Date: July 30, 2026 (AGM held), August 5, 2026 (filing date)

KMP / Board / Auditor Changes

Board Members Present:

  • Mr. Abhay Soi - Chairman and Managing Director (from Max Smart Super Speciality Hospital, Saket, Delhi)
  • Mr. Pranav Amin - Lead Independent Director, Chairman of Nomination and Remuneration Committee, and Stakeholders Relationship Committee (from Max Smart Super Speciality Hospital, Saket, Delhi)
  • Mr. Anil Kumar Bhatnagar - Non-Executive Director, Chairman of Renewable Energy Investment Committee (from Max Smart Super Speciality Hospital, Saket, Delhi)
  • Ms. Amrita Gangotra - Independent Director, Chairperson of IT Strategy Committee (from Village Palhar, Punjab)
  • Mr. Mahendra G. Lodha - Independent Director, Chairman of Audit Committee (from Ahmedabad, Gujarat)
  • Mr. Michael Thomas Neeb - Independent Director, Chairman of ESG and Sustainability Committee (from United States of America)
  • Mr. Narayan K. Seshadri - Non-Executive Director, Chairman of Risk Management Committee (from Mumbai)
  • Dr. Pranav C. Mehta - Independent Director (from Florida, USA)

Senior Management Present:

  • Mr. Yogesh Kumar Sareen - Group Director & Chief Financial Officer
  • Ms. Vandana Pakle - Group Director Corporate Affairs
  • Mr. Keshav Gupta - Group Director Growth, M&A and Business Planning
  • Dr. Mradul Kaushik - Group Director Operations and Planning & Chief Executive Officer (Cluster 1)
  • Col. Harinder Singh Chahal - Group Director & Chief Executive Officer (Cluster 2)
  • Mr. Anas Abdul Wajid - Group Director & Chief Sales and Marketing Officer
  • Dr. Sandeep Budhiraja - Group Medical Director
  • Mr. Umesh Gupta - Group Director & Chief Human Resource Officer
  • Dr. Vivek Talaulikar - Senior Director & Chief Operating Officer (Western Region) - from Mumbai

Auditors Present:

  • S.R. Batliboi & Co. LLP - Statutory Auditors
  • DPV & Associates LLP - Secretarial Auditors
  • Chandra Wadhwa & Co. - Cost Auditors

Scrutinizer:

  • Mr. Devesh Kumar Vasisht, Partner of DPV & Associates LLP - appointed as Scrutinizer for remote e-voting and e-voting

Dividend Declaration

  • Final Dividend: ₹2 per Equity Share of Face Value of ₹10 each
  • This represents an increase from 15% to 20% dividend compared to previous year
  • Approved as Ordinary Resolution (Item No. 3)

Board Meeting Outcomes

The AGM approved eight resolutions:

Ordinary Business:

1. Adoption of Audited Standalone Financial Statements for FY 2025-26

2. Adoption of Audited Consolidated Financial Statements for FY 2025-26

3. Declaration of Final Dividend of ₹2 per Equity Share

4. Reappointment of Mr. Anil Kumar Bhatnagar as Director liable to retire by rotation (Special Resolution)

Special Business:

5. Approval of Remuneration Payable to Non-Executive Directors (including Independent Directors) for 3 years effective October 1, 2026

6. Reappointment of Mr. Anil Kumar Bhatnagar as Non-Executive Director for 3 years and continuation of his directorship after attaining age of 75 years (Special Resolution)

7. Approval for Shifting of Registered Office from 'State of Maharashtra' to 'State of Haryana' and consequent alteration to Memorandum of Association (Special Resolution)

8. Ratification of Remuneration Payable to Cost Auditors for FY 2026-27

Financial Results

FY 2025-26 Performance:

  • Network Gross Revenue: ₹10,538 crore (16% year-on-year growth)
  • Operating EBITDA: ₹2,638 crore
  • Profit After Tax: ₹1,631 crore
  • Industry-leading operating metrics maintained including Average Revenue Per Occupied Bed, EBITDA margins, and EBITDA per bed

Operational Scale:

  • 21 healthcare facilities with over 6,000 beds
  • 40,000+ professionals including over 6,000 doctors and 14,000 nurses and paramedics
  • Served more than 40 lakh patients during the year
  • Patients from over 800 cities across India and 182 countries

Expansion / Capex Updates

Recent Acquisitions:

  • Acquired 58.28% stake in Kalinga Hospital Limited (now Max Super Speciality Hospital, Bhubaneshwar)
  • 250-bed NABH accredited facility
  • Marks entry into eastern India

Capacity Expansion Progress:

  • New towers operational at Max Mohali, Nanavati Max Hospital Mumbai, and Max Smart Hospital Saket (Delhi)
  • Current bed capacity: ~6,000 beds (increased from 3,500 beds two years ago)
  • Expected to reach ~6,500 beds by end of current year
  • Plan to reach over 10,000 beds by FY30

Ongoing Projects:

  • Construction progressing at Gurugram facility
  • Projects in Lucknow, Nagpur, Zirakpur, Pitampura, Dwarka, Vaishali, Dehradun, Thane, and Pune
  • Land parcels with potential to add 4,000 beds beyond FY30 including Gurugram (Sector 53), Lucknow (Shaheed Path), Greater Mohali, and 18-acre land parcel in Noida (Sector 128) with 3,500 bed potential

Technology and Clinical Excellence

Robotic Surgery:

  • 42 robotic surgical systems across hospitals (mostly Da Vinci platforms)
  • Robotic procedures now account for nearly 6% of surgeries across network
  • Growing at around 30% annually

Artificial Intelligence:

  • Expanded privacy-first, evidence-based AI solutions across clinical and operational workflows
  • Applications include symptom assessment, ICD-11 coding, discharge summaries, speech-to-text documentation, and health record analysis

Digital Platform:

  • Max MyHealth App provides seamless access to consultations, diagnostics, and medical records

Accreditations:

  • 4 JCI-accredited hospitals
  • 2 AACI-accredited hospitals
  • 19 NABH-accredited hospitals
  • 14 NABL-accredited labs

Ancillary Businesses

Max Lab:

  • Expanded access to quality diagnostics across more than 60 cities
  • Served more than 25 lakh patients during the year

Max@Home:

  • Brings hospital-grade care to patients' homes across more than 15 cities
  • Served more than 25 lakh patients during the year

Education and Research

Academic Programs:

  • MIME and MIAPE offer over 470 structured programs
  • Supported by more than 1,200 faculty members
  • Trained over 1.57 lakh students to date

Research:

  • Office of Research supported over 3,100 published papers
  • More than 750 research grant projects

Sustainability and CSR

Environmental Performance:

  • 14 ISO 14001-certified facilities across network
  • Renewable electricity contributes nearly 24% of overall energy mix
  • Reduced fresh water consumption from 1.67 kiloliters per occupied bed day to 1.13 kiloliters (32% reduction over decade)
  • Rejuvenated 7 water bodies (2 additional in Ghaziabad and Mohali during year, another underway in Lucknow)

CSR Initiatives:

  • CSR expenditure: ₹23.5 crores
  • Initiatives across healthcare, education, skill development, and community empowerment
  • Through Max Healthcare Foundation

Community Healthcare:

  • Provided free medical treatment worth over ₹244 crores to approximately 3.6 lakh patients
  • Max Medical Scholarship Program supported 245 meritorious students from economically disadvantaged backgrounds
  • Organized public health awareness initiatives reaching more than 2.3 lakh individuals

Financial Strategy

Capital Allocation:

  • Generated free cash flow of ~₹5,500 crore in last four years (after tax, interest, and routine capex)
  • Invested in future growth including three hospital acquisitions and ~1,250 beds added in last three years
  • Loans of ~₹1,400 crore taken in last 3 years for capacity creation
  • Net debt-to-EBITDA ratio: less than 1
  • Target leverage: up to 2.5 times net debt-to-EBITDA
  • CARE AA+ Stable rating
  • Borrowing cost: 7.5% to 8%
  • Return on capital employed: northwards of 20-25%

International Business

Medical Tourism:

  • Growing better than overall revenue growth
  • Setting up office in UK to target developed markets
  • Competitive advantage due to superior skill sets and pricing

Governance and Recognition

Awards and Recognition:

  • Certified as Great Place to Work® for fourth consecutive year
  • India's Best workplaces in Pharmaceuticals, Healthcare, and Biotech
  • India's Best Employers Amongst Nation-Builders
  • Institutional Investor Advisory Services 'Next Leader' for second consecutive year (top-performing in S&P BSE 100 Index for corporate governance)
  • Included in NIFTY 50 Index

Compliance:

  • No qualifications, reservations, or adverse remarks in statutory audit report or secretarial audit report
  • Complied with all applicable laws, rules, regulations, and standards during FY25-26

Shareholder Q&A Highlights

Cost Management:

  • Direct costs growth due to lumpy capacity expansion (1,200 beds added in last six months)
  • Expected to normalize as occupancy ramps up

Expansion Plans:

  • Hyderabad identified as target city among 21 cities for expansion
  • Timeline not specified

Talent Management:

  • Low attrition rates compared to healthcare industry
  • Higher attrition in nurses, lower in doctors
  • Robust credentialing system for doctors requiring post-graduate qualifications

Stock Split/Bonus:

  • No plans for stock split or bonus issue as management believes it doesn't enhance shareholder value
  • Adequate liquidity with 97.32 crore shares outstanding

AGM Format:

  • Physical AGM to be convened when Companies Amendment Bill 2026 is notified

Sustainability Reporting:

  • Voluntary limited assurance on non-core indicators to enhance credibility and transparency