Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q3 FY26 Earnings Presentation
50 slides from Max Healthcare Institute's earnings presentation, Feb 5, 2026
Slide 1: Exchange cover letter for press release and earnings update
February 5, 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: Max Healthcare Q3 revenue rises to ₹2,608 Cr, growth of +10% YoY
Max Healthcare Q3 revenue rises to ₹ 2,608 Cr, registering growth of +10% YoY Network Operating EBITDA grows to ₹ 648 Cr PAT grows by +9% YoY to ₹ 344 Cr Key Highlights of Q3 Performance • Gross Revenue stood at ₹ 2,608 Cr for Q3 FY26, a growth of +10% YoY • Network1 Operating EBITDA stood at ₹ 648
Slide 3: Press release: CGHS tariffs, Max Lab, Max@Home, net debt
CGHS tariffs were revised in mid-October and are expected to be fully implemented by April, 2026. PSUs and government institutions including ECHS adopted these revised rates in mid-December. Further, high value patented chemotherapy drugs were discontinued for institutional patients due to restricti
Slide 4: Dwarka expansion approval and nine-month results
The Board approved the brownfield expansion of the existing MSSH Dwarka facility to include 260 additional beds, to be constructed by the partner, taking the overall capacity to 560 beds. Post approval of Scheme of Amalgamation, two WoS i.e., CRL and JHL, have amalgamated effective December 15, 2025
Slide 5: Financial and Operational Highlights (Overall Basis)
Financial and Operational Highlights (Overall Basis): Three months ended Growth Nine months ended Growth Particulars (in ₹ Cr) Dec’25 Dec’24 YoY Dec’25 Dec’24 Sep’25 YoY QoQ Gross Revenue 2,608 2,381 2,692 10% (3%) 7,874 6,636 19% Net Revenue 2,484 2,281 2,580 9% (4%) 7,524 6,341 19% Operating EBITD
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 20 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 – Q3 FY26 & 9M ended Dec'25
Earnings update – Q3 FY26 & 9M ended Dec’25 February 5, 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 Q3 FY26 Highlights 5 Other Business Highlights 18 9M ended Dec’25 Highlights 21 About the Company 33 4
Slide 12: Q3 FY26 Highlights
Q3 FY26 Highlights 5
Slide 13: Executive Summary: Q3 FY26 (1/3)
Executive Summary: Q3 FY26 (1/3) The Company executed a Share Purchase Agreement for staggered acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) for developing a ~450 beds hospital, on a land parcel in prime location in Pune The hospital is expected to be commissioned in 2030
Slide 14: Executive Summary: Q3 FY26 (2/3)
Executive Summary: Q3 FY26 (2/3) There are two exceptional items aggregating to ₹ 55 Cr relating to impact of Code on Wages, 2019 and provision for stamp duty on the amalgamation of CRL with JHL. Network PAT, after exceptional items stood at ₹ 344 Cr, compared to ₹ 316 Cr in Q3 FY25, reflecting a gr
Slide 15: Executive Summary: Q3 FY26 (3/3)
Executive Summary: Q3 FY26 (3/3) Clinical update: Doctors at MSSH Vaishali successfully performed a first of its kind orbital atherectomy on an 84-year-old frail woman with 100% coronary blockage and severe calcification. Using IVUS guidance, the team completed CTO intervention and stenting successf
Slide 16: Expansion: Commissioned Brownfield Capacity
Expansion: Commissioned Brownfield Capacity MSSH Mohali Nanavati Max Max Smart 9
Slide 17: Highlights
Highlights 10
Slide 18: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA (₹ Cr) +9.5% +4.1% 2,692 2,608 694 2,381 622 648 Q3 FY25 Q2 FY261 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Margin1 (%) : 27.3% | 26.9% | 26.1% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 -2.2% 25% 23% 73 73 71 20% Q3 FY25 Q2 FY26 Q3 FY26 Q3
Slide 19: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 +2.7% +1.7% 75.9 77.3 77.9 87,629 80,575 81,980 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 ALOS3 (in days) Outpatient consults (‘000) +9.4% 4.0 4.2 4.0 1,010 903 825 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 (1) ARPOB c
Slide 20: Speciality Profile
Speciality Profile Q3 FY25 Q3 FY26 Others Others Gastroentrology Gastroentrology 4.4% 5.1% Pulmonology 5.1% Oncology* 5.9% Oncology* Liver and biliary Pulmonology 3.8% 23.8% sciences 26.0% Liver and biliary 4.2% 3.3% OBGY and sciences 4.2% pediatrics 5.8% OBGY and pediatrics@ 5.4% MAS and Gross IP r
Slide 21: Payor Profile
Payor Profile Share of Revenue* Q3 FY25 Q3 FY26 19.9% 22.7% 33.4% 34.5% 9.0% 9.4% 37.7% 33.3% Self Pay Insurance & Corporates International Institutional Note: *Excludes revenue from SBUs and other operating income Compared to Q2 FY26, share of Self-Pay and Insurance & corporates is down by 100 bps,
Slide 22: 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 23: Q3 FY26: Memorandum Consolidation of Network P&L
Q3 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 24: Gross Revenue from Network Hospitals, by Region
Gross Revenue from Network Hospitals, by Region Operational beds Occupancy % Gross Revenue1 (₹ Cr) Q3 FY26 Q2 FY26 Q3 FY25 (as at end of Dec’25) (during Q3 FY26) 1,372 Delhi 1,439 2,411 77% 1,306 534 Uttar Pradesh 537 1,177 72% 447 257 Maharashtra 257 542 70% 221 152 Punjab 150 400 71% 144 95 Uttara
Slide 25: Other Business Highlights
Other Business Highlights 18
Slide 26: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (₹ Cr) Net Revenue (₹ Cr) Operational footprint (as of Dec’ 31, 2025) +16% +13% 92 48 77 83 81 42 46 54 47 600+ 70 Collection centres 785+ Pick-Up Points (PUPs) 1 Q3 2 Q4 3 Q1 4 Q2 5 Q3 Q3 Q4 Q1 Q2 Q3 FY 25 FY 25 FY26 FY 26 FY26 FY25 FY25 FY26
Slide 27: Max@Home: Key performance indicators
Max@Home: Key performance indicators Gross Revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) Key Pointers (as of Dec, 2025) +23% 212 60 63 68 16 +34% 172 56 Specialised 55 139 Service Lines 110 76 70 61 ~1,700 27 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q3 Q4 Q1 Q2 Q3 FY25 FY25 FY26 FY2
Slide 28: 9M ended Dec'25 Highlights
9M ended Dec’25 Highlights 21
Slide 29: Executive Summary: 9M ended Dec'25 (1/2)
Executive Summary: 9M ended Dec’25 (1/2) The Company executed a Share Purchase Agreement for staggered acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) for developing a ~450 beds hospital, on a land parcel in prime location in Pune The hospital is expected to be commissioned
Slide 30: Executive Summary: 9M ended Dec'25 (2/2)
Executive Summary: 9M ended Dec’25 (2/2) Cash from operations1 for the Network during 9M ended Dec’25 was ₹ 960 Cr Further, ₹ 28 Cr towards issue of fresh equity shares under ESOP’22 , ₹ 1,299 Cr were deployed towards ongoing Network expansion plans and upgradation of facilities, ₹ 131 Cr towards pu
Slide 31: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA(₹ Cr) +18.7% +15.9% 7,874 1,956 6,636 1,687 9M FY25 9M FY26 9M FY25 9M FY26 Overall Margin1 (%) 26.6% | 26.0% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 -0.5% 26% 71 71 22% 9M FY25 9M FY26 9M FY25 9M FY26 (1) Margin calculated on
Slide 32: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 +1.8% +15.9% 76.4 77.7 2,52,866 2,18,120 9M FY25 9M FY26 9M FY25 9M FY26 ALOS3 (in days) Outpatient consults (‘000) +21.6% 4.0 4.1 2,851 2,345 9M FY25 9M FY26 9M FY25 9M FY26 (1) ARPOB calculated as Gross Revenue/total OBD; Gross
Slide 33: Speciality Profile
Speciality Profile 9M ended Dec’24 9M ended Dec’25 Others Others Gastroentrology Gastroentrology 4.3% 4.9% Pulmonology 5.2% Pulmonology 5.7% Oncology* Liver and biliary Oncology* sciences 3.4% Liver and biliary 25.8% 3.7% 25.1% 3.2% sciences MAS and 3.9% general surgery MAS and 5.2% general surgery
Slide 34: Payor Profile
Payor Profile Share of Revenue 9M ended Dec’24 9M ended Dec’25 18.9% 22.0% 34.5% 34.6% 8.8% 9.1% 37.9% 34.3% Self Pay TPA & Corporates International Institutional Note: Excludes revenue from SBUs and other operating income 27
Slide 35: P&L Statement: 9M ended Dec'25
P&L Statement: 9M ended Dec’25 Figs in ₹ Cr 9M ended Dec’24 9M ended Dec’25 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% Indirect Overheads1 2,155 34.0% 2,489 3
Slide 36: 9M FY26: Memorandum Consolidation of Network P&L
9M FY26: Memorandum Consolidation of Network P&L Figs in ₹ Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials Eliminations(2) MHC Network subsidiaries & (IGAAP Unaudited)* IND AS & (Consolidated) Silos Adjustment(1) Adjustment* (Certified by an IND AS Balaji GM Modi Devki Devi ICA) Unaudi
Slide 37: Clinical and Research & Academics Update
Clinical and Research & Academics Update 30
Slide 38: Clinical Update
Clinical Update 4,209 Liver Transplants, 5,524 Kidney Transplants & 2,204 Bone Marrow Transplants performed till date Doctors at MSSH Vaishali successfully performed a first of its kind orbital atherectomy on an 84-year-old frail woman with 100% coronary blockage and severe calcification. Using IVUS
Slide 39: Research and Academics Update
Research and Academics Update National and international publications 150 scientific publications in high impact factor journals during Q3 FY26 Top high Index and high impact factor publications are from Nephrology (Lancet: 12.11), (J Lancet Glob Health 5.87) & Cardiology (J Am Coll Cardio. :9.02) 1
Slide 40: India's largest hospital chain in terms of market cap
Max Healthcare: India’s largest hospital chain in terms of market cap1, second2 largest in terms of Revenue and EBITDA Current capacity ~5,200 beds Delhi NCR 4 2 6 Shalimar Bagh 5 20 ~73% ~74% BLK 3 9 4 0 3 Facilities Beds in metros Q3 FY26 8 Patparganj 2 7 Vaishali Occupancy 3 0 Panchsheel Lajpat 5
Slide 41: 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 42: 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 43: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Max Institute of Medical Education (MIME) is the education division of MHC for Significant strategic partnerships: New collaboration with medical education & training Columbia University USA, Monash University Australia, Aston University UK
Slide 44: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot 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
Slide 45: 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 ₹ 281 Cr in Q3 FY26 ▪ ~3,000 beds addition via brownfield expansion – R
Slide 46: 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 47: Network Holding Structure
Network Holding Structure (As at end of Dec’25) 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) SB
Slide 48: 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 49: 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 50: 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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