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Key Conference Call Highlights

Operational Updates

* FY26 growth was driven by higher volumes, better realisation, operating leverage and cost discipline

* Launched its North Bangalore facility, adding a comprehensive oncology center with MR-LINAC technology so as to strengthen its presence in a key Bangalore micro-market

* Successfully completed a rights issue of INR 4,250 Mn to strengthen its financial foundation, intended to fund capacity expansion, clinical infrastructure upgrades, technology investments and selective organic and inorganic growth opportunities

* Announced the divestment of its fertility business Milann to Inviga Healthcare Fund so as to sharpen its strategic focus on the core oncology business

* The Middle East conflict impacted medical value travel across the West and South clusters in Q4, temporarily affecting international patient inflows and revenue growth

* A majority of growth is expected to be driven by profitable growth initiatives, including better payer mix, stronger cash generation, higher clinical productivity and improving quality of earnings.

* The expansion of daycare centres, outreach centres and digital patient acquisition initiatives will support faster market penetration and improved patient conversion across existing geographies.

* The company expects gradual improvement in international patient inflows as Middle East-related disruption normalises, supported by strengthening international business development efforts and medical value travel initiatives.

Expansion Pipeline

* Additional brownfield expansion of 200+ beds planned in the next 24 months across Bangalore, Cuttack, Ranchi, Vizag and Bhavnagar with a CapEx of INR 600 Mn

* Plans to add 1,000 beds by FY30, with 400 from greenfield and 600 from brownfield expansion

* The Whitefield project is being shifted to a larger alternative location to accommodate a 120-130 bed facility and better capitalise on the market opportunity in the region

* It has identified multiple greenfield possibilities and is evaluating around 10 to 12 cities, including Pune, Surat, Coimbatore, Nellore, Lucknow and Jalandhar

* Plans to double its daycare center network by adding 8-10 new centers across multiple markets in the next 12 months

* The company remains open to selective inorganic opportunities and believes acquisitions could further accelerate growth beyond the guided 15%+ trajectory.

Outlook

* Revenue growth guidance of 15%+ per annum is maintained

* The company targets EBITDA margin of 23–24% in the next 3–4 years

* Nearly 75–80% of growth is anticipated to come from existing hospitals and centres through better utilisation, clinician addition, daycare expansion and improved operating efficiency

* Forecast significant margin improvement opportunities in the West and East clusters, while the South cluster already operates at EBITDA margin exceeding 25%

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