Global Health Ltd Management Discussions

Global Economic Overview

The global economy demonstrated resilience in 2025 despite persistent geopolitical uncertainties and evolving trade dynamics. Global GDP expanded by 3.4% in CY2025, supported by easing trade tensions, sustained fiscal stimulus and robust investments in artificial intelligence (AI), which enhanced productivity and strengthened business confidence. While advanced economies grew by 1.9%, emerging markets continued to outperform witRs. 4.4% growth, reaffirming their role as the primary engines of global economic expansion. India remained one of the fastest-growing major economies, recording 7.7% growth during the financial year 2026.

Global growth was underpinned by multiple supportive factors: accommodative financial conditions, targeted fiscal measures across major economies and continued technology-led capital expenditure. Productivity improvements, particularly in AI-enabled industries, alongside greater trade diversification, helped economies adapt to a changing global trade landscape and strengthened overall economic resilience.

Geopolitical Challenges

Geopolitical tensions in the Middle East emerged as a significant challenge during the year, disrupting energy supply chains and global trade routes. Closure of the Strait of Hormuz triggered a sharp increase in crude oil and natural gas prices, leading to higher freight costs and renewed inflationary pressures. Nevertheless, adequate global strategic oil reserves, expected easing of geopolitical tensions and coordinated policy responses may help mitigate prolonged disruptions, limiting the long-term impact on global economic activity.

Inflation Trends

Inflation is expected to remain Stable despite near-term energy-related pressures. Global consumer inflation is projected to rise from 4.1% in 2025 to 4.4% in 2026 before easing to 3.7% in 2027, as energy markets stabilise and central banks continue with measured monetary policy actions. Overall, sustained technological innovation, improving trade dynamics and supportive fiscal and monetary policies are expected to provide a stable foundation for medium-term global economic growth.

Outlook

According to the International Monetary Fund (IMF), global growth is projected to moderate to 3.0% in 2026 before improving to 3.4% in 2027. Advanced economies are expected to maintain stable growth, while emerging markets are likely to continue outperforming, supported by resilient domestic demand, improving trade conditions and ongoing structural reforms. Global trade is also expected to strengthen gradually as supply chains normalise and high-value sectors such as technology and pharmaceuticals continue to drive international commerce.

Indian Economic Overview

India retained its position as one of the worlds fastest-growing major economies for the fourth consecutive year in FY 2025-26. Despite global uncertainties, the economy remained resilient, with real GDP growing 7.7% and real Gross Value Added (GVA) expanding 7.9%, supported by robust domestic consumption, sustained investment and continued policy support. Household consumption and capital formation remained key growth drivers, while the Union Budget 2026-27 reinforced economic momentum through the Kartavyas framework, focusing on productivity, competitiveness and capital expenditure².

Manufacturing Sector

Indias manufacturing sector continued to gain momentum, driven by policy support, infrastructure development and technology adoption. Industrial production grew 7.8% in December 2025, while manufacturing output expanded 8.1%. Manufacturing GVA recorded 7.72% growth in Q1 and 9.13% in Q2 of FY 2025-26, with the Manufacturing PMI remaining at 53.9 in March 2 026.³

The Union Budget 2026-27 further strengthened the manufacturing ecosystem through targeted initiatives across semiconductors, electronics, chemicals, biopharmaceuticals and MSMEs. These measures are expected to deepen domestic manufacturing capabilities, strengthen supply chains and enhance Indias global competitiveness.⁴

Services Sector

The services sector remained the largest contributor to Indias economic growth, driven by strong performance across financial services, trade, hospitality, transport, communication and professional services. The tertiary sector expanded by 9.3% during FY 2025-26, while financial, real estate and professional services, along with trade and logistics, recorded robust double-digit growth. Supported by rising digital adoption and expanding business activity, the sector continued to drive employment generation, productivity and overall economic expansion.

Inflation

India maintained a stable inflation environment despite global commodity price volatility. Retail inflation (CPI) edged up to 3.48% in April 2026 from 3.40% in March 2 026, remaining within the Reserve Bank of Indias target range. Food inflation stood at 4.20%, while easing prices across several essential commodities helped contain broader inflationary pressures. Stable inflation, supported by prudent monetary policy and improving supply conditions, strengthened consumer confidence and provided a favourable environment for sustained economic growth.⁵

Policy Support

The Union Budget 2026-27 reinforced the Governments commitment to inclusive growth through higher capital expenditure, manufacturing incentives and social sector investments. The Ministry of Health and Family Welfare received an allocation of Tl,06,530 crore, representing a 10% increase over the revised estimates for FY 202526. The Budget also announced 100% customs duty exemption on 17 new cancer drugs, alongside initiatives to train 1 lakh allied healthcare professionals and 1.5 lakh caregivers over the next five years, strengthening Indias healthcare ecosystem and human capital.

Outlook

Indias economic outlook remains favourable, supported by resilient domestic demand, sustained infrastructure investment, manufacturing expansion and continued reforms. The real GDP is projected to grow at 6.80-7.20% in FY 2026-27. The long-term goal of the Viksit Bharat @2047 vision is to transform India into a developed economy with a GDP of US$30 trillion and a per capita income of US$15,000-18,000 by 2047, providing a strong foundation for long-term, sustainable economic growth.

INDIAN HEALTHCARE INDUSTRY OVERVIEW

The Indian healthcare sector has been a key contributor to the countrys economic development, driving substantial growth in both revenue and employment. The industry plays a pivotal role in the nations economic framework, contributing significantly across hospitals, medical devices, clinical trials, telemedicine, medical tourism, health insurance, and medical equipment. With a population exceeding 1.4 billion, India faces unique challenges in providing accessible and affordable healthcare to its citizens, yet these very challenges create significant opportunities for innovation and growth within the industry.

Indias healthcare sector is at an inflection point, driven by rising demand, increasing investments, expanding infrastructure and rapid technology adoption. The Indian healthcare industry was valued at approximately US$372 billion in 2023 and is projected to reach around US$638 billion by 2025, while the hospital market, valued at US$ 98.98 billion in 2023, is expected to grow at around 8% CAGR to reach US$ 193.59 billion by 2032. Healthcare spending accounted for approximately 3.3% of GDP in 2022 and is projected to rise to around 5% by 2030, underscoring the sectors growing economic significance. Indias healthcare sector also employed approximately 7.5 million people in 2024, highlighting its role as a major contributor to employment and the countrys broader development.

Indias healthcare delivery market, comprising hospitals and clinics, stood at a Rs. 6.3 trillion in FY 2024 and is projected to reach Rs. 9.4-9.8 trillion by FY 2028, growing at a CAGR of 10-12%. Private hospitals are expected to post 14-15% revenue growth in FY 2027, marking the fifth consecutive year of double-digit growth, supported by healthy occupancy, rising realisations and faster ramp-up of new facilities. Corporate hospital revenues have grown at a CAGR of 15-16% over the past five years, reflecting a persistent demand-supply imbalance and growing patient preference for organised, quality-focused care.

INDIAS HEALTHCARE DELIVERY MARKET (* TRILLION)⁸

Demand fundamentals remain robust. Indias per capita net national income grew to Rs. 1,92,774 in FY 2024-25, a 9.25% increase over the prior year, reinforcing the capacity of Indian households to spend more on health, while health expenditures share in private final consumption expenditure grew 6.9% during the year.

Rising incomes, an expanding insured population, an ageing demographic and growing burden of noncommunicable diseases are driving both volume and value growth across the sector.⁹

Private vs. Government Share

Indias healthcare system is characterised by a mix of public and private providers. While government institutions play a vital role, the private sector remains the primary driver of healthcare delivery and continues to capture a rising share of the market, reflecting the increasing preference of patients for quality-assured, organised care. Private providers are expected to account for 69-70% of the healthcare delivery market by FY 2028, up from 67% in FY 2024.

Key Sector Performance Metrics

The sectors financial performance remains strong. According to the available data, listed hospital companies had occupancy levels of approx. 65% in FY 2026, with operating margins of 22-24%, supported by operating leverage, cost optimisation and digitisation initiatives. Private Sector revenues are projected to grow at a CAGR of 16-18%, with ARPOB growth of 6-8%. High-acuity specialties, including cardiology, oncology, neurosciences, gastroenterology and orthopaedics, accounted for over 62% of total hospital revenues in FY 2026, up from ~58% pre-pandemic. New facilities are reaching financial break-even within 12-18 months, significantly faster than the 3-4-year timeline typical of the previous decade, reflecting stronger demand pull and improved hospital management maturity. Listed players are expected to add ~15,000 beds over the next few years, entailing a capital outlay of Rs. 30,000-32,000 crore.

Government Policies and Key Initiatives

The Government continues to play a pivotal role through sustained budget investments, targeted policy reforms, and the progressive expansion of flagship health programmes. The Union Budget 2026-27 marked a historic milestone, the first time Indias healthcare allocation has crossed Rs. 1 lakh crore, at Rs. 1,06,530 crore, a cumulative increase of over 100% since FY 2014-15. New programmes include the Bio Pharma Shakti initiative 10,000 crore over five years) for a domestic biologics ecosystem, AI-enabled Centres and Robotic Surgery units, trauma care centres in every district hospital,

a phased ^ 980 crore allocation for allied healthcare education, and customs duty exemptions on 17 cancer and rare disease drugs.

The Ayushman Bharat programme has reached unprecedented scale: by March 2 026, 43.52 crore Ayushman Cards had been issued, enabling 11.69 crore hospital admissions aggregating over Rs. 1.73 lakh crore in treatment value. In addition, the digital mission (ABDM) has created 86.6 crore health accounts and linked 90.7 crore health records.

Union Budget 2026-27 - Key Healthcare Allocations¹²

The focus is on infrastructure, insurance expansion, medical education, and research innovation, positioning healthcare as a central pillar of the governments Viksit Bharat@2047 vision.

Programme / Scheme	FY 2026-27 Allocation	Change vs FY 2025-26	Remarks
Ministry of Health & Family Welfare (MoHFW)	Rs. 1,06,530.42 crore	+10%	Overall healthcare funding, infrastructure, service delivery
Pradhan Mantri Jan Arogya Yojana (PM- JAY)	Rs. 9,500 crore	+5.6%	Expanding health insurance coverage, strengthening hospital networks
National Health Mission (NHM)	Rs. 39,390 crore	+6.2%	Primary healthcare, maternal & child health, disease control
Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM)	Rs. 4,770 crore	+67.7%	Critical care blocks, labs, district hospitals
Pradhan Mantri Swasthya Suraksha Yojana (PMSSY)	Rs. 11,307 crore	+3.7%	New AIIMS, medical college upgrades, super-specialty services
Department of Health Research	Rs. 4,821.21 crore	—	Medical research, innovation
National AIDS & STD Control Programme	Rs. 3,477 crore	+30.6%	Prevention, treatment, blood transfusion services
Ayushman Bharat Digital Mission	Rs.350 crore	+7.9%	Digital health records, integration
Bio Pharma Shakti (new initiative)	Rs. 10,000 crore (over 5 years)	New	Boosting biopharma innovation and manufacturing

Looking ahead, the Union Budget 2026-27 focus areas include strengthening mental healthcare (a new NIMHANS in North India; upgrades at Ranchi and Tezpur), expanding emergency and trauma care to every district hospital, and training 1.5 lakh geriatric caregivers to address the rising long-term care needs of Indias ageing population. These investments in human resources, infrastructure, and digital health collectively address the sectors structural constraints while expanding the organised private sectors addressable market.

Key Growth Drivers of the Indian Healthcare Industry

Indias healthcare industry is expected to sustain strong demand, driven by a combination of demographic tailwinds, an escalating burden of non-communicable diseases, expanding health insurance penetration, the growing appeal of medical tourism, progressive policy reforms, and accelerating digital health adoption. Each of these drivers reinforces the others, creating a compounding structural case for sustained sector growth over the medium to long term.

Opportunities

Indias Healthcare Infrastructure Deficit:

Despite rapid expansion, India has only 15 hospital beds per 10,000 population, significantly below the global average of 33 and peer economies such as China (33), Thailand (21) and Malaysia (19), highlighting a substantial infrastructure gap. The opportunity is particularly significant in North India, where the healthcare delivery market is expected to grow at a 12-14% CAGR, expanding from T1.9- 2.0 trillion in FY2024 to ^3.1-3.2 trillion by FY2028. With bed density of just 15-16 beds per 10,000 population, compared witRs. 2 6-27 in South India, the region presents a compelling opportunity for quality-focused hospital providers.¹³

Healthcare Infrastructure, India vs. Global Benchmarks¹⁴

Rising Demand Driven by Non-Communicable Diseases

India is undergoing a significant epidemiological transition, with non-communicable diseases (NCDs) accounting for approximately 65% of all deaths, up from 37% in 1990. Cardiovascular disease remains the leading cause of mortality, causing an estimated 28.6 lakh deaths annually (27% of all deaths), witRs. 62% occurring prematurely between the ages of 40 and 69. Diabetes affects over 100 million Indians, while the Governments 75/25 NCD initiative had treated 42 million hypertensive and 25 million diabetic patients by 2025, creating a larger medically aware patient base seeking specialist care. This rising disease burden continues to drive demand for tertiary and quaternary care, advanced diagnostics and long-term disease management.

NCD Burden in India¹⁵

Infrastructure Metric	India	World Average	Selected Peers	Indicator	India Burden
Hospital Beds / 10,000	15	33	China: 33 Thailand: 21	NCD share of all deaths	65% (vs. 37% in 1990); rising to 75% by 2030E
Physicians / 10,000	7	17	Malaysia: 19 USA: 36	Cardiovascular disease	28.6 lakh deaths/year; 27% of all deaths
			UK: 32 China: 24	Premature CVD deaths	62% occur between ages 40-69
Nurses / 10,000	17	38	USA: 136 UK: 95	Diabetes prevalence	100 million+ Indians affected
North India Beds / 10,000	15-16	—	South India: 26-27	75/25 initiative (by 2025)	42 Mn hypertensive & 25 Mn diabetic patients treated

Increasing Health Insurance Penetration¹⁶

Health insurance is emerging as a key structural driver for Indias organised hospital sector. Health insurance premiums grew 15.4% YoY to T1.4 lakh crore in FY2025-26, accounting for 40.8% of the nonlife insurance market, up from 38.6% a year earlier. The Governments decision to reduce GST on retail health insurance from 18% to nil in September 2025, coupled witRs. 19.4% YoY growth in standalone

health insurers to ^45,866 crore, is expected to accelerate insurance adoption. Despite this progress, Indias insurance penetration remains at 3.7% of GDP, well below the global average of 7.3%, indicating significant growth potential. Supported by the IRDAIs Insurance for All by 2047 vision and the Bima Trinity framework, expanding insurance coverage is expected to broaden the addressable market for empanelled private hospitals.

Health Insurance, Key Metrics

Metric	FY 2024-25	FY 2025-26	Change
Health Insurance Premiums	Rs. 1.21 lakh crore	Rs. 1.4 lakh crore	+15.4% YoY
Share of Non-life Market	38.6%	40.8%	+220 bps
Lives Covered (Approx.)	55 crore	58 crore	Expanding
GST on Retail Health Insurance	18%	Nil (Sep 2025)	Demand catalyst

Medical Tourism

India continues to strengthen its position as a globally preferred destination for medical treatment, offering advanced tertiary and quaternary care at 60-80% lower costs than developed markets, and ranks 10^th in the Medical Tourism Index. The medical tourism market was valued at $ 8.7 billion in 2025 and is projected to nearly double to $ 16.2 billion by 2030, a CAGR of approximately 13%. Foreign tourist arrivals for medical purposes reached 5,07,244 in 2025, representing 5.5% of Indias total FTAs of 9.15 million, with Bangladesh, Iraq, Uzbekistan, Somalia, and Oman among the top source countries. ¹⁷ The Governments Heal in India campaign, e-medical visas for nationals of 167 countries, and the Union Budget 2026-27 proposal for five Regional Medical Hubs further institutionalise Indias positioning as a global centre for medical value travel. Cardiac

surgery, joint replacement, organ transplants, and oncology remain the most sought-after procedures.

Indias Cost Advantage to boost Medical Tourism

Value-driven healthcare is a powerful factor motivating patients to seek treatment abroad, where they can access advanced medical facilities at significantly lower costs. India has emerged as a leading destination for world-class medical care, offering exceptional value for money. This is made possible by the nations strong emphasis on healthcare innovation, the "Make in India" initiative, compassionate patient care, and the pivotal role of private hospitals in expanding access. Moreover, Indian doctors are renowned for their dedication, consistently going beyond the call of duty to place patients well-being first.

Treatment Cost Comparison (USD)

Medical Procedure	India	UK	^^flUSA	Thailand	Singapore
Heart Bypass (CABG)	5,200	25,400	144,000	18,000	37,000
Angioplasty	3,300	15,500	60,000	14,000	28,000
Heart Valve Replacement	4,200	38,000	200,000	22,000	50,000
Knee Replacement	6,200	22,000	75,000	15,000	32,000
Hip Replacement	7,000	19,000	65,000	16,000	35,000
Spinal Fusion	7,500	47,000	180,000	28,000	70,000
Bone Marrow Transplant	18,000	150,000	450,000	65,000	160,000

Nearly 65% of Indias population resides outside metros, yet advanced care remains concentrated in large cities. With many Tier-2/3 cities witnessing significant economic growth, demand for quality healthcare services in these markets is rising rapidly. Urbanisation continues to accelerate, with India expected to reach an urban population share of 40% by 2030 and projected to add approximately 416 million urban dwellers by 2050, the largest increase of any country in the world. This sustained urbanisation is directly linked to rising demand for organised private healthcare, particularly in Tier-2 and Tier-3 cities where corporate hospital penetration remains comparatively limited.

Government Reforms to Enhance Healthcare Coverage

The Governments healthcare agenda has progressively evolved from a predominantly curative focus to a holistic, preventive model, reflected in the sustained rise in public health spending increased by over 194% from FY 2014-15 to T1,06,530 crore in FY 2026-27. Beyond allocations, structural reforms across insurance, digital health, and infrastructure are expanding the reach and quality of healthcare across the country, creating a stronger and more formalised demand pipeline for private providers.

In addition to above, the Union Budget 202627 has proposed five Regional Medical Hubs to be established in collaboration with State Governments and the private sector, integrating healthcare, education, research, diagnostics, rehabilitation, and AYUSH services under one roof. These hubs are expected to attract international patients, generate local healthcare employment, and serve as anchors for Indias medical tourism strategy, while extending quality healthcare services to underserved regions.

Digital Transformation

Digital transformation is revolutionising the way care is delivered, making it more efficient, accessible, and patient-centric. The Indian digital health market, valued at $ 8.79 billion in 2024, is projected to reach $ 47.80 billion by 2033, a CAGR of 17.67%.

The Government has demonstrated quantified outcomes from AI deployment, including a 27% reduction in adverse tuberculosis outcomes and a 12-16% improvement in disease case detection rates, through initiatives such as an AI-enabled Clinical Decision Support System, the BODH health-AI benchmarking platform, and AI-enabled disease surveillance. The Ayushman Bharat Digital Mission has built the digital backbone for the sectors formalisation, witRs. 86.64 crore ABHA health accounts created and 90.70 crore health records linked, while eSanjeevani has crossed 487+ million teleconsultations.

Private Sector Leadership: Driving Investment and Capacity Growth

Indias private healthcare sector is at the forefront of capacity creation and innovation. Private hospitals are set to add over 4,000 beds in FY 2025-26 alone, with cumulative plans for approximately15,000 beds

over the next few years, an 11-12% annual capacity growth rate. ²³ Investment activity remains healthy across hospitals, diagnostics, and specialty care: PE-VC investment in Indian healthcare reached ^ 31,614 crore in the first three quarters of CY2025, witRs. 72 deals worth $ 3.5 billion in Q3 CY2025 alone, a 166% jump in deal value. ²⁴ Within diagnostics, investment focus is increasingly shifting towards advanced capabilities such as genomics, precision oncology, and molecular testing.

Threats

Shortage of Healthcare Professionals

India continues to face a significant shortage of healthcare professionals, witRs. 7 physicians and 17 nurses per 10,000 population, compared with global medians of 17 and 38, respectively. The challenge is particularly acute in North India, where doctor density stands at 6.8 per 10,000 population, versus 17.7 in South India, constraining capacity expansion, especially across Tier-2 and Tier-3 markets.

Changing Demographics and Rising Disease Burden

Indias ageing population is expected to increase from 10 crore (8.4%) in 2011 to 23 crore (14.9%) by 2036, while the median age is projected to rise from 28.8 years in 2025 to 38.3 years by 2050. This demographic transition is expected to significantly increase demand for specialist care, chronic disease management and long-term healthcare services, requiring continued investment in healthcare capacity and workforce development.

Inadequate Healthcare Infrastructure

Indias healthcare infrastructure remains underdeveloped, with only 1.5 hospital beds per 1,000 population, well below the WHO recommendation of 3.5 beds. Advanced healthcare facilities continue to be concentrated in metropolitan cities, while public healthcare expenditure remains relatively low at 3.3% of GDP, limiting accessibility in Tier-2, Tier-3 and rural regions.

Affordability and Financing Challenges

Out-of-pocket expenditure accounts for nearly 46% of Indias healthcare spending, while health insurance

penetration remains below 40% despite government schemes covering nearly 500 million people. Improving affordability and expanding insurance coverage remain critical to ensuring equitable access to quality healthcare.

Regulatory Pricing Pressures

Continued regulatory oversight on medical devices and treatment pricing, including NPPA price caps on coronary stents and knee implants, may impact profitability. Any expansion of price control mechanisms to additional procedures could affect the operating performance of private healthcare providers.

Intensifying Competition

Robust sector growth has attracted significant investments from private equity, domestic conglomerates and global healthcare players, with ~15,000 beds planned for the next few years. Increasing organised capacity is expected to intensify competition, particularly across metropolitan and Tier-1 markets.

Data Privacy and Cybersecurity

<p >Rapid digitalisation, including electronic medical records, AI-enabled diagnostics and integrated healthcare platforms, has heightened cybersecurity and data privacy risks. Compliance with the Digital Personal Data Protection Act, 2023 requires healthcare providers to strengthen data governance, cybersecurity infrastructure and patient data protection frameworks.

Outlook

The Indian healthcare sector is poised for sustained long-term growth, supported by rising incomes, expanding health insurance coverage, an ageing population and the increasing prevalence of noncommunicable diseases. Continued government support, policy reforms and private sector investment are expected to strengthen healthcare infrastructure and improve accessibility. While challenges relating to infrastructure, skilled workforce availability, affordability and regulatory oversight remain, greater public-private collaboration and sustained capital investment will be critical to building a resilient, inclusive and future-ready healthcare ecosystem.

About the Company Company Overview

Global Health Limited (hereafter referred to as "Medanta" or "the Company"), is one of Indias leading providers of multi-specialty tertiary and quaternary healthcare services. Through its integrated healthcare ecosystem comprising hospitals, diagnostics, pharmacies, clinics and homecare services, the Company delivers comprehensive, patientcentric care across the continuum of healthcare. Backed by clinical expertise, advanced medical technologies and multidisciplinary collaboration, Medanta has established itself as a trusted destination for complex and specialised treatments.

Over the years, Medanta has established itself as one of Indias foremost healthcare providers, with a network of six multi-specialty hospitals strategically located across Gurugram, Lucknow, Patna, Noida, Ranchi and Indore. The Company delivers comprehensive tertiary and quaternary care across 30+ medical specialties, supported by more than 950+ ICU beds, 100+ operating theatres and a multidisciplinary team of highly skilled clinicians. Complementing its hospital network is an integrated healthcare ecosystem comprising diagnostics, pharmacies, clinics and homecare services, enabling seamless care across the patient journey.

The foundation ofMedanta was laid by Dr. Naresh Trehan, one of the worlds most distinguished cardiovascular and cardiothoracic surgeons, with the vision of creating a healthcare institution that integrates medical excellence, multidisciplinary collaboration and

compassionate care. His pioneering contributions to Indian healthcare have been recognised through the Padma Shri and Padma Bhushan, while in 2024 he was honoured as one of the Seven Wise Coronary Surgeons of the Golden Era of the 90s and recognised as the Indian Father of Cardiac Surgery by the American Association of Cardiologists of Indian Origin.

Medanta remains committed to advancing healthcare through precision medicine, cutting- edge technologies, clinical research and continuous innovation. By expanding its presence across emerging and underserved markets while strengthening its integrated care ecosystem, the Company continues to pursue its vision of building globally benchmarked healthcare institutions and transforming healthcare delivery for generations to come.

Business Overview

Medanta Hospitals

Medanta is one of Indias leading multi-specialty tertiary and quaternary care hospital networks, delivering comprehensive healthcare through a doctor-led model built on clinical excellence, advanced medical technology and multidisciplinary expertise. The Company continues to provide complex and high-acuity care through its integrated network of hospitals, supported by world-class infrastructure, multidisciplinary teams and a patient-centric approach.

The Company remains focused on expanding access to advanced healthcare through a disciplined growth strategy across high-potential markets. Its ongoing investments in infrastructure and specialised care capabilities continue to strengthen its ability to address the increasing demand for tertiary and quaternary healthcare services while enhancing its regional presence.

Supported by a highly experienced clinical workforce, Medanta hospital business continues to strengthen its medical expertise and uphold globally benchmarked standards of healthcare delivery. Continued investments in talent, technology and quality accreditations reinforce the Companys commitment to delivering superior clinical outcomes and compassionate patient care.

Key Highlights of FY 2026

• Launch of our sixth super specialty hospital in Noida with a total bed capacity of 550 beds.

• Expanded operational capacity by 623 beds (20.5% YoY) through the commissioning of Medanta Noida and capacity additions in Patna and Ranchi

• Maintained a strong clinical infrastructure witRs. 950+ ICU beds, 100+ operating theatres and expertise across 30+ medical specialties

• Strengthened clinical capabilities by onboarding 550+ doctors, including 200+ senior clinicians, during FY2026

• Advanced long-term expansion with a pipeline of 3,350+ planned beds, comprising ~2,950+ beds across five greenfield projects (South Delhi, Pitampura, Mumbai, Guwahati and Varanasi) and ~490 beds across existing hospitals, along with the acquisition of an 80-bed oncology hospital in Indore

• Achieved significant clinical recognitions, with Medanta Gurugram named Indias Best Hospital by Newsweek for the seventh consecutive year, while Medanta Lucknow received JCI accreditation and Medanta Noida secured NABH accreditation within six months of commencing operations

Medanta Labs

Medanta Labs is the Companys retail diagnostics platform, extending access to high-quality diagnostic services beyond its hospital network while strengthening continuity of care across the patient journey. Built on a digitally integrated diagnostics ecosystem, the business delivers timely, accurate and reliable testing services while improving accessibility across existing and emerging markets.

Supported by technology-enabled operations and a calibrated expansion strategy, Medanta Labs continues to strengthen its regional footprint, complementing the Companys integrated healthcare delivery model and addressing the growing demand for quality diagnostics.

Key Highlights

• Revenue increased 39.0% YoY to Rs. 459 million

• Presence across 100+ cities

• Network comprises 12 processing laboratories, 12 company-owned collection centres, 300+ partner-operated collection centres and 825+ sample pick-up points

• Expanded operations across Gurugram, Patna, Noida, Lucknow, Indore and Ranchi ^•

• Planned expansion across Bihar and Uttar Pradesh, including Muzaffarpur, Varanasi, Kanpur, Meerut, Prayagraj and Agra

Medanta Pharmacy

Medanta Pharmacy extends patient care beyond clinical treatment by ensuring timely and convenient access to prescribed medicines. Integrated with the Companys hospitals and clinical teams, the pharmacy network supports accurate prescription fulfilment, improves medication adherence and strengthens continuity of care throughout the treatment journey.

The business continues to expand its retail footprint through strategically located outlets, improving accessibility while reinforcing Medantas integrated and patient-centric healthcare ecosystem.

Key Highlights

• Revenue increased to Tl,826 million, registering 30.4% YoY growth

• Operated a network of 22 pharmacy outlets

• Network comprised 7 hospital pharmacies, 2 Mediclinic pharmacies and 13 standalone retail pharmacies

• Standalone outlets located across Gurugram (6), Lucknow (5) and Noida (1)

Medanta Clinics

Medanta Clinics extend the Companys healthcare delivery model beyond hospitals by bringing specialist consultations, diagnostics and daycare services closer to patients. The network enables patients to remain connected to Medantas multidisciplinary specialists while improving accessibility and convenience.

Through its decentralised outpatient care model, Medanta Clinics strengthen preventive healthcare, facilitate early intervention and enhance continuity of care across the patient journey.

Key Highlights

• Operated 9 Medanta Mediclinics

• Managed a network of 90+ Resident Welfare Association (RWA) Clinics

• Delivered specialist consultations, diagnostics, dialysis, daycare procedures and follow-up care

• Strengthened access to quality healthcare across Medantas operating markets

Medanta Homecare

Medanta Homecare extends the Companys healthcare services beyond hospital settings by delivering personalised medical care in the comfort of patients homes. The business supports recovery, rehabilitation and long-term disease management while reducing the need for prolonged hospitalisation.

Backed by specialised clinical teams and comprehensive home-based healthcare solutions, Medanta Homecare enhances patient convenience and ensures seamless continuity of care beyond hospital discharge.

Key Highlights

• Provides medium to high-acuity healthcare services at patients homes

• Service portfolio includes ICU@Home, critical care nursing, physiotherapy, stroke rehabilitation, doctor consultations and nursing care

• Offers home sample collection, medicine delivery and medical equipment rental

• Enables seamless continuity of care beyond hospital discharge

Medanta Research

Medanta Research drives the Companys commitment to clinical innovation, research and precision medicine. During FY2026, the Company strengthened its research ecosystem through investments in artificial intelligence, structured clinical data and digital research infrastructure, laying the foundation for next-generation evidence-based healthcare.

The Company also advanced the development of an institutional biobank and strengthened multidisciplinary research across its clinical specialties, reinforcing its position as a leading research-driven healthcare institution.

Key Highlights

• Established the foundation for an Al-enabled research ecosystem

• Structured clinical data in accordance with international standards

• Progressed the development of an institutional biobank to support translational and cancer research

• Hundreds of research projects underway across Medanta hospitals

• Research ecosystem supported by expertise across 43 medical specialties

• Strengthened capabilities in precision medicine, clinical research and evidence-based healthcare

Competitive Strengths

Doctor-led Model

Clinical leadership remains at the centre of the operating model. Decision-making is guided by medical judgement, ensuring that patient care takes precedence over administrative considerations. This model supports better clinical outcomes and encourages close collaboration among full-time specialist doctors, enabling integrated and team-based care for complex cases

Advanced Clinical Infrastructure

Advanced clinical infrastructure supports the delivery of complex and high-acuity procedures through large- scale facilities equipped with cutting-edge technologies and multidisciplinary capabilities. The availability of advanced equipment enables greater precision, consistent clinical outcomes and continuous progress in treatment practices

Technology-led Care

Technology-enabled care remains a defining strength for the Company. The Company delivers precise diagnostics, minimally invasive procedures, and improved clinical outcomes through the use of Al, robotics and advanced medical technologies. These capabilities also enhance operational efficiency and align Medanta with global standards of healthcare delivery

Integrated Multi-specialty Expertise

Integrated multi-specialty expertise represents a key competitive strength, enabling collaborative and team- based care across more than 30 specialities. Under this approach, super-specialists work in close coordination, guided by shared protocols and collective accountability. This enhances clinical precision and ensures cohesive treatment planning, particularly in complex cases

Experienced Leadership Team

Medantas strength lies in its highly experienced leadership team with deep expertise in healthcare management and operational efficiency. The senior management comprises seasoned professionals with strong strategic capabilities, supported by dedicated unit heads who oversee daily hospital operations

Key strategic focus

Bed Capacity Expansion

Medanta continued to strengthen its healthcare infrastructure through capacity expansion initiatives. During FY2026, Medanta added 623 beds in its portfolio. Medanta launched its 550-bedded Noida facility witRs. 382 operational beds at commencement, operationalised 110 beds in a newly built hospital in Ranchi and added 131 beds in its hospital in Patna. The total bed capacity increased to 3,665 beds in FY2026, representing a 20.48% growth.

Medanta plans to add approximately 490+ beds across its existing hospitals thereby enhancing its bed capacity. In addition, Medanta plans to add nearly 2,950 beds across five greenfield projects in Delhi, Mumbai, Guwahati & Varanasi over the next few years. The total project capex for the ongoing expansion is estimated at approximately RS. 48,500 million.

Attract the Best Talent

Medanta remains focused on developing a strong clinical talent base by engaging renowned specialists, including recipients of Padma Bhushan, Padma

Shri and BC Roy awards. The exclusive association of doctors, supported by clinical autonomy and advanced infrastructure, enables Medanta to attract and retain leading medical professionals

Strengthening Clinical Capability

Medanta continues to enhance its clinical capabilities through talent additions, introduction of new specialties, improvement in operating efficiencies and expansion of robotic-assisted and minimally invasive procedures. These initiatives support the delivery of advanced care while enhancing clinical outcomes and patient recovery

Technology Advancement

Medanta continues to invest in advanced medical equipment and innovative technologies to support complex diagnostics and treatments. It is also scaling its digital capabilities to enhance patient experience, ensure continuity of care and strengthen patient- doctor relationships

Achieving Operational Efficiency

Medantas sustainable growth is supported by a well- defined strategy focused on patient-centric care and clinical excellence. The organisation benefits from an experienced leadership team with deep expertise in healthcare management and operational efficiency. Senior doctors trained at leading medical institutions are mentored in the Medanta way

Medantas Growth Strategy

At Medanta, we are committed to Sustainable Expansion and Excellence in Healthcare. Medanta is advancing its growth agenda to meet rising demand for high-quality tertiary and quaternary care in India. The Company is expanding bed capacity, establishing new facilities in underserved regions and introducing advanced super specialities, while investing in clinical expertise and technology to enhance patient outcomes. Medantas proven model of care has been replicated across Delhi-NCR, Uttar Pradesh, Madhya Pradesh, and Bihar through the largest single-location private hospitals. The Company remains focused on expanding its network, nurturing clinical talent, and adopting modern technologies to deliver superior standards of care. In FY 2025-26, Medanta added 623 beds, taking its total capacity to 3,665 beds. The Company plans to add ~490 beds across existing hospitals (Indore, Lucknow, Noida, Patna) and ~2,950 beds through greenfield projects over the next three to four years. Upcoming hospitals include Pitampura (750 beds), South Delhi (400 beds), Oshiwara-Mumbai (750 beds), Varanasi (400 beds) and Guwahati (650 beds). In addition to organic expansion, Medanta is pursuing strategic acquisitions, partnerships, and collaborations to accelerate growth, diversify services, and extend its footprint.

Consolidated Financial Performance

Particulars	FY 2025-26	FY 2024-25	1 Y-o-Y Change (%)
Total Income	45,088.60	37,712.92	19.6
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)	10,176.92	9,561.60	6.4
Profit before Tax (PBT)	7,150.17	6,472.57	10.5
Tax	1,609.49	1,659.39	-3.0
Profit after Tax (PAT)	5,540.68	4,813.18	15.1
Operating Cash Flow	7,144	6,238	14.5
Net Debt / (Net Cash)	(5,906)	(8,123)

Consolidated Financial Ratios

Particulars	FY 2025-26 1	FY 2024-25	% YoY Change	Reason for change
Current ratio	2.67	2.48	7.80%
Debt-equity ratio	0.16	0.1	63.64%	The debt-equity ratio increased primarily due to increase in borrowings during the year to support greenfield projects. The change in % terms looks high as the ratio numbers are small
Interest coverage ratio	20.92	27.8	-24.73%	The interest coverage ratio decreased primarily due to increase in borrowings during the year to support greenfield projects
Inventory turnover ratio	13.64	13.13	3.91%
Trade receivables turnover ratio	12.55	14.56	-13.83%
Net capital turnover ratio	4.21	4.04	4.23%
Net profit margin	12.56%	13.04%	-3.62%
Operating profit margin	23.42%	25.35%	-7.63%	Operating profit margin decreased primarily due to losses at the newly launched Noida facility in FY26. Excluding the impact of the Noida facility, the operating profit margin shows a marginal improvement over the previous year
Return on capital employed	14.98%	18.10%	-17.25%	The return on capital employed decreased primarily due to increase in capital employed on account of investments in greenfield projects, while the corresponding returns from these investments are expected to accrue over future periods
Return on Net Worth	15.13%	14.38%	5.23%

Operational Performance

Increase in Bed Capacity and Occupied Bed Days

In FY 2026, the total bed capacity stood at 3,665, compared to 3,042 beds in FY 2025, reflecting a change of 20.48%. During the reporting period, Medanta added 623 new beds across its network, as against 219 beds added in FY 2025.

Growth in Patient Volumes

During the reporting year, in-patient volumes recorded a growth of 16.0% compared to the previous financial year, while out-patient volumes grew by 18.7% over the same period.

Average Occupied Bed Per Day

The average number of occupied beds per day increased from 1,514 in FY 2025 to 1,686 in the reporting year, representing a change of 11.4%. Occupancy for the reporting year stood at 62%, similar to the previous financial year.

Average Revenue Per Occupied Bed (ARPOB)

Average revenue per occupied bed stood at Rs. 66,550 in FY 2026, compared to Rs. 62,722 in FY 2025 indicating a growth of 6.10%. ARPOB in matured hospitals recorded an increase of 9.9% during the period.

Diversified Revenue Mix across Complex Specialities

Medanta continued to maintain a well-diversified revenue mix across its key specialities.

Healthy Payor Mix

Medanta continues to hold a strong position in high-end tertiary and quaternary care, drawing patients from across the country and overseas who seek best-in-class treatment.

IPD REVENUE MIX BY PAYOR CATEGORY (%)

Business Outlook

Medanta envisions building a world-class institution that seamlessly integrates clinical excellence, research, education, and advanced technology with compassionate, patient-centric care while benchmarking itself against leading global healthcare institutions. Over the coming years, our objective is to fill the demand supply gap through our expansion plan and provide quality healthcare services to the regions where we are expanding and simultaneously work towards creating sustainable value for our stakeholders.

Medanta plans to add approximately 490 beds across its existing hospitals thereby enhancing its brownfield capacity. In addition, the plan is to add nearly 2,950+ beds across five greenfield projects over the next three to four years. The total project capex for the ongoing expansion is estimated at approximately RS. 48,500 million.

Environment, Social, and Governance (ESG)

Medantas approach to ESG reflects its broader commitment to responsible healthcare delivery. Sustainability, social impact, and ethical governance are integrated into operations. Oversight of ESG priorities rests with the Board of Directors. The Board ensures that ESG remains embedded in the Companys strategic priorities.

Environment

Medantas policies, procedures and systems are designed to incorporate sustainability into everyday operations. The Companys key areas of focus include sustainable hospital design, energy and emissions management, responsible water management, and scientific bio-medical waste management.

Social

Medantas CSR initiatives are directed towards building a more inclusive and accessible healthcare ecosystem. Efforts focus on delivering affordable, quality care while also advancing community health through awareness and education programmes.

Governance

The Companys governance framework is built on transparency, accountability, and ethical conduct. The Board of Directors and its committees provide oversight across crucial areas and guide decision-making while upholding high ethical standards. In addition, the Company has implemented a comprehensive policy framework to ensure compliance with applicable laws and regulations, enabling effective risk management, ethical operations, and long-term value creation for stakeholders

Human Resources

Medanta recognises human capital as a critical enabler of clinical excellence and high-quality patient care. The Companys ability to deliver advanced tertiary and quaternary healthcare across a growing network is supported by a diverse workforce comprising doctors, nurses, paramedical professionals, and non-clinical personnel. Together, these teams play a vital role in ensuring clinical quality, operational efficiency, and positive patient outcomes across the organisation. The Company also continued to strengthen workforce diversity, with women representing 49% of the total workforce, including more than 850 female doctors across specialities. The Company continues to strengthen its integrated human resource framework through focused talent acquisition, structured onboarding, continuous learning, and employee engagement initiatives. Recruitment efforts remain focused on attracting experienced clinicians and healthcare professionals, while leadership development and succession planning programmes support the creation of a strong talent pipeline across clinical and operational functions.

Medanta places significant emphasis on capability development to ensure that employees remain aligned with evolving medical practices, patient safety standards, and regulatory requirements. During FY 2026, the Company conducted 2,500+ learning programmes, delivering over 3,60,000 learning hours and more than 4,00,000 employee participations across clinical and non-clinical functions. These initiatives were complemented by specialised certifications, simulation-based learning, and structured competencybuilding programmes designed to strengthen clinical preparedness and operational excellence.

The Company also continues to promote an inclusive and collaborative workplace culture through employee engagement, diversity, and well-being initiatives. By investing in workforce capability, professional development, and organisational culture, Medanta continues to build a resilient talent base capable of supporting long-term growth while maintaining the highest standards of patient care.

Risk and Concerns

Risk Management Framework

Our risk management framework is designed to identify, assess and mitigate risks that may affect our operations and business performance. Risks are assessed according to their potential impact, with mitigation measures assigned to the respective functions and management attention directed towards higher-impact risks. During FY2025-26, we expanded the scope of our risk management process to the newly opened Noida unit and identified Safety Risk to Patients, Staff or any other personnel as a Key Risk. Medical risks are managed separately by the Quality Departments of the respective units in accordance with NABH and JCI norms. We review the implementation of key mitigation measures and report the outcomes to the Risk Management Committee, providing oversight of our principal risk exposures.

For details of our key risks and the mitigation measures deployed, please refer to the Risk Management section in the Corporate Overview on page 86.

Internal Control Systems

Medanta has established strong internal controls, including policies, guidelines and procedures to maintain business integrity, safeguard assets, prepare reliable financial statements, and prevent fraud. A dynamic internal audit plan reinforces the strength of this framework, ensuring its effectiveness in a constantly

evolving corporate environment. The internal audit function works independently and in coordination with management to identify potential risks, recommend corrective actions, and monitor compliance across all levels of operation. This proactive approach enables the Company to uphold transparency, accountability, and long-term stakeholder confidence.

During FY 2025-26, the Companys internal financial controls over financial reporting were examined and evaluated by the Statutory Auditors as part of their audit, and an unmodified opinion was expressed on the adequacy and operating effectiveness in accordance with the applicable provisions of the Companies Act, 2013.

In addition, the Company engaged an independent third party, M/s TRC Corporate Consulting Private Limited, to review the internal financial controls, considering the size and scale of the Companys operations. Based on the scope of its review, the consultant found the controls to be adequate and did not observe any reportable

material weakness in the design or operation. This independent review is complementary to, and should be read separately from, the assurance provided by the Statutory Auditors.

Forward Looking Statements

Some statements in this report may be forward-looking, as defined by applicable securities laws and regulations. Actual results may differ significantly due to factors such as market demand, changes in regulations, exchange rates, tax laws, natural hazards, and economic conditions both locally and globally.