Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Motilal Oswal 21st Annual Global Investor Conference 2025
44 slides from Max Healthcare Institute's conference presentation, Aug 29, 2025
Slide 1: Exchange intimation letter for investor conferences
August 29, 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: Investor Presentation
Investor Presentation August 29, 2025
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 31 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 0 22 76% ~76% 2 Shalimar Bagh Facilities Beds in metros Q1 FY26 5 Occupancy 3 4 3 BLK 9 0 8 Patparganj 2 7 Vaishali 3 0 Panchsheel1 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 Dr. Balabhai Nanavati • Stake in Eqova Healthcare (~400 beds in East Delhi)1 Hospital, Mumbai1 • O&M: ~300 beds in Dwarka, Delhi Dr. B L Kapur Memorial • Radiant-Max Healthcare merger Hospital, Rajendra Place1 • Listing on NSE & BSE • Discontinued Max Medcentre, ATL: ~130-bed brownfie
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 Orthopedic Oncology Transplants2 surgeries procedures3 surgeries4 surgeries5 surgeries6 Est. Annual ~2,100 ~9,000 ~52,000 ~14,500
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 14 company & partner-owned Patient Assistance Company-owned PACs been growing Centres (PACs) across 13 countries Partne
Slide 12: Best-in-class performance parameters
Best-in-class performance parameters ARPOB3 Occupancy (₹/OBD) (‘000) (%) 75% 74% 76% 69% 69% 76 74 78 73 62% 62% 63% 65% 68% 65% 65% 67 66 62 63 62 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 ₹ 389 Cr in Q1 FY26 ▪ ~3,000 beds addition via brownfield expansion – R
Slide 17: Potential to expand capacity by 8,200+ beds
3 Potential to expand capacity by 8,200+ beds, with ~4,700 beds being added in next 3-4 years Indicative timelines for completion of expansion projects Brownfield Greenfield Mohali3 Shaheed Path, Lucknow Nanavati-Max4 Thane5 Saket Complex (Smart) Pitampura5 13,600+ Gomti Nagar, Lucknow Sec. 56 Gurug
Slide 18: Ongoing expansion projects
3 Ongoing expansion projects Nanavati-Max – 268 beds in Phase I Max Smart (Saket Complex) – 400 beds Max Vikrant (Saket Complex) – 550 beds Max Smart Vikrant Saket (East & West) ▪ Total BUA: ~7.5 lakh sft. ▪ Total BUA: ~5.0 lakh sft. ▪ Total BUA: ~7.1 lakh sft. ▪ Building configuration: 3 Basements
Slide 19: Snapshot of newly acquired and operationalized hospitals
3 Snapshot of newly acquired + operationalized hospitals Q3 FY25 Q4 FY25 Q1 FY26 Max Noida (Acquired in Oct’24) Operational Beds: 377 ▪ Operational bed capacity at 377 beds, facility revamp underway to add another 85 beds by Q4 FY26 ▪ Revamp of OP Pharmacy, Urology & 1st Floor OPDs, nursing hostel,
Slide 20: Max Mohali Tower 2: brownfield expansion
3 Max Mohali Tower 2: A brownfield expansion set to boost capacity by more than 80% Building comprises 12 floors, including 3 basement levels, ground floor, and 8 upper floors, with a total BUA of ~3.2 lakh sft; will add ~160 beds to the existing 220-bed capacity The tower has four floors dedicated
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 ▪ 550 beds (Lucknow and Nagpur), acquired in Q4 FY24,
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 Jun 30, 2025) Pathology accounts for 56% of Indian Diagnostics Indian Diagnostic Industry mix by type of providers Industry (₹ Bn) Hospital labs 35-40% Mul
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) 113.7 11.0 lakh+ ~8x Patient registrations growth till date 15.0 1,13,000+ Jun-24 Dec-22 Jun-23 Dec-
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: 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 28: Memorandum consolidation of Network P&L: Q1 FY26
Memorandum consolidation of Network P&L: Q1 FY26 Figs in ₹ Cr MHIL & its Partner Healthcare Facilities ("PHF") Financials MHC Network subsidiaries & Eliminations (IGAAP Audited) (Consolidated) Silos & (Certified by an Ind AS Balaji GM Modi Devki Devi Ind AS Adjustments2 ICA) Unaudited Society Societ
Slide 29: 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 30: Network balance sheet
Network balance sheet1 (Includes Managed and Partner Healthcare Facilities) Figs in ₹ Cr Mar 20247 Particulars Sep 2024 Mar 2025 9,295 Shareholders' Equity (incl. corpus) 9,816 10,533 1,177 Gross Debt 1,211 2,492 461 Deferred / Contingent Consideration Payable2 484 489 87 Put Option Liability3 90 95
Slide 31: Thank you
Senvice ano EXCELLENCE Thank you
Slide 32: Appendix
Appendix 1. ESG & CSR Updates 2. Payor & Speciality profiles, Network structure, IT & HR 31
Slide 33: Appendix 1: ESG highlights, CSR initiatives
Appendix 1 ESG highlights CSR initiatives 32
Slide 34: ESG Highlights
ESG Highlights Environment ISO 14001 certification received for 30%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 35: CSR Highlights
CSR Highlights Initiatives undertaken during the year Max Medical Scholarship Partnership for Promoting Maternal & Partnership for Promoting Health & Orientation Sessions (Batch 2) Newborn Health in Urban Slums Nutrition of Children in Urban Slums Focus areas for CSR: Education and Community Develop
Slide 36: Appendix 2
Appendix 2 Payor & Speciality profiles Network structure IT & Digital infrastructure HR initiatives 35
Slide 37: Payor & Speciality profiles
Payor & Speciality profiles Q1 FY26 Payor Mix (revenue share) Q1 FY26 Speciality Mix Others Institutional Gastro-enterology +55% Y-o-Y Pulmonology 5.0% Self Pay 5.4% +23% Y-o-Y Liver & biliary Oncology1 21.8% sciences 3.4% 25.7% 3.7% 33.8% Ob-gyn & pediatrics 5.3% International +32% Y-o-Y Revenue fr
Slide 38: Network holding structure
Network holding structure (As of June 30, 2025) Balaji Society (Max Patparganj) Valid till 20653 Max Shalimar Bagh Max Dehradun Medical Service Agreement Max Panchsheel Gujarmal Modi Society Max Healthcare (Max Smart) Immigration centre (Lajpat Nagar) Max Saket (West) Institute Limited (MHIL) Valid
Slide 39: 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® that we do, committed to care for Experience (Large Scale Enterprise)
Slide 40: Our digital backbone
Our digital backbone Modernization of IT infra Digitization & AI ▪ Implementation of SDWAN for better ▪ Multiple AI projects running in user experience and cost optimization radiology (Qure AI, Predible’s LungIQ, ▪ Enhancement of BCP for improved Zebra’s, etc.) + few pilot projects for RPO/RTO disea
Slide 41: 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 40
Slide 42: List of Network healthcare facilities
List of Network healthcare facilities As on June 30, 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 Speciality Ho
Slide 43: 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 and COVID-19 vaccination & relate
Slide 44: 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
Max Healthcare Institute — Motilal Oswal 21st Annual Global Investor Conference 2025 on 6ix