Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — UBS Asian Investment Conference 2026
45 slides from Max Healthcare Institute's conference presentation, May 26, 2026
Slide 1: Covering letter to stock exchanges
May 26, 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.: Present
Slide 2: Investor Presentation
Investor Presentation May 26, 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 second largest hospital chain
Max Healthcare: India’s second2 largest hospital chain in terms of in terms of Revenue & EBITDA Current capacity1 6,000+ beds Delhi NCR 4 4 21 ~73% ~76% 5 Shalimar Bagh Facilities Beds in metros FY26 5 Occupancy 3 4 3 BLK 9 0 8 Patparganj 2 7 Vaishali 3 0 Panchsheel3 Lajpat 5 Dwarka 3 Nagar3 0 0 5 6
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 • Discontinued Max Medcentre, Lajpat • Stake in Eqova Healthcare (~400 beds Nagar (Cancer Care) Dr. Balabhai Nanavati in East Delhi)1 • 160-bed new brownfield tower at MSSH, Hospital, Mumbai1 Mohali and 268-bed new brownfiel
Slide 9: Clinically comprehensive hospital chain with strong 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 Transplants1 surgeries procedures2 surgeries3 surgeries4 surgeries5 FY26 Annual ~2,000 ~8,600 ~52,900 ~15,00
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 of quality beds… …coupled with rising insurance penetration 58% Total & Private beds He
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) (%) 75% 74% 76% 69% 68% 76 74 78 62% 62% 62% 65% 68% 67% 65% 67 63 66 69 62 63 61 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 ₹ 1,541 Cr in FY26 ▪ ~2,000 beds addition via brownfield expansion – RO
Slide 17: Potential to expand capacity by 8,400+ beds
3 Potential to expand capacity by 8,400+ beds, with ~4,000 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: Fully operationalized
3 Max Mohali Tower 2: Fully operationalized The new 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 sft; Adds ~160 beds to the exist
Slide 19: Nanavati-Max Tower 2 (Phase 1): Commissioned
3 Nanavati-Max Tower 2 (Phase 1): Commissioned The new tower is a state-of-the-art facility featuring contemporary Phase 1 (live) architecture and efficient spatial planning for patients and Phase 2 (rendered) caregivers alike Building comprises 15 floors, including 3 basement levels, with a total B
Slide 20: Max Smart Tower 2: Commissioned
3 Max Smart Tower 2: Commissioned The new 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, and with a total BUA of ~5.0 lakh sft The new 400-bed brownfi
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 Mar. 31, 2026) 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 – amongst 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) 135.7 14.5 lakh+ 8x growth Patient registrations till date 15.0 1,35,000+ Dec-22 Jun-23 Dec-23 Jun-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: 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 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 58.
Slide 28: Network P&L statement: FY26
Network P&L statement: FY26 Figs in ₹ Cr FY25 FY26 YoY Amount % NR Amount % NR Growth Gross revenue 9,065 10,538 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% 1 Indirect Overheads 2,932 33.8% 3,303 32.8% 13% Operating EBI
Slide 29: Memorandum consolidation of Network P&L: FY26
Memorandum consolidation of Network P&L: 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 Society
Slide 30: Network profitability: Annual trend
Network profitability: Annual trend Figs in ₹ Cr FY23 FY24 FY25 FY26 Amount % NR Amount % NR Amount % NR Amount % NR Gross revenue1 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% Contribution 3,60
Slide 31: Network balance sheet
Network balance sheet (Includes Managed and Partner Healthcare Facilities1) Figs in ₹ Cr Mar 20257 Particulars Sep 2025 Mar 2026 10,533 Shareholders' Equity (incl. corpus) 11,158 12,088 2,492 Gross Debt 2,737 2,924 3 489 Deferred / Contingent Consideration Payable 510 484 95 Put Option Liability4 10
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: ESG Highlights and 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 Initiatives
CSR Initiatives 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 Deve
Slide 37: Appendix: Payor & Speciality profiles, Network structure
Appendix 2 Payor & Speciality profiles Network structure HR initiatives IT & Digital infrastructure 36
Slide 38: Payor & Speciality profiles
Payor & Speciality profiles FY26 Payor Mix (revenue share) FY26 Speciality Mix Others Gastro-enterology 5.0% Self Pay Pulmonology 5.8% Institutional +16% Y-o-Y Oncology1 21.9% +31% Y-o-Y Liver & biliary 4.0% 24.1% sciences 34.2% 4.0% MAS & Gen. surgery 4.6% Revenue from Gross in-patient Healthcare S
Slide 39: Network holding structure
Network holding structure (As of May 21, 2026) Balaji Society (Max Patparganj) Valid till 20652 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) Valid t
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 National HR Excellence ▪ Differentiated reward strategy for ▪ Certified as Great Place To Work® for that we do, committed to care for self, Award by CII, Exceptional E
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 May 21, 2026 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 Speciality Hos
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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