Transcript of the Discussion held on the Unaudited Financial Results (Consolidated & Standalone) of the Company for the quarter and half year ended September 30, 2026, at the analyst call held on November 05, 2026, is submitted.

Ref: AHCL/2026-27/C056 November 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai – 400 051 Scrip Code – 544350 Symbol : AGARWALEYE Dear Sir / Madam, Sub: Analyst / Earnings Conference Call - Transcript Ref: Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to the captioned subject and reference, Transcript of the discussion on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026, at the Analyst / Earnings conference call held on November 05, 2026, is enclosed herewith. The said transcript is also made available on the website of the Company at: www.dragarwals.co.in. For Dr. Agarwal’s Health Care Limited Thanikainathan Arumugam Company Secretary and Compliance Officer Encl.: as above. “Dr. Agarwal's Healthcare Limited H1 FY27 Earnings Conference Call” November 05, 2026 DR. ADIL AGARWAL CHIEF EXECUTIVE OFFICER AND WHOLE TIME DIRECTOR DR. ASHAR AGARWAL REPRESENTATIVES OF CHIEF BUSINESS OFFICER THE MANAGEMENT OF MR. RAHUL AGARWAL DR. AGARWAL’S CHIEF OPERATING OFFICER HEALTH CARE LIMITED PRESENT OVER THE CALL: MR. YASHWANTH VENKAT CHIEF FINANCIAL OFFICER MS. AASHNA DHARIA HEAD OF INVESTOR RELATIONS Page 1 of 14 Dr. Agarwal's Health Care Limited November 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call hosted by Dr. Agarwal's Health Care Limited. 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Aashna Dharia, Head, Investor Relations from Dr. Agarwal's Health Care Limited. Thank you, and over to you, ma'am. Aashna Dharia: Thank you, Rutuja. A very good evening, ladies and gentlemen. Welcome to the earnings call of Dr. Agarwal's Health Care Limited for the Second Quarter and First Half of FY27. From the management side, we have Dr. Adil Agarwal, our Chief Executive Officer; Dr. Ashar Agarwal, our Chief Business Officer; Mr. Rahul Agarwal, our Chief Operating Officer; and Mr. Yashwanth Venkat, our Chief Financial Officer. We've also released the financial results, press release, and investor presentation, all of which are available on our website and the exchanges as well. Before we continue, we want to remind everyone that this call is being recorded, and the transcript will be made available on our website afterwards. Additionally, please be aware today's discussion may include certain forward- looking statements, which should be considered in the light of the risks our business faces. Please refer to the detailed statement on Page 2 of our investor presentation. It is now my pleasure to hand over the call to Dr. Adil Agarwal, our Chief Executive Officer, who will share his opening remarks and insights. Dr. Adil, over to you. Adil Agarwal: Thank you, Aashna. A very good evening to all of you, and thank you for joining us for Dr. Agarwal's Health Care Limited Earnings Call for the second quarter and first half of fiscal year 2027. Let me begin by providing you all an update on the quarter and half yearly performance. Quarter 2 FY27 was another quarter of strong and consistent performance. This quarter, we added 18 new surgical facilities, our highest ever in a single quarter. Revenue from operations rose 6.7% sequentially to INR 655 crores for the quarter, one of our strongest quarter-on-quarter performances. For the first half of FY27, the company reported a total income of INR 1,286 crores, up 27.6% year-on-year, while revenue from operations rose 28.7% to INR 1,269 crores. Our Ind AS EBITDA grew 27% to INR 362 crores, with margins broadly stable at 28.2%, even as we absorbed ramping costs at our new centers. Our PAT grew by 50.1% year-on-year to INR 112 crores and PAT margin expanded by around 130 basis points to 8.7%. This was despite start-up losses from the 51 surgical facilities we have launched over the last 12 months. Q2 specifically, the company reported total income of INR 665 crores, up 31.3% year-on-year, while revenue from operations rose by 31.4% to INR 655 crores. Q2 delivered a robust Ind AS EBITDA of INR 186 crores, reflecting 28.8% year-on-year growth with margins broadly stable around 28%. PAT grew by 55.8% year-on-year for the quarter to INR 57 crores, with PAT margin expanding by 134 basis points to 8.5% for the quarter. Page 2 of 14 Dr. Agarwal's Health Care Limited November 05, 2026 Next, I would like to share our footprint and network growth update. This quarter was another record quarter for network expansion. We added 21 facilities comprising 19 Greenfield centers and 2 acquired facilities in Delhi NCR. With 18 facilities already commissioned in Q1, our total additions for the first half now stand at 39. This quarter's additions include 1 Tertiary facility in Delhi NCR and 17 secondary facilities: 4 in UP, 3 in Andhra, 2 each in Tamil Nadu, Delhi, and Maharashtra, and 1 each in Kerala, Karnataka, Telangana, and Gujarat. Additionally, we launched three primary facilities across Andhra Pradesh and Tamil Nadu. Now in India, we have a total network of 305 facilities across 14 states and 5 union territories, covering 172 cities, taking our overall network strength to 324 facilities. Our presence is well diversified now with 32% of our facilities in Tier 1 markets, 62% in other markets and 6% located internationally. Now during the first half of FY27, we served around 18.5 lakh patients and performed more than 1.86 lakh surgeries. To put the scale in perspective, on any given day, nearly 12,300 patients walked into our Dr. Agarwal's facility, and we performed close to 1,250 surgeries every single day. Volumes are rising strongly at both our established centers and our newest ones, which tells us that the model is truly scalable, and we intend to build on that momentum as we expand the network through the rest of the year. Our Greenfield engine has been the defining driver of our network growth over the last 4 years. Since FY23, we have added 185 Greenfield facilities, accelerating our expansion from 10 facility additions in FY23 to 37 additions in H1 of this year alone. Now what makes this pace sustainable is the operational foundation underneath it from site selection and fit-outs, to clinical talent onboarding and new market entry. It is now a well-honed playbook and the result is that our new facilities attract strong patient footfalls from the very first months. Now let me turn to an update on our clinical excellence initiatives and our focus on complex surgeries. For the first half year ended September '26, high-end cataract surgeries accounted for 30% of the total 1,37,170 cataract surgeries performed. Within the high-end surgeries, robotic cataract surgeries, what we call the Femto cataract grew by 25.5% year-on-year, crossing 3,284 procedures for the period. Lenticular procedures, what we call as SMILE surgeries for refractive, increased by 41.9% year- on-year, while Retinal surgeries crossed 7,849 procedures for H1, up 26.5% from last year. We also completed over 579 Corneal transplants over this entire period. Now beyond these volumes, we continue to push the frontier of advancing surgical techniques in eye care. Last quarter, we spoke about Pinhole Pupilloplasty, and I'm pleased to share the launch of the world's first PPP capable department at our Chennai flagship facility inaugurated by the Honorable Chief Minister of Tamil Nadu, Thiru. C. Joseph Vijay. This is a proud milestone for Dr. Agarwal's and a reflection of our commitment to clinical innov [Showing first 8,000 characters — download PDF for full document]