Max Healthcare Institute (543220) Investor presentation summary

Network scale and positioning

• 21 facilities and 6,000+ beds; H1 FY27 occupancy 76%, 71% of beds in metros, and 24% revenue CAGR over FY21-FY26.

• ~4,300 beds in metros; high per-capita income, insurance penetration and clinical talent support demand for quaternary care.

• Medical tourism in India projected to reach ~3.0 million visitors by 2030; 11 owned and partner patient assistance centres support medical value travel.

Clinical capabilities and research

• Quaternary-care network includes 4 JCI- and 1 AACI-accredited facilities; annualized H1 FY27 volumes include ~2,300 transplants and ~57,300 cardiac procedures.

• More than 3,500 indexed research publications, 900+ completed clinical research projects and 30,000+ research participants; research grants total US$2.2 Mn.

• Academic programs include 650+ DNB students across 45+ specialties, 100+ fellowship students and 44,000+ trainees enrolled across programs in the last 4 years.

Growth strategy and capacity

• Capacity expansion potential exceeds 8,900 beds, with ~4,600 beds targeted for addition over the next 3-4 years; 1,019 beds were added in the last 12 months.

• Expansion avenues include brownfield projects, asset-light leases and O&M models, greenfields, M&A, and capital-light adjacencies; ~4,500 brownfield beds are planned.

• Net debt was ₹2,369 Cr at Sep 30, 2026; H1 FY27 cash generation from operations was ₹897 Cr, supporting planned growth.

• Kalinga Hospital became a subsidiary on May 18, 2026, establishing an Odisha platform; the 250-bed Bhubaneswar facility reported FY26 revenue of ₹154 Cr and EBITDA of ₹7 Cr.