Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q2 FY27 Earnings Presentation
50 slides from Max Healthcare Institute's earnings presentation, Oct 30, 2026
Slide 1: Exchange filing cover letter
October 30, 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 Q2 revenue rises to ₹3,219 Cr, growth of 20% YoY
Max Healthcare Q2 revenue rises to ₹ 3,219 Cr, registering growth of 20% YoY Q2 PAT stood at ₹ 448 Cr, growth of 10% YoY Key Highlights of Q2 Performance • Gross Revenue stood at ₹ 3,219 Cr, a growth of 20% YoY • Network(1) PAT stood at ₹ 448 Cr, compared to ₹ 406 Cr(2) in Q2 FY26 and ₹ 357 Cr in Q1
Slide 3: Free cash from operations, expansion and half year results
Free cash from operations(1) stood at ₹ 500 Cr compared to ₹ 291 Cr in Q2 FY26 and ₹ 397 Cr in Q1 FY27. Of this, ₹ 292 Cr was invested in ongoing expansion plans and ₹ 195 Cr was disbursed towards dividend. Further, ₹ 2 Cr was received from the exercise of ESOPs Net Debt(2) at end of Sep ‘26 stood a
Slide 4: Financial and Operational Highlights (Overall Basis)
Financial and Operational Highlights (Overall Basis): Three months ended Growth Half year ended Growth Particulars (in ₹ Cr) Sep’26 Sep’25 Jun’26 YoY QoQ Sep’26 Sep’25 YoY Gross Revenue 3,219 2,692 2,982 20% 8% 6,200 5,266 18% Net Revenue 3,055 2,580 2,835 18% 8% 5,890 5,039 17% Operating EBITDA 820
Slide 5: 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 6: 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 7: Earnings update – Q2 & H1 FY27
Earnings update – Q2 & H1 FY27 October 30, 2026
Slide 8: 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 9: 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 10: Content
Content Q2 FY27 Highlights 5 Other Business Highlights 18 H1 FY27 Highlights 21 About the Company 34 4
Slide 11: Q2 FY27 Highlights
i MAX Healthca Q2 FY27 Highlights
Slide 12: Executive Summary: Q2 FY27 (1/2)
Executive Summary: Q2 FY27 (1/2) MSSH Dwarka has commenced services at the Oncology Block. The facility comprises of Chemotherapy Day Care Unit, Dialysis Centre, LINAC, PET-CT and Pathology Lab. The commissioning of Oncology Block will enable the main hospital to reach a total bed capacity of 318 be
Slide 13: Executive Summary: Q2 FY27 (2/2)
Executive Summary: Q2 FY27 (2/2) International patient revenue was ₹ 307 Cr compared to ₹ 231 Cr in Q2 FY26 and ₹ 247 Cr in Q1 FY27, reflecting growth of +33% YoY and +25% QoQ. This accounted for ~10% of the hospital revenue ALOS(1) for the quarter stood at 3.9 days, same as Q2 FY26 and Q1 FY27 Inst
Slide 14: Update on MSSH Bhubaneswar (erstwhile Kalinga Hospital)
Update on MSSH Bhubaneswar (erstwhile Kalinga Hospital) 8
Slide 15: Update on MSSH Bhubaneswar
Update on MSSH Bhubaneswar KHL became a subsidiary of the Company on 18 May 2026, marking Max Healthcare's strategic entry into the Odisha healthcare market and establishing a platform for long term growth in Eastern India 250 bed hospital located in Chandrasekharpur has been rebranded as Max Super
Slide 16: Highlights
Highlights 10
Slide 17: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Profit After Tax (PAT)(1) (₹ Cr) 20% 10% 3,219 448 2,982 406 2,692 357 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Excluding Oncology services, the Gross Revenue grew by +25% YoY Profit after Tax Margin(2) Operational Beds at Exit Quarter End 16% 5,3
Slide 18: Key Operational Highlights
Key Operational Highlights ARPP(1) (₹ lakhs/patient) Inpatient Volumes(2) 8% 12% 2.30 2.31 98,464 2.14 87,629 91,326 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 ALOS(3) (in days) Outpatient consults (‘000) 3.9 3.9 3.9 13% 1,144 1,010 1,047 Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 (1) Avg
Slide 19: Speciality Profile
Speciality Profile Q2 FY26 Q2 FY27 Others Others Gastroentrology Gastroentrology 4.6% 5.1% Oncology* Pulmonology 5.8% 6.2% Oncology* Pulmonology Liver and biliary 20.9% 3.6% 25.7% sciences Liver and biliary 4.3% 3.8% sciences OBGY and 4.1% pediatrics 5.3% OBGY and pediatrics 5.4% Gross IP revenue Gr
Slide 20: Payor Profile
Payor Profile Share of Revenue Q2 FY26 Q2 FY27 18.4% 21.5% 35.5% 34.1% 10.2% 9.2% 33.8% 37.3% Self Pay Insurance & corporates^ International Institutional* Note: Excludes revenue from SBUs and other operating income ^Insurance share in Q2 FY26 was impacted by disruption of cashless services for poli
Slide 21: Network P&L Statement: Q2 FY27
Network P&L Statement: Q2 FY27 Figs in ₹ Cr Q2 FY26 Q1 FY27 Q2 FY27 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,692 2,982 3,219 Net revenue 2,580 100.0% 2,835 100.0% 3,055 100.0% 18% Direct costs 1,060 41.1% 1,179 41.6% 1,241 40.6% 17% Contribution(1) 1,520 58.9% 1,656 58.4% 1,814
Slide 22: Q2 FY27: Memorandum Consolidation of Network P&L
Q2 FY27: Memorandum Consolidation of Network P&L Figs in ₹ Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & Eliminations(2) MHC Network (IGAAP Unaudited)* Silos IND AS & (Consolidated) GM Modi Adjustment(1) Adjustment* (Certified by an IND AS Balaji Devki Devi ICA) Societ
Slide 23: Gross Revenue from Network Hospitals, by Region
Gross Revenue from Network Hospitals, by Region Operational beds Occupancy % Gross Revenue(1) (₹ Cr) Q2 FY27 Q1 FY27 Q2 FY26 (as of Sep’26) (during Q2 FY27) 1,639 Delhi 1,543 2,676 79% 1,439 661 Uttar Pradesh 617 1,247 79% 537 335 Maharashtra 291 596 72% 257 182 490 69% Punjab 175 150 236 509 70% Ot
Slide 24: Other Business Highlights
Other Business Highlights 18
Slide 25: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (₹ Cr) Net Revenue (₹ Cr) Operational footprint (as of Sept’ 30, 2026) 17% 24% 95 108 66 92 81 85 58 690+ 54 52 Collection centres 47 990+ Pick-Up Points (PUPs) 1 Q2 2 Q3 3 Q4 4 Q1 5 Q2 Q2 Q3 Q4 Q1 Q2 FY 26 FY 26 FY26 FY 27 FY27 FY26 FY26 FY26
Slide 26: Max@Home: Key performance indicators
Max@Home: Key performance indicators Key Pointers Gross Revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) (as of Sept’ 30, 2026) 37% 263 86 16 212 78 Specialised 33% 73 172 63 68 Service Lines 139 110 76 61 70 ~2,000 27 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q2 Q3 Q4 Q1 Q2 FY26 F
Slide 27: H1 FY27 Highlights
i MAX Healthca H1 FY27 Highlights
Slide 28: Executive Summary: H1 FY27 (1/2)
Executive Summary: H1 FY27 (1/2) MSSH Dwarka has commenced services at the Oncology Block. The facility comprises of Chemotherapy Day Care Unit, Dialysis Centre, LINAC, PET-CT and Pathology Lab. The commissioning of Oncology Block will enable the main hospital to reach a total bed capacity of 318 be
Slide 29: Executive Summary: H1 FY27 (2/2)
Executive Summary: H1 FY27 (2/2) International patient revenue was ₹ 554 Cr compared to ₹ 440 Cr in H1 FY26, reflecting growth of +26% YoY. This accounted for ~10% of the hospital revenue ALOS(1) for the half year stood at 3.9 days same as in H1 FY26 Institutional patient bed share stood at 30.7% co
Slide 30: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Profit After Tax (PAT)(1) (₹ Cr) 18% 7% 6,200 805 5,266 750 H1 FY26 H1 FY27 H1 FY26 H1 FY27 Excluding Oncology services, the Gross Revenue grew by +23% YoY Profit after Tax Margin(2) Operational Beds at Exit Quarter End 16% 5,518 14.9% 4,760 13.7% H1 FY2
Slide 31: Key Operational Highlights
Key Operational Highlights ARPP(1) (₹ lakhs/patient) Inpatient Volumes(2) 7% 11% 2.30 1,89,790 2.15 1,70,886 H1 FY26 H1 FY27 H1 FY26 H1 FY27 ALOS(3) (in days) Outpatient consults (‘000) 12% 3.9 3.9 2,191 1,948 H1 FY26 H1 FY27 H1 FY26 H1 FY27 (1) Avg Revenue per IP Patient is based on Gross IP revenu
Slide 32: Speciality Profile
Speciality Profile H1 FY26 H1 FY27 Others Others Gastroentrology Gastroentrology 4.8% 5.2% Oncology* Pulmonology 5.6% 6.1% Oncology* Pulmonology Liver and biliary 21.5% 3.5% 25.7% 4.1% sciences Liver and biliary 3.7% sciences OBGY and 4.0% pediatrics 5.3% OBGY and pediatrics 5.4% Gross IP revenue Gr
Slide 33: Payor Profile
Payor Profile Share of Revenue H1 FY26 H1 FY27 21.6% 19.6% 34.7% 33.3% 9.6% 8.9% 34.8% 37.5% Self Pay TPA & corporates^ International Institutional* Note: Excludes revenue from SBUs and other operating income ^Insurance share in Q2 FY26 was impacted by disruption of cashless services for policyholde
Slide 34: P&L Statement: H1 FY27
P&L Statement: H1 FY27 Figs in ₹ Cr H1 FY26 H1 FY27 YoY Amount % NR Amount % NR Growth Gross revenue 5,266 6,200 Net revenue 5,039 100.0% 5,890 100.0% 17% Direct costs 2,075 41.2% 2,420 41.1% 17% Contribution(1) 2,964 58.8% 3,470 58.9% 17% Indirect Overheads(2) 1,657 32.9% 1,946 33.0% 17% Operating
Slide 35: H1 FY27: Memorandum Consolidation of Network P&L
H1 FY27: 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 36: Network Balance Sheet
Network Balance Sheet(1) (Includes Managed & Partner Healthcare Facilities*) Figs in ₹ Cr As at Mar 26 As at Sep 26** Shareholders' Equity (incl. corpus) 12,088 12,738 Non-Controlling Interest(2) - 201 Gross Debt 2,924 3,233 (3) Deferred / Contingent Consideration Payable 484 510 Put Option Liabilit
Slide 37: Clinical and Research & Academics Update
Clinical and Research & Academics Update 31
Slide 38: Clinical Update
Clinical Update ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date MSSH Dehradun successfully performed its first liver transplant in a 46 year old patient, marking a significant milestone in establishing advanced transplant services in the regio
Slide 39: Research and Academics Update
Research and Academics Update National and international publications 123 scientific publications in high impact factor journals during H1 FY27 Top high Index and high impact factor publications are from Nephrology (NEJM : 18.4, JAMA: 5.84, Lancet Infe.:5.55), Onco ( J Clin Oncol: 4.65, Blood Cancer
Slide 40: Max Healthcare: One of India's leading hospital network
Max Healthcare: One of India’s leading hospital network Current capacity ~6,200 beds Delhi NCR 4 4 5 Shalimar Bagh 5 21 ~72% ~77% BLK 3 9 4 0 3 Facilities Beds in metros Q2 FY27 8 Patparganj 2 7 Vaishali Occupancy 3 1 Panchsheel(1) Lajpat 5 Dwarka 6 Nagar(1) 0 0 5 6 Noida(1) 1 1 5 0 Saket(2) 4 0 Sma
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: Strategic partnerships: Columbia & Boston Universities USA, Max Institute of Medical Education (MIME) is the education division of MHIL for Imperial College & Aston University UK, Deakin University & medical education & training Monash Univ
Slide 44: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot Figs in ₹ Cr FY23 FY24 FY25 FY26 Amount % NR Amount % NR Amount % NR Amount % NR 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% 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 ₹ 500 Cr in Q2 FY27 ▪ ~2,600 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 Workplaces by FICCI the Year” 2024 Healthcare Award 2025 for Women 2026 under 14 categories Diamond Award for Great Place to Work – Best Stroke Re
Slide 47: Network Holding Structure
Network Holding Structure (As at end of Sep’26) 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 Super Speciality Hospital, Dwarka Delhi Hosp
Slide 49: Definitions
Definitions Term Description ALOS Average Length of Stay: Calculated based on total OBDs and IP patient discharged ARPP Avg Revenue per IP patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy Represents cash generated from operations after amount deployed for routine
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
Max Healthcare Institute — Q2 FY27 Earnings Presentation on 6ix