Analysts/Institutional Investor Meet/Con. Call Updates

Date: August 27, 2026 National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, C-1, Block G, 20th Floor, P.J. Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai - 400001. NSE Scrip Symbol: MANIPALHOS BSE Scrip Code: 544847 Subject: Transcript of the Earnings call with Analysts/ Investor Dear Sir/Ma’am, Pursuant to Regulation 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of the conference call that was organized with the Analysts and Investors on Friday, August 21, 2026 and the same can be accessed at: https://www.manipalhospitals.com/mhel-financial-reports#investor-earnings-call This intimation is being submitted for your information and records. Thank you. For Manipal Health Enterprises Limited (formerly known as Manipal Health Enterprises Private Limited) Sathish K R Company Secretary and Compliance Officer Membership No.: A15203 MHE-Public “Manipal Health Enterprises Limited Q1 FY27 Earnings Conference Call” August 21, 2026 MANAGEMENT: MR. DILIP JOSE – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – MANIPAL HEALTH ENTERPRISES LIMITED MR. SAMEER AGARWAL – GROUP CHIEF FINANCIAL OFFICER – MANIPAL HEALTH ENTERPRISES LIMITED MR. KARTHIK RAJAGOPAL -- CHIEF OPERATING OFFICER – MANIPAL HEALTH ENTERPRISES LIMITED MODERATOR: MR. DIWAKAR PINGLE – EY Page 1 of 17 Manipal Health Enterprises Limited August 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Manipal Health Enterprises 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Diwakar Pingle from EY. Thank you, and over to you, sir. Diwakar Pingle: Thanks a lot, Danish. Good morning to all participants on the call. It's our pleasure to welcome you to the first earnings call of Manipal Health Enterprises Limited. Before we proceed to the call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties, and other factors. This must be viewed in conjunction with our business risks that could cause future results, performance, or achievement to differ significantly from what is expressed or implied by such forward-looking statements. Please note that we have mailed the results and the same is also available on the company's website. In case you have not received the same, you can write to us and we'll be happy to send the same over to you. To take us through the results and answer your questions today, we have the top management of Manipal Health Enterprises Limited represented by Mr. Dilip Jose, MD & CEO; Mr. Sameer Agarwal, Group CFO; and Mr. Karthik Rajagopal, COO. We will start the call with a brief overview of the company and on the quarter gone past, and then move over to the Q&A session. With that said, it's my pleasure to now hand over the call to Dilip Jose. Over to you, Dilip. Dilip Jose: Thank you, Diwakar. Good morning, everybody, and welcome to our inaugural earnings call. As Diwakar said, I am joined by my senior colleagues, Sameer Agarwal, our CFO; and Karthik Rajagopal, our Chief Operating Officer. I hope you have had a chance to go through the presentation that we uploaded last evening that outlines our robust performance that we had in quarter 1. Before we take your questions, I would take just a few minutes to headline the quarter and give you more context as we look ahead to the rest of the financial year. First of all, we are pleased that our growth was driven by volumes -- more patients accessing our care during this quarter as well, as we believe that is a sustainable option for growth in care delivery. Our Q1 revenue of INR3,091 crores represents a growth of over 38% year-on-year. Our network EBITDA was INR749 crores, a growth of over 26% over last year. Excluding a one-off gain that we had in the first quarter of last year, the growth is over 30%. Our operating margin excluding Sahyadri was 25%, and at a network level that includes Sahyadri Hospitals, is at 24.2% for the quarter. Page 2 of 17 Manipal Health Enterprises Limited August 21, 2026 As I mentioned earlier, we had a volume-led growth this quarter as well. Our inpatient volumes grew by about 39%, and OP volumes by 26% over Q1 of last year. Average occupancy across our network was 65%, a 290 bps increase over Q1 of last year, while we maintained an industry- leading ALOS of just 2.7 days. Excluding Sahyadri, our ARPOB is INR77,200 per day, a growth of about 9% over Q1 of last year. Our digital revenue grew significantly and contributed about INR710 crores during the quarter, representing about 23% of our overall revenue. Out-of-hospital earnings, a set of initiatives that we started a while ago -- if you look at that, our e-pharmacy processed over 15,000 orders across 23 hospitals in four metro cities. Our telehealth solutions completed over 17,000 virtual consultations, and our chatbot, including the MAI, what we call the Manipal AI-enabled digital health companion -- handled over 9,600 interactions during the quarter one of FY27. Our Centres of Excellence, the six centres that we consider as our high-acuity specialties -- Cardiology, Cardiac Sciences actually, Oncology, Neurology, Gastroenterology, Orthopaedics, and Renal Sciences continue to be a key growth driver, their revenue contribution rising to about 65% in Q1 of FY27. During this quarter, IP revenues across these specialties grew by 45%, so they have really been the growth drivers for us for the first quarter. We also continued our efforts to further strengthen these specialties with investments. To share just a couple of examples, during this quarter, we installed a linear accelerator and a PET-CT at our hospital in Nashik, introduced optical coherence tomography at our flagship facility MHB Old Airport Road in Bangalore as well as two other locations in the same city. We commissioned an AI-assisted neuro biplane cath lab in our Mukundapur facility in Kolkata. We believe that the interventional radiology program that we have just launched in that city would be able to deliver cutting-edge clinical outcomes for that region. I also would like to highlight a couple of outstanding clinical achievements, including first-ever and regional-first kind of milestones. Our Whitefield hospital in Bangalore performed world's first robotic pancreatic surgery on a 1-month-old infant. Our Vijayawada hospital in Andhra Pradesh performed the state's first emergency living-donor liver transplant, and our recently launched two greenfield facilities, Kanakapura in South Bangalore and Yelahanka in North of the city, completed their first robotic renal transplants, and you would recall that both these facilities are in their first year of operations. Let me also give you a brief update on the performance of Sahyadri Hospitals. Sahyadri reported revenue of INR332 crores in Quarter 1, a growth of over 13% compared to last year. EBITDA for the quarter was INR58 crores, a growth of about 19% year-on-year. Operating performance also improved significantly: ARPOB grew by 15% to about INR45,000 a day, occupancy reached 63%, and we've been able to improve the length of stay, that is reduce the length of stay by about 8% compared to last year, and in Q1, we reached 2.8 days of length of stay in the Sahyadri network. Page 3 of 17 Manipal Health Enterprises Limited August 21, 2026 Work on integration of that set of hospitals to the larger Manipal Hospital network continues to progress as planned. Key initiatives including enhancement to clinical programs, talent addition, improved conversion efficiencies, phased digital adoption, and infrastructure upgrades are [Showing first 8,000 characters — download PDF for full document]