Analysts/Institutional Investor Meet/Con. Call Updates

Date of submission: August 10, 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 ended June 30, 2026. Further to our earlier letter dated Monday, August 03, 2026 in relation to uploading the Audio Recording of the Earnings Call of the Company held on Monday, August 03, 2026 for the quarter ended June 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 1 FY27 Earnings Call” August 03, 2026 MANAGEMENT: DR. EMMANUEL RUPERT – CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR MS. SANDHYA JAYARAMAN – GROUP CHIEF FINANCIAL OFFICER MR. VENKATESH – GROUP CHIEF OPERATING OFFICER DR. ANESH SHETTY – MD, INTERNATIONAL BUSINESSES MR. RAVI VISHWANATH – NHIC 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 1 FY27 Earnings Call of Narayana Hrudayalaya Limited. We thank you for joining us today. On the call from the management team, we have with us 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, from NHIC, Mr. Nishant Singh, Vice President, Finance and Investor Relations, and Mr. Vivek Agarwal, Deputy General Manager, Finance and Investor Relations. 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 Page 1 of 17 Narayana Hrudayalaya Limited August 03, 2026 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 the duration of 1 hour. We will address questions pertaining to the India business first 30 minutes, followed by 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-up questions. With that, now we would like to start the Q&A. I request everyone to use the Raise Hand icon to go ahead with your question. Participants may click on the Raise Hand icon to proceed with your question. First question is from Prithvi Raj. Kindly announce your company name and proceed with your question. Prithvi Raj: Hi. This is Prithvi Raj from Unifi Capital. Let me begin with the domestic hospital business first. I think the EBITDA growth of 40% despite not adding any beds in the last 7 to 8 years is quite remarkable. In this context, my first question is with respect to the revenue growth. I think till last few quarters, entire revenue growth for India hospitals came from ARPOB, but this time, surprisingly, even the footfalls went up. So, could you explain that, and how should we look at it going forward? Will it be a combination of ARPOB plus footfalls or it will be predominantly ARPOB till you commission the new hospitals? R. Venkatesh: Hi, Prithvi Raj. I'll take this up. We've been off late doing a lot of high-end procedures and also the robotics has gone up substantially. So, if you see the margin improvement over the last two, three quarters, they are essentially on account of high volume of high-end procedures and also increased use of technology and robotics. And also, if you see the presence of our clinics across the network, in mainly around Bangalore, has actually strengthened the brand reputation of the hospital network, resulting in increased footfall. If you look at the data of clinics, clinics we do more or less, the total footfalls of patients in clinics is approximately 30% of the total OPD footfalls in the hospital. So that is also the level of contribution the clinics are doing. That is also complemented towards increasing of the footfall, and overall general demand is also strong as far as healthcare is concerned. So, we have seen a good traction in terms of volumes coming across the network, across all the regions. And it has been a good combination of volumes as well as realizations. And going forward, we would strive towards continuing with such a combination in the quarters to come. But obviously, we will not be able to boil down to any specific numbers, but we would always work towards getting a combination of both volumes and realizations in the quarters to come. Prithvi Raj: That is clear. Just on margins front, you made a point of the 24% EBITDA margin. See, if we compare your ARPOB with other competitors, it is significantly lower. However, your margins are largely on par with the competitors. And as you have taken several initiatives on efficiency, etcetera., but do you think is there a further scope for hospitals' margins to go up or it should stabilize at these levels? R. Venkatesh: Sandhya, you want to take that? Sandhya J: Yes. Sure, Venkatesh. If you look at how our margin journey, like you had acknowledged that we haven't added any beds, but we have been able to deliver incremental revenue and throughput. And that is what is giving us the expansion that we are seeing in margins in addition to footfalls that Venkatesh talked about. Page 2 of 17 Narayana Hrudayalaya Limited August 03, 2026 This will continue because we don't have any meaningful bed addition coming in for the next two to three years. Having said that, we have to make a choice on the leverage benefit. We are an operator that works with an affordable care philosophy, so we will continue to make that choice on how much do we pull back into cash flows and thereby fueling our expansion initiatives? How much we are going to continue to invest into our new growth verticals like integrated care, and how much we will pass back to the customers. And those operational decisions we will make as we go through this journey. It is not possible to give a projection on that, but what we can definitely see is that we will see expansion in the core operating margin of the business, given the leverage benefit that we will enjoy. Prithvi Raj: One final question on domestic business. If you look at the insurance space, I think the losses spiked significantly during the quarter. Just trying to understand, what has changed so much in one quarter that, the losses spiked up in a big way, and should we expect these losses to sustain for the next few quarters or is it more of a one-off quarter? So what explains this domestic insurance losses? Management: Ravi can you just take this up, please? Ravi Viswanath: Sure. Hi, Prithvi. No, I mean, absolutely right. I think a few things you have to kind of keep in mind in this. It is still a relatively small book, and so a few large claims sometimes can have a disproportionate impact when you look at loss ratios. But at the same time, when you look at the growth, there are other benefits. So you would have seen also that the expense ratio came down substantially, and so you have got to kind of a little bit balance both those things. In our case, the issue is confined to a few policies. And having said that, as part of our priorities, we are working on a number of initiatives for insta [Showing first 8,000 characters — download PDF for full document]