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November 10, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Corporate Relationship Department Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E) Dalal Street Mumbai – 400 051 Mumbai – 400 001 Symbol: LALPATHLAB Scrip Code: 539524 Sub: Transcript of Q2 & H1 FY27 Earnings Conference Call Dear Sir/ Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached herewith Transcript of Earnings Conference Call on Financial Results for Q2 & H1 FY27. We request you to please take the same on record. Thanking You, Yours Faithfully, For Dr. Lal PathLabs Limited Vinay Gujral Company Secretary & Compliance Officer Encl.: As above Classification: Internal Dr. Lal PathLabs Limited Q2 FY27 Earnings Conference Call Transcript November 04, 2026 Call Duration • 56 Minutes 11 Seconds Management Speakers • (Hony) Brig. Dr. Arvind Lal - Executive Chairman • Mr. Shankha Banerjee - Chief Executive Officer • Mr. Ved Prakash Goel - Group CFO and CEO, International Business Participants who asked • Tausif Shaikh – BNP Paribas questions • Prakash Kapadia – Entrust Family Office • Rishi Mody – Mody Advisory • Akshay Shinde – Centrum Broking • Yogesh Soni – Haitong Securities • Anshul Agrawal – Emkay Global • Akash Shah – Investec Capital • Gourav Bhama – JM Financial • Shyam Srinivasan – Goldman Sachs Page 1 of 18 Moderator: Ladies and gentlemen, good day, and welcome to the Dr. Lal PathLabs' Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishid Solanki from CDR India. Thank you, and over to you sir. Nishid Solanki: Thank you. Good evening, everyone, and welcome to Dr. Lal PathLabs Q2 & H1 FY27 earnings conference call. Today, we are joined by senior members of the management team, including: • (Hony) Brig. Dr. Arvind Lal - Executive Chairman • Mr. Shankha Banerjee - CEO, and • Mr. Ved Prakash Goel, Group CFO and CEO, International Business I would like to share our standard disclaimer. Some of the statements made on today's conference call could be forward-looking in nature, and the actual results could vary from these forward-looking statements. A detailed statement in this regard is available in the results presentation, which has been circulated to you and also available on stock exchange website. I would now like to invite Dr. Lal to share his perspectives. Thank you, and over to you, sir. Arvind Lal: Thank you, Nishid. Good evening, ladies and gentlemen, and thank you for joining us on our second quarter and half year earnings call for the financial year 2027. Indian healthcare system continues to focus on improving patient outcomes with diagnostics playing a significant role in anchoring evidence-based therapies. Advancement in diagnostic technology is going hand-in-hand with the increasing complexity of the demands from the clinical community for more precise and personalized therapies. Our recent acquisition of S N GeneLab in Surat adds differentiated tests to our portfolio in oncogenomics and reproductive genomics, which combined with our Page 2 of 18 national reach will benefit the wider clinical community. S N GeneLab has a proven track record and an active R&D program in the genomics area with international tie- ups and in-house research work. This will complement the R&D effort, which LPL has embarked upon with academic institutions and other research institutions. These efforts are aimed at leading the scientific development in diagnostics and introducing new tests and technologies in India. There is also an increasing emphasis on disease prevention and diagnostics has an important part to play in that shift. Under the National Program for Prevention and Control of Non-Communicable Diseases, that is (NP-NCDs) through 1.8 lakh Ayushman Arogya Mandirs, over 41.5 crore people have been screened for hypertension, 41.3 crore for diabetes and 35.3 crore for oral cancer and 16.5 crore women for breast cancer and close to 8.7 crore women for cervical cancer. This is a public health effort of extraordinary ambition, but screening only is the beginning of a clinical journey. Every positive finding requires confirmation and then monitoring and that work is done in laboratories. The need for accurate, accredited, high-quality confirmatory diagnostics tests is only going to increase. Our expansion into the international markets has seen significant movement this quarter with the acquisition of Sunshine diagnostics in Ghana and a JV in Uzbekistan. These are small steps towards building a meaningful long-term business in markets where we can contribute towards improving the diagnostic ecosystem. Our team is also working to make quality diagnostics available to the communities in the underserved regions of our country. Our rural outreach program is gaining strength in the seven states that we have launched with higher patient numbers this quarter. The migration from unorganized to organized testing remains the defining opportunity of this decade, and it will be won on quality, reach and trust. With that, I hand over to Mr. Shankha Banerjee. Thank you very much. Shankha Banerjee: Thank you, Dr. Lal, and good evening, everybody. I am happy to share that we have sustained our growth momentum in Q2 FY27 with a revenue achievement of Rs. 874 crore at a 19.6% growth. This is the highest quarterly growth in the last 5 years and has been driven by a 9% growth in patient volumes. Our consistent focus on the key strategic pillars of scientific leadership, enhanced patient experience, and operational excellence are yielding results. Page 3 of 18 Our commitment to medical leadership and clinical tests remains the primary engine driving our test mix and realization quality. • In Q2 FY27, we continue to expand our advanced testing portfolio and strengthened our diagnostic depth across specialized frontiers such as oncogenomics, transplant immunology and rare genetic disorders. Demonstrating this commitment, we launched around 140 new tests during H1 FY27 and 2 first in India assays in Q2 FY27. • Our recent acquisition of S N GeneLab strengthens our play in genomics testing. The combined portfolio with testing hubs in North and West strengthens our genomics expertise, broadens our advanced diagnostic portfolio, and enables deployment across our entire network. • We have rolled out a new physical patient report format, which enhances the reporting experience as it incorporates the trend chart of most common tests. It also has a useful anti-counterfeit watermark embedded to ensure genuineness of the report. These reports are now reaching more than 80% of our patients daily. • We have recently established an enterprise-wide foundation for digital pathology through a secure, scalable hybrid cloud platform that unifies image management, supports multiple file formats and integrates seamlessly with our LIMS solution. The platform is future-ready to enable multiple business streams, including AI-led services. The team is eager to build on the strong foundation of the first half and deliver our targeted sustainable revenue growth over the medium term. We continue to retain a significant pricing headroom as a strategic lever going forward. I will now hand over the call to Ved, who will take you through the detailed financial metrics of the quarter under review. Over to you, Ved. Ved Prakash Goel: Thank you, Shankha. Good evening, everyone, and a warm welcome. Thank you for joining us today. I will take you through the financial highlights for the quarter under review. We continue to build on our strong oper [Showing first 8,000 characters — download PDF for full document]