Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 consolidated revenue grew 17.3% y-y to INR 2,735 Cr; H1FY27 revenue up 17.4% to INR 5,280 Cr - Hospital revenue rose 18.6% in Q2; occupancy improved to 72%; ARPP grew 6.8% to INR 2.1 lakh - Diagnostics revenue grew 12.2% in Q2; patient volume +5.8% y-y; wellness revenue contribution rose to 15% - Operating EBITDA margin improved to 24.2% consolidated; hospital margin 23.3%; diagnostics margin 26.2% - Net debt INR 2,188 Cr; net debt/EBITDA improved to 0.87x as of Sep 30, 2026 - FY27 hospital EBITDA margin expected flattish at ~22% post-ESOP; future margin guidance withheld due to regulatory uncertainty - Capex of ~INR 3,500 Cr planned over 3-3.5 years for brownfield expansions; 2,000 beds addition visible from acquisitions and expansions - IHH may increase stake above 50% providing up to INR 10,000 Cr capital; timing depends on Fortis funding needs - Oncology drug price capping impact unclear; drugs contribute ~1/3 of oncology revenue - Multiple clusters expanding including Bangalore, Delhi NCR, Mumbai, Kolkata, Hyderabad with mix of brownfield and greenfield projects - Analyst queries on cluster growth, margin impact of ESOP, diagnostics volume growth, and forensic audit status