there further scope for margin improvement as structurally ARPOBs improve or you think margins can be at this level for quite some time and then you will focus on revenue? R. Venkatesh: I'll take this. Prithvi Raj, Q2 is generally a strong quarter, as we have seen across financial years. And in this particular quarter, we've seen good growth both from the volume and price mix. So on IP volumes, we've seen 4% increase year-on-year. OP footfall, we've seen around 12.5% growth. ARPOB, as you said, has increased from INR17.5 million to INR19.5 million (annualised) year-on-year, as we focus more on high-end procedures and greater use of robotics. What we have seen is that moderate price increases and balanced pricing have driven strong growth in both IP and OP volumes this year. We will continue with the same strategy to ensure we have a balanced growth both in terms of volumes and realizations in the coming quarters as well. And on the margin side, yes, it has gone up to more than 26%, which is now among the best in the industry, even though our ARPOB remains well below peers. Along with better realizations, we've also had the benefit of operating leverage on the costs where our doctors and nursing costs have come down by 1.9% QoQ, which has added to the margin. And our focus will remain on seeing how we can sustain these margins at current levels. Prithvi Raj: So is there a further potential for margin improvement because your ARPOB will anyway structurally go up given the gap between competitors. So can we look at around 200 basis points of higher margins as a peak level? Page 2 of 19 Narayana Hrudayalaya Limited November 02, 2026 R. Venkatesh: So that is what I was trying to say… Viren Shetty: I'll jump in here Venkatesh. R. Venkatesh: Yes. Viren Shetty: Just to clarify, we don't target any specific margins. The margins you see, which are best-in- class despite an ARPOB that is significantly lower than peers, are a reflection of the huge amount of effort we've put in over the past 10 years in digitization, process improvement, supply chain and addressing every single driver of unnecessary cost in the company. Our mission has always been to cater to people who cannot afford treatment in most of the other private hospitals and to price our surgeries and procedures extremely affordably. The margin is a reflection of what we do once we end up paying for the very high cost of services balanced out against all the efficiencies we're able to bring in. So margin expansion isn't the thing that we target. What we're looking for is accessing the largest pool of patients in all the cities that we operate in. Volume growth is what we want to pursue. Prithvi Raj: And on the recent regulatory news on oncology price cap, etcetera, what exactly you're hearing from the government? And if any price cap that will get implemented, how will it impact Narayana? Sandhya Jayaraman: Oncology is about 15% of India hospital revenue, and the drugs that have come under the cap are only a part of it. I think the caps will go live from 9th of November, and we'll have a better idea at that point in time. The only thing we want to call out is that we are not a very margin-focused company and a lot of our focus is on how efficiently we can run a high-volume standardized protocol, cost discipline driven care. So we will support anything that enables transparent and affordable pricing. There may be some ups and downs as this is implemented, which we will work through as we understand it better. Prithvi Raj: My final question, on the India business is on insurance. If you have to look at your combined ratio, it's as high as 280 percentage. Generally, for the established players in the industry, it's all around 100 to 110 percentage. So how should we look at this trajectory over the next few years? And how long will the losses continue? Is it possible for you to quantify in terms of combined ratio or any other profitable metric that you track? Ravi Vishwanath: Do you want me to take that, Viren? Viren Shetty: Yes, please, Ravi. Ravi Vishwanath: Sure. Prithvi, a couple of things on this. One, the ratios do get a little distorted quarter-by- quarter, Q1 versus Q2, etcetera. I think some of the things that give us confidence in terms of the overall kind of book moving in the [Showing first 8,000 characters — download PDF for full document]