Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q1 FY26 Earnings Presentation
40 slides from Max Healthcare Institute's earnings presentation, Aug 13, 2025
Slide 1: Stock exchange cover letter
August 13, 2025 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.: Pres
Slide 2: Max Healthcare Q1 revenue soars to ₹2,574 Cr, growth of 27% YoY
Max Healthcare Q1 revenue soars to ₹ 2,574 Cr, registering growth of 27% YoY Network Operating EBITDA grows to ₹ 613 Cr, +23% YoY PAT grows by +17% YoY to ₹ 345 Cr Key Highlights of Q1 Performance • Gross Revenue stood at ₹ 2,574 Cr for Q1 FY26, a growth of 27% YoY and 6% QoQ • Network1 Operating EB
Slide 3: Press release continued: Max@Home, PAT, cash flow and expansion
Max@Home gross revenue was ~₹ 60 Cr, reflecting a growth of +22% YoY and +6% QoQ, driven by physiotherapy and rehab, critical care and attendant segments. Profit after tax (PAT) for the quarter stood at ₹ 345 Cr, up 17%, compared to ₹ 295 Cr in Q1 FY25, and ₹ 376 Cr in Q4 FY25. Free cash from operat
Slide 4: Financial and Operational Highlights (Overall Basis)
Financial and Operational Highlights (Overall Basis): Three months ended Growth Particulars (in ₹ cr) June 25 June 24 Mar 25 YoY QoQ Gross Revenue 2,574 2,028 2,429 27% 6% Net Revenue 2,460 1,935 2,326 27% 6% Operating EBITDA 613 499 632 23% (3%) Margin % 24.9% 25.8% 27.2% PAT 345 295 376 17% (8%) N
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 22 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 – Q1 FY26
Earnings update – Q1 FY26 August 13, 2025
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 Q1 FY26 Highlights 5 MSSH Mohali Tower 2 8 Other Business Highlights 18 About the Company 24 4
Slide 11: Q1 FY26 Highlights
Q1 FY26 Highlights 5
Slide 12: Executive Summary: Q1 FY26 (1/2)
Executive Summary: Q1 FY26 (1/2) The Board of the Company has approved the execution of an agreement to lease for a built-to-suit ~130 beds hospital in Dehradun. The proposed facility will be situated ~100 meters from the Company’s existing 220 beds hospital, operational since 2012. Scheduled for co
Slide 13: Executive Summary: Q1 FY26 (2/2)
Executive Summary: Q1 FY26 (2/2) Operational bed capacity increased by 95 beds during the quarter, primarily at MSSH Lucknow and MSSH Dwarka. Overall occupancy was 76%, versus 75% in both Q1 FY25 and Q4 FY25. OBDs grew +26% YoY and +4% QoQ. Additionally, 53 beds were opened for trial run in July at
Slide 14: Update on Max Mohali Tower
Update on Max Mohali Tower 2 8
Slide 15: MSSH Mohali Tower 2: A brownfield expansion
MSSH Mohali Tower 2: A brownfield expansion set to boost bed capacity by more than 80% Building comprises of 12 floors, including 3 basement levels, a ground floor, and 8 upper floors, with a total BUA of ~3.2 lakh square feet Will add ~160 beds to the existing 220 bed capacity. Of the eight clinica
Slide 16: Highlights
Highlights 10
Slide 17: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA (₹ Cr) +26.9% +23.0% 2,429 2,574 632 613 2,343 586 2,028 499 +15.5% +17.5% Q1 FY25 Q4 FY251 Q1 FY26 Q1 FY26 Q1 FY25 Q4 FY251 Q1 FY26 Q1 FY26 Existing Overall Existing Overall Margin2 (%) : 25.8% | 27.2% | 26.2% | 24.9% Operating EBITDA p
Slide 18: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes3 +1.2% +26.1% 77.1 77.1 80.9 78.0 78,685 83,257 +4.9% 71,173 66,011 +7.8% Q1 FY25 Q4 FY252 Q1 FY26 Q1 FY26 Q1 FY25 Q4 FY25 Q1 FY26 Q1 FY26 Existing Overall Existing Overall ALOS4 (in days) Outpatient consults (‘000)5 +29.5% 4.0 4.0
Slide 19: Speciality Profile
Speciality Profile Q1 FY25 Q1 FY26 Others Others Gastroentrology Gastroentrology 4.3% 5.0% Pulmonology 5.0% Pulmonology 5.4% Liver and biliary Oncology* Oncology* sciences 3.2% Liver and biliary 25.2% 3.4% 25.7% 3.4% sciences OBGY and 3.7% pediatrics OBGY and 5.4% pediatrics 5.3% MAS and general sur
Slide 20: Payor Profile
Payor Profile Share of Revenue* Q1 FY25 Q1 FY26 17.9% 21.8% 34.9% 33.8% 8.3% 8.6% 38.9% 35.8% Self Pay TPA & corporates International Institutional Note: *Excludes revenue from SBUs and other operating income The share of revenue from institutional patients at New Units was 26.8% 14
Slide 21: Network P&L Statement: Q1 FY26
Network P&L Statement: Q1 FY26 Figs in ₹ Cr Q1 FY25 Q4 FY25 Q1 FY26 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,028 2,429 2,574 Net revenue 1,935 100.0% 2,326 100.0% 2,460 100.0% 27% Direct costs 773 39.9% 917 39.4% 1,015 41.3% 31% Contribution 1,162 60.1% 1,409 60.6% 1,444 58.7%
Slide 22: Q1 FY26: Memorandum Consolidation of Network P&L
Q1 FY26: 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 hospitals, by Region
Gross Revenue from hospitals, by Region Gross Revenue1 (₹ Cr) Operational beds (as at end of Jun’25) 1,399 1,329 Delhi 2 2,357 1,174 500 469 Uttar Pradesh3 1,277 279 242 Maharashtra 221 475 192 146 Punjab 144 317 135 92 Uttarakhand 84 219 78 73 68 104 Haryana 71 Q1 FY26 Q4 FY25 Q1 FY25 (1) Excludes
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 June, 2025) +22% +19% 83 48 68 77 70 77 41 46 42 46 550+ Collection centres 700+ Pick-Up Points (PUPs) Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 FY25 FY25 FY25 FY25 FY26 FY25 FY25 FY25 FY25 FY26 50+ HL
Slide 26: Max@Home: Key performance indicators
Max@Home: Key performance indicators Key Pointers Gross revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) (as of Jun, 2025) +22% 212 60 15 +34% 172 55 56 Specialised 49 53 139 Service Lines 110 76 70 61 ~1,500 27 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Q4 Q1 FY25 FY25 FY25 FY2
Slide 27: Clinical and Research & Academics Update
Clinical and Research & Academics Update 21
Slide 28: Clinical Update
Clinical Update ~3,763 Liver Transplants, ~5,033 Kidney Transplants & ~2,062 Bone Marrow Transplants performed till date A rare Morgagni hernia in a 2 year old girl was successfully repaired using robotic assisted surgery at BLK Max Hospital MSSH Nagpur successfully removed a rare ectopic thymoma fr
Slide 29: Research and Academics Update
Research and Academics Update National and international publications 76 scientific publications in high impact factor journals during Q1 FY26 Top high Index and high impact factor publications are from Oncology (JAMA Netw Open. : 3.5) Endocrinology (Diabetes Obes Metab: 2.55) & Cardiology (J Card F
Slide 30: 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 and EBITDA Current capacity ~5,200 beds Delhi NCR 4 0 2 Shalimar Bagh 5 22 ~76% ~76% BLK 3 9 4 0 3 Facilities Beds in metros Q1 FY26 8 Patparganj 2 7 Vaishali Occupancy 3 0 Panchsheel Lajpat 5
Slide 31: 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 32: 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 33: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Significant strategic partnerships: New collaboration with Max Institute of Medical Education (MIME) is the education division of Manipal Academy of Higher Education (MAHE), MSMF, Boston MHC for medical education & training University, Impe
Slide 34: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot ₹ 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 3,11
Slide 35: Strong financial profile to support future growth
Multiple avenues for future growth ▪ Focus on tower specialities & case mix Optimising Existing 1 2 Infrastructure ▪ Increase utilization & improve process efficiencies Strong free cash flows from ▪ Optimize payor mix operations ₹ 389 Cr in Q1 FY26 ▪ ~2,600 beds addition via brownfield expansion – R
Slide 36: 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 2022 among Nation Builders under five categories Award 2025 Diamond Award for Stroke Ready Cent
Slide 37: Network Holding Structure
Network Holding Structure (As at end of June’25) Balaji Society (MSSH Patparganj) Valid till 2065 MSSH Shalimar Bagh MSSH Dehradun Gujarmal Modi MMSC Panchsheel Max Healthcare Institute Medical Service Agreement Society Immigration centre (Lajpat Nagar) (Max Smart) MSSH Saket (West) Limited (MHIL) S
Slide 38: List of Network Healthcare Facilities
List of Network Healthcare Facilities As on Mar’25 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
Slide 39: 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 Covid-19 ARPOB vaccination & related antibody tests and Max L
Slide 40: 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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