Aster Dm Healthcare Ltd. · NSE:ASTERDM
Aster Dm Healthcare — Aster DM Quality Care — Investor Presentation (November 2025)
72 slides from Aster Dm Healthcare's investor presentation, Nov 19, 2025
Slide 1: Cover letter to stock exchanges
November 19, 2025 To To The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, The National Stock Exchange of India Ltd, 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai 400001. Bandra (East), Mumbai 400051. Scrip Code: 540975
Slide 2: Investor Presentation November 2025
Investor Presentation November 2025 0
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by Aster DM Healthcare Limited (the "Company"), content of which was compiled from sources believed to be reliable for informational purposes only and are based on information regarding the Company and the economic, regulatory, market and other conditio
Slide 4: Company Overview
Company Overview
Slide 5: Aster at a Glance
Aster at a Glance Our Presence/Strength1 15 Cities and 192 5,199 5 States Hospitals Capacity beds 10 283 203 Clinics Labs and PECs Pharmacies3 Operational metrics (H1FY26) Karnataka & Maharashtra 61% 3.1 days INR 50,400 Karnataka Hospital: 4, Beds: 1,241 Occupancy ALOS ARPOB Maharashtra Andhra & Tel
Slide 6: Our Vision and Core Values
Our Vision and Core Values Excellence Respect “Surpassing current benchmarks constantly by continually “Treating people with utmost dignity, valuing challenging its ability and skills their culture contributions and fostering a Our Promise to take the organisation to culture that allows each individ
Slide 7: From Clinic to a Healthcare Powerhouse: A Transformational Journey
From Clinic to a Healthcare Powerhouse: A Transformational Journey to a Thriving Hospital Network... 2024 Kerala Cluster Andhra Pradesh & Telangana QCIL Merger Announcement Completed Segregation of GCC and India 2023 Aster Whitefield Block A&B, Bengaluru Aster Medcity MIMS Calicut Aster Ramesh Guntu
Slide 8: Sustained improvement in our India Business performance over the past few years
Sustained improvement in our India Business performance over the past few years No. of Capacity Beds ARPOB (in 000s) 5,199 5,159 4,994 4,867 45.0 4,317 50.6 40.1 3,757 3,905 43.0 36.5 3,693 33.5 30.1 27.7 Q2FY25 Q2FY26 FY20 FY21 FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 FY20 FY21 FY22 FY23 FY24 FY25 Revenue
Slide 9: Merger of Aster DM & Blackstone backed Quality Care
Merger of Aster DM & Blackstone backed Quality Care
Slide 10: Aster DM and Blackstone-backed Quality Care to merge
Aster DM and Blackstone-backed Quality Care to merge and create one of the top 3 hospital chains in India with 10,360+ beds ▪ The board of directors of Aster DM Healthcare Limited (“Aster” or “Aster DM”) approved the merger of Quality Care India Limited (“Quality Care” or “QCIL”) with Aster in one o
Slide 11: Aster DM & Quality Care - Business snapshot
Aster DM & Quality Care - Business snapshot ASTER DM QUALITY CARE ASTER DM QUALITY CARE ▪ One of the leading integrated healthcare ▪ One of the leading healthcare providers ✓ One of the top 3 hospital chains in India providers in South India operating 191 with 19 hospitals & 7 medical centres by rev
Slide 12: Transaction structure (1/2)
Transaction structure (1/2) 0 As of November 2024 Aster Public Blackstone TPG Others Promoters 58.1% 71.8% 23.9% 4.2% 41.9% Aster DM Healthcare Limited QCIL 10
Slide 13: Transaction structure (2/2)
Transaction structure (2/2) 1 Post Initial Share Acquisition Structure Step 1 Initial Share Acquisition - Aster acquired 5% stake in QCIL & issue equivalent value of Aster shares Aster Public Blackstone Blackstone TPG Others Aster DM ▪ Aster DM purchased 5.0% stake Promoters / TPG 56.0% 68.1% 22.7%
Slide 14: Interse Valuation – Aster's valuation reflects a 45% higher multiple relative to QCIL
Interse Valuation – Aster’s valuation reflects a 45% higher multiple relative to QCIL FY24 EV/EBITDA (Adj. Post INDAS 1) Interse Shareholding 11.4x multiple difference Aster QCIL (In INR Cr) 36.6x Equity Value 22,7942 16,9832 Inter-se Shareholding 57.3% 42.7% 25.2x Shareholding Pattern post merger A
Slide 15: Strategic rationale behind the merger
Strategic rationale behind the merger ▪ 1. Scale 4. Diversification Merged entity to be one of the top 3 hospital chains in India and with strong presence across Geographically well diversified platform South and Central India with low overlap in cities of presence 2. Enhanced Metrics 5. Growth Pote
Slide 16: Merged Entity to be one of the top hospital chains in India
Merged Entity to be one of the top 3 hospital chains in India by Bed Capacity & Revenue 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Ranking by Bed Capacity 1 Ranking by Hospital Revenue1 ~10,800 2 10,368 11,147 Aster + 8,667 QCIL 8,105 5,915 5,800 2 2 6,528 5,200 5,19
Slide 17: Financial Metrics
Combined Proforma Numbers for H1FY26 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster + QCIL = Merged Entity* (Figures for H1 FY26) YoY Growth Revenue (INR Cr) 2,275 2,2711 4,546 12% Operating EBITDA2 (INR Cr) 478 514 993 19% Financial Metrics Op EBITDA Margin % 21.0
Slide 18: Operational
Combined Proforma Numbers for H1 FY26 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster + QCIL = Merged Entity* (Figures for H1 FY26) YoY Growth No. of Hospitals (Nos) 191 192 38 City Presence (Nos) 15 14 27 Metrics Metrics 10,360+ Financial Beds Capacity3 (Nos) 5,195
Slide 19: Financial Metrics
Combined Proforma Numbers for Q2FY26 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster + QCIL = Merged Entity* (Figures for Q2FY26) YoY Growth Revenue (INR Cr) 1,197 1,1931 2,390 13% Operating EBITDA2 (INR Cr) 263 287 550 17% Financial Metrics Op EBITDA Margin % 22.0%
Slide 20: Entities of similar scale with strong operating metrics
Entities of similar scale with strong operating metrics creating a robust merged entity Aster QCIL Merged Entity 5,159 5,142 10,301 4,867 # of Capacity 4,885 9,752 4,317 4,608 beds 8,925 FY23 FY24 FY25 FY23P FY24P FY25P FY23P FY24P FY25P 68% 68% 65% 65% 65% 63% 62% 63% 62% Occupancy % FY23 FY24 FY25
Slide 21: Merged entity with diversified revenue mix and strong margin profile
Merged entity with diversified revenue mix and strong margin profile Aster QCIL4 Merged Entity 8,105 +12% 5 7,314 6,183 +12% +12% 5 4,138 3,967 Revenue 3,699 3,615 2,983 3,200 (INR Cr) FY23 FY24 FY25 FY23P FY24P FY25P FY23P FY24P FY25P Margin 16.0% 16.8% 19.5% 21.3% 21.5% 21.5% 18.7% 19.1% 20.5% +20
Slide 22: Multiple avenues of synergies poised to accelerate growth and profitability
Multiple avenues of synergies poised to accelerate growth and profitability 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Integrated ✓ Broader base of star senior specialists and exchange of learnings Doctor Model ✓ Greater ability to attract and retain medical talent w
Slide 23: Well diversified platform with presence across South and Central India
Well diversified platform with presence across South and Central India 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential One of the top 3 hospital Chains in India with strong presence across South & Central India 1 Aster DM and QCIL have limited QCIL micro-market overlap 5
Slide 24: Well diversified platform with presence across 27 cities
Well diversified platform with presence across 27 cities 1 Scale 2 Enhanced Metrics 3 Synergies 4 Diversification 5 Growth Potential Aster QCIL Merged Entity 82% Top 5 Cities 18% Others 74% Top 5 Cities 26% Others 75% Top 10 Cities 25% Others 3% 3% 18% 22% 4% 26% 4% 24% 31% 6% 6% 9% Revenue1 Mix 8%
Slide 25: Favorable mix of scaled and growing hospitals for the merged entity
Favorable mix of scaled and growing hospitals for the merged entity 1 Scale 2 Enhanced Metrics 3 Synergies 4 Growth Diversification Potential 5 Growth Potential Total Addition of 4,345+ beds, funded entirely through internal accruals/cash in hand bringing the total bed capacity to 14,715+ beds 2,412
Slide 26: Indicative transaction timeline & an update on key steps
Indicative transaction timeline & an update on key steps Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Board Approval Received shareholders’ approval with overwhelming majority for Preferential Allotment as a consideration for Initial Acquisition Received CCI for approval of Preferential Allotmen
Slide 27: Aster DM Healthcare Performance
Aster DM Healthcare Performance For Quarter ending Sep 30, 2025
Slide 28: Revenue and Profitability Snapshot – FY25
Revenue and Profitability Snapshot – FY25 26 Revenue from Operations1 Operating EBITDA and Margin 1,2 EBITDA and Margin1 Normalised PAT and Margin3 (Post Ind As) (Post NCI) FY24 FY25 16.8% 19.5% 15.9% 18.5% 6.5% 8.6% 4,138 806 3,699 765 357 620 588 240 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Notes:
Slide 29: Revenue and Profitability Snapshot – Q2 FY26
Revenue and Profitability Snapshot – Q2 FY26 27 Revenue from Operations1 Operating EBITDA and Margin 1,2 EBITDA and Margin 1 Normalised PAT and Margin 3 (Post IndAS) (Post NCI) YoY 1,197 1,086 263 233 110 250 97 220 21.4% 22.0% 20.2% 20.9% 8.9% 9.2% Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q
Slide 30: Consciously built a de-risked business model across multiple specialties
Consciously built a de-risked business model with healthy presence across multiple specialties Geographical Revenue Mix1 Q2 FY26 Specialty-wise Revenue Mix Q2 FY26 Andhra & Telangana Child and Adolscent 12% [12%] Health, Women's Health, 6% [7%] Multi Speciality, 5% [5%] 17% [19%] Kerala 53% [53%] Ne
Slide 31: For Q2FY26, Aster DM delivered steady growth driven by core hospitals
For Q2FY26, Aster DM delivered steady growth driven by strong core hospital performance and improving traction in other units Revenue 3 % of Revenue Operating EBITDA INR 1,160 Cr INR 283 Cr Hospitals and Clinics 94% 10% 24% YoY Revenue Growth Margins Labs INR 41 Cr INR 7 Cr Labs 3% 15% 18% YoY Reven
Slide 32: The core hospitals business has shown consistent improvement across operational parameters
The core hospitals business has shown consistent improvement across all operational parameters… No. of Hospitals No. of capacity beds Total patient volumes (In Mn) 3.6 3.3 5,159 2.9 4,994 5,199 4,867 19 19 19 19 4,317 3,757 3,905 2.2 2.2 17 3,693 14 14 1.9 13 1.8 1.5 H1FY25 H1FY26 FY20 FY21 FY22 FY2
Slide 33: …resulting in a robust financial performance trajectory
…resulting in a robust financial performance trajectory over these years… Hospital Operating EBITDA 1 Hospital Revenue Hospital EBITDA and Margin and Margin (In INR Cr) (In INR Cr) 22.4% 23.5% 13% 12% 17% 19% 20% 22% Margin 3,990 3,519 875 2,202 518 2,019 2,851 453 688 2,343 538 1,631 1,647 407 212
Slide 34: Maturity Wise Hospital Performance – Q2FY26
Maturity Wise Hospital Performance – Q2FY26 32 Key Performance indicators Operational Operating Revenue4 Operating Maturity Hospitals 3 Beds5 EBITDA4 (INR in Cr) ARPOB EBITDA %4 ROCE (Census) (INR Cr) 71% 69% Over 7 10 ₹214 26.5% 34% ₹807 2,638 ₹ 52,300 Years 15% 16% 3 ₹178 622 ₹40 22.5% 24% 3-7 Yea
Slide 35: Clear capital allocation strategy for India Business going forward
Clear capital allocation strategy for India Business going forward 33 Following the commissioning of the 264-bed Aster MIMS Kasaragod, further addition of 2,300+ beds is planned, taking the total bed capacity to over 7,800 beds. 6,830 7,831 500 7,831 100 130 350 300 Operationalized 454 in Beyond FY2
Slide 36: 7th Multispecialty hospital in Kerala: Aster MIMS Kasargod
7th Multispecialty hospital in Kerala : Aster MIMS Kasargod Aster MIMS Kasaragod, a 264-bed multispecialty hospital, brings world-class and affordable healthcare to northern Kerala with advanced infrastructure (including 61 ICU beds for critical care) Kasaragod Inaugurated on 2nd October 2025 by Hon
Slide 37: Greenfield Expansion
Greenfield Expansion 35 Aster Yeshwanthpur, Bangaluru Aster Capital, Trivandrum Aster Sarjapur, Bengaluru Aster W&C, Hyderabad Multispecialty | 500 Beds Multispecialty | 454 Beds (Phase 1) Multispecialty | 430 Beds in two phases Mother and Child Care | 300 Beds 30 year long term Lease Construction s
Slide 38: Brownfield Expansion
Brownfield Expansion 36 Aster Medcity Aster CMI Aster Whitefield Aster Ramesh Ongole Multispecialty | Current : 878 Beds Multispecialty | Current : 380 Beds Multispecialty | Current : 150 Beds Multispecialty | Current : 509 Beds Bed Expansion :100 Beds Bed Expansion : 159 Beds Bed Expansion : 350 Be
Slide 39: Awards and Recognition
Awards and Recognition Padmashree Dr. Azad Moopen and Pravasi Bharatiya Samman awardee Ms. Alisha Moopen Founder, Chairman and MD Deputy Managing Director • Recognised as • Received the • ‘Legend in the Healthcare Industry’ at the 19th Edition ‘Dynamic Entrepreneur of the Year’ award at the of FICCI
Slide 40: Awards, Recognition and Rankings
Awards, Recognition and Rankings Aster DM Healthcare has been awarded Excellence in Mergers & Global Hospital Rating Acquisitions by Business World AHPI Excellence in Healthcare Aster MIMS Calicut First hospital in India to receive certification & Aster Medcity, Kochi – accreditation as a “Comprehen
Slide 41: High standards of clinical excellence
High standards of clinical excellence Select Firsts achieved by Aster Accreditations 1st in South Asia mixed 1st in India brain- 1st in Kerala to implant reality-based sensing device 1st in North Kerala the Tecnis Pure See International Institute of PERCEPT RC for a 72- Robotic Hysterectomy EDOF IO
Slide 42: Best-in-class Medical Technology
Best-in-class Medical Technology 31 7 17 10 Cathlabs LINACs MRI Machine Robots Surgical Robot, SSI Mantra 3.0 Ortho Robot, ROSA Recon Philips Excimer Laser O-arm India’s first indigenous surgical robot. Cost effective A robotic surgical system, specifically a stereotaxic Aster CMI becomes the first
Slide 43: Digital Initiatives
Digital Initiatives Strengthening Building Blocks forFootprints Through a Robust Phygital Ecosystem Future Growth Updates Updates The "Aster Health" Radiology Reports App has clocked over and Images are now 2,00,000 downloads Aggregating Hospitals, Labs, Data-Driven Patient Digitizing Relationships,
Slide 44: ESG Milestones
ESG Milestones* 42 *All numbers are based on FY25 ~577 ton ~7,414 KL 97%+ ~8,681 tCO2e INR 3.3 Mn 16,100+ E Waste reduction is achieved in FY25,, i.e. 18% from the Reduction in Water consumption in FY25 i.e.~ Energy Consumption sourced from renewable Reduction in Carbon emission in FY25 through Wort
Slide 45: Financial Summary – Profitability Statement
Financial Summary – Profitability Statement Particulars Q2FY26 Q2FY25 YoY % Q1FY26 QoQ% H1FY26 H1FY25 YoY % Revenue from Operations 1,197 1,086 10% 1,078 11% 2,275 2,088 9% Material Cost2 271 237 247 518 466 Doctors Cost 257 236 240 497 462 Employee Cost 212 193 195 407 384 Other Cost 194 187 181 37
Slide 46: Financial Summary- Balance Sheet
Financial Summary- Balance Sheet Particulars (INR Cr) As at Sep 30, 2025 As at Mar 31, 2025 As at Mar 31, 2024 LIABILITIES Shareholders’ Equity 518 500 500 Minority Interest 239 224 158 Other Reserves 3,555 2,469 2,353 Land Revaluation Reserve 460 460 460 Gross Debt 639 642 669 Lease Liabilities - I
Slide 47: Kerala Cluster Recovery and Performance Momentum
Kerala Cluster Recovery and Performance Momentum Kerala - IP Volume Significant Recovery in Q1FY26 and Peak Performance in Q2FY26 60,000 • Recovery in In-patient volume in Q1FY26 and Q2FY26 by 6% and 13% 43,278 44,127 50,000 39,580 39,580 39,172 respectively surpassing its earlier peak levels 36,890
Slide 48: Kerala Cluster: Hospitals and Bed Capacity
Kerala Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 53% 878 695 359 Aster MIMS Aster Medcity MIMS Calicut MIMS Kottakkal Aster Capital Kasargod Aster Medcity Kochi, Kerala Kozhikode, Kerala Kottakkal, Kerala Trivandrum 264 beds Kerala 2014, Owned 2013, Owned 2013, Owne
Slide 49: Kerala Cluster - Performance
Kerala Cluster - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 1,172 2,007 2,108 1,087 1,690 Revenue 620 559 11% 552 12% 1,318 875 935 Op. EBITDA 166 140 701 19% 140 19% Op. EBITDA Margin 26.8% 25.0% 180 bps 25.3% 150 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 F
Slide 50: Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity
Karnataka & Maharashtra Cluster: Hospitals and Bed Capacity Planned Expansion Revenue Contribution1 35% Aster Aster Yeshwanthpur Sarjapur Bengaluru Bengaluru 500 beds 430 beds 509 380 252 Aster Aster CMI Whitefield Bengaluru Bengaluru Aster CMI Aster Whitefield Aster RV Bengaluru, Karnataka Bengalur
Slide 51: Karnataka & Maharashtra Cluster - Performance
Karnataka & Maharashtra Cluster - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 776 1408 696 1100 Revenue 405 367 10% 372 9% 817 655 Op. EBITDA 99 94 6% 86 15% 442 433 310 Op. EBITDA Margin 24.5% 25.6% -110 bps 23.2% 130 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY2
Slide 52: Andhra & Telangana Cluster: Hospitals and Bed Capacity
Andhra & Telangana Cluster: Hospitals and Bed Capacity 350 Planned Expansion Revenue Contribution1 12% Ramesh Guntur Guntur, AP 2016, Leased 158 150 150 Aster Ramesh Aster W&C Ongole Hyderabad Prime Hospitals – Ameerpet Ramesh Sanghamitra Aster Narayanadri 75 Beds 300 Beds Hyderabad, Telangana Ongol
Slide 53: Andhra & Telangana - Performance
Andhra & Telangana - Performance Revenue (In INR Cr) Financial Metrics Q2FY26 Q2FY25 YoY Q1FY26 QoQ 473 412 253 370 344 8% 118 236 303 314 Revenue 135 125 14% 279 Op. EBITDA 18 19 -5% 9 91% Op. EBITDA Margin 13.2% 15.0% -180 bps 7.9% 530 bps H1FY25 H1FY26 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Operating
Slide 54: Growth Strategy
Our Strategic Priorities Focus Areas Capital Investment A ✓ Investing prudently in both brownfield (expanding existing units) and greenfield projects across clusters and opportunistically exploring inorganic opportunities Operational ✓ Focusing more on niche specialties to drive better ARPOB Efficie
Slide 55: Appendix
Appendix
Slide 56: Financial Metrics
Combined Proforma Numbers (Figures for FY25) Aster + QCIL = Merged Entity* Revenue (INR Cr) 4,138 3,9671 8,105 YoY (%) Revenue Growth 12% 12% 12% Financial Metrics Operating EBITDA2 (INR Cr) 806 855 1,661 Op EBITDA Growth YoY (%) 30% 13% 20% Op EBITDA Margin % 19.5% 21.5% 20.5% ROCE3 (%) 20.7% 20.4%
Slide 57: Aster Performance Highlights - FY 2025
Aster Performance Highlights - FY 2025 3 Revenue Operating EBITDA1 Op EBITDA Margin Normalised PAT2 RoCE (Post-NCI) (Pre-Tax) Financial FY25 : INR 4,138 cr FY25 : INR 806 cr FY25 : 19.5% FY25 : INR 357 cr FY25 : 19.5% 12% 30% 270 bps 49% 310 bps FY24 : INR 3,699 cr FY24 : INR 620 cr FY24 : 16.8% FY2
Slide 58: Aster - Performance Financial Highlights for Q2FY26
Aster - Performance Financial Highlights for Q2FY26 Revenue OperatingEBITDA Operating EBITDA1 1 Op EBITDA Margin PBT Normalised PAT2 Revenue (Post-NCI) (Pre-Tax) Q2FY26 : INR 1,197 Cr Q2FY26 : INR 263 Cr Q2FY26 : 22.0% Q2FY26 : INR 181 Cr Q2FY26 : INR 110 Cr YoY 10% 13% 53 bps 12% 14% Q2FY25 : INR 1
Slide 59: Aster - Key Highlights for Q2FY26
Aster - Key Highlights for Q2FY26 Double-digit YoY growth in Revenue and Operating EBITDA led by substantial recovery in Kerala, strong growth in international re venue and better case mix 10% YoY (11% QoQ) overall revenue growth despite lower incidence of seasonal illness unlike Q2FY25 (13% YoY gro
Slide 60: Aster - Other Highlights for Q2FY26
Aster - Other Highlights for Q2FY26 ▪ Aster CMI becomes Karnataka’s 1 st to install the Philips Excimer Laser Atherectomy System ▪ MIMS Kottakkal’s cardiology team implanted Malappuram’s 1st dual-chamber leadless pacemaker (Micra2) ▪ First Valve in Valve at Aster Whitefield on a 77-year-old lady usi
Slide 61: Aster - Other Highlights for Q2FY26
Aster - Other Highlights for Q2FY26 ▪ 8.5 MW solar park commissioned in Kasargod, Kerala, reducing 11.5K tonnes of CO₂e annually ESG 1 ▪ 9 new Mobile Medical Units launched, expanding the fleet to 45 in India and 62 globally Highlights ▪ 3.19 lakh lives impacted in India, including 2.23 lakh through
Slide 62: Board of Directors
Board of Directors 60 Dr. Azad Moopen Shamsudheen Bin Alisha Moopen T. J. Wilson Mohideen Mammu Haji Founder Chairman and Deputy Managing Director Non-Executive Director Non-Executive Director Managing Director Purana Housdurgamvijaya Chenayappillil John James Mathew Emmanuel David Gootam Deepti Geo
Slide 63: Leadership Team
Leadership Team 61 Dr. Azad Moopen Alisha Moopen Founder Chairman and Managing Director Deputy Managing Director T. J. Wilson Ramesh Kumar S Dr.Somashekhar S P Sunil Kumar M R Chairman-Medical Advisory Group Head - Governance & Chief Operating Officer Board & Director – Aster International Institute
Slide 64: Current Shareholding pattern and Key shareholders
Current Shareholding pattern and Key shareholders Marquee domestic and foreign institutional investors are currently invested in Aster Shareholding pattern Current Key Institutional Shareholders 15% 40% 26% 19% Promoters FII DII Others As on 30thSep 2025 62
Slide 65: Quality Care Overview
Quality Care Overview
Slide 66: Quality Care – One of the largest hospital chains with focus on emerging cities
Quality Care – One of the largest hospital chains with focus on emerging cities in India About QCIL Key Stats Scale of Operations2,3 Leading Hospital Troika of brands: CARE Hospitals, KIMSHEALTH and Evercare Network Extensive network of 19 hospitals in 14 cities One of India’s largest hospital
Slide 67: Quality Care – High standards of clinical excellence
Quality Care – High standards of clinical excellence Select firsts achieved by QCIL Infrastructure Accreditation in India to use an in India to perform in Central India to in India to perform 1st indigenous coronary 1st heart surgery on a 1st start 3D laparoscopy 1st womb transplant stent foetus sur
Slide 68: Quality Care – Diversified presence across 14 cities
Quality Care – Diversified presence across 14 cities ✓ Nagpur Raipur 105 beds 379 beds ✓ ✓ Indore Dhaka 222 beds 479 beds 5,165+ Capacity Beds ✓ ✓ Aurangabad Chattogram 338 beds 141 beds Broad and spread-out presence in key regions ✓ offer significant opportunities for brownfield expansion and deepe
Slide 69: Performance Highlights – Quality Care
Performance Highlights – Quality Care Revenue Operating EBITDA1 Op. EBITDA Margin IP Volumes OP Volumes Q2FY26 : INR 1,193 cr Q2FY26 : INR 287 cr Q2FY26 : 24.1% Q2FY26 : 66,558 Q2FY26 : 932,933 YoY 15% 22% 130 bps 4% 11% Q2FY25 : INR 1,036 cr Q2FY25 : INR 236 cr Q2FY25 : 22.8% Q2FY25 : 64,027 Q2FY25
Slide 70: QCIL Key Highlights – Q2FY26
QCIL Key Highlights – Q2FY26 Strong double-digit growth for the business driven by robust performance across clusters ▪ Growth driven by higher IP volumes, favorable payor mix shift toward cash and insurance, increased share of complex procedures, and ALOS reduction ▪ Kerala cluster delivered 11% Yo
Slide 71: Merger Implementation – Progress Update
Merger Implementation – Progress Update In Nov’24, Company announced: Transaction Merger of Quality Care with the Company (“Merger”) and Announcement Preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care by the Com
Slide 72: Thank You
Thank You Investor Relations: investors@asterdmhealthcare.in
Aster DM Quality Care — Investor Presentation (November 2025) on 6ix