Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q1 FY27 Earnings Presentation
39 slides from Max Healthcare Institute's earnings presentation, Aug 13, 2026
Slide 1: Exchange filing cover letter
August 13, 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.: Pres
Slide 2: Max Healthcare Q1 revenue rises to ₹2,982 Cr, up 16% YoY
Max Healthcare Q1 revenue rises to ₹ 2,982 Cr, registering growth of 16% YoY Network Operating EBITDA rises to ₹ 704 Cr, 15% YoY Q1 PAT was ₹ 357 Cr Key Highlights of Q1 Performance • Gross Revenue stood at ₹ 2,982 Cr for Q1 FY27, a growth of 16% YoY • Network1 Operating EBITDA stood at ₹ 704 Cr in
Slide 3: Max Lab, Max@Home, PAT and cash flow
Max Lab (non-captive pathology vertical) reported a gross revenue of ₹ 58 Cr during the quarter, recording a growth of 20% YoY and 11% QoQ. Max Lab services are now available across 60+ cities and it offers a comprehensive range of over 2,700+ tests. Max@Home reported a gross revenue of ₹ 78 Cr, ref
Slide 4: Chairman's comments and financial and operational highlights
The Board granted an in-principle approval to foray into medical education and set-up medical colleges, in view of the proposed regulatory changes by National Medical Commission. Commenting on Q1 results, Mr. Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said: “Q1 FY27 ma
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 – Q1 FY27
Earnings update – Q1 FY27 Aug 13, 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 Q1 FY27 Highlights 5 Other Business Highlights 17 About the Company 23 4
Slide 11: Q1 FY27 Highlights
Q1 FY27 Highlights 5
Slide 12: Executive Summary: Q1 FY27 (1/2)
Executive Summary: Q1 FY27 (1/2) The Company completed acquisition of a controlling stake (58.28%) in Kalinga Hospital Limited (KHL) on 18 May, 2026 for ~₹ 298 Cr. KHL operates a 250 beds multispeciality hospital in Bhubaneswar, Odisha, which is located on a 10 acre land parcel in the heart of the c
Slide 13: Executive Summary: Q1 FY27 (2/2)
Executive Summary: Q1 FY27 (2/2) International patient revenue was ₹ 247 Cr compared to ₹ 208 Cr in Q1 FY26 and ₹ 227 Cr in Q4 FY26, reflecting growth of +18% YoY and +8% QoQ. This accounts for ~9% of the hospital revenue Operational bed capacity as at end of Jun’26 stood at 5,379 beds including 246
Slide 14: Update on Acquisitions
Update on Acquisitions 8
Slide 15: Max Super Speciality Hospital, Bhubaneswar (Erstwhile Kalinga Hospital)
Max Super Speciality Hospital, Bhubaneswar (Erstwhile Kalinga Hospital) External Façade Emergency Entry Phase 1 (live) Phase 2 (rendered) MSSH Bhubaneswar is a 250 beds NABH accredited hospital built on a ~10 acre prime land, located in the heart of the city. It offers multidisciplinary care across
Slide 16: Highlights
Highlights 10
Slide 17: Key Financial Highlights
Key Financial Highlights Gross Revenue (₹ Cr) Operating EBITDA (₹ Cr) 16% 15% 2,982 682 704 2,574 2,664 613 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 Margin1 (%) : 24.9% | 26.8% | 24.8% Operating EBITDA per bed2 (₹ Lakhs) Pre-tax ROCE3 4% 21% 21% 20% 73 71 68 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4
Slide 18: Key Operational Highlights
Key Operational Highlights ARPOB1 (₹ / OBD) (‘000) Inpatient Volumes2 5% 10% 81.9 91,326 78.0 77.9 83,257 81,791 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 ALOS3 (in days) Outpatient consults (‘000) 12% 4.0 4.2 4.1 1,047 938 923 Q1 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q4 FY26 Q1 FY27 (1) ARPOB calculat
Slide 19: Speciality Profile
Speciality Profile Q1 FY26 Q1 FY27 Others Others Gastroentrology Gastroentrology 5.0% 5.2% Pulmonology 5.4% Oncology* Oncology* 6.0% Pulmonology Liver and biliary 3.4% 22.2% sciences 25.7% Liver and biliary 3.9% 3.7% sciences OBGY and 3.9% pediatrics 5.3% OBGY and pediatrics 5.3% MAS and Gross IP re
Slide 20: Payor Profile
Payor Profile Share of Revenue Q4 Q1 FY25 FY26 Q1 FY26 Q4 FY27 21.8% 20.9% 33.8% 32.5% 8.6% 8.8% 35.8% 37.8% Self Pay Insurance & Corporates International Institutional Note: Excludes revenue from SBUs and other operating income 14
Slide 21: Network P&L Statement: Q1 FY27
Network P&L Statement: Q1 FY27 Figs in ₹ Cr Q1 FY26 Q4 FY26 Q1 FY27 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 2,574 2,664 2,982 Net revenue 2,460 100.0% 2,541 100.0% 2,835 100.0% 15% Direct costs 1,015 41.3% 1,045 41.1% 1,179 41.6% 16% Contribution 1,444 58.7% 1,496 58.9% 1,656 58
Slide 22: Q1 FY27: Memorandum Consolidation of Network P&L
Q1 FY27: Memorandum Consolidation of Network P&L Figs in ₹ Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & MHC Network (IGAAP Unaudited)* Eliminations(2) Silos IND AS (Consolidated) & GM Modi Adjustment(1) (Certified by an IND AS Balaji Devki Devi Adjustments* Society IC
Slide 23: Other Business Highlights
Other Business Highlights 17
Slide 24: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (₹ Cr) Net Revenue (₹ Cr) Operational footprint (as of Jun 30, 2026) +14% +20% 83 92 81 85 95 48 54 47 52 58 620+ Collection centres 890+ Pick-Up Points (PUPs) Q1 1 Q2 2 Q3 3 Q4 4 Q1 5 Q1 Q2 Q3 Q4 Q1 FY 26 FY 26 FY26 FY 26 FY27 FY26 FY26 FY26 F
Slide 25: Max@Home: Key performance indicators
Max@Home: Key performance indicators Gross Revenue (₹ Cr) Quarterly Gross Revenue Trend (₹ Cr) Key Pointers (as of Jun, 2026) +32% 263 73 78 16 212 68 Specialised +33% 63 172 60 Service Lines 139 110 61 76 70 ~1,900 27 Strong Team FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1 Q2 Q3 Q4 Q1 FY26 FY26
Slide 26: Clinical and Research & Academics Update
Clinical and Research & Academics Update 20
Slide 27: Clinical Update
Clinical Update ~4,683 Liver Transplants, ~5,988 Kidney Transplants & ~2,289 Bone Marrow Transplants performed till date MSSH Saket treated a 20 year old male patient from Ethiopia who sustained a gunshot injury six years ago, with the bullet lodged near the T6 vertebra Max Smart operated on a 10 mo
Slide 28: Research and Academics Update
Research and Academics Update National and international publications 123 scientific publications in high impact factor journals during Q1 FY27 Top high Index and high impact factor publications are from Nephrology (Lancet Infect Dis.: 5.55), Gastro (Aliment Pharmacol Ther: 3.01), & Endo (Age and Ag
Slide 29: India's second largest hospital chain in Revenue and EBITDA
Max Healthcare: India’s second largest hospital chain in Revenue1 and EBITDA1 Current capacity 6,100+ beds Delhi NCR 4 4 5 Shalimar Bagh 5 21 ~72% ~75% BLK 3 9 4 0 3 Facilities Beds in metros Q1 FY27 8 Patparganj 2 7 Vaishali Occupancy 3 0 Panchsheel2 Lajpat 5 Dwarka 3 Nagar2 0 0 5 6 Noida2 1 5 1 0
Slide 30: 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 31: 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 32: 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 33: 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 34: Strong financial profile to support future growth
Multiple avenues for future growth Focus on tower specialities & case mix 1 Optimising Existing 2 Infrastructure Increase utilization & improve process efficiencies Strong cash generation Optimize payor mix from operations ~2,000 beds addition via brownfield expansion – ROCE ₹ 397 Cr in Q1 F
Slide 35: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award Financial Express Excellence Economic Times India’s Best Employers by FICCI in Home Healthcare for Healthcare Award 2025 among Nation Builders Max@Home under 14 categories Award 2026 Diamond Award
Slide 36: Network Holding Structure
Network Holding Structure (As at end of June’26) Balaji Society (MSSH Patparganj) MSSH Shalimar Bagh Valid till 2065 MSSH Dehradun MMSC Panchsheel Gujarmal Modi Immigration centre (Lajpat Nagar) Max Healthcare Institute Medical Service Agreement Society MSSH Saket (West) Limited (MHIL) (Max Smart) S
Slide 37: 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 38: Definitions
Definitions Term Description ALOS Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time ARPOB Average Revenue per Occupied Bed: Gross Revenue divided by the occupied bed days; excludes revenue from Max Lab operations Represents cash generated from opera
Slide 39: 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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