KRM Ayurveda Limited has filed the transcript of its earnings conference call with the National Stock Exchange of India under Regulation 30 read with Schedule III and Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The call was held on Tuesday, May 05, 2026 at 4:00 p.m. IST to discuss the company's audited standalone financial results for the half year and year ended March 31, 2026. The transcript filing was submitted on May 11, 2026, and signed by Sanchit Hans, Whole-Time Director (DIN: 09228549). The transcript is available on the company's website. The call was hosted by Ms. Vaishnavi Vaity of AKMIL Strategic Advisors and featured Dr. Puneet Dhawan (Promoter & Managing Director), Mr. Sachin Sharma (Manager Accounts), and Mr. Love Mangala (Strategic Advisor).

FY26 and H2 FY26 Financial Highlights

KRM Ayurveda delivered strong financial results for FY26, with revenue from operations crossing ₹10,169.07 Lakh, representing 32.84% YoY growth. EBITDA and PAT both expanded significantly, reflecting improved operating leverage across the company's integrated healthcare model. H2 FY26 results were especially notable, with EBITDA more than doubling on a year-on-year basis. The table below summarises the key financial metrics for FY26 and H2 FY26:

Comparative figures are for H2 FY25 and FY25 respectively.

During the call, Mr. Sachin Sharma highlighted that sequentially, H2 outperformed H1 with revenue up 10.30%, EBITDA up 34.90%, and PAT up 44.70%. Service revenue in H2 grew over 100% compared to the same period in the prior year, underscoring strong momentum in the services segment.

Management Commentary

Dr. Puneet Dhawan, Managing Director & Promoter, commented on the results: "Our FY26 performance marks a transformational year for KRM Ayurveda as we crossed the ₹10,169.07 Lakhs Revenue from operations milestone in FY26, while H2 FY26 EBITDA surged ~102% YoY and PAT grew ~149% YoY, reflecting the strength of our integrated healthcare model and disciplined execution. Our strategic focus on expanding hospitals, specialty care, and digital health is driving stronger margins, improving revenue quality, and deepening consumer trust. Backed by a strengthened post-IPO balance sheet, we are well-positioned to accelerate growth across India and global markets through digital healthcare, medical tourism, and innovation-led Ayurveda solutions."

Dr. Dhawan also noted that the company's IPO on NSE Emerge was oversubscribed 74 times, and that the company is now completely debt-free following full repayment of its debt using IPO proceeds. He further stated that the company is targeting at least 50% revenue growth, driven by new clinic and hospital additions, product expansion, and e-commerce launch.

Business Overview and Operational Metrics

KRM Ayurveda was established in 2019 and has grown from a kidney-specialty hospital to a multi-specialty Ayurvedic healthcare network. As per FY26 data, the company operates across the following key parameters:

The company's hospital network spans Delhi (30 beds), Gurgaon (95 beds), Jaipur — two facilities (20 and 30 beds), Udaipur (30 beds), and Lucknow (18 beds). Specialty clinics are located in Bengaluru, Patna, Mumbai, Lucknow, and Noida, with two additional clinics recently opened in Janakpuri and Dwarka (Delhi) post-IPO, and one more planned in Navi Mumbai. The clinical team comprises 40+ qualified Ayurvedic doctors (BAMS) and 71+ certified therapists. Management noted that occupancy in older, established hospitals exceeds 90%, while newer hospitals operate at 35–40% occupancy, which is expected to improve over time as patient awareness and insurance empanelments grow.

Revenue Mix and Business Model

KRM Ayurveda operates a dual revenue stream model encompassing the sale of products and services. The revenue bifurcation has shifted meaningfully over recent fiscal years, reflecting the growing contribution of hospital and clinic services:

Management indicated that service segment EBITDA margins are approximately 10% higher than the product segment, with the services segment targeting EBITDA of around 35%. The company's manufacturing operations are conducted at a GMP and ISO-certified production facility in Kundli, Haryana, producing classical and proprietary Ayurvedic formulations including capsules, tablets, syrups, and oils. The company currently has 80 products and 300 approved SKUs, with 15 food supplement products planned for launch. An e-commerce platform is also being readied for launch with approximately 20 products already finalized.

Expansion Plans and Growth Strategy

During the Q&A session, Dr. Dhawan outlined the company's near and medium-term expansion roadmap in detail. Key strategic initiatives are summarised below:

The company follows a hub-and-spoke model, converting telemedicine patient bases into clinics and subsequently into day-care centers and hospitals, which management stated enables breakeven from day one of operations. Geographies being targeted for new clinics include Mumbai, Delhi, Bangalore, Chandigarh, Dehradun, and Pune. The company's Gurgaon hospital is already empaneled with corporate groups including Hero Motors, Maruti, and Honda. Management also confirmed that insurance empanelment approvals are progressing, with a GIC-based tie-up in its final stages that would enable cashless transactions across multiple insurers.