Fischer Medical Ventures Ltd Management Discussions

GLOBAL ECONOMY

Despite a year marked by geopolitical uncertainty and evolving global trade dynamics, the world economy remained on a stable growth trajectory in 2025. Global GDP expanded by 3.5%, reflecting the combined impact of supportive fiscal policies, easing trade frictions, favourable financial conditions and continued investments in artificial intelligence (AI), which drove productivity gains and business investment.

Growth remained uneven across regions, with emerging markets outperforming advanced economies by expanding 4.5% compared with 1.9%, reinforcing their role as the primary contributors to global growth. India continued to distinguish itself as one of the worlds fastest-growing major economies, recording GDP growth of 7.7%, supported by strong domestic demand and sustained economic momentum.

Chart: Global GDP Growth (%)

Year	Growth (%)
2025	3.5
2026P	3.0
2027P	3.4

Evolving Geopolitical Dynamics

Geopolitical developments remained a key source of uncertainty during the year, particularly in the Middle East, where escalating tensions disrupted critical energy supply chains and major global trade routes. The temporary closure of the Strait of Hormuz led to a sharp spike in crude oil and natural gas prices, increasing transportation costs and reviving inflationary pressures across economies. However, the adverse impact was largely contained through the deployment of strategic petroleum reserves, coordinated policy interventions and the gradual easing of regional tensions, enabling global trade and economic activity to stabilise without prolonged disruption.

Chart: Emerging Markets vs Advanced Economies Growth (%)

Year	Growth (%)
2025	4.1
2026P	4.7
2027P	3.9

Outlook

Global growth is projected to moderate to 3.0% in 2026 before improving to 3.4% in 2027 (IMF), with healthcare and MedTech spending continuing to outpace broader GDP growth - a supportive macro backdrop for the Groups core markets.

Source: https://www.imf.org/-/media/files/publications/weo/2026/update/july/english/text.pdf

INDIAN ECONOMY

India retained its position among the worlds fastest-growing major economies in FY 2025-26, with real GDP growth of 7.7% and real GVA growth of 7.9%, supported by strong domestic consumption, robust capital investment and the Union Budget 2026-27s Kartavyas framework for productivity- and capex-led growth.

Indicator	Value
Real GDP Growth FY2025-26	7.7%
Services Sector Growth	9.3%
Retail Inflation (CPI), April 2026	3.48%
Projected GDP Growth FY2026-27	6.8–7.2%

Chart: Annual GDP Estimator (in Rs. Lakh Crore) and Growth Rates (%) at Constant Prices

Year	GDP Growth (%)
2022-23	7.2%
2023-24	7.1%
2025-26FRE	7.7%
2025-26PE	7.7%

Sectorial Performance

Manufacturing and services remained the twin engines of growth, with manufacturing GVA up 7.72%–9.13% across the first half of the year and the services sector expanding 9.3% led by financial services, trade and rising digital adoption.

Inflation

Indias inflation trajectory remained well anchored in FY 2025-26, with retail inflation (CPI) at 3.48% in April 2026 - comfortably within the RBIs target range - supporting consumer spending and reinforcing the countrys growth momentum.

Government Push Towards Infrastructure and Healthcare

The Government continued to reinforce Indias long-term growth agenda through sustained investment in infrastructure and healthcare, with public capital expenditure rising from 2.63 lakh crore in FY18 to 11.21 lakh crore in FY26 (BE), including 1,06,530 crore allocated to the Ministry of Health and Family Welfare - reinforcing a healthcare-led growth agenda directly relevant to the Companys addressable market.

Outlook

Indias growth outlook remains robust, with real GDP projected to grow 6.80–7.20% in FY 2026-27, underpinned by resilient consumption, sustained infrastructure spending and continued reforms - an environment that continues to favour rising healthcare investment and 7.20% in FY 2026-27, reflecting strong macroeconomic fundamentals and policy support. Over the longer term, the Viksit Bharat @2047 vision seeks to transform India into a developed economy, targeting a USD 30-40 trillion GDP and per capita income of USD 15,000-18,000 by 2047, laying the foundation for sustained, inclusive and long-term economic growth.

Sources:

• PRESS RELEASE OF CONSUMER PRICE INDEX ON BASE 2024=100 FOR APRIL 2026
• PROVISIONAL ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2025-26
• Union Budget FY 2026-27: Manufacturing Sector Driving Indias Next Growth Phase
• https://www.thehindu.com/business/industry/west-asia-crisis-impact-manufacturing-pmi-drops-sharply-to-near-4-year-low-of-539-in-march-2026/article70814713.ece
• https://www.pib.gov.in/PressReleasePage.aspx?PRID=2222521&reg=38&lang=1&%3A7E%3Atext=Reinforcing%20the%20role%20of%20public%2Cp

INDUSTRY OUTLOOK

HEALTHCARE MARKET: GLOBAL, INDIA & SEA

The global healthcare market is expected to grow from USD 9.34 trillion in 2026 to USD 11.32 trillion by 2030 (CAGR 4.9%), driven by ageing populations, the rising burden of chronic disease and deepening reliance on digital health, personalised care and AI-powered diagnostics - even as a projected global shortfall of 11 million health workers by 2030 continues to strain delivery. The Southeast Asian healthcare market is following a similar trajectory, with rising infrastructure investment across Indonesia, the Philippines, Malaysia and Singapore positioning the region as a natural extension of this growth.

Southeast Asias healthcare market is expanding on a similar curve: total health expenditure across ASEAN economies reached USD 156.3 billion in 2021, up 42% from 2016, while medical tourism into the region is projected to more than double to over USD 100 billion annually by 2029, as Indonesia, Vietnam, the Philippines, Thailand, Malaysia and Singapore scale hospital capacity and healthcare infrastructure investment.

This build-out mirrors the trajectory FMVL is already tracking in India, and the Companys early operational presence in the region - including its MRI facility in the Philippines and digital radiography licensing in Indonesia - positions it to participate directly in the broader Southeast Asian healthcare expansion.

In India, the healthcare market was valued at USD 416 billion in 2025 and is projected to reach USD 719 billion by 2032 (CAGR 6.31%, MarkNet Advisors), anchored in a rising non-communicable disease burden, an expanding base of nearly 70,000 hospitals and a physician-to-population ratio ahead of the WHO benchmark.

Chart: India Healthcare Market (Billion USD)

Year	Market Size (Billion USD)
2025	416
2026	498
2032	719

Government support remains a key growth driver, with the Union Budget 2026-27 allocating 1,06,530 crore to health and family welfare - part of 194% growth in the health budget over 12 years - alongside a sharply higher PM-ABHIM infrastructure push, expanded AIIMS and trauma-care capacity, and Ayushman Bharat coverage now exceeding 42 crore health cards.

These policy tailwinds, combined with AI-based diagnostics, wearables and robotic-assisted care displacing manual and legacy workflows, position Indias healthcare industry for sustained expansion toward USD 719 billion by 2032.

Southeast Asia is showing parallel momentum, with government-backed infrastructure investment across ASEAN economies deepening regional trade in medical technology and reinforcing the regions role as a natural growth adjacency for Indian MedTech players.

Source: https://www.marknetadvisors.com/research-library/indiahealthcare-market-study.html

Government Initiatives and Key Trends

The Union Budget 2026-27 reinforces the Governments commitment to strengthening Indias healthcare ecosystem, with a nearly 10% increase in the Ministry of Health and Family Welfares allocation to 1,06,530.42 crore. Higher investments in PM-ABHIM and PMSSY, continued expansion of Ayushman Bharat to over 42 crore beneficiaries, and a strong focus on upgrading healthcare infrastructure - including AIIMS, district trauma centres, cancer care, robotic surgery and AI-enabled facilities - alongside enhanced medical education capacity, are expected to improve healthcare accessibility while creating significant opportunities for the MedTech industry.

The healthcare industry is witnessing a rapid shift towards technology-driven care, with AI-enabled diagnostics, wearable health devices, robotic surgery and advanced imaging becoming increasingly integral to clinical practice. Alongside the growing adoption of drug-free pain management solutions, these trends closely align with the Governments focus on expanding AI-enabled healthcare infrastructure and robotic surgery capabilities, reinforcing long-term growth opportunities for the MedTech sector.

GLOBAL MEDICAL DEVICE INDUSTRY

The global medical devices market was valued at USD 572.31 billion in 2025 and is projected to reach USD 1,032.66 billion by 2034 (CAGR 6.90%), driven by rising chronic disease prevalence, ageing populations and expanding surgical and diagnostic procedure volumes worldwide, with Southeast Asia among the fastest-growing regional markets as healthcare infrastructure investment accelerates across Indonesia, the Philippines, Malaysia and Vietnam.

Chart: Global Medical Devices Market (billion USD)

Year	Market Size (billion USD)
2025	572.31
2026	604.99
2034	1,032.66

Emerging markets - particularly China and India - along with the fast-growing wearables and connected-health segment (roughly one in three Americans already use a wearable device) present the most significant untapped demand, while continued innovation (167 breakthrough device designations in 2023 alone) is opening room for personalised medicine, minimally invasive technology and portable equipment.

Key Trends

The industry is shifting from a product-centric to a service- and data-driven model, with manufacturers increasingly expected to "reinvent" their business by embedding intelligence into devices and offering care beyond the physical product. Home healthcare is emerging as a preferred care setting, supported by portable and wearable technologies. At the same time, purchasing power is shifting from clinical to economic buyers, exerting sustained downward pricing pressure, while regulatory complexity is intensifying — notably through the EUs Medical Device Regulation and Chinas innovation-focused rules — alongside rising trade protectionism affecting cross-border manufacturers.

Segmentation Analysis

By device type, in-vitro diagnostics led with a 13.53% share in 2026, followed by cardiovascular, orthopedic and diabetes-care devices, while hospitals and ambulatory surgical centers accounted for a 48.97% end-user share even as clinics emerge as the fastest-growing channel at a 6.5% CAGR.

Outlook

Manufacturers that reinvent business models around embedded intelligence and services, reposition against new entrants, and reconfigure their value-chain position are best placed to capture growth as the market advances toward USD 1,032.66 billion by 2034 (KPMG).

Sources: Medical Devices Market Size, Share, Global Growth Report 2034 — Fortune Business Insights, Medical Devices 2030 — KPMG

SEA MEDICAL DEVICE INDUSTRY

The Asia Pacific medical devices market — within which Southeast Asia is one of the fastest-growing sub-regions — was valued at $143.12 billion in 2025 and is projected to reach $244.77 billion by 2032 at a CAGR of 8.0% (Fortune Business Insights), with Indonesia emerging as a manufacturing hub for advanced imaging equipment and Malaysia and Vietnam consolidating their position as regional device-outsourcing centres.

Southeast Asias own implantable medical devices market, a proxy for the regions broader device adoption curve, was valued at USD 2,909.1 million in 2025 and is projected to reach USD 5,789.8 million by 2034 at a CAGR of 7.71% (IMARC Group). FMLV is well placed to capture this growth, having already secured End-TB handheld X-ray licensing in Indonesia and delivered the Philippines first LGU-funded MRI facility in Bulacan.

Sources: Asia Pacific Medical Devices Market — Fortune Business Insights; South East Asia Implantable Medical Devices Market — IMARC Group

INDIA MEDICAL INDUSTRY

The India medical devices market was valued at USD 16.97 billion in 2025 and is projected to reach USD 26.66 billion by 2031 (CAGR 7.82%, Mordor Intelligence), driven by a rising non-communicable disease burden — 101.3 million diabetics and 315.5 million hypertensives — alongside expanding government-backed manufacturing and healthcare-access initiatives.

Chart: India Medical Industry (billion USD)

Year	Market Size (billion USD)
2025	16.97
2026	18.30
2034	26.66

The PLI scheme has already enabled 22 greenfield plants generating USD 1.48 billion in sales, while Ayushman Bharats expansion to over 420 million beneficiary cards and 799.1 million ABHA digital-health IDs are creating a strong procurement and connected-device base — with monitoring and neurology devices (8.5–9.2% CAGR) and medical-tourism-driven premium adoption offering the fastest-growing pockets of demand.

Key Trends

Technology adoption is shifting meaningfully beyond conventional electro-mechanical devices and disposables (still 42.32% of the market) toward AR/VR-enabled solutions, wearable and remote monitoring, telehealth, robotic surgery, and 3D printing — with AR/VR alone growing at 8.77% CAGR. Clinics are also emerging as a faster-growing care setting relative to hospitals, expanding at a projected 9.43% CAGR as care decentralizes.

Outlook

Indias medical devices industry is set for sustained growth through 2034, underpinned by the combined momentum of government policy support, expanding domestic manufacturing capacity, and rising adoption of AI-enabled and portable diagnostic technologies.

Source: https://www.mordorintelligence.com/industry-reports/india-medical-devices-market

GLOBAL MRI INDUSTRY

The global MRI equipment market was valued at USD 8.15 billion in 2025 and is projected to reach USD 8.57 billion in 2026, growing further to approximately USD 14.02 billion by 2034 at a CAGR of 6.35% (Fortune Business Insights). Growth is driven by the rising prevalence of chronic diseases such as cancer, Parkinsons and Alzheimers, continued technological advancement in high-strength MRI systems, and the steady expansion of diagnostic imaging procedures worldwide, with Southeast Asias imaging infrastructure build-out — including FMVLs own projects in Indonesia and the Philippines pointing to a similarly fast-growing regional opportunity.

Chart: Global MRI Equipment Market (billion USD)

Year	Market Size (billion USD)
2025	8.15
2026	8.57
2034	14.02

Pediatric and lung imaging, molecular imaging and premium neurology/musculoskeletal applications remain underpenetrated growth avenues, while healthcare infrastructure build-out in emerging markets is opening room for both new installations and refurbished-system demand.

Key Trends

The market is shifting decisively toward high-strength scanners, with 3T and 7T systems gaining preference over conventional 1.5T equipment as clinical use of ultra-high-field devices moves beyond research settings. Portable and bedside MRI is also gaining traction, supported by recent FDA clearances for wireless, point-of-care devices that extend imaging beyond traditional radiology suites. AI integration is accelerating across the industry, with manufacturers rolling out automated scan-planning solutions and deep learning-based image reconstruction to improve speed and diagnostic accuracy - recent examples include Canon Medicals AI-automated MRI planning for prostate, liver and spine imaging, and FUJIFILMs deep learning reconstruction on its ECHELON Synergy system.

Segmentation Analysis

1.5T systems still dominate with a 74.10% share, though systems above 1.5T are growing fastest; musculoskeletal imaging leads applications at a 32.22% share, and hospitals/ ASCs account for 65.69% of installations even as diagnostic centers gain ground.

Outlook

The MRI equipment industrys growth will increasingly hinge on the pace of the shift to high-field and AI-enabled systems rather than unit volume alone. Manufacturers investing in deep learning reconstruction, automated planning, and portable point-of-care formats are best positioned to capture premium demand, while high capital costs, long scan times relative to CT, and cost sensitivity in emerging markets remain structural headwinds. As clinical adoption of ultra-high-field devices broadens beyond research use, the market is on track to nearly double from its 2026 base, reaching USD 14.02 billion by 2034.

Sources: Magnetic Resonance Imaging (MRI) Equipment Market Size - Fortune Business Insights

SEA MEDICAL DEVICE INDUSTRY

The Asia Pacific medical devices market - within which Southeast Asia is one of the fastest-growing sub-regions - was valued at $143.12 billion in 2025 and is projected to reach $244.77 billion by 2032 at a CAGR of 8.0% (Fortune Business Insights), with Indonesia emerging as a manufacturing hub for advanced imaging equipment and Malaysia and Vietnam consolidating their position as regional device-outsourcing centres.

Southeast Asias own implantable medical devices market, a proxy for the regions broader device adoption curve, was valued at USD 2,909.1 million in 2025 and is projected to reach USD 5,789.8 million by 2034 at a CAGR of 7.71% (IMARC Group). FMVL is well placed to capture this growth, having already secured End-TB handheld X-ray licensing in Indonesia and delivered the Philippines first LGU-funded MRI facility first LGU-funded MRI facility in Bulacan.

Sources: Asia Pacific Medical Devices Market - Fortune Business Insights; South East Asia Implantable Medical Devices Market - IMARC Group

ASEAN MRI INDUSTRY

The ASEAN medical imaging equipment market - spanning MRI, CT, ultrasound and other modalities - was valued at USD 990.3 million in 2024 and is projected to reach USD 1,415.4 million by 2031 at a CAGR of 5.2% (Business Market Insights), with Singapore holding the largest share on the back of advanced MRI, CT and hybrid PET/CT installations, while Indonesia, Vietnam, the Philippines, Thailand and Malaysia lead regional growth through hospital partnerships bringing in new MRI and CT systems.

Within the broader Asia-Pacific MRI market - valued at USD 2.29 billion in 2025 and projected to reach USD 3.32 billion by 2031 at a CAGR of 6.38% (Mordor Intelligence) - Indonesia, Malaysia, Thailand, Vietnam and the Philippines form a distinct "Rest of Asia-Pacific" growth cluster, where low-field (=0.55T) portable scanners are gaining traction in island geographies and Singapore-based teleradiology hubs interpret scans remotely for neighbouring markets. FMVL is already positioned to serve this gap, having delivered the Philippines first LGU-funded MRI facility in Bulacan and secured End-TB handheld X-ray licensing in Indonesia.

Sources: ASEAN Medical Imaging Equipment Market - Business Market Insights; Asia-Pacific MRI Market - Mordor Intelligence

INDIAN MRI INDUSTRY

The India MRI market was valued at USD 278.12 million in 2025 and is projected to reach USD 419.79 million by 2031 (CAGR 7.10%), driven by a rising burden of non-communicable and neurological disease and the steady expansion of private diagnostic chains into tier-2 and tier-3 cities. Public hospital upgrades under Ayushman Bharat, AI-enabled workflow automation, PLI-backed domestic manufacturing and a ban on refurbished imports are together redirecting demand toward new, higher-specification installations, with ultra-high-field (=3T) systems growing fastest at a 7.72% CAGR.

Chart: India MRI Industry (billion USD)

Year	Market Size (billion USD)
2025	278.12
2026	297.87
2034	419.79

Opportunity

Rising investments in public healthcare infrastructure, particularly under Ayushman Bharat, are driving demand for advanced diagnostic imaging across government hospitals. At the same time, AI-enabled workflow automation is improving operational efficiency, while the PLI scheme and restrictions on refurbished imports are strengthening opportunities for domestic manufacturers. Growing adoption of ultra-high-field (=3T) MRI systems further underscores the increasing demand for next-generation, high-performance imaging solutions.

Oncology is the fastest-growing application at an 8.08% CAGR, tracking the countrys rising cancer burden, while specialised imaging centers continue to outpace hospitals in growth as patient access decentralises. Despite structural headwinds high scanner costs, low per-scan reimbursement and a severe radiologist shortage (1 per 93,000 population) Ayushman Bharat-driven infrastructure upgrades, PLI-backed manufacturing and AI-enabled, decentralised imaging access give the sector a credible path to nearly USD 420 million by 2031.

Source: https://www.mordorintelligence.com/industry-reports/india-magnetic-resonance-imaging-mri-market

DIAGNOSTICS MARKET: GLOBAL, INDIA & SEA

The global in-vitro diagnostics (IVD) market was valued at USD 7773 billion in 2025 and is projected to reach USD 135.65 billion by 2034 at a CAGR of 6.50% (Fortune Business Insights), driven by rising infectious and chronic disease testing volumes and expanding point-of-care and molecular diagnostics adoption, with Southeast Asian markets such as Indonesia, Vietnam and the Philippines expanding at some of the fastest rates globally as diagnostic infrastructure formalises. Indias diagnostics market, valued at USD 401 billion in 2025 and projected to reach USD 124.5 billion by 2034 at a CAGR of 12.73% (IMARC Group), remains highly fragmented — organised chains account for only 15-20% of the market — leaving significant headroom for consolidation, AI-enabled testing and expansion into underserved Tier-2/3 and rural markets, a trend mirrored across Southeast Asias own fast-formalising diagnostics networks.

Southeast Asia represents the Groups most immediate international growth corridor, and its diagnostics market is formalising quickly. The regions in-vitro diagnostics market was valued at USD 4.7 billion in 2025 and is projected to reach USD 8.4 billion by 2034 at a CAGR of 6.46% (IMARC Group), supported by rising healthcare expenditure, a rapidly ageing population, growing awareness of preventive care and the build-out of organised laboratory and point-of-care networks across Indonesia, Vietnam, the Philippines, Thailand, Malaysia and Singapore.

The imaging gap across the region is starker still. MRI penetration in Southeast Asia remains among the lowest in the world — approximately 1.1 units per million people in Indonesia and 0.5 in the Philippines, against 3.5 in India and 40 or more in developed markets — leaving Asia-Pacific with an estimated shortfall of over 10,000 MRI units and a corresponding multi-billion-dollar equipment opportunity. These are markets in which global incumbents cannot compete economically at the price points required, and where the Companys affordability-led, low-power and compact-footprint product design is a natural fit. FMVL has already established a foothold through its End-TB handheld X-ray licensing in Indonesia, the Philippines first LGU-funded MRI facility in Bulacan, and preventive screening deployments across Singapore and Malaysia.

Sources: In-vitro Diagnostics (IVD) Market - Fortune Business Insights; India Diagnostic Market - IMARC Group; South East Asia In Vitro Diagnostics Market - IMARC Group

PREVENTIVE HEALTHCARE MARKET: GLOBAL, INDIA & SEA

The global preventive healthcare technologies and services market is expected to grow from USD 362.0 billion in 2025 to USD 832.1 billion by 2034 at a CAGR of 9.40% (IMARC Group), as rising health awareness, wearable adoption and early-screening programmes shift healthcare spending upstream of acute care - a shift equally visible across Southeast Asias rapidly expanding wellness and corporate-health segments. Indias preventive healthcare market is growing even faster, projected to reach nearly USD 197 billion by 2025 at a CAGR of approximately 22% (Redseer), a trend the Company is positioned to capture through FlynnCares eHAP, MIDAS and ATLAS platforms.

Southeast Asias health and wellness market - spanning preventive and personalised medicinal products, functional nutrition and wellness services - was valued at USD 155.6 billion in 2025 and is projected to reach USD 332.0 billion by 2034 at a CAGR of 8.52% (IMARC Group), with Indonesia, Thailand, Singapore, the Philippines, Vietnam and Malaysia driving adoption. This regional shift toward preventive, wellness-led healthcare mirrors the opportunity FMV is pursuing through FlynnCares eHAP, MIDAS and ATLAS platforms, reinforcing Southeast Asia as a natural next market for the Companys preventive-health ecosystem.

Sources: Preventive Healthcare Technologies and Services Market - IMARC Group; Indias Preventive Healthcare Market - Redseer/IBEF; South East Asia Health and Wellness Market - IMARC Group

MARKET TRENDS IN HEALTHCARE INDUSTRY

AI is moving from pilot projects to everyday clinical use across Indian hospitals and diagnostic chains - improving cancer-scanning accuracy by up to 92.9% and cutting staff working hours by up to 40% - even as the Ayushman Bharat Digital Mission and eSanjeevani, now one of the worlds largest telemedicine platforms, extend digital health access across urban and rural India alike.

Video consultations and remote monitoring are now standard patient expectations, with Indias telemedicine market projected to grow from roughly USD 5.4 billion in 2025 to USD 20 billion by 2034 as hybrid care becomes the norm and providers expand aggressively into tier-2 and tier-3 cities. Precision medicine, genomics and robotic-assisted procedures are simultaneously reshaping treatment outcomes, while similar digital-health and telemedicine adoption is accelerating across Southeast Asia, reinforcing the regions alignment with Indias healthcare-technology trajectory.

Sources: Future of Healthcare in India (2026 & Beyond) - CoverYou, Key Healthcare Trends Transforming Indias Market for Global Investors - Tecnova

COMPANY OVERVIEW

Fischer Medical Ventures Limited (FMVL) is a leading Indian MedTech Company dedicated to advancing healthcare through innovation, indigenous manufacturing and technology-driven solutions. Headquartered in Chennai, with state-of-the-art manufacturing facilities at the Andhra Pradesh MedTech Zone (AMTZ), Visakhapatnam, the Company operates across two core business segments: medical devices, diagnostics and preventive healthcare.

FMVL has established itself as a pioneer in Indias medical technology landscape by becoming the first Indian company to indigenously manufacture advanced Magnetic Resonance Imaging (MRI) systems, reinforcing the nations vision of self-reliance in high-end medical equipment. Complementing its medical devices portfolio, the Company also offers a comprehensive range of AI-powered diagnostic software and point-of-care diagnostic solutions, enabling faster, more accurate and accessible healthcare delivery.

Driven by a strong focus on research, innovation and quality, Fischer Medical Ventures continues to develop advanced healthcare technologies that improve clinical outcomes while supporting the growth of Indias MedTech ecosystem. Through its integrated capabilities and commitment to indigenous innovation, the Company is well positioned to contribute to the transformation of healthcare in India and beyond.

STRATEGIC INVESTMENTS IN HEALTHCARE INCLUDE

DRIS-IMRI Medharanya: Intraoperative Neurosurgical Imaging

FMVL has launched DRIS-iMRI Medharanya, an integrated intraoperative MRI platform that eliminates the traditional boundaries between diagnostic imaging and surgical intervention. By combining real-time intraoperative MRI with advanced techniques including MRS, Perfusion, and DTI, the platform gives neurosurgeons unprecedented precision within a single unified surgical environment, reducing repeat surgeries and improving patient outcomes.

Spincare - Advanced Wound Care Technology

FMVL has secured CDSCO import approval for Spincare, a portable, hand-held wound care system developed by its investee company Nanomedic Technologies Limited marking Indias first regulatory clearance for this category of device. Spincare applies a breathable, nano-fiber film directly onto wounds at the point of care, addressing a fast-growing market

# Solution	Category	Description
1 MRI Systems	Imaging Equipment	Indias first indigenously manufactured MRI range — spanning the 0.35T open MRI platform, the cost-effective 1.5T MICA whole-body system and the helium-free QUIN advanced NEOGRA for neonatal imaging and PANION for veterinary applications. Designed for low operating cost and deployment in space- and power-constrained facilities.
2 Radiology Equipment (X-Ray, Mammography and Ultrasound)	Imaging Equipment	Cutting-edge radiology technology including mobile X-Ray machines, fixed X-Ray machines and digital radiography systems, extended by AI-enabled portable and handheld X-ray for tuberculosis and lung screening, digital mammography with 3D tomosynthesis for improved breast cancer detection, and point-of-care ultrasound for critical and emergency care.
3 CT Scan Systems	Imaging Equipment	State-of-the-art CT scanners delivering clinical detail images with optimised dose management, minimising radiation exposure while enabling faster diagnosis.
4 Spincare	Medical Device / Advanced Wound Care	The worlds first portable electrospinning system, applying a breathable nano-fibre regenerative skin layer directly onto wounds at the point of care, for burns, surgical incisions, donor sites and chronic ulcers — distributed under an exclusive distribution agreement in India and cleared by CDSCO for import.
5 Nutraceuticals	Consumer Health	An evidence-based nutraceutical range spanning oncology support, metabolic liver and cardiovascular health, developed with joint research and clinical validation and distributed under global exclusive distribution rights.
6 Medical Consumables	Consumables	A growing portfolio of medical consumables supporting the Companys imaging, screening and wound-care installations — providing recurring revenue through consumable sales and ensuring continuity of supply for installed equipment.
7 MIDAS and Health Kiosks	AI Diagnostic Hub and Screening Infrastructure	An advanced multi-specialty diagnostic hub deployed through health lounges and CDSCO-certified health kiosks, enabling multi-modal eye, lung, foot and mental health screening using AI-based risk stratification, fundus imaging and neuropathy screening, integrated with PACS and cloud-based auto sharing. Kiosks generate instant reports across 50+ health parameters with seamless integration with Telehealth and EMR platforms, providing access across India and international markets, advancing FMVLs health innovation footprint to underserved regions.
8 Digital Hospital	Digital Health Platform	Combines electronic health records, practice management, imaging, and telemedicine into a secure, configurable platform. Supports specialty-specific workflows, unifies health records across sites, integrates with diagnostic devices, and leverages AI-powered decision support, with automated scheduling, billing, and payer integration.

Description

S.No.	Product / Service	Category	Description
9	Telehealth Services	Digital Health Platform	A single-platform telehealth solution connecting patients and doctors for faster consultations, e-pharmacy access, and better support - designed to serve rural medical care needs. The platform is extended by AI-powered mental health assessment using clinical-grade voice biomarkers to screen for depression and anxiety, and by contactless vital-sign monitoring that captures heart rate, respiration, oxygen saturation and blood pressure through any camera-enabled device.
10	Flynn LIVE Dx	Community Diagnostics	A mobile-friendly tele-diagnosis platform supporting online/offline modes, integrating with diagnostic tools and EMRs to deliver AI-assisted screenings and real-time referrals, with HIPAA/HL7 compliance.
11	Flynn ATLAS	AI Analytics	The AI analytics backbone transforming raw data into descriptive, diagnostic, predictive, and prescriptive insights, interoperable across all FlynnCare platforms for hospitals, insurers, pharma, and public health systems.
12	Oncology and TB Care Management Program	Disease Management	AI-powered programs for cancer (built on the SHIELD strategy) and tuberculosis, combining large-scale screening, confirmatory diagnostics, digital chest X-ray imaging, molecular testing, telemedicine, and mobile follow-up care.

OUR MANUFACTURING FACILITY

FMLs wholly owned subsidiary operates a state-of-the-art manufacturing facility at the Andhra Pradesh MedTech Zone (AMTZ) in Visakhapatnam, equipped with advanced technology and machinery that enables the Company to produce MRI systems with unparalleled precision and efficiency. Every stage of the production process is engineered for the highest standards of quality, incorporating computer-controlled cleanrooms and shield rooms built to exacting cleanliness specifications. The facilitys manufacturing capacity for MRI machines continues to grow each year, and FML holds the distinction of being the first Indian company to receive a CDSCO license for indigenously manufactured MRI systems.

Quality assurance is embedded into every unit that leaves the facility: before dispatch, each MRI machine undergoes a comprehensive series of tests and inspections covering imaging quality, system stability, noise levels, and patient comfort, ensuring the system meets or exceeds all applicable safety and performance requirements. This rigorous, in-house testing regime underpins FMLs positioning as Indias pioneer in indigenous, cost-effective, and globally competitive MRI manufacturing.

RISK MANAGEMENT AND MITIGATION

Key Risk Identified	Description	Mitigation Strategy
Technology & Innovation Risk	Rapid advancements in medical imaging, AI-enabled diagnostics and digital healthcare may reduce the competitiveness of existing products if innovation does not keep pace with market developments.	Continue investing in research & development, strengthen product innovation capabilities, collaborate with technology partners and academic institutions, and regularly upgrade product offerings to align with evolving clinical requirements.
Regulatory & Compliance Risk	Medical devices and healthcare software are subject to stringent domestic and international regulatory requirements. Delays in approvals or changes in regulations could impact product commercialisation and market expansion.	Maintain a robust regulatory compliance framework, continuously monitor evolving regulations, strengthen quality management systems, and ensure adherence to applicable standards and certifications across operating markets.
Product Quality & Patient Safety Risk	Product performance, reliability and patient safety are critical for diagnostic equipment and healthcare solutions. Any quality lapses may affect customer confidence and brand reputation.	Implement stringent quality assurance protocols throughout the product lifecycle, undertake rigorous product validation and testing, maintain traceability, and continuously improve manufacturing and quality control processes.

Key Risk Identified

Key Risk Identified	Description	Mitigation Strategy
Manufacturing & Supply Chain Risk	Dependence on specialised components, electronic parts and precision manufacturing may expose operations to supply disruptions, logistics constraints and cost fluctuations.	Develop diversified supplier relationships, strengthen procurement planning, maintain critical inventory levels, localise sourcing wherever feasible, and enhance operational resilience through continuous manufacturing improvements.
Cybersecurity & Data Privacy Risk	AI-powered diagnostics, preventive healthcare platforms and digital health solutions process sensitive patient and clinical information, making them vulnerable to cyber threats and data breaches.	Deploy robust cybersecurity architecture, secure data storage and access controls, conduct regular security assessments, comply with applicable data privacy requirements, and enhance employee awareness through periodic training.
Market Adoption & Competitive Risk	Increasing competition from established global medical device companies and emerging healthcare technology players may impact market share and pricing.	Differentiate through indigenous innovation, cost-effective solutions, AI-enabled technologies, customer-centric product development, after-sales service excellence, and expansion into underserved healthcare markets.
Research & Intellectual Property Risk	Sustained business growth depends on the successful commercialisation of proprietary technologies and protection of intellectual property.	Strengthen intellectual property management, pursue patents and technology protection, invest in continuous innovation, and collaborate strategically to accelerate product development while safeguarding proprietary know-how.
Human Capital Risk	The Companys growth depends on attracting and retaining highly skilled professionals in medical technology, AI, engineering, manufacturing and clinical research.	Foster a culture of innovation, invest in employee learning and capability development, implement performance-based talent management, and strengthen leadership succession and retention initiatives.
Business Expansion & Execution Risk	Expansion into new geographies, product categories and healthcare ecosystems may involve operational, execution and integration challenges.	Adopt a phased expansion strategy, strengthen project governance, leverage strategic partnerships, continuously monitor execution milestones, and maintain disciplined capital allocation.
Financial & Liquidity Risk	Business expansion, manufacturing scale-up and continued investment in technology require prudent financial management and effective capital deployment.	Maintain disciplined financial planning, optimise working capital, strengthen cash flow management, diversify revenue streams, and periodically review capital allocation priorities.
Strategic Partnership Risk	The Companys integrated healthcare ecosystem relies on collaborations with healthcare providers, technology partners, research institutions and government initiatives. Any disruption in these relationships could affect business growth.	Build long-term strategic alliances, diversify partnership networks, establish clear governance mechanisms, and regularly evaluate partner performance and alignment with business objectives.
Reputation & ESG Risk	As a healthcare technology company, maintaining stakeholder trust through ethical conduct, product reliability and responsible business practices is essential for long-term value creation.	Uphold high standards of corporate governance, ethical business practices and transparent stakeholder engagement, while embedding sustainability, quality and patient-centricity across operations.

FUTURE OPPORTUNITIES

Next-Generation Helium-Free 3T Imaging (NEXA / N-NEXA)

FMLs product roadmap extends beyond its current 1.5T portfolio with NEXA and N-NEXA, next-generation 3T MRI platforms currently in development. By eliminating operational dependency on helium supply while maintaining premium diagnostic capabilities, these systems position the Company to capture the fast-growing ultra-high-field imaging segment - an area where global demand is shifting decisively toward 3T and above - while extending FMLs sustainability-led differentiation into the premium end of the market.

Portable and Point-of-Care MRI

Alongside higher field strengths, FMLV sees a distinct opportunity at the opposite end of the spectrum: portable MRI. Compact, low-field systems that can be moved to the patient - rather than requiring the patient to be moved to the scanner - dispense with the shielded rooms, heavy power infrastructure and civil works that make conventional MRI unviable for district hospitals, intensive care units, emergency departments and mobile screening programmes. This opportunity sits squarely on the Companys existing engineering strengths, where permanent-magnet and helium-free design have already made low power draw and a compact installation footprint core design principles rather than retrofitted constraints. With MRI penetration across India and Southeast Asia among the lowest globally, portable MRI offers a route to extend advanced imaging into settings that fixed installations will never reach economically, and represents a natural extension of the VEGA screening platforms design philosophy into a broader point-of-care category.

Global Expansion of Advanced Wound Care (Spincare)

Through its exclusive distribution partnership with Nanomedic Technologies Limited FMLV is positioned to capture a meaningful share of a combined multi-billion-dollar opportunity: Indias wound care market, valued at approximately USD 380 million in 2026 and projected to reach USD 1.8 billion by 2033, alongside Southeast Asias advanced wound care segment, set to reach USD 354 million by 2030. With Spincares parent technology already approved in 34 countries, registered with the UKs NHS, and pursuing US FDA clearance, FMLV has a clear runway to scale this first-of-its-kind, competitor-free technology across Indian hospitals, burn centers, and Southeast Asian markets.

Intraoperative Neurosurgical Imaging (DRIS-IMRI Medharanya)

The DRIS-iMRI Medharanya Suite opens an entirely new clinical category for FMLV - integrating real-time MRI directly into the operating room to guide complex neurosurgical procedures such as brain tumor resections. As adoption of intraoperative imaging grows globally, this platform gives FMLV an early foothold in a high-value, precision-surgery niche adjacent to its core imaging business.

Deeper International Footprint Across Southeast Asia

FMLVs subsidiary network is actively expanding beyond India, with recent milestones including the Philippines first LGU-funded MRI facility inaugurated in Bulacan (marketed by Time Medical Philippines Inc.) and an active digital radiography project in Indonesia. These developments, together with the Companys veterinary imaging foothold via PANION and its Tamil Nadu digital radiography rollout, point to a broader opportunity: replicating FMLVs cost-effective imaging model across underserved public healthcare systems in emerging Southeast Asian markets.

Scaling the AI-Powered Preventive Health Ecosystem

With FlynnCares eHAP, MIDAS, and ATLAS platforms already operational, FMLV has the foundation to scale an integrated, AI-driven preventive health ecosystem - spanning corporate screening, community diagnostics, and predictive analytics - into new geographies and enterprise/government partnerships, extending the Companys reach well beyond hardware sales into recurring, data-driven healthcare services.

QUIN - Helium-Free MRI Technology

QUIN is Indias first helium-free 1.5T MRI system with a wide 70 cm bore, engineered to eliminate the industrys long-standing dependency on liquid helium. Available in 32 and 64-channel configurations, the system reduces scan protocols from the standard 45 minutes to just 15 minutes while improving patient comfort for claustrophobic and bariatric patients. Its no-quench-pipe, auto-ramp design simplifies installation and lowers infrastructure requirements, positioning FMLV at the forefront of sustainable, next-generation MRI manufacturing in India.

AURA and VEGA - Broadening the Access and Screening MRI Range

Beyond FMLVs flagship diagnostic systems, AURA - the Companys compact, helium-free 0.35T open, permanent-magnet MRI - and VEGA - a dedicated low-field TOF platform for non-contrast aneurysm and stroke screening. With Indias population above 40 estimated at over 700 million and aneurysm prevalence at roughly 3%, VEGA alone addresses a potential screening base of more than 21 million individuals, while AURAs low infrastructure requirements and open-bore design suit district hospitals and semi-urban centres that cannot support conventional MRI. Taken together, AURA and VEGA give FMVL a complementary, population-scale growth track in affordable and preventive imaging, alongside its premium 1.5T/3T portfolio.

FINANCIAL HIGHLIGHTS

Fischer Medical Ventures Limited (FMVL) reported strong consolidated growth for FY 2025-26. Revenue from Operations rose to 308.58 crore, up 178.76% from 110.70 crore in FY 2024-25, while Other Income increased sharply to 12.31 crore from 1.49 crore in the prior year. This took Total Income to 320.89 crore, a growth of 186.02% over 112.19 crore in FY 2024-25.

The Company delivered a strong improvement in operating performance in FY 2025-26, with EBITDA rising to 55.23 crore from 43.41 crore in FY 2024-25, marking a healthy year-on-year growth of over 27%. EBITDA margin also improved significantly, expanding from 3.92% in FY 2024-25 to 17.90% in FY 2025-26 - an increase of nearly 14 percentage points - reflecting the Companys enhanced operational efficiency, better cost management, and stronger profitability during the year.

Profit Before Tax for the year came in at 46.36 crore, up sharply by 1,985.60% from 2.22 crore in FY 2024-25. After tax, Profit for the Period stood at 31.02 crore for FY 2025-26, a growth of 2,468.60% over 1.21 crore in FY 2024-25, while Total Comprehensive Income for the year rose 2,489.28% to 31.07 crore against 1.20 crore in the previous year.

On a per-share basis, Basic EPS for FY 2025-26 stood at 0.48, up from 0.02 in FY 2024-25 (a 2,300% increase), while Diluted EPS rose to 0.45 from 0.01 (a 2,150% increase). Paid-up Equity Share Capital stood at 65.45 crore, up 2.59% from 63.80 crore in FY 2024-25, with Other Equity growing 20.37% to 293.09 crore from 243.50 crore.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Particulars	2025-26	2024-25	Variance (%)
Operating Revenue	308.58	110.70	178.76%
Other Income	12.31	1.49	725.31%
EBITDA	43.41	55.23	27.44%
Interest	5.83	0.47	1,149.87%
Depreciation	2.98	1.63	82.47%
Profit/(Loss) Before Tax	46.36	2.22	1,985.60%
Tax	15.34	1.01	1,411.96%
Net Profit/(Loss)	31.02	1.21	2,468.60%
EPS (Basic) (?)	0.48	0.02	2,300.00%
EPS (Diluted) (?)	0.45	0.01	4,400.00%

KEY FINANCIAL RATIOS

Particulars	2025-26	2024-25
Revenue Growth	178.75%	427.61%
Gross Margin	36.62%	17.26%
EBITDA Margin	17.90%	3.92%
EBIT Margin	16.01%	3.48%
PAT Margin	-59.93%	12.71%
Return on Capital Employed	8.93%	0.39%
Debtors Turnover Ratio	1.69	2.24
Inventory Turnover Ratio	28.27	16.23
Current Ratio	1.62	3.61
Debt Equity Ratio	0.28	0.25
Interest Coverage Ratio	6.33	3.43
Return on Equity	8.07%	0.36%

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

FMVL has established a robust internal control framework designed to safeguard its assets, ensure the accuracy of financial reporting, and support efficient business operations. The framework is proportionate to the scale and complexity of the Companys operations and is continuously reviewed to ensure its effectiveness.

The Company has implemented well-defined policies, operating guidelines, and standard operating procedures (SOPs) across key business functions to promote consistency, accountability, and regulatory compliance. Periodic internal audits are conducted to assess the adequacy of these controls, evaluate compliance with established procedures, and identify opportunities for improvement.

Any observations arising from the audit process are promptly communicated to the management, which undertakes appropriate corrective and preventive actions to address identified gaps. The Audit Committee regularly reviews the findings and recommendations of the internal auditors, monitors the implementation of corrective measures, and provides strategic oversight to strengthen the overall internal control environment. Through this structured governance mechanism, FMVL continues to reinforce operational excellence, financial discipline, and effective risk management across the organisation.

HUMAN RESOURCES

At FMVL, its people are the driving force behind the Companys innovation-led growth and commitment to advancing healthcare technologies. The Company strives to foster an inclusive, collaborative and performance-oriented work environment that encourages continuous learning, innovation and professional development. By investing in employee capabilities and nurturing a culture of integrity and excellence, the Company empowers its workforce to deliver meaningful healthcare solutions while supporting its long-term strategic objectives. As at 3rd March 2026, the Company had a total workforce of 77 employees at the Group level, whose dedication and expertise continue to strengthen FMVLs growth journey.

CAUTIONARY STATEMENT

This Management Discussion and Analysis contains statements relating to the Companys future business outlook, growth prospects, strategic initiatives, and anticipated financial and operational performance. Such statements are inherently forward-looking and are based on managements current expectations, assumptions, estimates, and projections.

Actual outcomes may vary materially from those expressed or implied due to a range of factors, including changes in macroeconomic conditions, geopolitical developments, regulatory and policy changes, fluctuations in financial markets, technological advancements, competitive dynamics, and other risks that may affect the Companys operations and business environment.

The forward-looking statements contained in this Report reflect the Companys views only as of the date of publication. The Company assumes no obligation to revise or update these statements to reflect subsequent events, circumstances, or developments, except where required under applicable laws and regulations. Market data, industry information, and other statistical details included in this Report have been obtained from sources believed to be reliable or from internal assessments; however, their accuracy, completeness, or adequacy cannot be assured.