Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q4 FY26 Earnings Presentation
53 slides from Max Healthcare Institute's earnings presentation, May 21, 2026
Slide 1: Exchange cover letter: press release and earnings presentation
May 21, 2026 Listing Department, Listing Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Symbol: MAXHEALTH Scrip Code: 543220 Sub.: Press R
Slide 2: Max Healthcare Q4 revenue rises to ₹ 2,664 Cr, growth of +10% YoY
Max Healthcare Q4 revenue rises to ₹ 2,664 Cr, registering growth of +10% YoY Network Operating EBITDA rises to ₹ 682 Cr Q4 PAT grows to ₹ 387 Cr Key Highlights of Q4 Performance • Gross Revenue stood at ₹ 2,664 Cr for Q4 FY26, a growth of +10% YoY • Network1 Operating EBITDA stood at ₹ 682 Cr in Q4
Slide 3: Max Lab, Max@Home, PAT, cash flow and expansion updates
Max Lab (non-captive pathology vertical) reported revenue of ₹ 52 Cr during the quarter, recording a growth of +14% YoY and +11% QoQ. Max Lab services are now available across 60+ cities and offers a comprehensive range of over +2,700 tests. Max@Home reported a gross revenue of ₹ 73 Cr, reflecting a
Slide 4: FY26 results and chairman's comments
The Network Operating EBITDA in FY26 stood at ₹ 2,638 Cr, up +14% over the twelve-month period ended March 31, 2025. The operating margin for the twelve-month period ended March 31, 2026 was 26.2% vs 26.8% in the previous financial year. There was one-time gain of ~₹ 142 Cr (net) in Q2 FY26 in tax e
Slide 5: Clinical Update and Research and Academics
Clinical Update: • ~4,458 Liver Transplants, ~5,748 Kidney Transplants & ~2,248 Bone Marrow Transplants performed till date • At Nanavati Max, an 18-year-old male, who lost both arms in an accident successfully underwent a 13-hour bilateral arm transplant after waiting over a year for a suitable don
Slide 6: About Max Healthcare
About Max Healthcare: Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare organizations. It is committed to the highest standards of clinical excellence and patient care, supported by latest technology and cutting-edge research. Max Healthcare operates 21 healthcar
Slide 7: Safe Harbour Disclaimer
Safe Harbour Disclaimer This release contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL”) future business developments and econ
Slide 8: Earnings update – Q4 & FY26
Earnings update – Q4 & FY26 May 21, 2026
Slide 9: Disclaimer
Disclaimer This presentation contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL” / “MHC”) future business developments and econ
Slide 10: Notes to Network Consolidated Financials
Notes to Network Consolidated Financials 1. Max Healthcare Institute Limited (“MHIL”), its subsidiaries and deemed separate entities (i.e. silos for Managed Healthcare Facilities) constitute MHIL Group under IND AS 110. MHIL Group also has long term contracts with certain societies, who own and oper
Slide 11: Content
Content Q4 FY26 Highlights 5 Other Business Highlights 20 FY26 Highlights 23 About the Company 36 4
Slide 12: Q4 FY26 Highlights
Q4 FY26 Highlights 5
Slide 13: Executive Summary: Q4 FY26 (1/2)
Executive Summary: Q4 FY26 (1/2) Phased commissioning of nearly 20% additional brownfield capacity has been rolled out over the last six months, with another 10% addition expected with the upcoming Gurugram facility later this year 400-bed brownfield tower at Max Smart Super Speciality Hospital was
Slide 14: Executive Summary: Q4 FY26 (2/2)
Executive Summary: Q4 FY26 (2/2) International patient revenue was ₹ 227 Cr compared to ₹ 202 Cr in Q4 FY25 and ₹ 230 Cr in Q3 FY26, reflecting growth of +12% YoY. This accounts for ~9% of the hospital revenue Operational bed capacity as at Mar’26 end stood at 4,966. This reflects addition of 412 be
Slide 15: Update on Brownfield Projects
Update on Brownfield Projects 8
Slide 16: Nanavati-Max Tower (Phase 1) has been commissioned
Nanavati-Max Tower 2 (Phase 1) has been commissioned Nanavati-Max Tower 2 is a state-of-the-art, 553-bed Phase 1 (live) facility featuring contemporary architecture and efficient Phase 2 (rendered) spatial planning for patients and caregivers alike Phase 1 building comprises 15 floors, including 3 b
Slide 17: Max Smart Brownfield Tower operationalised in April’26
Max Smart Brownfield Tower operationalised in April’26 The Brownfield Tower is designed to deliver patient-centric environment with modern aesthetics and premium infrastructure Building comprises 7 floors, including 1 basement level, ground floor and 5 upper floors, with a total BUA of ~5.0 lakh sft
Slide 18: Max Mohali Brownfield Tower fully commissioned and operationalized
Max Mohali Brownfield Tower fully commissioned and operationalized The Brownfield Tower is designed to provide functional patient environment with contemporary infrastructure Building comprises 11 floors, including 3 basement levels, ground floor, and 8 upper floors, with a total BUA of ~3.2 lakh sf
Slide 19: Highlights
Highlights 12
Slide 20: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA (₹ Cr) +9.7% +8.0% 2,608 2,664 648 682 2,429 632 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Margin1 (%) : 27.2% | 26.1% | 26.8% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 -0.7% 24% 74 20% 21% 71 73 Q4 FY25 Q3 FY26 Q4 FY26 Q4
Slide 21: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 +1.0% +3.9% 77.1 77.9 77.9 81,980 81,791 78,685 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 ALOS3 (in days) Outpatient consults (‘000) +8.1% 4.0 4.2 4.2 903 923 854 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 (1) ARPOB cal
Slide 22: Speciality Profile
Speciality Profile Q4 FY25 Q4 FY26 Others Others Gastroentrology Gastroentrology 4.7% 5.4% Pulmonology 5.4% 5.9% Oncology* Oncology* Pulmonology 21.2% Liver and biliary 4.3% 25.7% 5.0% sciences Liver and biliary 3.8% sciences OBGY and 4.3% pediatrics 5.5% OBGY and Gross IP revenue pediatrics 5.2% Gr
Slide 23: Payor Profile
Payor Profile Share of Revenue Q4 FY25 Q4 FY26 20.8% 21.6% 33.2% 32.8% 8.9% 9.1% 37.1% 36.5% Self Pay Insurance & Corporates International Institutional Note: Excludes revenue from SBUs and other operating income 16
Slide 24: Network P&L Statement: Q4 FY26
Network P&L Statement: Q4 FY26 Figs in ₹ Cr Q4 FY25 Q3 FY26 Q4 FY26 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,429 2,608 2,664 10% Net revenue 2,326 100.0% 2,484 100.0% 2,541 100.0% 9% 1 Direct costs 917 39.4% 1,004 40.4% 1,045 41.1% 14% Contribution 1,409 60.6% 1,480 59.6% 1,496
Slide 25: Q4 FY26: Memorandum Consolidation of Network P&L
Q4 FY26: Memorandum Consolidation of Network P&L Figs in ₹ Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & MHC Network (IGAAP Unaudited)* Eliminations(2) Silos IND AS (Consolidated) & GM Modi Adjustment(1) (Certified by an IND AS Balaji Devki Devi Adjustment* Society ICA
Slide 26: Gross Revenue from Network Hospitals, by Region
Gross Revenue from Network Hospitals, by Region Q4 FY26 Q3 FY26 Q4 FY25 Operational beds Occupancy % Gross Revenue1 (₹ Cr) (as at end of Mar’26) (during Q4 FY26) 1,378 Delhi 1,372 2,411 80% 1,329 539 Uttar Pradesh 534 1,177 74% 465 280 Maharashtra 257 595 67% 221 159 Punjab 152 461 64% 144 94 Uttara
Slide 27: Other Business Highlights
Other Business Highlights 20
Slide 28: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (₹ Cr) Net Revenue (₹ Cr) Operational footprint (as of Mar’ 31, 2026) +11% +14% 92 54 52 77 83 81 85 46 48 47 600+ Collection centres 830+ Pick-Up Points (PUPs) Q41 2 Q1 3 Q2 Q34 5 Q4 1 Q4 2 Q1 3 Q2 4 Q3 5 Q4 FY 25 FY 26 FY26 FY 26 FY26 FY25 FY
Slide 29: Max@Home: Key performance indicators
Max@Home: Key performance indicators Gross Revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) Key Pointers (as of Mar, 2026) +30% 263 212 63 68 73 16 +33% 172 60 Specialised 56 Service Lines 139 110 76 70 61 27 ~1,800 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q4 Q1 Q2 Q3 Q4 FY25 FY26
Slide 30: FY26 Highlights
FY26 Highlights 23
Slide 31: Executive Summary: FY26 (1/2)
Executive Summary: FY26 (1/2) Phased commissioning of nearly 20% additional brownfield capacity has been rolled out over the last six months, with another 10% addition expected with the upcoming Gurugram facility later this year 400-bed brownfield tower at Max Smart Super Speciality Hospital was com
Slide 32: Executive Summary: FY26 (2/2)
Executive Summary: FY26 (2/2) Cash from operations1 for the Network during FY26 was ₹ 1,541 Cr Network ₹ 34 Cr were received for issuance of shares on exercise of ESOPs, ₹ 1,627 Cr were deployed towards ongoing Financial expansion plans and upgradation of facilities, ₹ 131 Cr towards purchase of lan
Slide 33: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA(₹ Cr) +16.3% +13.8% 10,538 2,638 9,065 2,319 FY25 FY26 FY25 FY26 Margin1 (%) 26.8% | 26.2% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 +3.0% 26% 70 72 22% FY25 FY26 FY25 FY26 (1) Margin calculated on Net Revenue | (2) EBITDA per be
Slide 34: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 +5.3% +12.8% 73.9 77.8 3,34,657 2,96,805 FY25 FY26 FY25 FY26 ALOS3 (in days) Outpatient consults (‘000) +18.0% 4.0 4.1 3,774 3,199 FY25 FY26 FY25 FY26 (1) ARPOB calculated as Gross Revenue/total OBD; Gross Revenue excludes revenue
Slide 35: Speciality Profile
Speciality Profile FY25 FY26 Others Others Gastroentrology Gastroentrology 4.4% 5.0% Pulmonology 5.2% 5.8% Oncology* Liver and biliary Oncology* Pulmonology 3.6% 24.1% sciences 25.8% Liver and biliary 4.0% 3.4% sciences MAS and 4.0% general surgery 5.0% MAS and general surgery 4.6% OBGY and Gross IP
Slide 36: Payor Profile
Payor Profile Share of Revenue FY25 FY26 19.4% 21.9% 34.1% 34.2% 8.8% 9.1% 37.7% 34.9% Self Pay TPA & Corporates International Institutional Note: Excludes revenue from SBUs and other operating income 29
Slide 37: P&L Statement: FY26
P&L Statement: FY26 Figs in ₹ Cr FY25 FY26 YoY Amount % NR Amount % NR Growth Gross revenue 9,065 10,538 16% Net revenue 8,667 100.0% 10,065 100.0% 16% Direct costs 3,416 39.4% 4,124 41.0% 21% Contribution 5,251 60.6% 5,941 59.0% 13% Indirect Overheads1 2,932 33.8% 3,303 32.8% 13% Operating EBITDA 2
Slide 38: Network Balance Sheet
Network Balance Sheet1 (Includes Managed & Partner Healthcare Facilities*) Figs in ₹ Cr Mar 25** Mar 26 Shareholders' Equity (Incl. corpus) 10,533 12,088 Gross Debt 2,492 2,924 Deferred/Contingent Consideration Payable2 489 484 Put Option Liability3 95 106 Lease Liabilities 537 589 Deferred Tax Liab
Slide 39: FY26: Memorandum Consolidation of Network P&L
FY26: Memorandum Consolidation of Network P&L Figs in ₹ Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials Eliminations(2) MHC Network subsidiaries & (IGAAP Audited)* IND AS & (Consolidated) Silos Adjustment(1) Adjustment* (Certified by an IND AS Balaji GM Modi Devki Devi ICA) Audited Soc
Slide 40: Clinical and Research & Academics Update
Clinical and Research & Academics Update 33
Slide 41: Clinical Update
Clinical Update 4,458 Liver Transplants, 5,748 Kidney Transplants & 2,248 Bone Marrow Transplants performed till date BLK-Max successfully treated a five-month old baby boy from Tanzania suffering from craniosynostosis, a rare congenital condition in which the skull bones fuse prematurely, causing s
Slide 42: Research and Academics Update
Research and Academics Update National and international publications 160 scientific publications in high impact factor journals during Q4 FY26 Top high Index and high impact factor publications are from Nephrology (Nat Med : 17.55) (Lancet Neuro : 12.44), (J Lancet Glob Health 5.91) & Cardiology (E
Slide 43: Max Healthcare: India’s second largest hospital chain in Revenue and EBITDA
Max Healthcare: India’s second largest hospital chain in Revenue1 and EBITDA1 Current capacity ~6,000 beds Delhi NCR 4 4 5 Shalimar Bagh 5 21 ~72% ~76% BLK 3 9 4 0 3 Facilities Beds in metros FY26 8 Patparganj 2 7 Vaishali Occupancy 3 0 Panchsheel3 Lajpat 5 Dwarka 3 Nagar3 0 0 5 6 Noida3 1 1 5 4 0 0
Slide 44: Vision: To be the Most Well Regarded Healthcare Provider in India
Vision: To be the Most Well Regarded Healthcare Provider in India To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research Quaternary care facilities World class infra
Slide 45: State-of-the-art infrastructure
State-of-the-art infrastructure Da Vinci Robotic System Cath Lab: Azurion 5 M20 LINAC Machine (Edge) Advanced robotics provides high precision Cathlab is used to visualize the arteries of High precision and integrated LINAC is a and enables minimal invasive surgery the heart and the chambers of the
Slide 46: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Strategic partnerships: Columbia & Boston Universities USA, Max Institute of Medical Education (MIME) is the education division of MHC for Imperial College & Aston University UK, Deakin University & medical education & training Monash Unive
Slide 47: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot Figs in ₹ Cr FY23 FY24 FY25 FY26 Amount % NR Amount % NR Amount % NR Amount % NR 1 Gross revenue 6,236 7,214 9,065 10,538 Net revenue 5,904 100.0% 6,848 100.0% 8,667 100.0% 10,065 100.0% Direct costs 2,304 39.0% 2,675 39.1% 3,416 39.4% 4,124 41.0% Contributi
Slide 48: Strong financial profile to support future growth
Multiple avenues for future growth ▪ Focus on tower specialities & case mix 1 Optimising Existing 2 ▪ Increase utilization & improve process efficiencies Strong cash generation Infrastructure ▪ Optimize payor mix from operations ₹ 1,541 Cr in FY26 ▪ ~2,000 beds addition via brownfield expansion – RO
Slide 49: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award ET “Hospital Chain of Economic Times India’s Best Employers by FICCI the Year” 2024 Healthcare Award 2025 among Nation Builders under 14 categories Award 2025 Diamond Award for Stroke Ready Centre
Slide 50: Network Holding Structure
Network Holding Structure* Balaji Society (MSSH Patparganj) MSSH Shalimar Bagh Valid till 2065 MSSH Dehradun Gujarmal Modi MMSC Panchsheel Max Healthcare Institute Medical Service Agreement Society Immigration centre (Lajpat Nagar) (Max Smart) MSSH Saket (West) Limited (MHIL) SBUs (MIME, Max@Home) V
Slide 51: List of Network Healthcare Facilities
List of Network Healthcare Facilities Name Location Description Max Super Speciality Hospital, (West Block) Saket Delhi Hospital Max Super Speciality Hospital, (East Block) Saket Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital Max Smart Super Speciality Hospital, Dwarka Delh
Slide 52: Definitions
Definitions Term Description ALOS Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time Average Revenue per Occupied Bed; Gross Revenue divided by the occupied bed days; excludes revenue from Max Lab ARPOB operations Free cash from Represents cash gener
Slide 53: About Us
About Us Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare For further information, please visit organizations. It is committed to the highest standards of clinical excellence and patient www.maxhealthcare.in care, supported by latest technology and cutting-edge
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