Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 19% y-y to INR 2,829 Cr; operating EBITDA up 25% to INR 678 Cr; margin 24%, +111 bps y-y - Normalised PAT increased 34% to INR 281 Cr; ROCE improved 152 bps to 23% - Operational beds expanded 4% y-y; occupancy rose 335 bps to 68% - Synergies of INR 16.6 Cr in Q2, annualised run-rate INR 65 Cr; full INR 200 Cr synergy expected within 6-7 quarters - Pipeline of 4,230 new beds; 47% brownfield, 53% greenfield; capex over INR 1,200 Cr in 18 months - Mature hospitals (64% beds) grew revenue 18%, focus hospitals 13%, emerging hospitals 62%, underperforming 24% - Margin guidance: 24-25% operating EBITDA margin targeted in 2-3 years including synergies and expansions - Oncology price capping impact limited; regulatory changes seen as improving access in Tier 2/3 cities - Leadership integration successful with strong talent retention and unified network operations