Analysts/Institutional Investor Meet/Con. Call Updates

Ref: AHCL/2026-27/C035 August 07, 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 ended June 30, 2026, at the Analyst / Earnings conference call held on August 04, 2026, is enclosed herewith. The said transcript is also made available on the website of the Company at: https://dragarwals.co.in/dr-agarwals-health-care/#analyst-earnings-call. For Dr. Agarwal’s Health Care Limited Thanikainathan Arumugam Company Secretary and Compliance Officer Encl.: as above. “Dr. Agarwal's Healthcare Limited Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT: DR. ADIL AGARWAL – CHIEF EXECUTIVE OFFICER – DR. AGARWAL'S HEALTHCARE LIMITED DR. ASHAR AGARWAL – CHIEF BUSINESS OFFICER – DR. AGARWAL'S HEALTHCARE LIMITED MR. RAHUL AGARWAL – CHIEF OPERATING OFFICER – DR. AGARWAL'S HEALTHCARE LIMITED MR. YASHWANTH VENKAT – CHIEF FINANCIAL OFFICER – DR. AGARWAL'S HEALTHCARE LIMITED MS. AASHNA DHARIA – HEAD OF INVESTOR RELATIONS – DR. AGARWAL'S HEALTHCARE LIMITED Page 1 of 11 Dr. Agarwal's Healthcare Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Dr. Agarwal's Healthcare Limited Q1 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, please signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Aashna Dharia, Head, Investor Relations from Dr. Agarwal's Healthcare. Thank you, and over to you. Aashna Dharia: Thank you, Ram. A very good evening, ladies and gentlemen. Welcome to Dr. Agarwal's Health Care Q1 FY27 Earnings Call. From the management side, we have Dr. Adil Agarwal, our CEO; Dr. Ashar Agarwal, our Chief Business Officer; Mr. Rahul Agarwal, our Chief Operating Officer; and Mr. Yashwanth Venkat, our Chief Financial Officer. We have 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 the investor presentation. It is now my pleasure to hand over to Dr. Adil Agarwal, our CEO, who will share his opening remarks and insights. Dr. Adil, over to you. Adil Agarwal: Good evening. Thanks, Aashna. A very good evening to all of you, and a warm welcome to the Q1 FY27 earnings call of Dr. Agarwal's Healthcare Limited. Let me begin by providing you all with an update on the performance of the company for the quarter. This new fiscal year commenced with record-breaking results. This quarter, we launched 16 new surgical facilities, our highest ever in a single quarter and delivered revenue from operations of INR614 crores, growing 8.8% sequentially, also our strongest quarter-on-quarter growth. For Q1 FY27, total income stood at INR620 crores, up 24% year-on-year, while revenue from operations grew a whopping 26% to INR614 crores. The quarter delivered a robust Ind AS EBITDA of INR177 crores, growing 25.2% year-on-year with margins of 28.5%, an improvement of 30 basis points with a PAT margin expanding by 127 basis points to 8.9% despite rising greenfield losses driven by 23 surgical new facilities launched in the 6 months. Next, I would like to share our footprint and network growth update. For the quarter ended June 30, 2026, we expanded our footprint by commissioning 18 new greenfield facilities, strengthening our reach and capacity. Now these facilities included 1 large tertiary facility in Thane and 15 secondary facilities, 4 in Maharashtra, 2 each in Tamil Nadu, Delhi and Kerala Page 2 of 11 Dr. Agarwal's Healthcare Limited August 04, 2026 and 1 each in Punjab, Rajasthan, Telangana, Andhra Pradesh and Uttar Pradesh. Additionally, we launched 2 primary facilities across Jammu and Kashmir and Tamil Nadu. Now in India, we have a total network of 285 facilities across 14 states and 5 union territories, covering 165 cities. Our presence now is well diversified with 31% of our facilities in Tier 1 markets, 63% in other markets and 6% located internationally. During the quarter ended June 30, 2026, we served over 8.8 lakhs patients and performed over 90,000 surgeries. Every day, nearly 12,000 patients come walk into our facilities across our network. Now as we expand into new regions, we're seeing stronger patient traction, a reflection not just of the scale of our growing network, but also the trust patients place in us and our ability to bring eye care closer to home. Our greenfield engine has been the defining driver of our network growth over the last 4 years. Since FY23, we have added 166 new greenfield facilities, accelerating our expansion from 10 facility additions in FY23 to just 18 additions in FY27 alone, which is in this quarter of FY27 alone. This pace of expansion reflects a strong operational foundation we have built over the past several years across site selection, facility fit-out, clinical talent onboarding and new market entry capabilities. More importantly, we have mastered the playbook of opening and executing greenfield facilities, translating this operational readiness into consistent strong patient footfalls from the very early stages of facility lifecycle. Now let me turn to an update on our clinical excellence initiatives and our focus on complex surgeries. For this quarter, high-end cataract surgeries accounted for 29.3% of the 67,000 total cataract surgeries performed. Within the high-end surgeries, robotic cataract surgeries, what we refer to as the Femto Cataract, grew by 33.4% year-on-year, crossing 1,548 procedures for the quarter. Lenticular Procedures, what we call as the SMILE surgeries for refractive surgeries, increased 36.2% year-on-year, while retinal surgeries crossed 3,861 procedures for the quarter, up 30% from last year. We also have completed 285 corneal transplants over this entire period, the highest for any quarter. Innovation continues to remain at the core of our clinical excellence. One of the inventions we are proud of is something what we call as Pinhole Pupilloplasty abbreviated as PPP. This has been developed by our Chairman, Dr. Amar Agarwal and his clinical team. Now, traditionally, patients with severe corneal injuries often require a corneal transplant to restore vision. Corneal transplant come with two inherent challenges. First, there is a global shortage of donor corneas, and second, visual outcomes can be unpredictable despite the surgery being performed by highly skilled surgeons. PPP fundamentally changes this paradigm. It is a simple, yet highly innovative procedure that requires no donor eye while delivering predictable and often spectacular improvements in visual outcomes. We often compare PPP to what coronary stents did for cardiology. For many heart attack patients transform treatment by providing an effective alternative to traditional bypass surgery. We believe PPP has the potential to create a similar shift in Page 3 of 11 Dr. [Showing first 8,000 characters — download PDF for full document]