Max Healthcare Institute Limited – Investor Presentation Summary

Key Operational Highlights

  • Operates 21 healthcare facilities with 6,000+ beds across India, with significant presence in North India
  • Performed ~2,300 transplants, ~10,800 robotic surgeries, ~57,300 cardiac procedures, ~17,100 neuro surgeries, ~50,100 orthopaedic surgeries, and ~17,500 oncology surgeries in H1 FY27 (annualized)
  • Key drivers include state-of-the-art technology (Artis Zee, Azurion Cath labs, Da Vinci Robots, etc.), focus on research and academics, and metro-centric presence

Segment-wise Performance

  • Cardiac specialty: +14% YoY growth
  • Ortho specialty: +28% YoY growth
  • Neuro specialty: +31% YoY growth
  • Renal specialty: +22% YoY growth
  • Gastro specialty: +26% YoY growth

Financial Highlights

Q2 FY27 Performance:

  • Gross Revenue: ₹3,219 Cr (20% YoY growth)
  • Net Revenue: ₹3,055 Cr (18% YoY growth)
  • EBITDA: ₹820 Cr (26.8% margin)
  • PAT: ₹448 Cr (14.7% margin)
  • EPS: Not Specified

H1 FY27 Performance:

  • Gross Revenue: ₹6,200 Cr (18% YoY growth)
  • Net Revenue: ₹5,890 Cr (17% YoY growth)
  • EBITDA: ₹1,524 Cr (25.9% margin)
  • PAT: ₹805 Cr (13.7% margin)

YoY/QoQ Comparison:

  • Q2 FY27 net revenue growth of 18% YoY (from ₹2,580 Cr in Q2 FY26)
  • Q2 FY27 operating EBITDA growth of 18% YoY (from ₹694 Cr in Q2 FY26)
  • PAT growth normalized at 10% YoY for Q2 FY27 after adjusting for one-time tax gain

Drivers of Financial Performance:

  • Improvement in contribution margin (59.4% in Q2 FY27 vs 58.9% in Q2 FY26) driven by lower material costs, reduction in institutional bed share, and favorable case mix shift
  • Higher depreciation and amortization due to capitalization of brownfield projects at Max Mohali, Max Smart, Nanavati-Max and Max Lucknow

Key Risks:

  • Higher provision for doubtful debts due to aged debts
  • Additional people costs associated with brownfield beds commissioned

Geographical Revenue Split

  • Domestic vs Export: Not Specified
  • Regional Breakdown: Strong presence in North India with facilities across Delhi NCR, Mumbai, Mohali, Bathinda, Dehradun, Lucknow, Nagpur, and Bhubaneshwar

Balance Sheet Snapshot

As of September 30, 2026:

  • Shareholders' Equity: ₹12,738 Cr
  • Gross Debt: ₹3,233 Cr
  • Cash & Bank Balance: ₹1,074 Cr
  • Trade Receivables: ₹1,437 Cr (93 days DSO)
  • Net Current & Non-Current Liabilities: ₹(1,636) Cr

Financial Health Insights:

  • Strong balance sheet with minimal leverage
  • Good cash flow generation

Capex & Cash Flow Health

  • Capital Expenditure: Ongoing brownfield expansions adding ~4,600 beds in next 3-4 years
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Not Specified
  • Net Debt Movement: Increased from ₹2,924 Cr in Mar 2026 to ₹3,233 Cr in Sep 2026

Investment Rationale: Focus on capacity expansion through brownfield projects and strategic acquisitions

Strategic & R&D Initiatives

Investments in Innovation:

  • Max MyHealth digital platform driving ~33% of overall revenue through digital channels in H1 FY27
  • AI projects in radiology (Qure AI, Bone Expert) and clinical AI for risk stratification
  • Multiple research partnerships with Columbia University, Boston Universities, Imperial College, and others
  • 30,000+ research participants and US$2.2 Mn in research grants
  • 3,500+ research publications in indexed journals

Expected Impact on Growth: Digital revenue accounted for ~33% of overall revenue in H1 FY27

Strategic Rationale: Expanding into high-growth markets through acquisitions (Kalinga Hospital) and brownfield expansions

Industry Trends & Business Environment

Macro/Industry Trends:

  • Low bed density and higher per capita income in metro cities
  • Rising insurance penetration in urban markets
  • Significant cost advantage for medical procedures in India compared to other countries
  • Under-penetrated home healthcare market (~3.6% of total health spending vs ~8.3% in US)

Impact on Company: Metro-centric positioning helps capture higher-value quaternary care demand and medical value travel opportunities

Management Commentary & Growth Outlook

Strategic Outlook: To be the most well-regarded healthcare provider in India committed to highest standards of clinical excellence

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Highlighted medical tourism opportunity due to significant cost advantages versus other countries

ESG Updates

Environment:

  • ISO 14001 certification for 14 hospitals
  • ~1.13 Lakh GJ renewable energy used in FY26
  • 100 kWh on-site solar capacity added in FY26
  • 54% water recycled in FY26
  • >90% waste diverted from landfills

Social:

  • Great Place to Work® certified for 5 consecutive years
  • USD 8.5 Mn spent on employee wellbeing in FY26
  • ~360K needy patients treated free of charge in FY26
  • USD 26 Mn worth of free medical treatment to underprivileged

Governance:

  • Recognized "Next Leader" by IiAS among top 20 companies in S&P BSE 100 Index
  • 5 out of 8 directors are independent, including one woman director

Digital Transformation

  • Modernization of IT infrastructure including DR enhancement and cyber resiliency
  • AI-driven Speech-to-Text in OP EHR and doctors' progress notes
  • Comprehensive data lake for analytics and clinical research
  • IoT-based patient monitoring and workflow optimization
  • Command centres for real-time insights into patient journeys

#CompanyName: Max Healthcare