Dhanvantri Jeevan Rekha Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report as required under Regulation 34(2)(e) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, is as under:

The Indian healthcare sector continues to experience structural growth driven by increasing healthcare awareness, rising life expectancy, the growing burden of non-communicable diseases, wider health insurance coverage, demand for specialised and tertiary care, and continuing adoption of technology-enabled healthcare. Hospitals are increasingly focusing on quality of care, patient safety, diagnostics, specialised procedures and efficient utilisation of medical infrastructure. At the same time, healthcare providers face continuing pressure from manpower costs, medical consumables, equipment, maintenance, utilities and regulatory requirements. The Company operates in this evolving environment and continues to focus on quality, affordable and patient-centric healthcare services in Meerut and the surrounding region.

Dhanvantri Jeevan Rekha Limited operates primarily in the healthcare and hospital services sector through Dhanvantri Hospital. The Company provides multi-specialty medical, diagnostic and therapeutic services, including Cardiology, Gastroenterology, Neurology, Urology, Nephrology, Internal Medicine, Pulmonology, Orthopedics and other diagnostic and support services. The Company does not have separately reportable business segments for the purpose of its operations and financial reporting. During FY 2025-26, the Company continued to provide its range of hospital and diagnostic services and remained focused on patient-centric and affordable healthcare delivery.

The outlook for the Indian healthcare sector remains positive, supported by increasing demand for quality medical services, greater health awareness, expansion of health insurance and government-supported healthcare programmes, and continuing technological advancement. The Company will continue to focus on improving utilisation of its existing facilities, strengthening specialised services, maintaining quality standards, enhancing patient experience and adopting appropriate technology, while continuing to manage operating costs prudently.

Dhanvantri Jeevan Rekha Hospital continues to provide comprehensive diagnostic and therapeutic services under one roof. The Company remains committed to personalised, efficient and patient-centric care and will continue to evaluate opportunities for strengthening its specialty and diagnostic offerings in line with the healthcare needs of the community.

The healthcare sector presents opportunities arising from increasing demand for specialised and diagnostic services, growth in health insurance and government-supported healthcare programmes, greater awareness of preventive healthcare, and adoption of digital and technology-enabled medical services. The Companys established presence in Meerut, its multi-specialty capabilities and continued focus on service quality provide a platform to participate in these opportunities. The Company will continue to assess opportunities for service expansion, capacity utilisation and operational improvement while maintaining financial discipline.

The principal challenges facing the healthcare sector include increasing costs of medical consumables, medicines, utilities, equipment and maintenance; availability and retention of skilled medical and support personnel; competition among healthcare providers; foreign exchange-related cost pressures on imported equipment and consumables; and changes in healthcare regulations and reimbursement practices. The Company seeks to address these challenges through prudent cost management, workforce development, operational controls and continuous improvement in service quality.

Human resources remain an important component of the Companys operations. The latest available company information records a workforce of 106 employees as of March 31,2026. The Company continues to focus on attracting and retaining suitable personnel, employee development, technical and managerial training and maintaining a conducive work environment. The employee information for FY 2025-26 should be read together with the corresponding employee disclosure in the Directors Report and annual return.

Regulatory Interventions: The healthcare industry remains subject to evolving laws, standards and regulatory requirements relating to patient care, clinical practices, labour, taxation, data and healthcare operations. The Company monitors applicable requirements and seeks to maintain appropriate compliance and service standards.

The Companys principal risks and concerns arise from the cost and availability of medical consumables and equipment, manpower costs, competition, regulatory developments, changes in patient demand, technology requirements and general economic conditions. The Company also remains exposed to operational risks associated with maintaining medical infrastructure and delivering continuous patient care. Management continues to monitor these factors and take appropriate operational and financial measures to mitigate their potential impact.

The growing burden of non-communicable diseases, changing patient expectations and increasing requirements relating to quality and technology create both opportunities and operational challenges for healthcare providers. The Company continues to focus on service quality, specialised care, operational efficiency and prudent resource utilisation to address these factors.

The Company has established internal control systems commensurate with the nature, size and complexity of its operations. These controls are designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations. The internal control framework is supported by internal audit and periodic review by management and the Audit Committee. Based on managements assessment, the internal control systems are considered adequate and operating effectively for the Companys requirements.

During FY 2025-26, the Companys Revenue from Operations increased to approximately ?2,586 Lakhs from ?2,265 Lakhs in FY 2024-25, representing growth of approximately 14.17%. Total Income increased to approximately ?2,619 Lakhs from approximately ?2,306 Lakhs. The Company reported Profit After Tax of approximately ?40 Lakhs as compared with ?50.61 Lakhs in FY 2024-25. Profitability remained positive, although the increase in operating costs and other expenses moderated the benefit of higher revenue. The Company continued to remain debt-free during the year. The audited FY 2025-26 financial results were approved by the Board on 30 May 2026.

In accordance with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following key financial ratios are disclosed. Significant changes are considered to be changes of 25% or more as compared with the immediately preceding financial year. Return on Net Worth is explained separately as required under Schedule V.

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or future plans may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors, including changes in healthcare demand, operating and material costs, technology, regulatory requirements, economic conditions, taxation, labour relations and other risks and uncertainties. The Company assumes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.