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Max Healthcare Investor Presentation November 2026 — Max Healthcare Institute Ltd's 40-page investor deck dated November 13, 2026, covering the company overview of its 21-facility, 6,000+ bed Indian hospital network, key growth drivers (brownfield, asset-light and greenfield capacity, M&A, Max Lab, Max@Home, digital), Q2 and H1 FY27 network financials in ₹ crore, and an appendix on ESG, CSR, payor mix, holding structure, HR and IT.
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Max Healthcare Investor Presentation November 2026 — Max Healthcare Institute Ltd's 40-page investor deck dated November 13, 2026, covering the company overview of its 21-facility, 6,000+ bed Indian hospital network, key growth drivers (brownfield, asset-light and greenfield capacity, M&A, Max Lab, Max@Home, digital), Q2 and H1 FY27 network financials in ₹ crore, and an appendix on ESG, CSR, payor mix, holding structure, HR and IT.
Detailed view of each slide page, including layout, key content and visual elements.
Cover slide with the Max Healthcare logo and a '25 Years of Service and Excellence' mark, titled 'Investor Presentation' and dated November 13, 2026.
Logo block at top left, title and date at left-centre, large diagonal teal and navy geometric shapes filling the right side.
Full-page legal disclaimer. It states that financial information reflects aggregated totals of historical Max Healthcare (MHIL) and Radiant Life Care before their merger, that Partner Healthcare Facility figures are unverified, and that the deck contains forward-looking statements, is not an offer of securities and may not be distributed in the United States, Canada or Japan.
Header with logo and title, then a single bordered text box with five justified paragraphs of small print.
Table of contents listing four sections with page numbers: Company overview (04), Key growth drivers (13), Financial highlights (20) and Appendix (28).
Four horizontal navy bars at left, each with a teal page-number tab at the right end; empty space on the right.
Section divider slide titled 'Company overview'.
Large navy panel with white title text at left, a white horizontal rule and teal diagonal graphic at lower right.
Shows current capacity of 6,000+ beds, 21 facilities, 71% of beds in metros, 76% H1 FY27 occupancy, 24% revenue CAGR over 5 years (FY21 to FY26) and 60% capacity expansion in 3 years. Shareholding as of September 30, 2026 is 23.7% Abhay Soi, 40.5% FIIs and FPIs, 31.0% DIIs and 4.8% others; market cap is ₹ 0.9 lakh crore or $9.4 billion with a 27% market cap CAGR (Sep'21 to Sep'26). Bed counts per hospital are shown on a map of Delhi NCR and other cities.
India map with Delhi NCR zoom circle and per-hospital bed bars at left, KPI icon row at upper right, shareholding donut and top-shareholders list at lower right, market cap banner at bottom.
Vision statement of being the most well-regarded healthcare provider in India, committed to clinical excellence and patient care supported by the latest technology and research. A four-quadrant wheel lists what 'well regarded' means to Patients, Clinicians, Employees and Investors (for example quaternary care, world-class infrastructure, strong governance, sustainable growth and a healthy balance sheet).
Highlighted vision banner on top, a four-segment ring in the centre with bullet lists placed in each corner.
Timeline from 2000 to 2026 distinguishing Max Healthcare and Radiant Life Care facilities. Milestones include Max Medcentre Panchsheel in 2000, the Radiant-Max Healthcare merger and listing on NSE and BSE in 2020, a stake in Eqova Healthcare in 2022, and in 2026 the acquisition of a 66% stake in KHL, which operates a 250-bed hospital in Bhubaneshwar. Small footnotes explain abbreviations such as O&M, ATL, BTS and LTSA.
Horizontal teal timeline with year markers and callouts above and below, plus a diagonal ladder of period markers (2000-2004 through 2015-2019) at left.
Estimated annual counts of complex procedures (H1 FY27 annualised): about 2,300 transplants, 10,800 robotic surgeries, 57,300 cardiac procedures, 17,100 neuro surgeries, 50,100 orthopaedic surgeries and 17,500 oncology surgeries. Facilities include 4 JCI and 1 AACI accredited sites. Research and academics highlights include 3,500+ publications, 30,000+ research participants, US$2.2 Mn in research grants and 44,000+ trainees enrolled in the last 4 years.
Top band of six procedure icons with counts and technology tiles, bottom split into Research and Academics bullet columns, navy side labels at left.
Argues that low bed density, higher per capita income and rising insurance penetration make metros and Tier-1 cities attractive. Health insurance gross premiums (₹ in Bn) are charted for FY18-FY25 with an 18% CAGR, and the Group plus Individual share of lives covered rising from 35% to 58%. Max Healthcare has about 4,300 beds in metros, 71% of bed capacity in key metro cities and ARPP of 2.31 (₹ in lakhs), the highest among the peers shown (Fortis 2.10, Narayana 1.63, Apollo 1.87, KIMS 1.66, Medanta 2.06).
Two charts on top (beds per '000 population by state, stacked insurance premium bars with line), peer ARPP and metro-share charts below left, bullet box below right.
India's foreign medical tourists in lakhs rose from 1.8 in 2014 to 7.0 in 2019, fell to 1.8 in 2020 due to COVID-19, and recovered to 6.6 in 2023 with 7.2-7.4 projected for 2024; about 3.0 million is expected by 2030. Max Healthcare has 11 company- and partner-owned Patient Assistance Centres across Asia and Africa. A cost table indexes India at 1.0x versus the US at, for example, 7.1x for hip replacement and 30.9x for heart valve replacement.
Bar chart at upper left, world map with PAC countries at upper right, procedure cost comparison table at lower left, five icon capabilities at lower right.
Board of Directors portraits led by Mr. Abhay Soi as Chairman and Managing Director, with seven other directors colour-coded as independent or non-independent. The management team section shows 14 executives, including Col. HS Chehal, Dr. Mradul Kaushik, Mr. Anas Wajid, Mr. Keshav Gupta, Dr. Sandeep Buddhiraja and Mr. Yogesh Sareen (Group Director and Chief Financial Officer).
Two portrait grids, a 4x2 board grid above and a 5x3 management grid below, with a colour legend between them.
Six strategic pillars arranged around a central growth icon: Build on Clinical Expertise, Optimise Existing Infrastructure (payor mix, capacity utilisation, ALOS, procedure mix), Expand Bed Capacity (brownfields and greenfields including asset-light models), Mergers & Acquisitions, Leverage Technology, and Focus on Capital Light Adjacencies (Max Lab and Max@Home). A banner cites strong free cash flow and a minimally leveraged balance sheet.
Hexagonal icon ring with three text blocks on each side and a highlighted banner at the bottom.
Section divider slide titled 'Key growth drivers'.
Navy panel with white title, white rule and teal diagonal graphic at lower right.
Financial profile supporting growth: ₹ 897 Cr cash generation from operations in H1 FY27, net debt of ₹ 2,369 Cr as of September 30, 2026, and 1,019 beds added in the last 12 months. Growth avenues: optimising existing infrastructure; about 7,500 bed additions in 5 years via about 4,500 brownfield beds, about 2,000 asset-light beds and about 3,000 greenfield beds (with land bank for a further 1,500); M&A with a roughly 20% ROCE threshold within 4 years; Max Lab and Max@Home; and a digital platform.
Left navy column with three stacked metric cards joined by plus and equals signs, right side with five numbered teal rows each paired with a bullet box.
Capacity bridge from 6,024 beds in Aug '26 to about 15,000 grand total potential. Bed additions are 601 in FY27, 500 in FY28, 851 in FY29 and 2,631 in FY30, totalling 10,607 (10,600+) up to FY30, with a further 4,350+ potential in FY31 and onward. Estimated outflow in ₹ Cr is 1,622, 2,764, 2,320 and 656 for FY27-FY30, totalling 7,362. Projects are colour-coded by site and flagged as brownfield, greenfield or partner facilities. Footnotes are small but partly legible.
Project legend at top left, stacked-column waterfall chart across the middle, two data rows (bed additions, estimated outflow) below, three footnote columns at the bottom.
Kalinga Hospital Limited became a subsidiary on May 18, 2026; the 250-bed hospital in Chandrasekharpur is rebranded Max Super Speciality Hospital, Bhubaneswar, and MHIL holds about 66% of KHL. In FY26 it reported revenue of ₹ 154 Cr and EBITDA of ₹ 7 Cr, with 60% average occupancy and ARPOB of ₹ 29,000. HIS and ERP integration went live in Aug'26 and a facility upgrade (OTs, 7 ICU beds, 37 ward beds) is targeted for Dec'26.
Two large hospital photographs side by side above a bordered bullet-point text box.
Pathology is 56% of the Indian diagnostics industry. Max Lab net revenue grew from ₹ 41 Cr in FY20 to ₹ 201 Cr in FY26, with ₹ 124 Cr in H1 FY27 and a 30%+ six-year CAGR. EBITDA was ₹ 10.0 Cr in Q2 FY27 at a 15% margin (₹ 7.6 Cr, 14% in Q2 FY26). Footprint as of Sep 30, 2026: 690+ collection centres, 990+ pick-up points, 55 test processing labs, 63 cities, 13 lakh+ patients in H1 FY27 and 1,750+ active partners.
Industry bar chart and provider-mix pie at top, net revenue and EBITDA charts below, a right-hand column of footprint stat tiles.
India's home healthcare market is forecast to grow from 6.4 to 16.8 USD billion between 2025 and 2033 (2.6X, about 12.8% CAGR). Max@Home gross revenue rose from ₹ 77 Cr in FY19 to ₹ 263 Cr in FY26, with ₹ 165 Cr in H1 FY27, a 20%+ six-year CAGR. Other facts: 16 specialised services, 5,000+ daily billed transactions, 2,000+ team and 24x7 customer support. Source footnotes are included.
Market bar chart and growth drivers panel at top, gross revenue bar chart at bottom left, KPI strip and service list at bottom right.
21.0 lakh+ patient registrations to date and 1,63,000+ monthly active users, with the monthly active user line rising from 15.0 thousand in Sep-22 to 163.2 thousand in Sep-26 (11x growth). The platform launched a Health Record Analyzer, a digital passport submission for immigration bookings, 18,000+ completed pre-OPD assessments and in-app OPD wait time forecasts accurate within ±7 minutes. Digital revenue accounted for about 33% of overall revenue in H1 FY27.
App screenshot at left, three KPI callouts in the centre, monthly active users line chart at upper right, three triangle-style feature icons below, footer banners.
Section divider slide titled 'Financial highlights'.
Navy panel with white title, white rule and teal diagonal graphic at lower right.
Five numbered notes explain that the Network financials combine MHIL, subsidiaries, managed facilities and Partner Healthcare Facilities (PHFs) on a certified memorandum consolidation basis, differing from MHIL Group Ind AS accounts. They also cover the June 1, 2020 Radiant merger and the fair-valuation uplift of ₹ 3,662 Cr in tangible and intangible assets (including ₹ 252 Cr for PHFs), a further ₹ 385 crore from later acquisitions, and the separate reporting of non-cash items below operating EBITDA.
Single bordered text box with five numbered paragraphs.
Q2 FY27 gross revenue was ₹ 3,219 Cr (+20% YoY) and net revenue ₹ 3,055 Cr (+18%) versus ₹ 2,580 Cr in Q2 FY26 and ₹ 2,835 Cr in Q1 FY27. Operating EBITDA was ₹ 820 Cr at 26.8% of net revenue (+18%), reported EBITDA ₹ 797 Cr, profit before tax ₹ 580 Cr (+13%) and profit after tax ₹ 448 Cr at 14.7% margin (+10% normalized for a one-time tax gain of ₹ 149 Cr in Q2 FY26). Footnotes on contribution, overheads, finance cost, depreciation and tax rate (22.7%) are legible.
Wide financial table with Q2 FY26, Q1 FY27 and Q2 FY27 columns (amount and % of net revenue) plus a YoY growth column, footnotes beneath.
H1 FY27 gross revenue was ₹ 6,200 Cr (+18%) and net revenue ₹ 5,890 Cr (+17%) versus ₹ 5,039 Cr in H1 FY26. Operating EBITDA was ₹ 1,524 Cr at 25.9% (+17%), reported EBITDA ₹ 1,480 Cr, profit before tax ₹ 1,051 Cr (+10%) and profit after tax ₹ 805 Cr at 13.7% (+7% normalized for a one-time tax gain of ₹ 149 Cr). Effective tax rate was 23.5% versus 21.4% in H1 FY26.
Financial table with H1 FY26 and H1 FY27 blocks (amount and % of net revenue) and a YoY column, footnotes beneath.
Reconciles the H1 FY27 Network P&L: MHIL and subsidiaries (Ind AS, unaudited) net revenue of ₹ 4,935 Cr plus Partner Healthcare Facilities (Balaji Society ₹ 399 Cr, GM Modi Society ₹ 453 Cr, Devki Devi Society ₹ 440 Cr), less eliminations of ₹ (354) Cr, gives network net revenue of ₹ 5,873 Cr and total operating income of ₹ 5,890 Cr. Operating EBITDA reconciles to ₹ 1,524 Cr and profit after tax to ₹ 805 Cr. Certified by an independent chartered accountant.
Wide column-based consolidation table with entity columns, an eliminations column and a consolidated Network column, long footnote paragraph beneath.
FY23 to FY26 network trend (₹ Cr): net revenue 5,904, 6,848, 8,667 and 10,065; operating EBITDA 1,636 (27.7%), 1,907 (27.8%), 2,319 (26.8%) and 2,638 (26.2%); profit after tax 1,084, 1,278, 1,318 and 1,631 (16.2% of net revenue in FY26). FY26 gross revenue was ₹ 10,538 Cr. FY26 is highlighted with a box; exceptional item footnotes reference Code of Wages and a stamp duty provision.
Wide table with four fiscal-year column pairs (amount and % NR), FY26 column outlined, footnotes below.
Balance sheet in ₹ Cr for Sep 2025, Mar 2026 and Sep 2026. Total liabilities and total assets were 15,331, 16,382 and 17,839. Sep 2026 shareholders' equity was 12,738, gross debt 3,233, goodwill 5,004, net tangible assets 8,338, capital work-in-progress 1,025, and cash and bank balance 1,074. A footnote notes that controlling stakes in KHL and YPPL were acquired in Q1 FY27 for ₹ 386 Cr and DSO was 93 days at Sep'26 versus 87 days at Mar'26.
Three-column balance sheet table with the particulars label in the centre, Sep 2025 at left, Mar 2026 and Sep 2026 at right, footnotes underneath.
Closing slide with the text 'Thank you'.
Mostly blank white slide with the logo at top left and centred bold navy text.
Appendix divider listing two items: 1. ESG & CSR Updates and 2. Payor & Speciality profiles, Network Structure, HR, IT and Digital.
Navy panel with white title, white rule, numbered list below and teal diagonal graphic at lower right.
Divider for Appendix 1, listing ESG Highlights and CSR Initiatives.
Navy panel with white title and two-line list, teal diagonal graphic at lower right.
Environment: ISO 14001 certification for 14 hospitals, 54% water recycled in FY26 versus 50% in FY25, 7,500+ saplings planted, about 1.13 lakh GJ of renewable energy and 73% water neutrality. Social: Great Place to Work certified for 5 consecutive years, USD 8.5 Mn employee wellbeing spend, about 360K needy patients treated free, USD 26 Mn of free treatment, USD 2.5 Mn CSR spend and 12,000+ MIME trainees. Governance: five out of eight directors independent, including one woman director, and an ESG & Sustainability Committee.
Three horizontal bands (Environment, Social, Governance) each with large highlighted figures and short captions; footnotes in the bottom ribbon.
CSR initiatives during the year include the Max Medical Scholarship Seminar on Medical Ethics and partnerships for maternal and newborn health and for child health and nutrition in urban slums. Medical scholarships target up to 250 new students in Batch 4, with scholarships to 495 students awarded in total by Nov'26 end. Max Apprenticeship programmes Sashakt and Vidyarthee have provided skill training to 900+ beneficiaries in H1 FY27.
Three photo cards with teal captions across the top, two text columns for focus areas below.
Divider for Appendix 2 listing Payor & Speciality profiles, Network structure, HR initiatives and IT & Digital infrastructure.
Navy panel with white title, four-line list and teal diagonal graphic at lower right.
H1 FY27 payor mix by revenue share: Self Pay 33.3% (+13% YoY), TPA & Corporates 37.5% (+26%), Institutional 19.6% (+6%) and International 9.6% (+26%), on revenue from Healthcare Services of ₹ 5,797 Cr (+17%). Speciality mix on gross in-patient revenue of ₹ 4,875 Cr (+17%): Oncology 21.5%, Orthopedics 12.1%, Cardiac Sciences 10.1%, Neuro sciences 10.0%, Renal sciences 9.9%, Internal medicine 6.5%, Gastro-enterology 6.1% and others.
Two side-by-side donut charts with central revenue callouts and external labels, footnotes along the bottom.
Organisation chart with Max Healthcare Institute Limited at the centre. Subsidiaries include Kalinga Hospital Ltd (66.34%), Max Lab Limited, Crosslay Remedies, Hometrail Buildtech, Max Healthcare FZ-LLC (Dubai), Alexis Multi-speciality Hospital, Alps Hospital and Eqova Healthcare (60% shareholding, 40% option rights), each 100% unless stated. Managed facilities (BLK-Max, Max Hospital Dwarka, Nanavati Max) and partner societies (Balaji, Gujarmal Modi, Devki Devi, Vikrant, Nirogi) are shown with contract validity years.
Hierarchical org chart with colour coding: teal for owned entities, green for managed facilities, orange for partner facilities, plus a legend.
Four people pillars: Compassion, Excellence, Efficiency and Consistency. Highlights include Great Place to Work certification for the fifth consecutive year, 7 lakh+ hours of employee upskilling, 96% of people managers trained on psychological safety, 1 crore+ ESOPs approved under ESOP Scheme 2022 and 30,000+ employee lives touched through the medical benefits programme.
Four shield-shaped columns with circular icons and bullet lists, plus a bottom row of five highlighted programme callouts.
Four digital themes: modernisation of IT infrastructure (DR enhancement, AIOPS data centre, AI chatbot, web-based PACS), Digitization & AI (multiple radiology AI projects, 75+ low-code apps, AI speech-to-text), Data Analytics (data lake, command centre, IoT patient monitoring) and Cyber Security (ISO 27001 certification received in Oct'25, DPDP Act 2023 implementation, AI security in process).
Four-circle cycle diagram in the centre numbered 01-04, with a bullet list block in each corner.
Screenshots of home-grown command centres showing real-time outpatient and inpatient data across hospitals, a Patient App featuring OPD wait times, an AI Health Record analyzer and a Symptom Analyzer, and a Doctor App for digital management of patients. Small screenshot text is not legible at this resolution beyond the headings.
Two dark dashboard screenshots on top, two groups of mobile app screenshots below, each with an italic caption.
Table, as on September 30, 2026, of 17 hospitals (Delhi, Gurugram, Noida, Ghaziabad, Lucknow, Bhubaneshwar, Mohali, Bathinda, Dehradun, Mumbai and Nagpur) and 4 medical centres, giving 21 facilities. A note adds 9 new upcoming Network facilities in East Delhi, North-West Delhi, Gurugram, South Delhi, Maharashtra (Thane), Pune, Punjab (Mohali), Uttarakhand (Dehradun) and Uttar Pradesh (Lucknow).
Three-column table (name, location, type of facility) with alternating row shading and a bordered note box beneath.
Glossary table defining ALOS, OBDs, ARPP, Gross Revenue, Net Revenue, Gross In-patient Revenue, Contribution, Indirect overheads, Operating EBITDA, Free cash from operations, and Greenfield versus Brownfield expansion (brownfield means bed addition at or within 1 km of an existing operational Max hospital).
Two-column table with a navy header row for Term and Description, alternating shaded rows.
Describes Max Healthcare Institute Limited as one of India's largest healthcare organisations operating 21 healthcare facilities (6,000+ beds) with a significant presence in North India, plus homecare (Max@Home) and pathology (Max Labs) businesses. Investor contact panel gives the website www.maxhealthcare.in, Aakrati Porwal as Head of Investor Relations, and CDR India as the investor relations adviser.
Left justified text column with three paragraphs, right shaded contact panel listing website, names, phone numbers and emails.
Common questions about this slide and the underlying presentation content.
It is dated November 13, 2026 and focuses on the second quarter (Q2 FY27) and first half (H1 FY27) of Max Healthcare's fiscal year 2027, with comparisons to Q2 FY26, Q1 FY27 and H1 FY26, an annual trend for FY23 to FY26 and a balance sheet for Sep 2025, Mar 2026 and Sep 2026. India's fiscal year runs from April to March, so Q2 FY27 is July to September 2026 and H1 FY27 is April to September 2026.
For Q2 FY27, net revenue was ₹ 3,055 crore (+18% YoY), operating EBITDA ₹ 820 crore (26.8% of net revenue) and profit after tax ₹ 448 crore. For H1 FY27, net revenue was ₹ 5,890 crore (+17%), operating EBITDA ₹ 1,524 crore and profit after tax ₹ 805 crore. The company reports 6,000+ beds across 21 facilities, 76% H1 FY27 occupancy and a market cap of about ₹ 0.9 lakh crore (Indian rupees) or $9.4 billion.
It was filed with BSE and NSE as an 'Investor Presentation' announcement by Max Healthcare Institute Ltd (NSE: MAXHEALTH, BSE: 543220), an Indian hospital chain. The exchange cover letter has been removed from this PDF, so the deck starts with the title slide.
The deck has 40 pages. The contents slide lists four sections: Company overview (page 4), Key growth drivers (page 13), Financial highlights (page 20) and Appendix (page 28). The appendix covers ESG highlights, CSR initiatives, payor and speciality profiles, holding structure, HR, IT and digital infrastructure, a facility list and definitions.
It shows capacity of 6,024 beds in Aug '26 and a potential to expand by 8,900+ beds, reaching about 15,000 beds in total. Bed additions are 601 in FY27, 500 in FY28, 851 in FY29 and 2,631 in FY30 (10,607 up to FY30), with a further 4,350+ potential from FY31. Estimated outflow for projects underway is ₹ 7,362 crore.
Max Lab is the non-captive pathology business (net revenue ₹ 201 crore in FY26, 690+ collection centres), Max@Home is the homecare business (gross revenue ₹ 263 crore in FY26 and ₹ 165 crore in H1 FY27) and Max MyHealth is the proprietary digital platform with 1,63,000+ monthly active users. Each has a dedicated page in the Key growth drivers section.
Yes, you can browse all 40 pages on 2slides and use the slides as a layout and storytelling reference for building your own investor presentation, for example for company overview, capacity pipeline, quarterly P&L and ESG pages. The original content belongs to Max Healthcare, and the deck's disclaimer restricts redistribution, so replace the company content with your own before presenting.
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