Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — BofA 2025 India Conference; J. P. Morgan Asia Pacific All Star Forum 2025; Jefferies India
45 slides from Max Healthcare Institute's conference presentation, May 31, 2025
Slide 1: Cover letter to stock exchanges for investor conferences
May 31, 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.: Present
Slide 2: Investor Presentation
Investor Presentation May 31, 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 at 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 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 5,100+ beds Delhi NCR 4 0 22 77% ~74% 2 Shalimar Bagh Facilities Beds in metros FY25 5 Occupancy7 3 4 3 BLK 9 1 8 Patparganj 0 7 Vaishali 3 0 Panchsheel1 Lajpat 5 Dwa
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 • Stake in Eqova Healthcare, East Delhi (~400 beds)1 • O&M w/ Muthoot Hospitals for ~300 beds (Ph 1) in Dwarka, Delhi (MSSH Dwarka)1 Dr. B L Kapur Memorial Dr. Balabhai Nanavati • Radiant-Max Healthcare merger Hospital, Rajendra Place1 Hospital, Mumbai1 • Listing on NSE & BSE • Discon
Slide 9: Clinically comprehensive hospital chain with 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 Transplants1 surgeries procedures2 surgeries3 surgeries4 surgeries5 FY25 Annual Count ~1,600 ~6,600 ~48,000 ~
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 15 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) (%) 76 74 67 66 76% 75% 74% 59 62 63 57 61 61 64% 65% 68% 67% 65% 69% 52 55 59% 62% 62% 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 ₹ 1,447 Cr in FY25 ▪ ~2,500 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 ~3,900 beds being added in next 3-4 years Indicative timelines for completion of expansion projects Brownfield Greenfield Beds added in last 12m (inorganic) Nanavati Hospital4 Vaishali Mohali Pitampura5 (asset-light) 13,500+ Saket Complex (Smart) 5
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 + operationalized hospitals (1/2)
3 Snapshot of newly acquired + operationalized hospitals (1/2) FY241 FY25 Max Lucknow (Acquired in Mar’24) Operational Beds: 413 ▪ Operational bed capacity now stands at 413 beds (vs 234 beds in Mar’24) ▪ Revamp of OPD areas, ER, NICU, Chemotherapy beds completed, work underway to revamp laboratory,
Slide 20: Snapshot of newly acquired + operationalized hospitals (2/2)
3 Snapshot of newly acquired + operationalized hospitals (2/2) FY241 FY25 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 OPD Pharmacy, Urology OPD, nursing hostel and modification -5%
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 Mar. 31, 2025) 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 – 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) 115.5 ~8x ~9.5 lakh growth Patient registrations till date 15.0 1,15,000+ Jun-23 Jun-24 Dec-24 Dec-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 FY25
Network P&L statement: Q4 FY25 Figs in ₹ Cr Q4 FY24 Q3 FY25 Q4 FY25 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 1,888 2,381 2,429 Net revenue 1,799 100.0% 2,281 100.0% 2,326 100.0% 29% Direct costs 707 39.3% 883 38.7% 917 39.4% 30% Contribution 1,092 60.7% 1,398 61.3% 1,409 60.6% 29
Slide 28: Network P&L statement: FY25
Network P&L statement: FY25 Figs in ₹ Cr 1 FY24 FY25 Amount % NR Amount % NR Gross revenue 7,214 9,065 Net revenue 6,848 100.0% 8,667 100.0% Direct costs 2,675 39.1% 3,416 39.4% Contribution 4,173 60.9% 5,251 60.6% 2 Indirect Overheads 2,266 33.1% 2,932 33.8% Operating EBITDA 1,907 27.8% 2,319 26.8%
Slide 29: Memorandum consolidation of Network P&L: FY25
Memorandum consolidation of Network P&L: FY25 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 Adjustments(2) ICA) Audited Society Society
Slide 30: 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 31: 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 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 1: ESG highlights, CSR initiatives
Appendix 1 ESG highlights CSR initiatives 33
Slide 35: ESG Highlights
ESG Highlights Environment ISO 14001 certification received for 32% water recycled in FY25 vs 39% in 10,000 trees planted as Mini-Forest twelve hospitals FY24 ~69,400 GJ total renewable energy >60% of waste being disposed through 57% water neutrality achieved in FY25, used across facilities authoriz
Slide 36: CSR Highlights
CSR Highlights Initiatives undertaken during the year ₹ 2 Cr support to NGO towards Max Medical Scholarship Engagement ₹ 2 Cr contribution to Amba Charitable development of the National Cancer Sessions Foundation for Elderly Care Home Institute (NCI) in Nagpur Focus areas for CSR: Education and Infr
Slide 37: Appendix 2: Payor & Speciality profiles, Network structure, IT, HR
Appendix 2 Payor & Speciality profiles Network structure IT & Digital infrastructure HR initiatives 36
Slide 38: Payor & Speciality profiles
Payor & Speciality profiles FY25 Payor Mix (revenue share) FY25 Speciality Mix Others Institutional Gastro-enterology +35% Y-o-Y Pulmonology 4.4% Self Pay 5.2% 19.4% +28% Y-o-Y Liver & biliary Oncology1 3.6% sciences 25.8% 3.4% MAS & Gen. 34.1% surgery 5.0% International +21% Y-o-Y Revenue from 8.8%
Slide 39: Network holding structure
Network holding structure (As of March 31, 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 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 ▪ Awarded Hospital Chain of the ▪ Differentiated reward strategy ▪ Certified as Great Place To Work all that we do, committed to care Year (National) & Exceptional for medical & no
Slide 41: 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 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 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 Hospital, Dwarka Delhi
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; excludes revenue from Covid-19 ARPOB vaccination & related antibody tests and Max L
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