Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q2 FY26 Earnings Presentation
49 slides from Max Healthcare Institute's earnings presentation, Nov 14, 2025
Slide 1: Stock exchange cover letter
November 14, 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.: Pr
Slide 2: Max Healthcare Q2 revenue soars to ₹2,692 Cr, +21% YoY
Max Healthcare Q2 revenue soars to ₹ 2,692 Cr, registering growth of +21% YoY Network Operating EBITDA grows to ₹ 694 Cr, +23% YoY PAT grows by +59% YoY to ₹ 554 Cr Key Highlights of Q2 Performance • Gross Revenue stood at ₹ 2,692 Cr, a growth of +21% YoY and +5% QoQ • Network1 Operating EBITDA stoo
Slide 3: Press release: Q2 FY26 performance continued
Overall EBITDA per bed in Q2 FY26 stood at ₹ 73.4 lakhs compared to ₹ 71.2 lakhs in Q2 FY25 and ₹ 68.5 lakhs in Q1 FY26. EBITDA per bed for Existing Units stood at ₹ 76.5 lakhs, +7% YoY. Max Lab (non-captive pathology vertical) reported revenue of ₹ 54 Cr during the quarter, recording a growth of +1
Slide 4: Press release: H1 FY26 results and management comment
The Network Operating EBITDA grew by +23% over the half year ended September 2024, and stood at ₹ 1,308 Cr. The operating margin for half year ended September 2025 was 25.9% vs 26.2% in corresponding period last fiscal. Network PAT stood at ₹ 899 Cr in H1 FY26, compared to ₹ 644 Cr in H1 FY25, refle
Slide 5: Research and Academics
Research and Academics: • Published 88 articles in high impact journals during Q2 FY26 • 121 clinical trials and 29 grant studies are ongoing • 670+ clinical research projects completed till date, ~150 ongoing • 600+ MBBS doctors in DNB programmes across 40 specialities • 120+ new students enrolled
Slide 6: 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 20 healthcar
Slide 7: 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 8: Earnings update – Q2 FY26 & H1 FY26
Earnings update – Q2 FY26 & H1 FY26 November 14, 2025
Slide 9: 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 10: 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 11: Content
Content Q2 FY26 Highlights 5 Other Business Highlights 16 H1 FY26 Highlights 19 About the Company 32 4
Slide 12: Q2 FY26 Highlights
Q2 FY26 Highlights 5
Slide 13: Executive Summary: Q2 FY26 (1/2)
Executive Summary: Q2 FY26 (1/2) Pursuant to the binding term sheet executed in July 2025, Jaypee Healthcare Limited (JHL), a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025. The dive
Slide 14: Executive Summary: Q2 FY26 (2/2)
Executive Summary: Q2 FY26 (2/2) Operational bed capacity as at Sep’25 end stood at 4,760. This is after beds addition of 53 at MSSH Mohali, 24 at MSSH Shalimar Bagh and 30 at MSSH Dwarka. Further, there is a reduction of 100 beds consequent to divestment of Jaypee Hospital, Chitta Overall occupancy
Slide 15: Highlights
Highlights 8
Slide 16: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA (₹ Cr) +20.9% +22.7% 2,574 2,548 2,692 671 694 2,228 613 566 +14.4% +18.6% Q2 FY25 Q1 FY261 Q2 FY26 Q2 FY26 Q2 FY25 Q1 FY261 Q2 FY26 Q2 FY26 Existing Overall Existing Overall Margin2 (%) : 26.6% | 24.9% | 27.5% | 26.9% Operating EBITDA p
Slide 17: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes3 +1.4% +22.5% 76.2 78.0 78.7 77.3 87,629 83,257 79,573 +3.3% 71,534 +11.2% Q2 FY25 Q1 FY262 Q2 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY26 Existing Overall Existing Overall ALOS4 (in days) Outpatient consults (‘000) +27.0% 4.1 4.0
Slide 18: Speciality Profile
Speciality Profile Q2 FY25 Q2 FY26 Others Others Gastroentrology Gastroentrology 4.2% 4.6% Pulmonology 5.4% Pulmonology 5.8% Liver and biliary Oncology* Oncology* sciences 3.2% Liver and biliary 3.6% 26.1% sciences 25.7% 3.1% OBGY and 3.8% pediatrics OBGY and 5.8% pediatrics 5.3% MAS and Gross IP re
Slide 19: Payor Profile
Payor Profile Share of Revenue* Q2 FY25 Q2 FY26 18.5% 21.5% 35.3% 35.5% 8.9% 9.2% 37.2% 33.8% Self Pay Insurance & corporates International Institutional Note: *Excludes revenue from SBUs and other operating income ▪ The share of revenue from institutional patients at New Units was ~27% ▪ Compared t
Slide 20: Network P&L Statement: Q2 FY26
Network P&L Statement: Q2 FY26 Figs in ₹ Cr Q2 FY25 Q1 FY26 Q2 FY26 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,228 2,574 2,692 Net revenue 2,125 100.0% 2,460 100.0% 2,580 100.0% 21% Direct costs 843 39.7% 1,015 41.3% 1,060 41.1% 26% Contribution 1,282 60.3% 1,444 58.7% 1,520 58.9
Slide 21: Q2 FY26: Memorandum Consolidation of Network P&L
Q2 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 22: Gross Revenue from Network Hospitals, by Region
Gross Revenue from Network Hospitals, by Region Operational beds Occupancy % Gross Revenue1 (₹ Cr) Q2 FY26 Q1 FY26 Q2 FY25 (as at end of Sept’25) (during Q2 FY26) 1,439 Delhi 1,399 2,411 82% 1,285 537 Uttar Pradesh2 495 1,177 73% 313 257 Maharashtra 242 479 76% 229 150 Punjab 146 370 74% 139 97 Utta
Slide 23: Other Business Highlights
Other Business Highlights 16
Slide 24: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (₹ Cr) Net Revenue (₹ Cr) Operational footprint (as of Sep, 2025) +18% +16% 92 54 77 70 77 83 46 42 46 48 580+ Collection centres 780+ Pick-Up Points (PUPs) Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 FY 25 FY 25 FY25 FY 26 FY26 FY25 FY25 FY25 FY26 FY26 47 T
Slide 25: Max@Home: Key performance indicators
Max@Home: Key performance indicators Gross Revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) Key Pointers (as of Sep, 2025) +20% 212 60 63 15 +34% 172 55 56 Specialised 53 139 Service Lines 110 76 70 61 ~1,500 27 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q2 Q3 Q4 Q1 Q2 FY25 FY25 FY25 FY2
Slide 26: H1 FY26 Highlights
H1 FY26 Highlights 19
Slide 27: Executive Summary: H1 FY26
Executive Summary: H1 FY26 Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024. The merger has been accounted for as business combination of entities under common control as per IND AS
Slide 28: Executive Summary: H1 FY26
Executive Summary: H1 FY26 Operational bed capacity went up from 3,949 beds at end of September 2024 to 4,760 beds at end of September 2025. Overall occupancy stood at 76% in H1 FY26, compared to 77% in H1 FY25 ARPOB1 is ₹ 77.6k vs ₹ 76.6k in H1 FY25. ALOS stood at 4.0 days Operational & Revenue fro
Slide 29: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA(₹ Cr) +23.7% +22.8% 4,988 5,266 1,264 1,308 4,256 1,064 +17.2% +18.7% H1 FY25 H1 FY26 H1 FY26 H1 FY25 H1 FY26 H1 FY26 Existing Overall Existing Overall Margin1 (%) 26.2% | 26.5% | 25.9% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 +
Slide 30: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 +1.3% +24.2% 76.6 79.0 77.6 1,70,886 +3.1% 1,55,393 1,37,545 13.0% H1 FY25 H1 FY26 H1 FY26 H1 FY25 H1 FY26 H1 FY26 Existing Overall Existing Overall ALOS3 (in days) Outpatient consults (‘000) +28.2% 4.1 4.1 4.0 1,948 1,800 1,520 +
Slide 31: Speciality Profile
Speciality Profile H1 FY25 H1 FY26 Others Others Gastroentrology Gastroentrology 4.2% 4.8% Pulmonology 5.2% Liver and biliary Pulmonology 5.6% Oncology* Oncology* sciences 3.2% Liver and biliary 3.5% 25.7% sciences 25.7% 3.2% MAS and 3.7% general surgery MAS and 5.3% general surgery 4.8% OBGY and Gr
Slide 32: Payor Profile
Payor Profile Share of Revenue H1 FY25 H1 FY26 18.2% 21.6% 35.1% 34.7% 8.6% 8.9% 38.0% 34.8% Self Pay TPA & corporates International Institutional Note: Excludes revenue from SBUs and other operating income 25
Slide 33: P&L Statement: H1 FY26
P&L Statement: H1 FY26 Figs in ₹ Cr H1 FY25 H1 FY261 YoY Amount % NR Amount % NR Growth Gross revenue 4,256 5,266 Net revenue 4,060 100.0% 5,039 100.0% 24% Direct costs 1,616 39.8% 2,075 41.2% 28% Contribution 2,444 60.2% 2,964 58.8% 21% Indirect Overheads2 1,380 34.0% 1,657 32.9% 20% Operating EBIT
Slide 34: H1 FY26: Memorandum Consolidation of Network P&L
H1 FY26: 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 35: Network Balance Sheet
Network Balance Sheet1 (Includes Managed & Partner Healthcare Facilities*) Figs in ₹ Cr As at Mar 25** As at Sep 25 Shareholders' Equity (Incl. corpus) 10,533 11,307 Gross Debt 2,492 2,737 Deferred/Contingent Consideration Payable2 489 510 Put Option Liability3 95 101 Lease Liabilities 537 578 Defer
Slide 36: Clinical and Research & Academics Update
Clinical and Research & Academics Update 29
Slide 37: Clinical Update
Clinical Update 3,989 Liver Transplants, 5,276 Kidney Transplants & 2,151 Bone Marrow Transplants performed till date At MSSH Dwarka, a 34 year old Sudanese male with a post gunshot injury to the right hand, leading to loss of thumb and only ring & little fingers intact was admitted for reconstructi
Slide 38: Research and Academics Update
Research and Academics Update National and international publications 88 scientific publications in high impact factor journals during Q2 FY26 Top high Index and high impact factor publications are from Cardiology (Lancet: 12.11), (J Card Fail: 2.16) & Radiology (ACS Appl Mater Inferfaces: 1.92) 121
Slide 39: 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 2 6 Shalimar Bagh 5 20 ~73% ~77% BLK 3 9 4 0 3 Facilities Beds in metros Q2 FY26 8 Patparganj 2 7 Vaishali Occupancy 3 0 Panchsheel Lajpat 5
Slide 40: 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 41: 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 42: 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 Monash University Australia, Aston University UK, National MHC for medical education & training Centre for Bio
Slide 43: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot 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
Slide 44: 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 ₹ 291 Cr in Q2 FY26 ▪ ~3,000 beds addition via brownfield expansion – R
Slide 45: 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 2025 among Nation Builders under 14 categories Award 2025 Diamond Award for Stroke Ready Centre
Slide 46: Network Holding Structure
Network Holding Structure 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) SBUs (MIME, Max@Home) Va
Slide 47: List of Network Healthcare Facilities
List of Network Healthcare Facilities As on Nov’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 48: 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 Max Lab ARPOB operations Free cash from Represents cash gener
Slide 49: 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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