Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Nuvama India Conference 2026
45 slides from Max Healthcare Institute's conference presentation, Feb 7, 2026
Slide 1: Filing cover letter to stock exchanges
February 7, 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.: Pre
Slide 2: Investor Presentation
Investor Presentation February 07, 2026
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “presentation”) contain selected information about the activities of Max Healthcare Institute Limited’s (“Max Healthcare”/“MHIL”/“MHC”/”Company”) as of the date of the presentation. None of MHIL, its directors, promoter, or affiliates, no
Slide 4: Content
Content Company overview 04 Key growth drivers 14 Financial highlights 24 Appendix 32 3
Slide 5: Company overview
B Healthcare Company overview
Slide 6: Max Healthcare: India's largest hospital chain by market cap
Max Healthcare: India’s largest1 hospital chain in terms of market cap, second2 largest in terms of Revenue & EBITDA Current capacity 5,200+ beds Delhi NCR 4 2 20 73% ~76% 6 Shalimar Bagh Facilities Beds in metros 9M FY26 5 Occupancy 3 4 3 BLK 9 0 8 Patparganj 2 7 Vaishali 3 0 Panchsheel3 Lajpat 5 D
Slide 7: 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 i
Slide 8: Journey so far
Journey so far • ATL: ~130-bed brownfield tower adjacent to MSSH, Dehradun1 • Stake in Eqova Healthcare (~400 beds Dr. Balabhai Nanavati • Discontinued Max Medcentre, Lajpat in East Delhi)1 Hospital, Mumbai 1 Nagar (Cancer Care) • Radiant-Max Healthcare merger • O&M: ~300 beds in Dwarka, Delhi • 160
Slide 9: Clinically comprehensive hospital chain with focus on research and academics
Clinically comprehensive hospital chain with strong focus on research and academics High-end Complex procedures performed quaternary care facilities Robotic Cardiac Neuro Orthopaedic Oncology Transplants2 surgeries procedures3 surgeries4 surgeries5 surgeries6 Est. Annual ~2,000 ~8,600 ~52,200 ~14,90
Slide 10: Dominant presence in the most attractive markets
Dominant presence in the most attractive markets Low bed density, higher per capita income, higher ARPOB and rising insurance penetration make Delhi and Mumbai attractive avenues for growth High demand-supply gap in Delhi NCR & Mumbai… …coupled with rising insurance penetration 40% Total beds per ‘0
Slide 11: Well-positioned to capture medical value travel
Well-positioned to capture medical value travel Being metro-centric also positions Max Healthcare well to capitalise on medical tourism India’s foreign medical tourism industry has 15 company & partner-owned Patient Assistance Company-owned PACs been growing Centres (PACs) across 14 countries Partne
Slide 12: Best-in-class performance parameters
Best-in-class performance parameters ARPOB2 Occupancy (₹/OBD) (‘000) (%) 76 74 78 75% 74% 76% 66 68 65% 68% 64% 69% 70% 62 63 66 62 61 62% 62% 63% 65% 57 61 Operating parameters Max Healthcare Medanta Apollo Hospitals Fortis Healthcare Max Healthcare Medanta Apollo Hospitals Fortis Healthcare Pre-ta
Slide 13: Distinguished BoD and dynamic management team
Distinguished BoD and dynamic management team Distinguished Board of Directors Mr. Abhay Soi Ms. Amrita Gangotra Mr. Pranav C. Mehta Mr. Anil Bhatnagar Chairman and Managing Technology leader & former Chief Medical Officer, HCA Senior lawyer & Director member of Exec. Mgmt at Healthcare (American an
Slide 14: Strategy going forward
Strategy going forward Build on Optimise Existing Clinical Expertise Infrastructure Attract best-in-class talent Payor mix, Capacity to focus on industry Utilisation, ALOS and leading patient outcomes Procedure Mix Focus on Capital Expand Bed Light Adjacencies Capacity Max Lab and Brownfields and Ma
Slide 15: Key growth drivers
EM Healthcare AX | 25, Key growth drivers
Slide 16: 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 ₹ 960 Cr in 9M FY26 ▪ ~2,600 beds addition via brownfield expansion – R
Slide 17: Potential to expand capacity by 8,900+ beds
3 Potential to expand capacity by 8,900+ beds, with ~4,600 beds being added in next 3-4 years Indicative timelines for completion of expansion projects Brownfield Greenfield Nanavati-Max3 Shaheed Path, Lucknow Partner Healthcare Facilities Saket Complex (Smart) Thane4 Gomti Nagar, Lucknow Pitampura4
Slide 18: Max Mohali Tower 2: Brownfield expansion
3 Max Mohali Tower 2: Brownfield expansion boosting capacity by more than 80% Building comprises 11 floors, including 3 basement levels, ground floor, and 8 upper floors, with a total BUA of ~3.2 lakh sft; Adds ~160 beds to the existing 220-bed capacity The land was allotted by Government of Punjab
Slide 19: Nanavati-Max Tower 2 (Phase 1): Brownfield expansion
3 Nanavati-Max Tower 2 (Phase 1): Brownfield expansion boosting capacity by more than 85% Building comprises 15 floors, including 3 basement levels, with a Phase 1 (live) total BUA of ~7.5 lakh sft Phase 2 (rendered) The new 280-bed brownfield tower adds ~85% capacity to the existing 328 beds Partia
Slide 20: Max Smart: Brownfield expansion at Saket Complex
3 Max Smart: Brownfield expansion set to boost capacity of Saket Complex by more than 50% Building comprises 7 floors, including 1 basement level, ground floor and 5 upper floors, and with a total BUA of ~5.0 lakh sft The new 400-bed brownfield tower will add ~52% capacity to the existing beds at Sa
Slide 21: Strong track record of successful acquisitions
3 Strong track record of successful acquisitions ▪ Management team has done multiple successful acquisitions and integrations, including BLK, Nanavati and Max Healthcare, leading to significant turnaround in their operating and financial metrics ▪ In the last 18 months, we acquired ~1,300 beds acros
Slide 22: Max Lab – non-captive pathology SBU
4 Max Lab – non-captive pathology SBU Organized diagnostics players to grow faster than overall Diagnostic industry Operational footprint (as of Dec. 31, 2025) Pathology accounts for 56% of Indian Diagnostics Indian Diagnostic Industry mix by type of providers Industry (₹ Bn) Hospital labs 35-40% Mu
Slide 23: Max@Home – one of the largest homecare providers
4 Max@Home – amongst one of the largest homecare providers in the country Indian home healthcare is under-penetrated with only ~3.6% of total health spending on home Growth Drivers healthcare vis-à-vis ~8.3% in the US Home healthcare solutions ~40% Indian home healthcare market expected to grow …wit
Slide 24: Max MyHealth – proprietary digital platform
5 Max MyHealth – proprietary digital platform enabling best-in-class omnichannel healthcare experience ‘Max MyHealth’ offering new age experience for patients and doctors Monthly Active Users ('000s) 118.7 13.0 lakh+ 7x growth Patient registrations till date 15.0 1,18,000+ Dec-24 Dec-22 Jun-23 Dec-2
Slide 25: Financial highlights
MAX | 25, Healthcare Financial highlights
Slide 26: 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 ope
Slide 27: Network P&L statement: Q3 FY26
Network P&L statement: Q3 FY26 Figs in ₹ Cr Q3 FY25 Q2 FY26 Q3 FY26 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,381 2,692 2,608 Net revenue 2,281 100.0% 2,580 100.0% 2,484 100.0% 9% Direct costs 883 38.7% 1,060 41.1% 1,004 40.4% 14% Contribution 1,398 61.3% 1,520 58.9% 1,480 59.6%
Slide 28: Network P&L statement: 9M FY26
Network P&L statement: 9M FY26 Figs in ₹ Cr 9M FY25 9M FY26 YoY Amount % NR Amount % NR Growth Gross revenue 6,636 7,874 Net revenue 6,341 100.0% 7,524 100.0% 19% Direct costs 2,499 39.4% 3,079 40.9% 23% Contribution 3,842 60.6% 4,445 59.1% 16% 1 Indirect Overheads 2,155 34.0% 2,489 33.1% 15% Operat
Slide 29: Memorandum consolidation of Network P&L: 9M FY26
Memorandum consolidation of Network P&L: 9M FY26 Figs in ₹ Cr MHIL & its Partner Healthcare Facilities ("PHF") Financials1 MHC Network subsidiaries & Eliminations (IGAAP Audited) (Consolidated) Silos & (Certified by an Ind AS Balaji GM Modi Devki Devi Ind AS Adjustments3 ICA) Unaudited Society Socie
Slide 30: Network profitability: Annual trend
Network profitability: Annual trend Figs in ₹ Cr FY22 FY23 FY24 FY25 Amount % NR Amount % NR Amount % NR Amount % NR 1 Gross revenue 5,509 6,236 7,214 9,065 Net revenue 5,218 100.0% 5,904 100.0% 6,848 100.0% 8,667 100.0% Direct costs 2,103 40.3% 2,304 39.0% 2,675 39.1% 3,416 39.4% Contribution 3,115
Slide 31: Network balance sheet
Network balance sheet (Includes Managed and Partner Healthcare Facilities1) Figs in ₹ Cr Sep 20247 Particulars Mar 20257 Sep 2025 9,816 Shareholders' Equity (incl. corpus) 10,533 11,158 1,211 Gross Debt 2,492 2,737 3 484 Deferred / Contingent Consideration Payable 489 510 90 Put Option Liability4 95
Slide 32: Thank you
Senvice ano EXCELLENCE Thank you
Slide 33: Appendix
Appendix 1. ESG & CSR Updates 2. Payor & Speciality profiles, Network structure, IT & HR 32
Slide 34: Appendix 1: ESG highlights, CSR initiatives
Appendix 1 ESG highlights CSR initiatives 33
Slide 35: ESG Highlights
ESG Highlights Environment ISO 14001 certification received for 33%1 water recycled in FY25 vs 39% in 10,000 trees planted as Mini-Forests twelve hospitals FY24 across 15 sites in FY25 ~70,000 GJ total renewable energy >60% of waste being disposed through 57% water neutrality achieved in FY25, used
Slide 36: CSR Highlights
CSR Highlights Initiatives undertaken during the year Max Medical Scholarship Partnership for Promoting Maternal & Partnership for Promoting Health & Engagement Session (Batch 1 & 2) Newborn Health in Urban Slums Nutrition of Children in Urban Slums Focus areas for CSR: Education and Community Devel
Slide 37: Appendix 2
Appendix 2 Payor & Speciality profiles Network structure IT & Digital infrastructure HR initiatives 36
Slide 38: Payor & Speciality profiles
Payor & Speciality profiles 9M FY26 Payor Mix (revenue share) 9M FY26 Speciality Mix Others Gastro-enterology 4.9% Self Pay Pulmonology 5.7% Institutional +19% Y-o-Y Oncology1 22.0% +38% Y-o-Y Liver & biliary 3.7% 25.1% sciences 3.9% 34.6% MAS & Gen. surgery 4.6% Revenue from Gross in-patient Health
Slide 39: Network holding structure
Network holding structure (As of December 31, 2025) Balaji Society (Max Patparganj) Valid till 20653 Max Shalimar Bagh Max Dehradun Max Panchsheel Gujarmal Modi Society Max Healthcare Medical Service Agreement (Max Smart) Immigration centre (Lajpat Nagar) Max Saket (West) Institute Limited (MHIL) Va
Slide 40: Our people help us – to serve, to excel
Our people help us – to serve, to excel COMPASSION EXCELLENCE EFFICIENCY CONSISTENCY ▪ I Commit to Care: Foundation of all ▪ Awarded for Exceptional Employee ▪ Differentiated reward strategy for ▪ Certified as Great Place To Work® for that we do, committed to care for self, Experience by Economic Ti
Slide 41: Our digital backbone
Our digital backbone Modernization of IT infra Digitization & AI ▪ DR Enhancement & ITSM Upgradation ▪ Multiple AI projects running in ▪ Cyber resiliency for secure backup radiology (Qure AI, Bone Expert, etc.) + ▪ Datacentre Technology enhancement: clinical AI for risk stratification to boost perfo
Slide 42: Efficient in-house digital platforms
Efficient in-house digital platforms Home-grown command centres offer real-time insights into both outpatient and inpatient journeys Patient Reported Outcomes Measurement (PROM) Digital app for doctors to manage patients 41
Slide 43: List of Network healthcare facilities
List of Network healthcare facilities As on December 31, 2025 Name Location Type of facility Max Super Speciality Hospital, Saket (West Block) Delhi Hospital Max Super Speciality Hospital, Saket (East Block) Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital Max Super Specialit
Slide 44: 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, excluding revenues from Max Lab ARPOB operations Free cash from Represents cash ge
Slide 45: About us
About us Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest For further information, please visit: healthcare organizations. It is committed to the highest standards of clinical www.maxhealthcare.in excellence and patient care, supported by latest technology and cutting-edge
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