Health is Wealth

Healthcare Delivery Newsletter

July 2025

Strictly Private and Confidential

1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
Deal Activity in Indian Healthcare Delivery Sector (1/4)

▪ Meril (Micro Life Sciences) has raised USD 200 mn ([Link] 1,700 crs) for 3% stake from Abu Dhabi Investment Authority
(ADIA) valuing the company at an enterprise value of USD 6.6 bn

▪ Founded in 2006, Meril is India’s largest medical device company that manufactures products across multiple
Investment by specialties — including cardiovascular, structural heart, orthopaedics, endo-surgery, in-vitro diagnostics and surgical
robotics. It has presence in over 150 countries, with subsidiaries in 35 of them

▪ This investment will help Meril to scale further, attract top talent, and enhance R&D capabilities to advance
Announced healthcare outcomes

▪ Sahyadri Hospitals was acquired by Manipal Hospitals for a consideration of USD 760 mn ([Link] 6,460 crs) from OTPP
(Ontario Teachers Pension Plan)

▪ Sahyadri Hospitals, founded in 1994, owns and operates a chain of 11 Multispecialty Hospitals across Western India
Acquired by with bed capacity of 1,300+ beds. They reported a revenue(1) of [Link] 815 crs at an EBITDA Margin(1) of 18.5%

▪ This acquisition will increase Manipal's bed count to 12,000 beds nationwide, and make them the largest hospital
chain in India
Announced

▪ PB Healthcare Services raised USD 218 mn ([Link] 1,850 crs) for 89.7% (PB Fintech – USD 62 mn, General Catalyst
PB Healthcare
Services Partners – USD 50 mn, and other institutional investors – USD 106 mn) valuing the company at USD 243 mn ([Link]
2,050 crs). General Catalyst holds 20.57% and PB Fintech holds 26% of PB Healthcare
Investment by
▪ PB Fintech is the parent entity of PolicyBazaar and PaisaBazaar. PB Fintech’s role in PB Healthcare will be that of an
incubator

▪ The company intends to use the funds to set up a network of 200-250 bedded hospitals in and around Delhi NCR

Source: Venture Intelligence, VCC Edge, News articles 3

Deal Activity in Indian Healthcare Delivery Sector (2/4)

▪ Neuberg Diagnostics raised INR 950 crs from Kotak Strategic Situations India Fund II in a pre-IPO round

▪ Established in 2017, Neuberg Diagnostics is a pan India diagnostics player. Currently, they are processing over 30
Investment by million tests every year having 250+ lab networks in India. They also have presence in UAE, South Africa and USA

▪ Neuberg is planning to use this fundraise to boost its M&A ability and expansion in the areas of personalised
medicine & integrated diagnostics

▪ Fortis Healthcare acquired 100% of Shrimann Superspecialty Hospital in Jalandhar, Punjab for c. INR 462 crs(1)

▪ Fortis acquired the hospital's entire operations, building, underlying land, and an adjacent land parcel for any
Acquired by
potential future expansion

▪ Shrimann had a capacity of 228 beds and this acquisition has resulted in Fortis’ Punjab cluster having c.800 beds.
Fortis currently has ~4,7502 operational beds across India

▪ Harsoria Healthcare raised USD 20 mn ([Link] 170 crs). The round was led by Tata Capital Healthcare fund. Other
participants in the funding round include Lucky Securities, Utpal Sheth, and the LNB Group
Investment by ▪ Harsoria, founded in 2002, manufactures and supplies surgical products. They reported revenue2 of [Link] 191 crs
Multiple investors, led by with an EBITDA Margin(2) of c.16%

▪ Harsoria Healthcare plans to use the capital to increase manufacturing capacities, enhance research and
development efforts, and support business development initiatives

Source: Venture Intelligence, VCC Edge, News articles

Notes: (1) Total Deal Value is INR 461.9 cr which includes business operations worth INR 423.4 cr, building and underlying land worth INR 21.6 cr and 4
an adjacent land parcel for planned expansion worth INR 16.9 cr; (2) As on 31.03.2025
Deal Activity in Indian Healthcare Delivery Sector (3/4)

▪ Ankura Hospital has raised INR 165 crs from Asian Development Bank

▪ Established in 2011, Ankura Hospitals is one of the leading healthcare providers for Women and Children; with super-
Investment by specialty tertiary and quaternary care services. Presence in over 14 locations across Telangana, Andhra Pradesh,
Maharashtra, and Odisha with over 1,400 operational beds

▪ The funds will aide in expanding Ankura’s network by adding new hospitals with an aggregate capacity of 500
beds, upgrading existing hospitals and funding working capital requirement

▪ DentCare secured an investment of USD 17.6 mn ([Link] 150 crs) from ICICI Venture for 11.83% stake

▪ The company was founded in 1988 by John Kuriakose and manufactures custom-made dental prostheses, with
presence across the UK, the UAE, the US and 14 other countries. Dentcare Labs is the largest organized dental
Investment by laboratory in India.

▪ Majority of the company’s revenue is generated from Southern India. The company has a state-of-the-art 3,00,000
sq. ft. lab in Ernakulam

▪ DCDC Kidney Care has raised INR150 crs investment from ABC Impact backed by Temasek

▪ The company currently operates more than 200 dialysis centres across India, both under public-private partnerships
(PPP) and company-owned standalone clinics
Investment by
▪ Company reported a revenue of c. INR 120 crs(1) with an EBITDA Margin(1) of 16.6%

▪ The investment from ABC aims to support DCDC’s expansion plans, facilitating the rollout of over 150 new clinics
across the country

Source: Venture Intelligence, VCC Edge, News articles 5

Notes: (1) Based on FY24 financials
Deal Activity in Indian Healthcare Delivery Sector (4/4)

▪ MOC Cancer Care has raised USD 18 mn ([Link] 150 crs) from Elevation Capital

▪ Founded in 2018, MOC is a healthcare services provider, offering services of medical insurance, in-house
pathology, scalp cooling, bone marrow evaluation, chemotherapy, genetic counselling and immunotherapy
Investment by
▪ MOC reported INR 106 crs as revenue1 with an EBITDA Margin(1) of 1.6%

▪ The investment will not only be used to enhance existing infrastructure and expand the network of centres, but also
to conduct large scale clinical trials, explore new therapies and maximize the potential of existing ones

▪ Bombay Ortho Industries was acquired (100%) by Alkem Laboratories for c. INR 140 crs(1)

Acquired by ▪ Bombay Ortho Industries specializes in hip and knee implants

▪ The acquisition of Bombay Ortho Industries is a strategic investment that will help Alkem gain manufacturing
capabilities to capitalize on the growing orthopedic space

Source: Venture Intelligence, VCC Edge, News articles 6

Notes: (1) Payable in 4 tranches
1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
 Snapshot of Listed Hospital Chains
(9)

Metric

No. of
Hospitals 51(1) 22 38 27 18(3) 5 21 25(4) 236(7) 19 3 5 15 5
(As of Mar’25)

Operational
Beds 9,544(1) ~5,100 10,301 ~4,750(2) 5,282(3) 3,042 4,492 2,140 n.a. 1,523 1,061 1,605 1,415 719
(As of Mar’25)

North,
Geographic Pan North & South & Pan North & South & South & Pan North &
South & West North West East
Coverage India West Central India East West West India South
East

Occupancy
68.0% 74.0% 63.0% 69.0% 49.1% 62.0% 50.1% 65.7% n.a. 50.5% 65.3% 61.0% 46.6% 53.1%
(FY25)

ARPOB
(INR/ day, 60,588 73,900 42,400 66,301 43,562 62,722 39,158 44,041 ~60,600(8) 53,962 60,600 30,829 41,377 37,180
FY25)

Revenue
1,11,475(5) 86,210 81,050 65,280(5) 54,830 36,923 30,351 22,229 17,108 15,159 12,615 8,805 6,397(6) 4,071
(INR mn, FY25)

EBITDA Margin
13.9% 25.4% 18.6% 20.4% 23.3% 23.8% 25.8% 17.4% 26.6% 32.8% 23.5% 25.0% 12.2% 20.5%
(FY25)

Source: Investor Presentations, Nuvama Estimates

Notes: (1) includes managed hospitals; (2) Includes O&M Beds; (3) Excludes clinics & Cayman Island Facility; (4) Excluding 2 COEs & 6 day care 8
centers; 5) Revenues only from Hospitals business considered; (6) Only Hospital business (standalone); (7) Includes 18 facilities in Africa; (8) Average
revenue per surgery; (9) Combined figures of Aster and Care Hospitals; n.a. – Not Available
Q4FY25 Operational Performance Highlights (1/4)
(1)

74% 75% 75% 69%

68% 67% 66% 67%
65%
48% 48% 48%
Occupancy
(%)

4.4 4.5 4.5 4.5

4.2 4.0 4.0 4.2 4.2
3.3 3.3 3.3
ALOS (days)

76.8 75.9 77.1

67.1 68.8
60.8 63.6 63.6
59.5
46.3
41.9 41.9
ARPOB
(INRk/day)

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ Occupancy levels for Max were stagnant despite occupied bed days increasing by ~30% YoY; saw ~1,500 new beds being added
▪ Overall ARPOBs increased as Q4 typically experiences lower seasonal admissions. Instead, the patient mix shifts more toward elective
surgeries and complex care
▪ Apollo Hospitals’ ARBOB grew ~6% Y-o-Y primarily due to increased surgical volumes and a higher complexity case mix
▪ Fortis’ ARPOB saw a growth of ~9% driven by reduction in ALOS and ~8.4% increase in surgical mix

Source: Investor Presentations, Nuvama Estimates 9

Notes: ALOS: Average Length of Stay, ARPOB: Average Revenue per Occupied Bed; Operational Metrics have been calculated based on
operational beds for the quarter; (1) For Occupancy, Heart Centers are not considered and ALOS and ARPOB of Narayana are for India business only
Q4FY25 Operational Performance Highlights (2/4)
(1)
India

67% 67%
63% 64% 61% 63% 62%
59% 59% 58%
Occupancy
51%
(%) 48%

4.0 3.8
3.3 3.3 3.2 3.6
3.2 3.1 3.2
2.0 2.0 2.0

ALOS (days)

63.1 61.3 63.6

45.5 47.8 44.3 44.2

42.4 38.5 41.5 42.8
34.3

ARPOB
(INRk/day)

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ Aster’s overall occupancy dipped due to a seasonal slowdown in Kerala on occasion of Ramadan and lower international patient inflow
from Maldives. The Y-o-Y decline also reflects addition of ~300 beds, ~200 of which were added in Kerala late in Q4FY25.
▪ KIMS saw significant dip in occupancy primarily due to the initial ramp-up phase of newly opened hospital in Thane (300 beds) and bed
addition in Srikakulam (120 beds). Andhra Pradesh and Telangana Cluster saw a steep growth in ARPOB ~36% and ~16% Y-o-Y respectively
▪ HCG saw healthy IP volumes supporting sustained bed occupancy across the network. Y-o-Y growth of ARPOB in established centers was
2.5%, however, the emerging centers saw a 12.4% growth

Source: Nuvama Research, Investor Presentations 10

Note: ALOS: Average Length of Stay, ARPOB: Average Revenue per Occupied Bed; Operational Metrics have been calculated based on
operational beds for the quarter; (1)Aster DM Metrics are for India business only
Q4FY25 Operational Performance Highlights (3/4)

65% 67% 65%

60% 60% 61%
57% 57%
Occupancy 52%
(%)

4.9
4.3 4.2
4.0 4.0 3.9

2.8 2.9 2.8

ALOS (days)

64.6
60.1 59.2 58.4
55.4 55.5

ARPOB 29.3 30.7 31.4

(INRk/day)

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ Rainbow Hospitals’ ARPOB grew 8% YoY in mature hospitals and 6% in new ones, while occupancy declined due to a weak OPD season,
lower pediatric admissions, and reduced international patient inflow
▪ Yatharth is witnessing significant improvement in YoY occupancy & ARPOB, driven by its Noida Ext. facility. Significant ALOS reduction in
Greater Noida and Noida Hospitals has led to decline in overall ALOS
▪ Number of surgeries in Shalby increased by ~5% leading to higher ARPOB. Sanar Hospital recorded an ARPOB of INR 84,647 which was
nearly double the group average
Source: Nuvama Research, Investor Presentations 11
Note: ALOS: Average Length of Stay, ARPOB: Average Revenue per Occupied Bed; Operational Metrics have been calculated based on
operational beds for the quarter
Q4FY25 Operational Performance Highlights (4/4)

57%
Occupancy 46% 46% 45% 54% 53%
(%)

3.6 3.6 3.7 3.9

3.5 3.5
ALOS (days)

42.7 41.6
39.0 36.7 37.2
34.4
ARPOB
(INRk/day)

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ Jupiter Hospital's occupancy declined in Q4 due to the addition of 78 new beds at its Indore facility in January 2025
▪ GPT’s focus on short-stay surgeries, optimized case mix and enhance throughput has resulted in lower ALOS as compared to 3.95 in Q4FY24

Source: Nuvama Research, Investor Presentations 12

Note: ALOS: Average Length of Stay, ARPOB: Average Revenue per Occupied Bed; Operational Metrics have been calculated based on
operational beds for the quarter
Q4FY25 Financial Performance Highlights (1/4)

27,850 28,219 22,810 23,260

25,626 17,990 16,230 17,010
14,900 13,667 14,754
12,794
Revenue
(INR mn)

Y-o-Y growth % 16.8% 13.0% 10.1% 16.0% 35.1% 29.3% 10.3% 16.8% 14.2% 4.7% 13.6% 15.3%

Q-o-Q growth % 4.0% (4.1%) 1.3% 6.5% 7.3% 2.0% 7.2% (1.9%) 4.8% 6.3% (2.4%) 8.0%

28.0 % 27.3% 26.1 %

9,500

27.2%
8,500

24.1% 24.3% 24.9 %

23.1% 23.8 %
22.4 %
7,500

21.9 %
EBITDA (INR mn);
6,500

5,500
20.0 %
EBITDA Margin (%) 4,500

6,706 6,862 6,220 6,320

5,931 5,030
3,184 3,846
3,500

2,500

3,330 3,250 3,720 3,254

1,500

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

Y-o-Y growth % 10.9% 14.4% 15.7% 16.0% 35.1% 29.3% 50.5% 29.6% 11.7% 9.6% 9.6% 20.8%

Q-o-Q growth % 1.2% (7.1%) 2.3% 6.5% 7.3% 2.0% 32.8% (8.5%) 14.5% 7.3% (2.0%) 18.2%

▪ Apollo Hospital saw a ~4% growth in number of in-patients; ~7% increase in average revenue per patient resulting to ~10% Y-o-Y growth in
revenue
▪ Max Hospital’s revenue grew by 29% YoY, driven by 30% Y-o-Y increase in occupied bed days and a 28% YoY increase in revenue from
international patients. Share of revenue from new units stood at 15% compared to 2% in Q4 FY24
▪ Narayana Hospitals’ revenue growth is majorly derived from higher domestic volumes and realization. Q-o-Q growth in EBITDA was
supported by reduction in manpower expenses as % of revenue by 200 bps and higher realization per patient

Source: Nuvama Research, Investor Presentations 13

Note: Fortis financials only include Hospital Business; Narayana Health financials are for India business only
Q4FY25 Financial Performance Highlights (2/4)
(1)
India

10,500 10,000
9,780 9,434 9,312
8,086 7,724 7,969
6,338 5,851
4,946 5,586
Revenue
(INR mn)

Y-o-Y growth % 21.6% 10.6% 2.2% 10.5% 10.4% 15.2% 9.1% 27.5% 25.7% 120% 18.9% 18.3%

Q-o-Q growth % 3.1% (3.3%) (4.8%) (5.4%) (3.2%) (1.3%) 4.6% (1.3%) 3.2% 5.3% 0.9% 4.7%

25.2 %
24.1 % 25.1 % 25.7 %
19.2 % 19.3 % 22.2 % 22.7 %
17.1 % 19.0 % 18.3 %
EBITDA (INR mn); 15.8 %
EBITDA Margin (%) 2,020 1,930 2,247 2,047
1,670 1,794 2,378 1,590 1,752
941 884 1,070

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25
Y-o-Y growth % 31.5% 20.2% 15.6% (6.3%) 1.6% 25.3% (5.4%) 16.5% 28.7% 13.3% 12.4% 13.7%

Q-o-Q growth % (0.6%) (8.2%) (4.5%) (23.3%) (3.5%) (5.5%) 5.7% (24.3%) 16.8% 19.8% (13.6%) 21.1%

▪ Medanta’s Q4FY25 EBITDA grew by c.25% YoY, supported by a 12% increase in average occupied bed days. While ARPOB in developing
hospitals declined due to increased scheme business, EBITDA still grew due to operational efficiencies from higher occupancy rates
▪ Revenue of KIMS grew by 25.7% YoY in Q4FY25, primarily driven by increased patient volumes and improved pricing power. Most clusters
experienced remarkable Y-o-Y growth – Maharashtra (42%), Andhra Pradesh (23%) and Telangana (19%)
▪ HCG’s established and emerging centers saw 22% and 32% Y-o-Y growth, respectively. Highest Y-o-Y growth seen in Andhra Pradesh,
Telangana and Africa

Source: Nuvama Research, Investor Presentations 14

Note: (1) Aster DM financials are for India business only
Q4FY25 Financial Performance Highlights (3/4)
(1)

4,310 4,600
3,981 3,701
3,490 3,411 3,178 3,231
2,882

Revenue
(INR mn)

Y-o-Y growth % n.a. 29.5% 31.8% 7.6% 18.5% 8.5% 16.5% 16.2% 12.1%

Q-o-Q growth % 4.9% 3.4% 6.8% 1.5% (4.6%) (7.0%) 5.3% (2.0%) 1.7%

36.4 % 38.0 %

33.8 %
36.0 % 30.9 % 31.0 %
31.5 % 20.8 % 22.7 % 23.1 %
34.0 %

29.6 % 32.0 %

EBITDA (INR mn);

30.0 %

28.0 %

EBITDA Margin (%) 1,270 1,280 1,450 1,344 1,147

26.0 %

1,055
722 746
24.0 %

22.0 % 600
20.0 %

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

Y-o-Y growth % n.a. 26.2% 14.2% 10.6% 25.1% 13.8% 16.5% 14.8% 24.3%

Q-o-Q growth % 25.7% 7.2% 13.7% 0.4% 57.0% (8.6%) (4.6%) (5.7%) 3.3%

▪ Dr. Agarwal’s Y-o-Y growth in revenue was a result of an increase in premiumization of surgeries, increase in surgical volumes, and improved
surgical conversions due to business development and marketing initiatives. 17.4% increase in number of surgeries on a Y-o-Y basis
▪ The reason for Rainbow Hospitals’ decline in revenue and margins is the reduction in pediatric cases which are seasonal in nature to an
extent

Source: Nuvama Research, Investor Presentations 15

Note: (1) Excluding Other Operational Income
Q4FY25 Financial Performance Highlights (4/4)

2,107 2,206 2,070

2,192 2,318
1,778 994 1,022 1,014
Revenue
(INR mn)

Y-o-Y growth % 23.6% 31.4% 30.4% 12.4% 13.1% 0.4% 3.5% 5.8% 2%

Q-o-Q growth % 6.6% 0.6% 5.7% 5.7% 4.0% (6.1%) 2.9% (3.3%) (0.8%)

40.0 %

35.0 %

26.2 % 25.1 % 24.6 % 30.0 %

35.0 %

18.5 % 19.3 % 30.0 %

23.3 %
25.0 %

EBITDA (INR mn); 14.9 % 20.0 %

20.7 % 20.3 % 25.0 %

EBITDA Margin (%) 549 570

15.0 %

465 488
20.0 %

426 380
10.0 %

232 212 206

15.0 %

5.0 %

0.0 % 10.0 %

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

Y-o-Y growth % 20.8% 18.3% 22.6% 4.8% (9.1%) (19.4%) (1.7%) 1.0% (11.2%)

Q-o-Q growth % 0.2% 0.5% 3.8% (18.3%) 6.8% (27.5%) 10.5% (19.4%) (2.8%)

▪ Yatharth Hospitals recorded a healthy 30% YoY growth in revenues on the back of rise in occupancy rate to 61% and a shift in revenue mix
from the general internal medicine side towards the specialty segments leading to higher realizations
▪ Shalby’s EBITDA margin saw a sharp YoY decline largely resulting from losses incurred from the Sanar Hospital due to low occupancy
▪ GPT Healthcare’s EBITDA dipped on account of certain expenditures related to the new hospital in Raipur, and on account of higher
impairment provisioning

16
Source: Nuvama Research, Investor Presentations
1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
Snapshot of Leading Diagnostic Chains

Metric 1

No. of Labs
298 404 210 117 29(2) 23 9
(As of Mar’25)

No. of
Collection
6,607 4,171 4,536 3,500 11,249 (3) 151 230
Centres
(As of Mar’25)

5% 6% 7% 7%
9%
B2B V/S B2C 27% 48% 52% 36%
(FY25) 73% 55%
95%
93% 93%
94%
B2C B2B Others
2% 3% 8% 8% 6% 1%
14% 21% 31% 31% 3%
30% 36%
Regional Split 15%
63% n.a.
(FY25) 6% 13% 50%
31% 4% 14% 19% 90%
100%
North South East West Others
Revenue
24,614 14,070 13,312 7,172 6,874 6,814 2,521
(INR mn, FY25)
EBITDA Margin
28.3% n.a. 22.8% 26.5% 27.7% 40.1% 32.2%
(%, FY25)
PAT Margin
20.0% n.a. 10.9% 10.8% 13.2% 21.1% 12.3%
(%, FY25)
ROAE
24.1% n.a. 12.0% 9.2% 16.9% 19.7% 15.9%
(%, FY25)

Source: Nuvama Research, Investor Presentations 18

Notes: 1) erstwhile SRL Diagnostics which has been rebranded to Agilus Diagnostics; 2)Includes Labs owned by Polo, Vimta Clinical Diagnostics
and Think Health Care; 3)11,249 Franchisees which includes collection centres, local labs, nursing homes and hospitals; n.a. – Not Available
Q4FY25 Operational Performance Highlights (1/2)

No. of Tests (mn) 19.1 20.6 20.9

9.2 9.6 9.6 6.4 6.7
6.1

Y-o-Y growth % 5.5% 10.8% 9.4% (5.8)% (2.5%) 4.3% 12.0% % 11.0 % 6.2%

Q-o-Q growth % 2.7% (10.4%) 1.5% (6.6%) (7.7)% 0.0% 8.1% % (8.4)% 3.4 %

Revenue per 499 501 519

test (INR) 285 290 289 368 357 365

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

Y-o-Y growth % 5.2% 0.0% 1.1% 6.6% 6.2% (1.3%) 10.4% 1.8 % 3.9%

Q-o-Q growth % (1.5)% 1.0% (0.4%) 9.6 % (0.4%) 1.8% 1.4% 0.6 % 3.5%

▪ Healthy Y-o-Y growth in sample volumes across the board for all chains
▪ DLPL’s sample collection showed strong YoY growth achieved through deeper penetration in core markets and calibrated expansion in
newer regions of West & South.
▪ Metropolis saw ~6% increase in Y-o-Y test volumes, driven by addition of 25 new labs during the quarter. Revenue per patient grew by 6% Y-o-
Y; 2.8% on account of price increase and 3.2% on account of test mix change

19
Source: Nuvama Research, Investor Presentations
Q4FY25 Operational Performance Highlights (1/2)
^

5.7 5.9 6.6

No. of Tests (mn) 3.4 3.7 3.8

Y-o-Y growth % 0.7% 3.3% 15.2% 24.0 % 27.8 % 12.8 %

Q-o-Q growth % 12.6% (11.6%) 12.2% 16.7 % (6.8)% 3.0 %

462 459 457

Revenue per
242 250 257
test (INR)
Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25
Y-o-Y growth % 16.0% 19.9% 6.3% 3.5 % (0.3)% (1.1)%

Q-o-Q growth % 3.8% 6.0% 2.8% 0.2 % (0.8)% (0.5)%

▪ Thyrocare grew by ~15% YoY in terms of number of tests. Acquisitions of Vimta Labs and Polo Labs are boosting expansion in South and
North India. The slab-based pricing model is improving realizations and encouraging higher test volumes from franchise partners
▪ Vijaya Diagnostic’s growth is primarily driven by the opening of 6 hubs and 2 spokes. The company also plans to add 10 hubs and 3 spokes
in FY26

Source: Nuvama Research, Investor Presentations 20

Note: ^ shown number of Pathology Vials taken and Pathology Revenue per Vial taken
Q4FY25 Financial Performance Highlights (1/2)
(1)

5,970 6,030
5,450
3,384 3,423 3,485 3,130 3,230 3,450
Revenue
1,663 1,745 1,861
(INR mn)

Y-o-Y growth % 11.0% 10.8% 9.4% 1.9 % 3.5 % 3.0% 10.9 % 11.0 % 10.2% 24.8% 10.2% 11.9%

Q-o-Q growth % 1.1% (9.5%) 1.0% 2.3% (8.1)% 1.8 % 7.7% (7.7)% 6.9% 5.1% (6.3%) 6.6%

EBITDA Margin PAT Margin

26.5% 26.7% 29.1%
26.5% 26.0% 28.1% 25.4% 24.3%
23.4% 22.3%
21.3%
Margins (%) 16.3%
19.0% *
15.7% 16.0% 13.0%
11.5% 9.6% 11.2% 11.1% 11.1%

Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ DLPL’s revenue growth was largely volume driven, aided by an increased contribution of Swasthfit from 24% in Q4FY24 to 26% in Q4FY25.
DLPL has seen increased EBITDA margins due to economies of scale and cost efficiencies
▪ Agilus’s revenue growth was driven by addition of 140+ Customer touchpoints (gross) to its network in Q4FY25; Overall, Agilus added 640+
(gross) customer touchpoints in FY25
▪ Metropolis reported a strong YoY revenue growth, on account of growth in B2C revenue, fueled by higher contributions from the TruHealth
and other specialty segments
Source: Nuvama Research, Investor Presentations
21
*Normalised for One-time deferred tax impact on SDIPL voluntary liquidation
Note: 1) Operating EBITDA Margin before onetime expenses
Q4FY25 Financial Performance Highlights (2/2)

1,872 1,732
1,542 1,659 1,552 1,690

Revenue 552 595 651

(INR mn)

Y-o-Y growth % 13.5% 23.2% 21.4% 28.3 % 27.4 % 11.6 % n.a. n.a. 18.0%

Q-o-Q growth % 14.5% (6.5%) 12.8% 17.0 % (7.6)% 2.5 % n.a. n.a. 9.4%

EBITDA Margin PAT Margin

40.7% 39.7% 39.8%

35.0% 35.3%
Margins (%) 30.0% 30.7% 29.5%
24.0%

21.6% 20.8% 20.0%

11.0% 12.0% 11.0% 11.5% 11.0%
10.1%
Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25

▪ Thyrocare’s revenue growth was driven by organic growth of 19% and inorganic growth of 2%. Company recorded a strong 1,100 bps YoY
increase in the EBITDA margins, largely due to improved gross margins on account of better volume negotiations and operating leverage
▪ Vijaya witnessed an increase in revenue primarily driven by growth in test volume. Y-o-Y EBITDA margins were impacted by addition of 6
new hubs in the last 2 months of Q4FY25

Source: Nuvama Research, Investor Presentations 22

1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
Snapshot of Leading Medical Devices Companies

Metric

Revenue
16,698 3,924 2,391
(INR mn, FY25)

EBITDA Margin (%, (1)

27.2% 28.2% 21.6%
FY25)

PAT Margin
20.3% 7.6% 17.5%
(%, FY25)

ROCE
23.9% 5.4% 25.6%
(%, FY25)

ROAE
16.0% 4.8% 26.3%
(%, FY25)
27% 3% 56% 6% 62%
Revenue 63%
Contribution by
10%
Product 41% 32%
Segments (FY25)
Infusion Therapy Renal Others Consumables Reusables Others Laboratory Aligner Solutions Others

25% 33%1
33%
Domestic vs
Export (FY25) 67%
75% 67%1
Domestic Export

Source: Nuvama Research, Investor Presentations, Annual Reports, Broker Reports 24

Note: (1) Proforma Margins
Q4FY25 Financial Performance Highlights

4,242 4,408
3,781

Revenue 1,057 957 1,127

(INR mn) 550 617 607

Y-o-Y growth % 23.2% 24.9% 16.6% 28.8% 54.9% 6.6% n.a. 29.1% 10.4%

Q-o-Q growth % 11.3% 1.0% 3.9% 71.0% (3.5%) 17.8% 15.1% 8.1% (1.6%)

30.9% 32.8%
25.5% 27.4% 27.1%
25.3%
Margins (%) 28.6% 20.6%
17.5%
14.0%
20.1% 20.8% 9.7% 9.1%
18.1% 5.5%
7.1%
7.8%
Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25
EBITDA Margin PAT Margin
▪ Poly Medicure’s domestic business grew 17% Y-o-Y and export revenue increased by 24% Y-o-Y. The renal business of the company
recorded the highest Y-o-Y growth 60%+
▪ Tarsons witnessed a YoY revenue growth of 7%, domestic business grew 12% Y-o-Y to reach INR 660 mn and export business stood at INR 460
mn. EBITDA margin expanded by 420 basis points Y-o-Y, driven by stabilized operations in both Indian facilities
▪ Laxmi Dental’s revenue grew 10% Y-o-Y, driven by a 13% growth in the lab business, while the aligners segment remained saw muted
growth 5%. Within the lab business, a 14% Y-o-Y decline in domestic revenue was offset by international revenue, which nearly doubled
Source: Nuvama Research, Investor Presentations 25
1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
Share Price Performance
Share price performance of hospital index (1) over last five years
700
600 490%
500
400
300
200 120%
100
0
Jul-2020 Jan-2021 Jul-2021 Jan-2022 Jul-2022 Jan-2023 Jul-2023 Jan-2024 Jul-2024 Jan-2025 Jul-2025
Hospital Index Sensex

Share price performance of diagnostic index(2) over last five years

300

120%
200

50%
100

0
Jul-2020 Jan-2021 Jul-2021 Jan-2022 Jul-2022 Jan-2023 Jul-2023 Jan-2024 Jul-2024 Jan-2025 Jul-2025
Diagnostics Index Sensex
Source: Capital IQ as on 17th July, 2025
Note: Market Cap Weighted Index; (1) Apollo, Aster DM, Narayana, Max Healthcare, Fortis, HCG, Rainbow Children’s Hospital, Shalby, Jupiter 27
Hospitals, Medanta, Yatharth Hospitals, KIMS, GPT Healthcare and Dr. Agarwals Healthcare; (2) Dr Lal Path Labs, Metropolis, Thyrocare, Vijaya
Diagnostics, Krsnaa Diagnostics and Suraksha Diagnostics
While Hospital Multiples are at a Premium to their Historical Averages…
Dr. Hospital
Max Apollo Fortis Narayana Medanta Aster DM KIMS Jupiter Yatharth Shalby GPT Rainbow HCF
Agarwal Index

3 yr avg 36.3x 32.0x 24.8x 20.8x n.a. 18.6x 24.7x 29.8x n.a. 13.1x n.a. 26.2x n.a. 17.2x 26.8x

1 yr avg 44.5x 32.7x 30.5x 23.6x 32.8x 30.0x 30.5x 30.3x 18.9x 14.3x 14.3x 28.8x n.a. 19.3x 32.0x

Current 42.1x 29.4x 31.4x 26.9x 34.0x 32.5x 34.3x 27.0x 19.2x 12.5x 13.5x 27.1x 25.9x 20.4x 31.8x
Premium over
16% (8%) 27% 30% n.a. 75% 39% (10%) n.a. (4.7%) (5.5%) 4% n.a. 19% 18%
3 year average

NTM EV/ EBITDA

120x

100x

80x

60x

40x

20x

0x
Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25

Max Apollo Fortis Narayana Medanta Aster KIMS Jupiter

Yatharth Shalby GPT Rainbow Dr Agarwal HCG Index

28
Source: Capital IQ and Bloomberg as on 17th July, 2025
…Diagnostic Multiples are Aligned with 3-Yr Averages
Metropolis Suraksha
Dr. Lal PathLabs Vijaya Diagnostic Thyrocare Krsnaa Diagnostics Diagnostics Index
Healthcare Diagnostics
3 yr avg 33.3x 28.6x 26.6x 21.5x 12.0x n.a. 27.5x

1 yr avg 33.6x 35.7x 28.0x 24.2x 13.2x n.a. 29.3x

Current 31.7x 34.2x 25.6x 26.6x 11.9x 17.3x 27.3x

Premium over 3 Year average (5%) 20% (4%) 24% (1%) n.a. (1%)

NTM EV/ EBITDA

70x

60x

50x

40x

30x

20x

10x

0x
Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25

Dr. Lal Vijaya Metropolis Thyrocare Krsnaa Suraksha Index

29
Source: Capital IQ as on 17th July, 2025
Analysts’ Views – Indian Healthcare Companies
HOSPITAL CHAINS
Multi-Specialty Hospital Chains Single-Specialty Hospital Chains
Buy Hold Sell
24 30 15 13 16 10 18 6 6 2 1 12 4 7

3% 7% 10% 6%
7% 13% 17% 14%
21% 25%
31%
19% 14%
13%

94% 100% 100% 100% 100%

90% 93% 90% 83%
69% 69% 75% 71%
67%

Max Apollo Fortis Narayana Medanta Aster KIMS jupiter Yatharth Shalby GPT Rainbow Dr. AgarwalHealthCare
Children's Global
Medicare Enterprises
Ltd Ltd

DIAGNOSTIC CHAINS MEDICAL DEVICES & CONSUMABLES

Buy Hold Sell Buy Hold Sell

28 12 24 3 6 1 7 3 5

25% 17% 17% 20%

17% 8% 43%
18%
100% 100% 100% 14% 100%
67% 75% 80%
57%
43%

30
Source: Bloomberg as of 18th July, 2025 Total number of analysts covering the stock
Trading Comparables (1/2)
Price M Cap EV EV/Revenue EV/EBITDA P/E
Company Name
(INR) (INR mn) (INR mn) Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27

Indian multi-specialty healthcare chains

Max Healthcare Institute Ltd 1,216 11,81,839 12,05,123 14.0x 11.5x 9.5x 65.2x 42.4x 34.1x n.m. 65.3x 51.4x

Apollo Hospitals Enterprise Ltd 7,304 10,50,131 11,05,255 5.1x 4.3x 3.6x 36.6x 29.5x 24.0x 69.8x 55.8x 43.0x

Fortis Healthcare Ltd 799 6,02,834 6,25,034 8.1x 7.0x 6.1x 39.4x 31.3x 25.9x 74.5x 59.7x 44.5x

Narayana Hrudayalaya Ltd 1,952 3,98,871 4,06,906 7.4x 6.5x 5.7x 31.8x 27.3x 23.7x 50.5x 41.7x 35.3x

Global Health Ltd 1,319 3,54,320 3,50,285 9.5x 8.2x 7.0x 39.9x 33.7x 27.7x 73.6x 57.1x 46.1x

Aster DM Healthcare Ltd 595 3,08,101 3,16,698 7.7x 5.9x 4.6x 41.1x 29.6x 22.0x 91.5x 59.5x 43.9x

Krishna Institute of Medical Sciences Ltd 761 3,04,606 3,31,966 10.9x 8.4x 6.6x 42.4x 34.1x 25.7x 73.4x 65.4x 45.6x

Jupiter Life Line Hospitals Ltd 1,490 97,700 95,602 7.6x 6.6x 5.5x 32.2x 26.9x 23.1x 50.5x 43.1x 37.1x

Yatharth Hospital & Trauma Care Services Ltd 626 60,299 55,266 6.3x 4.8x 3.5x 25.1x 19.4x 13.8x 46.2x 34.5x 24.7x

Shalby Ltd 196 21,139 24,634 2.3x 2.0x 1.7x 18.6x 12.4x 10.3x n.m. 29.9x 17.6x

GPT Healthcare Ltd 168 13,816 13,807 3.4x 2.8x 2.4x 16.6x 12.9x 10.6x 27.7x 21.5x 17.9x

Average 7.5x 6.2x 5.1x 35.4x 27.2x 21.9x 62.0x 48.5x 37.0x

Median 7.6x 6.5x 5.5x 36.6x 29.5x 23.7x 69.8x 55.8x 43.0x

Indian single-specialty healthcare chains

Rainbow Children's Medicare Ltd 1,527 1,55,019 1,56,813 10.5x 8.8x 7.5x 32.0x 27.2x 22.8x 63.5x 50.4x 40.3x

Dr Agarwal's Health Care Ltd 438 1,38,477 1,42,589 8.3x 6.9x 5.8x 31.3x 25.8x 21.4x n.m. n.m. 83.5x

HealthCare Global Enterprises Ltd 577 80,422 87,643 3.9x 3.5x 3.0x 22.6x 18.7x 15.5x n.m. n.m. 78.2x

Average 7.6x 6.4x 5.4x 28.6x 23.9x 19.9x 63.5x 50.4x 67.3x

Median 8.3x 6.9x 5.8x 31.3x 25.8x 21.4x 63.5x 50.4x 78.2x

Source: Bloomberg as of 18th July, 2025; Broker Reports

n.m. – Not Meaningful; n.a. – Not Available 31
EV is calculated based on net debt value of the latest fiscal ending
Trading Comparables (2/2)
Price M Cap EV EV/Revenue EV/EBITDA P/E
Company Name
(INR) (INR mn) (INR mn) Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27

Indian Diagnostic Chains

Dr Lal PathLabs Ltd 3,004 2,51,620 2,41,878 9.8x 8.8x 7.9x 34.8x 31.9x 28.2x 51.1x 51.0x 43.7x

Vijaya Diagnostic Centre Ltd 1,028 1,05,578 1,06,473 15.6x 13.3x 11.3x 39.0x 33.9x 28.0x 73.4x 61.4x 48.3x

Metropolis Healthcare Ltd 1,939 1,00,428 1,01,324 7.6x 6.2x 5.5x 33.4x 25.8x 22.0x 69.0x 51.3x 41.1x

Thyrocare Technologies Ltd 1,184 62,764 61,095 9.0x 7.7x 6.7x 32.1x 27.3x 22.5x 69.2x 50.8x 40.2x

Krsnaa Diagnostics Ltd 846 27,430 28,781 4.0x 3.2x 2.6x 15.1x 11.9x 9.6x 35.3x 25.7x 18.7x

Suraksha Diagnostic Ltd 320 16,655 17,333 6.9x 5.9x 5.1x 21.3x 17.3x 14.7x 53.8x 41.0x 33.8x

Average 8.8x 7.5x 6.5x 29.3x 24.7x 20.8x 58.6x 46.8x 37.6x

Median 8.3x 7.0x 6.1x 32.8x 26.6x 22.2x 61.4x 50.9x 40.6x

Indian Medical Consumables Players

Poly Medicure Ltd 2,102 2,12,966 2,02,060 12.1x 10.0x 8.3x 44.6x 36.1x 29.1x 62.9x 52.5x 42.2x

Laxmi Dental Ltd 482 26,508 26,996 10.2x 9.0x 7.3x 52.3x 35.8x 24.4x 83.4x 50.9x 36.4x

Tarsons Products Ltd 384 20,447 23,582 6.0x 5.2x 4.6x 21.3x 16.1x 13.4x 68.7x 40.8x 25.9x

Average 9.4x 8.1x 6.7x 39.4x 29.3x 22.3x 71.6x 48.1x 34.8x

Median 10.2x 9.0x 7.3x 44.6x 35.8x 24.4x 68.7x 50.9x 36.4x

Source: Bloomberg as of 18th July, 2025; Broker Reports

n.m. – Not Meaningful; n.a. – Not Available 32
EV is calculated based on net debt value of the latest fiscal ending
Operating Comparables (1/2)
Revenue (INR mn) Revenue Growth (YoY) EBITDA Margin PAT Margin RoCE RoE
Company Name
Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 25

Indian multi-specialty healthcare chains

Max Healthcare Institute Ltd 86,210 1,04,468 1,26,254 25.9% 21.2% 20.9% 25.4% 27.2% 28.0% 15.5% 17.3% 18.2% 14.7% 12.1%

Apollo Hospitals Enterprise Ltd 2,17,940 2,54,649 3,07,524 14.3% 16.8% 20.8% 13.9% 14.7% 15.0% 6.9% 7.4% 7.9% 18.3% 18.8%

Fortis Healthcare Ltd 77,239 89,764 1,02,970 13.0% 16.2% 14.7% 20.6% 22.2% 23.4% 10.5% 11.3% 13.1% 11.9% 9.1%

Narayana Hrudayalaya Ltd 54,830 62,832 70,855 9.3% 14.6% 12.8% 23.3% 23.7% 24.2% 14.4% 15.2% 15.9% 26.0% 24.3%

Global Health Ltd 36,923 42,955 50,148 12.7% 16.3% 16.7% 23.8% 24.2% 25.2% 13.0% 14.5% 15.3% 24.8% 15.3%

Aster DM Healthcare Ltd 41,385 53,700 69,564 13.6% 29.8% 29.5% 18.6% 19.9% 20.7% 8.1% 9.7% 10.1% 9.7% 7.8%

Krishna Institute of Medical Sciences Ltd 30,351 39,365 49,946 21.5% 29.7% 26.9% 25.8% 24.8% 25.9% 13.7% 11.8% 13.4% 14.8% 18.4%

Jupiter Life Line Hospitals Ltd 12,615 14,569 17,305 17.5% 15.5% 18.8% 23.5% 24.4% 23.9% 15.3% 15.6% 15.2% 24.0% 15.3%

Yatharth Hospital & Trauma Care Services Ltd 8,805 11,529 15,852 31.3% 30.9% 37.5% 25.0% 24.7% 25.2% 14.8% 15.2% 15.4% 17.6% 10.4%

Shalby Ltd 10,870 12,471 14,252 16.4% 14.7% 14.3% 12.2% 15.9% 16.8% 0.2% 5.7% 8.4% 5.1% 0.2%

GPT Healthcare Ltd 4,071 4,903 5,755 1.7% 20.4% 17.4% 20.5% 21.9% 22.7% 12.3% 13.1% 13.4% 27.0% 21.4%

Average 16.1% 20.6% 20.9% 20.8% 22.2% 22.8% 11.1% 12.4% 13.3% 17.6% 13.9%

Median 14.3% 16.8% 18.8% 21.4% 23.7% 23.9% 12.5% 13.1% 13.4% 17.6% 15.3%

Indian single-specialty healthcare chains

Rainbow Children's Medicare Ltd 14,950 17,768 20,929 16.3% 18.8% 17.8% 32.8% 32.4% 32.8% 16.3% 17.3% 18.4% 20.9% 17.8%

Dr Agarwal's Health Care Ltd 17,110 20,739 24,663 28.4% 21.2% 18.9% 26.6% 26.7% 27.0% 5.0% 5.8% 6.7% 12.8% 6.2%

HealthCare Global Enterprises Ltd 22,229 25,124 28,848 16.5% 13.0% 14.8% 17.4% 18.6% 19.6% 2.2% 2.8% 3.6% 10.1% 5.3%

Average 20.4% 17.7% 17.2% 25.6% 25.9% 26.5% 7.8% 8.6% 9.6% 14.6% 9.8%

Median 16.5% 18.8% 17.8% 26.6% 26.7% 27.0% 5.0% 5.8% 6.7% 12.8% 6.2%

Source: Bloomberg as of 18th July, 2025; Broker Reports

n.m. – Not Meaningful; n.a. – Not Available 33
ROCE: EBIT/ Average Capital Employed where Capital Employed = Net Debt + Networh; ROE: PAT/ Average Networth
Operating Comparables (2/2)
Revenue (INR mn) Revenue Growth (YoY) EBITDA Margin PAT Margin RoCE RoE
Company Name
Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 26 Mar 27 Mar 25 Mar 25

Indian Diagnostic Chains

Dr Lal PathLabs Ltd 24,614 27,455 30,735 10.5% 11.5% 11.9% 28.3% 27.6% 28.0% 20.0% 18.0% 18.7% 46.4% 24.1%

Vijaya Diagnostic Centre Ltd 6,814 8,000 9,394 24.4% 17.4% 17.4% 40.1% 39.3% 40.4% 21.1% 21.5% 23.3% 25.0% 19.7%

Metropolis Healthcare Ltd 13,312 16,355 18,458 10.2% 22.9% 12.9% 22.8% 24.0% 25.0% 10.9% 12.0% 13.3% 15.0% 12.0%

Thyrocare Technologies Ltd 6,807 7,922 9,084 19.9% 16.4% 14.7% 28.0% 28.2% 29.9% 13.3% 15.6% 17.2% 34.9% 16.9%

Krsnaa Diagnostics Ltd 7,172 8,974 11,053 15.7% 25.1% 23.2% 26.5% 27.0% 27.2% 10.8% 11.9% 13.3% 10.5% 9.2%

Suraksha Diagnostic Ltd 2,521 2,942 3,408 15.3% 16.7% 15.8% 32.2% 34.1% 34.7% 12.3% 13.8% 14.5% 18.6% 15.9%

Average 16.0% 18.3% 16.0% 29.6% 30.0% 30.9% 14.7% 15.5% 16.7% 25.1% 16.3%

Median 15.5% 17.1% 15.2% 28.1% 27.9% 28.9% 12.8% 14.7% 15.8% 21.8% 16.4%

Indian Medical Consumables Players

Poly Medicure Ltd 16,698 20,249 24,475 22.3% 21.3% 20.9% 27.2% 27.6% 28.4% 20.3% 20.0% 20.6% 27.5% 17.2%

Laxmi Dental Ltd 2,654 2,986 3,711 37.1% 12.5% 24.3% 19.4% 25.2% 29.9% 12.0% 17.4% 19.6% 29.0% 71.3%

Tarsons Products Ltd 3,924 4,502 5,123 33.1% 14.7% 13.8% 28.2% 32.5% 34.2% 17.5% 16.0% 18.1% 25.6% 26.3%

Average 30.8% 16.2% 19.6% 24.9% 28.5% 30.8% 16.6% 17.8% 19.5% 27.4% 38.3%

Median 33.1% 14.7% 20.9% 27.2% 27.6% 29.9% 17.5% 17.4% 19.6% 27.5% 26.3%

Source: Bloomberg as of 18th July, 2025; Broker Reports

n.m. – Not Meaningful; n.a. – Not Available 34
ROCE: EBIT/ Average Capital Employed where Capital Employed = Net Debt + Networh; ROE: PAT/ Average Networth
1. DEAL ACTIVITY

2. HOSPITAL INDUSTRY UPDATES – Q4FY25

3. DIAGNOSTIC INDUSTRY UPDATES – Q4FY25

4. MEDICAL DEVICES INDUSTRY UPDATES – Q4FY25

5. CAPITAL MARKET PERFORMANCE

6. NUVAMA CREDENTIALS
Nuvama has been Extremely Active in Healthcare and Pharma Sectors
HEALTHCARE PHARMA

Acquired by Senores Pharma Orchid Pharma Ajanta Pharma

Laxmi Dental Suraksha Diagnostics

IPO IPO IPO QIP Buyback

Left Lead BRLM M&A Sell-side Advisor BRLM BRLM Left Lead BRLM Manager

INR 698 crs ~INR 247 cr ~INR 845 cr INR 582 crs INR 400 crs INR 285 crs

Curatio Healthcare
Yatharth Hospitals Acquired by Medi Assist Orchid Pharma Acquired by Alkem Laboratories

QIP Pre-IPO & IPO OFS Block Placement

BRLM M&A Sell-side Advisor BRLM Sole Broker Sell-Side Advisor Sole Broker

INR 625 cr Undisclosed Amount INR 1,707 crs INR 160 crs INR 2,000 crs ~INR 480 crs

Jupiter Hospital Medplus Health Tarsons Ltd. IPCA Laboratories Natco Pharma Marksans Pharma

Pre-IPO & IPO Pre-IPO & IPO IPO Block Placement QIP QIP

BRLM BRLM BRLM Sole Broker BRLM Sole BRLM

INR 992 crs INR 1,950 crs INR 1,024 crs ~INR 250 crs INR 915 crs ~INR 130 crs

HealthCare Global
Vijaya Diagnostics Enterprises Thyrocare Alembic Laurus Labs Alkem Laboratories

IPO Pre IPO & IPO Block Placement / IPO Buyback Block Placement IPO

BRLM BRLM Sole Broker / BRLM Manager Sole Broker BRLM

INR 1,894 crs INR 750 crs ~INR 879 crs INR 115 crs ~INR 300 crs ~INR 1,350 crs

36
Successfully closed 35+ IPO Deals Worth ~$7 bn in Last 3 Years…

HDB Financial Senores

Services ArisInfra Oswal Pumps Ajax Engineering Laxmi Dental Carraro India DAM Capital Pharmaceuticals

INR 12,500 crs INR 580 crs INR 1,658 crs INR 1,439 crs INR 698 crs INR 1,250 crs INR 1,200 crs INR 582 crs
IPO Pre-IPO & IPO Pre-IPO & IPO Pre-IPO & IPO IPO IPO Pre-IPO & IPO IPO

June 2025 June 2025 June 2025 February 2025 January 2025 December 2024 December 2024 December 2024

BRLM BRLM BRLM BRLM Left Lead BRLM BRLM Sole BRLM BRLM

Suraksha Allied Blenders &

Diagnostics NTPC Green Energy Acme Solar Afcons Infrastructure PNG Jewellers Distillers Go Digit Insurance Medi Assist

INR 846 crs INR 10,000 crs INR 2,900 crs INR 8,400 crs INR 1,100 crs INR 1,500 crs INR 2,615 crs INR 1,707 crs
IPO IPO IPO Pre-IPO & IPO IPO IPO IPO Pre-IPO & IPO

December 2024 November 2024 November 2024 October 2024 September 2024 June 2024 May 2024 January 2024

BRLM BRLM Left Lead BRLM BRLM BRLM BRLM BRLM BRLM

Flair Writing Sai Silks Jupiter Lifeline TVS Supply Chain Five Star Medplus Health
Industries Kalamandir Hospitals Solutions Business Finance Vedant Fashions Services Tarsons Products

INR 686 crs INR 1,201 crs INR 992 crs INR 1,030 crs INR 1,989 crs INR 3,149 crs INR 1,950 crs INR 1,024 crs
Pre-IPO & IPO IPO Pre-IPO & IPO Pre-IPO & IPO Pre-IPO & IPO IPO Pre-IPO & IPO IPO

November 2023 September 2023 September 2023 August 2023 November 2022 February 2022 December 2021 November 2021

Left Lead BRLM BRLM BRLM BRLM BRLM BRLM BRLM BRLM

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…Coupled with 20+ Advisory Transactions in the last 3 years

Acquired by Sale of Stake to Fundraise from PE Fundraise from Sell of Asset to M&A Series C Fundraise
from

~INR 247 cr Amount Undisclosed

Amount Undisclosed INR 176 crs INR 941 crs Amount Undisclosed INR 130 crs

Exclusive Sell-side Exclusive Sell-side Exclusive Financial Exclusive Sell-side Sole Financial Exclusive Sell-side Exclusive Sell-side
Advisor Advisor Advisor Advisor Advisor Advisor Advisor

Private equity PAG’s acquisition of

M&A M&A investment Merger with Sale of 10% Stake in majority stake in Acquisition of stake
Acquired by Acquisition of Mumbai Airport to Nuvama Wealth in
Management

INR 2,000 crs INR 575 crs

INR 400 crs $40 bn INR 625 crs ~INR 2,200 crs
Exclusive Sell-side Exclusive Buy-Side INR 2,850 crs
Advisor Advisor Sole Sell Side Advisor Banker to HDFC bank Sole Financial Financial Advisor
Advisor Sole Buy Side Advisor

Includes 10+ $100 mn deals, a testament of Nuvama’s expertise in M&A and Private Equity Deals

Above is a select list of deals

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Contact information:

Tushar Singhal Priti Sahay Kunal Tated Hari Panjwani Harshil Shiroiya
MD & Head – Healthcare & Pharma Director – Healthcare & Pharma Sr. Associate Sr. Associate Sr. Associate
Tel: +91 99 3095 5139 Tel: +91 99 3066 1898 Tel: +91 96 9935 2414 Tel: +91 98 2017 9907 Tel: +91 98677 54944
[Link]@[Link] [Link]@[Link] [Link]@[Link] [Link]@[Link] [Link]@[Link]

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