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Earnings update – Q2 & H1 FY27 October 30, 2026
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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 economic performance. While these forward-looking statements indicate our assessment and future expectations concerning the development of our business, a number of risks, uncertainties and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market conditions, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with us, regulatory developments, and other key factors beyond the control of MHIL, such as lockdowns etc. that could adversely affect our business and financial performance. MHIL undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events or circumstances. In addition, this presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The financial information outlined in this presentation is different from that of the consolidated financials of MHIL since the financial information of the Partner Healthcare Facilities (PHFs) is included in this presentation and hence might not meet statutory, regulatory or other audit or similar stipulated requirements. Further, the financial information contained in this presentation is based on the unaudited financials of the Company, its subsidiaries, Managed Healthcare Facilities along with the unaudited financial information (prepared under IGAAP) of the PHFs as received from such partners and updated for intra-network eliminations and IND AS related adjustments. The financial information relating to PHFs post IND AS adjustments, have neither been verified by the Company nor by its Subsidiaries or its auditors. Accordingly, to that extent, limited reliance should be placed on the financial information of such PHFs included in this presentation. MHIL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. This presentation should not be copied or disseminated in any manner. The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or recommendation or solicitation of an offer to subscribe to securities for or invitation to purchase any securities of MHIL. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment, whatsoever. 2
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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 operate hospitals and act in concert with other Max Hospitals to provide high end medical care to the communities. MHIL Group carries significant financial exposure to these Societies, who are treated as Partner Healthcare Facilities (“PHF”) and form part of Network Hospitals. Given the financial exposure, operating model and to present correct performance indicators, it is considered appropriate by MHIL management to also disclose the financial performance of the Network Hospitals as a whole, by way of a certified memorandum consolidation of financial results of operations of MHIL, its subsidiaries, managed healthcare facilities and PHFs (all these entities combined together are referred as “Network”). 2. The financial information contained in this presentation is thus different from that of the MHIL Group since the financials of Partner Healthcare Facilities (PHFs) are also included. The information is drawn up based on the management consolidation of the reviewed financials of the Company, its subsidiaries, Managed Healthcare Facilities and those of the PHFs (prepared under IGAAP), duly adjusted for intra-network eliminations and IND AS related adjustments. Such consolidated financial information is then certified by an independent firm of chartered accountants. 3. Healthcare undertaking of Radiant Life Care Private Limited (“Radiant”) and residual business of erstwhile Max India Limited merged into Max Healthcare Institute Limited (“MHIL” or “the Company”) through an NCLT approved Composite Scheme of Amalgamation and Arrangement on June 1, 2020. The Group, while accounting for the Business Combination under reverse merger carried out a fair valuation exercise, leading to an increase of ₹ 3,662 Cr in carrying value of tangible and intangible assets, including ₹ 252 Cr attributable to PHF, with a corresponding increase in Equity and Liabilities. This represented a notional increase in capital employed, without any investment in/by the Company. Subsequently, the Company acquired additional subsidiaries (including a step-down subsidiary) from time to time. These acquisitions were also accounted for as Business Combinations, with Purchase Price Allocation exercises undertaken for each acquisition. As a result, the carrying value of tangible and intangible assets has further increased by ₹ 385 crore over and above the investment value recognized for these acquisitions. 4. The Profit and Loss statement in this Earnings Update is prepared after line by line consolidation of the financials of MHIL, its subsidiaries, deemed separate entities/silos and PHFs, after eliminating intra Network transactions, in an investor friendly format. 5. In order to better explain the financial results, the exceptional items and material items, which don’t truly represent the operating income/expenditure and are non-cash in nature, have been reported separately to reflect the Operating EBITDA performance of the Network. The numbers are regrouped to meet industry specific information requirement of Investors. Further, the Profit after tax includes the impact of change in other comprehensive income and thus reflects Total Comprehensive Income for the period 3
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Content Q2 FY27 Highlights 5 About the Company 34 Other Business Highlights 18 H1 FY27 Highlights 21 4
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Q2 FY27 Highlights 5
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Executive Summary: Q2 FY27 (1/2) Operational bed capacity as at end of Sep’26 stood at 5,518 beds. Accordingly, 758 beds have been added in last 12 months, mainly at MSSH Mohali, Max Smart, Nanavati-Max, MSSH Lucknow and MSSH Bhubaneswar Average occupancy was 77% in both Q2 FY27 and Q2 FY26, compared to 75% in Q1 FY27 Occupied beds per day grew to 4,189 in Q2 FY27 as compared to 3,709 in Q2 FY26; reflecting a growth of +13% YoY Gross Revenue for the Network was ₹ 3,219 Cr compared to ₹ 2,692 Cr in Q2 FY26 and ₹ 2,982 Cr in Q1 FY27; reflecting a growth of +20% YoY and +8% QoQ Average Revenue per Patient (ARPP)(1) for the quarter was ₹ 2.31 lakhs (+8% YoY) compared to ₹ 2.14 lakhs in Q2 FY26 Discontinuation of select chemotherapy drugs for institutional patients led to a drop in share of Oncology in IPD revenues to 21% from 26% in Q2 FY26. Excluding Oncology services, the Gross Revenue grew by +25% YoY Profit after Tax for the network was ₹ 448 Cr versus ₹ 406 Cr in Q2 FY26 (normalized for one-time tax gain of ₹ 149 Cr) and ₹ 357 Cr in Q1 FY27, reflecting a growth of +10% YoY and +26% QoQ PAT margin (2) for the quarter stood at 14.7% compared to 15.7% in Q2 FY26 Free cash from operations(3) stood at ₹ 500 Cr compared to ₹ 291 Cr in Q2 FY26 and ₹ 397 Cr in Q1 FY27. Of this, ₹ 292 Cr was invested in ongoing expansion plans and ₹ 195 Cr was disbursed towards dividend. Further, ₹ 2 Cr was received from the exercise of ESOPs Net Debt(4) at the end of Sep’26 was ₹ 2,369 Cr (as at Jun’26: ₹ 2,384 Cr) Network Financial Highlights Update on Recent Transactions and Organic addition to bed capacity MSSH Dwarka has commenced services at the Oncology Block. The facility comprises of Chemotherapy Day Care Unit, Dialysis Centre, LINAC, PET-CT and Pathology Lab. The commissioning of Oncology Block will enable the main hospital to reach a total bed capacity of 318 beds in the course of Q3 FY27 Consequent to the rights issue of Kalinga Hospital Limited (KHL) and secondary purchase of 50,000 shares, the Company’s shareholding in KHL increased from ~58.28% to ~66.34% during the quarter. KHL, in which the Company acquired a controlling stake on May 18, 2026, owns and operates a 250 bed hospital in Bhubaneswar The Board approved capital expenditure of ₹ 415 Cr for addition of 209 brownfield beds across various existing hospitals to augment capacity. This includes 85 beds at MSSH Noida and 60 beds at MSSH Vaishali. At BLK-Max, 64 beds will be added along with a Multi-Level Car Parking tower to support the increasing patient and visitor footfall (1) Avg Revenue per IP Patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy | (2) Margin calculated on Net Revenue | (3) After interest, tax, working capital changes and routine capex | (4) After considering term loans, cash credit and put option liability 6
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Executive Summary: Q2 FY27 (2/2) Clinical, Research and Academics Highlights Clinical update: ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date MSSH Dehradun successfully performed its first liver transplant in a 46 year old patient, marking a significant milestone in establishing advanced transplant services in the region At MSSH Dwarka, a 63 year old patient from Cambodia with HBV-related cirrhosis, hepatocellular carcinoma and end- stage renal disease successfully underwent a simultaneous living donor liver-kidney transplant Research and academics: 900+ clinical research projects completed till date, ~155 ongoing 123 scientific publications in high impact factor journals during Q2 FY27 International patient revenue was ₹ 307 Cr compared to ₹ 231 Cr in Q2 FY26 and ₹ 247 Cr in Q1 FY27, reflecting growth of +33% YoY and +25% QoQ. This accounted for ~10% of the hospital revenue ALOS(1) for the quarter stood at 3.9 days, same as Q2 FY26 and Q1 FY27 Institutional patient bed share dropped to 29.3% compared to 34.0% in Q2 FY26 and 32.3% in Q1 FY27 OP consults stood at 11.4 lakhs, reflecting a growth of +13% YoY 31 lakhs episodes of patient services (OP, IP and day care) recorded across the Network during the quarter Digital revenue from online marketing activities, web-based appointments and digital lead management was ₹ 1,099 Cr, i.e., ~34% of the Gross Revenue. Website traffic during the quarter grew by +44% YoY to 114 lakhs+ sessions Max Lab reported revenue of ₹ 66 Cr, registering a growth of +24% YoY and +15% QoQ. Max Lab services are now available across 63+ cities and it offers a comprehensive range of over 2,700+ tests Max@Home revenue was ₹ 86 Cr, a growth of +37% YoY and +10% QoQ. YoY growth was driven mainly by physio & rehab and pathology sample collections service lines Free treatment: 55,296 OPD consultations and 1,738 IPD admissions were provided to patients from economically weaker sections by the Network Hospitals, worth ~₹ 90 Cr (+47% YoY) at hospital tariff in Q2 FY27 Operational & Other Highlights for Network (1) ALOS calculated based on total OBDs and IP patients discharged 7
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Update on MSSH Bhubaneswar (erstwhile Kalinga Hospital) 8
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KHL became a subsidiary of the Company on 18 May 2026, marking Max Healthcare's strategic entry into the Odisha healthcare market and establishing a platform for long term growth in Eastern India 250 bed hospital located in Chandrasekharpur has been rebranded as Max Super Speciality Hospital, Bhubaneswar In September 2026, KHL undertook a rights issue to part- finance the upgradation of its facilities and renewal of medical technology, consequent to which the Company’s shareholding increased from ~58.28% to ~66.34% In Q2 FY27, the hospital reported revenue of ~₹ 38 Cr and EBITDA of ~₹ 4 Cr. Average occupancy during the period stood at 52%. Presently, 80 beds are shut for renovation and a large part of these would be available by Dec’26 Update on MSSH Bhubaneswar 9 MSSH Bhubaneswar is being integrated into the Max Hospital network, with the Hospital Information System and ERP platforms, aligned with those deployed across the network effective August 1, 2026. The integration is expected to drive greater standardization of processes, improved visibility and controls, and operational efficiencies. In addition, a new leadership team comprising of the Facility Head, CFO, Chief Nursing Officer, Medical Superintendent and Head of Sales & Marketing has been put in place to drive operational and clinical excellence A facility upgradation program is underway, encompassing refurbishment and modernization of clinical infrastructure, procurement of advanced medical equipment and augmentation of utility and engineering infrastructure in order to provide best-in-class healthcare services in the region. Under the program, 6 OTs, 7 ICU beds and 37 ward beds are targeted for completion by Dec'26. Administrative offices, dialysis facilities, structural strengthening and radiology area are also under revamp The hospital has strengthened its Gastroenterology, GI Surgery, Neurosurgery and Orthopaedics departments through the addition of experienced clinical talent, further enhancing its specialty care capabilities and service offerings The focus is to improve clinical outcomes, enhance patient experience and support sustainable improvements in revenue through expansion of the consultant base, improved occupancy and enhancement of case/payor mix
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Highlights 10
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Key Financial Highlights Gross Revenue (₹ Cr) Profit After Tax (PAT)(1) (₹ Cr) Profit after Tax Margin(2) 2,692 2,982 3,219 Q2 FY26 Q1 FY27 Q2 FY27 20% 406 357 448 Q2 FY26 Q1 FY27 Q2 FY27 10% Q2 FY26 Q1 FY27 Q2 FY27 15.7% 12.6% 14.7% Operational Beds at Exit Quarter End 4,760 5,379 5,518 Q2 FY26 Q1 FY27 Q2 FY27 (1) PAT in Q2 FY26 normalized for one-time tax gain of ₹ 149 Cr | (2) Margin calculated on Net Revenue 16% 11 Excluding Oncology services, the Gross Revenue grew by +25% YoY
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ARPP(1) (₹ lakhs/patient) Inpatient Volumes(2) ALOS(3) (in days) (1) Avg Revenue per IP Patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy | (2) Inpatient Volumes are calculated basis number of patients discharged | (3) ALOS calculated based on total OBDs and IP patients discharged 2.14 2.30 2.31 Q2 FY26 Q1 FY27 Q2 FY27 8% 87,629 91,326 98,464 Q2 FY26 Q1 FY27 Q2 FY27 12% 3.9 3.9 3.9 Q2 FY26 Q1 FY27 Q2 FY27 Outpatient consults (‘000) 1,010 1,047 1,144 Q2 FY26 Q1 FY27 Q2 FY27 13% Key Operational Highlights 12
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Speciality Profile Q2 FY27Q2 FY26 Gross IP revenue ₹ 2,529 Cr Gross IP revenue ₹ 2,124 Cr Note: Excludes OP and day care revenue, revenue from SBUs and other operating income ^ Includes Dialysis * Includes chemotherapy and radiotherapy; the share has come down due to discontinuation of high value patented drugs for institutional patients and drop in Institutional bed share 25.7% 10.3% 10.5% 9.3% 9.4% 6.9% 4.6% 5.3% 3.8% 3.6% 5.8% 4.6% Oncology* Cardiac sciences Orthopedics Neuro sciences Renal sciences^ Internal medicine MAS and general surgery OBGY and pediatrics Liver and biliary sciences Pulmonology Gastroentrology Others 20.9% 10.1% 11.4% 10.2% 10.0% 7.3% 5.0% 5.4% 4.1% 4.3% 6.2% 5.1% Oncology* Cardiac sciences Orthopedics Neuro sciences Renal sciences^ Internal medicine MAS and general surgery OBGY and pediatrics Liver and biliary sciences Pulmonology Gastroentrology Others 13
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Payor Profile Note: Excludes revenue from SBUs and other operating income ^Insurance share in Q2 FY26 was impacted by disruption of cashless services for policyholders of standalone health insurers *Institutional share declined owing to the disempanelment of CGHS and ECHS at certain hospitals Share of Revenue Q2 FY27Q2 FY26 34.1% 37.3% 10.2% 18.4% Self Pay Insurance & corporates^ International Institutional* 35.5% 33.8% 9.2% 21.5% 14
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Network P&L Statement: Q2 FY27 Figs in ₹ Cr (1) The improvement in contribution was primarily driven by lower material costs, aided by a reduction in Institutional bed share and a favorable shift in the treatment mix | (2) Indirect overheads for Q2 FY27 include ₹ 17 Cr relating to MSSH Bhubaneswar. The YoY increase is attributable to higher HCF fees in line with growth in international patient revenues, higher provision for doubtful debts due to aged debts and additional people costs associated with beds commissioned at MSSH Mohali, Max Smart, MSSH Lucknow, and Nanavati-Max | (3) Finance costs include a ₹ 10 Cr mark-to-market gain on derivatives related to the fully hedged ECB, recognized under OCI | (4) Depreciation and amortization is higher due to capitalization of brownfield projects at MSSH Mohali, Nanavati-Max, Max Smart and expansion at MSSH Lucknow | (5) The effective tax rate stood at 22.7% in Q2 FY27 versus 21.1% (normalized) in Q2 FY26 and 24.4% in Q1 FY27 | (6) PAT growth % normalized for one-time tax gain of ₹ 149 Cr Q2 FY26 Q1 FY27 Q2 FY27 YoY GrowthAmount % NR Amount % NR Amount % NR Gross revenue 2,692 2,982 3,219 Net revenue 2,580 100.0% 2,835 100.0% 3,055 100.0% 18% Direct costs 1,060 41.1% 1,179 41.6% 1,241 40.6% 17% Contribution(1) 1,520 58.9% 1,656 58.4% 1,814 59.4% 19% Indirect overheads(2) 826 32.0% 951 33.6% 995 32.6% 20% Operating EBITDA 694 26.9% 704 24.8% 820 26.8% 18% Less: ESOP (Equity-settled Scheme) 12 0.5% 14 0.5% 15 0.5% Movement in fair value of contingent consideration payable and amortisation of contract assets 6 0.2% 8 0.3% 8 0.3% Reported EBITDA 677 26.2% 683 24.1% 797 26.1% 18% Finance cost (Net)(3) 41 1.6% 61 2.2% 56 1.8% Depreciation and amortisation(4) 122 4.7% 150 5.3% 162 5.3% Profit before tax 514 19.9% 472 16.6% 580 19.0% 13% Tax(5) (41) (1.6%) 115 4.1% 132 4.3% Profit after tax(6) 554 21.5% 357 12.6% 448 14.7% 10% 15
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MHIL, its subsidiaries & Silos Partner Healthcare Facilities ("PHF") Financials (IGAAP Unaudited)* IND AS Adjustment(1) Eliminations(2) & Adjustment* MHC Network (Consolidated) (Certified by an ICA)IND AS Unaudited Balaji Society GM Modi Society (Hospital) Devki Devi Society Net revenue from operations 2569 200 250 214 - (188) 3046 Other income(3) 8 2 2 2 - (5) 10 Total operating income 2578 202 252 216 - (193) 3055 Pharmacy, drugs, consumables & other direct costs 515 44 55 59 - 48 722 Employee benefits expense(4) 384 25 23 22 - (1) 454 Other expenses(5) 935 145 134 114 (3) (266) 1060 Total expenses 1835 215 212 195 (3) (218) 2236 Operating EBITDA 743 (12)(7) 40 21 3 25(7) 820 Less: ESOP (Equity-settled Scheme) 15 - - - - - 15 Movement in fair value of contingent consideration payable and amortisation of contract assets 8 - - - - - 8 Reported EBITDA 720 (12) 40 21 3 25 797 Net Finance costs/(income)(6) 31 (2) 20 2 0 4 56 Depreciation & Amortisation 138 6 18 7 2 (9) 162 Profit/ (Loss) before tax 551 (16) 2 12 0 30 580 Tax 129 - - - - 3 132 Profit after tax 422 (16) 2 12 0 27 448 Figs in ₹ Cr *MHIL Network has service agreements with these entities and doesn’t own or control these in terms of Ind AS 110. Further, two PHFs i.e., Nirogi Society & Vikrant Foundation have not been reflected separately and included in the Eliminations & Adjustments due to negligible operational revenues (1) Mainly accounting for leases at PHFs | (2) Eliminations relate to revenue from PHFs and intra-network sale/purchase. Also includes consequential impact on amortisation due to reversal of Intangible assets recognized at MHIL & its subsidiaries for contracts with PHFs | (3) Other income includes income from EPCG, unclaimed balances written back, donations & contributions, scrap sale, income from F&B outlets, etc. | (4) includes movement in OCI for actuarial valuation impact but excludes ESOP expenses | (5) Includes professional & consultancy fees, provision for doubtful debts but excludes movement in fair value of contingent consideration and amortisation of contract assets which is reflected below Operating EBITDA | (6) Finance costs includes gain/(loss) due to fair valuation of derivatives consequent to hedge accounting of fully hedged ECB, reported under OCI | (7) After ₹ 25 Cr donation by Balaji Society to Nirogi Society to aid development of ~400 bed hospitals in Patparganj Q2 FY27: Memorandum Consolidation of Network P&L 16
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Gross Revenue from Network Hospitals, by Region 1,639 661 335 182 236 1,543 617 291 175 204 1,439 537 257 150 172 Delhi Uttar Pradesh Maharashtra Punjab Others(2) 2,676 1,247 596 490 509 Gross Revenue(1) (₹ Cr) Operational beds (as of Sep’26) (1) Excludes revenue from Max Lab operations, Max@Home and other SBUs | (2) Represents MSSH Dehradun, MSSH Gurugram and MSSH Bhubaneswar Occupancy % (during Q2 FY27) 79% 79% 72% 69% 70% Q2 FY27 Q1 FY27 Q2 FY26 17
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Other Business Highlights 18
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Gross Billing Value (₹ Cr) Gross Billing Value (GBV) is the amount billed to patients; Net Revenue represents GBV minus partner share; (1) Margin computed on Net Revenue, revenue share between Max Lab & hospitals is split 60:40 from FY23 onwards for samples tested in hospital labs EBITDA(1) (₹ Cr) 0% 5% 10% 15% 20% 0 2 4 6 8 7.6 Q2 FY26 6.3 13% Q3 FY26 8.6 17% Q4 FY26 8.4 15% Q1 FY27 10.0 15% Q2 FY27 EBITDA EBITDA margin (%) No. of Bills (‘000) & Avg. net realisation per bill (₹) 891 952 906 925 947 0 500 1,000 0 200 400 600 800 1,000 601 Q2 FY26 501 Q3 FY26 576 Q4 FY26 625 Q1 FY27 702 Q2 FY27 No. of bills Average realization per bill (INR) Net Revenue (₹ Cr) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 54 47 52 58 66 24% 990+ Pick-Up Points (PUPs) 23% Q2 YoY Growth in Digital Revenue 7+ lakh No. of patients served in Q2 FY27 63+ Cities of operations Operational footprint (as of Sept’ 30, 2026) 690+ Collection centres 55 Test Processing Labs 14% 1 2 3 4 5Q2 FY 26 Q3 FY 26 Q4 FY26 Q1 FY 27 Q2 FY27 92 81 85 95 108 17% 19 Max Lab: Key performance indicators
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Max@Home: Key performance indicators Gross Revenue (₹ Cr) Note: ^Assistance Service Line Incl. Critical Care, Nursing Care, Attendants, & Physiotherapy@Home | #Transactional Service Line incl. Medicine Delivery, Pathology, & Radiology@Home 16 Specialised Service Lines 27 61 76 70 110 139 172 212 263 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 33% ~2,000 Strong Team QAI Accredited (ISQua member) ~158 Medical Rooms 15 Cities of Operations 56%+ Repeat Transactional Service patient share over 1 year Key Service Lines (Rev Mix YoY) Quarterly Gross Revenue Trend (₹ Cr) Key Pointers (as of Sept’ 30, 2026) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 63 68 73 78 86 37% No. of Bills (‘000) & Avg. net realisation per bill (₹) 1,581 1,683 1,737 1,763 1,852 0 500 1,000 1,500 2,000 0 100 200 300 400 420 Q1 FY27 445 Q2 FY27 467 Q2 FY26 400 Q3 FY26 401 Q4 FY26 No. of bills Average realization per bill (₹) Assistance^ Transactional# Medical Room Rehab 32% 38% 8% 31% 30% 28% 25% Q2 FY26 7% Q2 FY27 20
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H1 FY27 Highlights 21
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Executive Summary: H1 FY27 (1/2) Operational bed capacity as at end of Sep’26 stood at 5,518 beds. Accordingly, 758 beds have been added in last 12 months, mainly at MSSH Mohali, Max Smart, Nanavati-Max, MSSH Lucknow and MSSH Bhubaneswar Average occupancy was 76% in both H1 FY27 and H1 FY26 Occupied beds per day grew to 4,055 in H1 FY27 as compared to 3,633 in H1 FY26; reflecting a growth of +12% YoY Gross Revenue for the Network was ₹ 6,200 Cr compared to ₹ 5,266 Cr in H1 FY26; reflecting a growth of +18% YoY Average Revenue per Patient (ARPP)(1) was ₹ 2.30 lakhs (+7% YoY) compared to ₹ 2.15 lakhs in H1 FY26 Discontinuation of select chemotherapy drugs for institutional patients led to a drop in share of Oncology in IPD revenues to 22% from 26% in H1 FY26. Excluding Oncology services, the Gross Revenue grew by +23% YoY Profit after Tax for the network was ₹ 805 Cr versus ₹ 750 Cr in H1 FY26 (normalized for one-time tax gain of ₹ 149 Cr), reflecting a growth of +7% YoY Net profit margin(2) like-to-like stood at 13.7%, compared to 14.9% in H1 FY26 Free cash from operations(3) stood at ₹ 897 Cr compared to ₹ 679 Cr in H1 FY26. Of this, ₹ 386 Cr was deployed towards the acquisition of KHL and YPPL, while ₹ 629 Cr was invested in ongoing expansion plans and ₹ 195 Cr was disbursed towards dividend. Further, ₹ 5 Cr was received from the exercise of ESOPs Net Debt(4) at the end of Sep’26 was ₹ 2,369 Cr (as at Mar’26: ₹ 1,908 Cr) Network Financial Highlights (1) Avg Revenue per IP Patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy | (2) Margin calculated on Net Revenue | (3) After interest, tax, working capital changes and routine capex | (4) After considering term loans, Cash Credit & Put Option Liability Update on Recent Transactions and Organic addition to bed capacity MSSH Dwarka has commenced services at the Oncology Block. The facility comprises of Chemotherapy Day Care Unit, Dialysis Centre, LINAC, PET-CT and Pathology Lab. The commissioning of Oncology Block will enable the main hospital to reach a total bed capacity of 318 beds in the course of Q3 FY27 The Board approved capital expenditure of ₹ 415 Cr for addition of 209 brownfield beds across existing hospitals to augment capacity. This includes 85 beds at MSSH Noida and 60 beds at MSSH Vaishali. At BLK-Max, 64 beds will be added along with a Multi-Level Car Parking tower to support the increased patient and visitor footfall The Company acquired a controlling stake (currently holds ~66.34% consequent to rights issue & secondary purchase of shares) in Kalinga Hospital Limited on 18 May 2026 for ~₹ 298 Cr. KHL operates a 250 bed multispecialty hospital in Bhubaneswar, Odisha, on a prime 10 acre land parcel On 30 June 2026, the Company acquired 100% of Class A equity shares in YPPL, representing 100% voting rights and ~50.2% economic interest. Preliminary municipal approval has been received for a proposed 450 bed hospital in Pune on YPPL's prime land parcel, with building plans under finalization The Board approved a ₹ 425 Cr brownfield expansion at MSSH Vaishali, adding 202 beds to the existing 387 bed capacity. Construction has commenced following approval of building plans, with commissioning targeted in Q4 FY30 22
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Executive Summary: H1 FY27 (2/2) Clinical, Research and Academics Highlights Clinical update: ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date At MSSH Dwarka, a 63 year old patient from Cambodia with HBV-related cirrhosis, hepatocellular carcinoma and end- stage renal disease successfully underwent a simultaneous living donor liver-kidney transplant A 52 year old patient with severe disease affecting three heart valves and a large ascending aortic aneurysm underwent a rare single stage 11-hour surgery at MSSH Mohali: two valves replaced, one repaired and the aorta reconstructed Max Smart successfully performed complex double-sleeve left upper lobectomy with bronchial and vascular reconstruction in a 38-year-old patient from Kenya with centrally located adenoid cystic carcinoma Research and academics: 900+ clinical research projects completed till date, ~155 ongoing 246 scientific publications in high impact factor journals during H1 FY27 International patient revenue was ₹ 554 Cr compared to ₹ 440 Cr in H1 FY26, reflecting growth of +26% YoY. This accounted for ~10% of the hospital revenue ALOS(1) for the half year stood at 3.9 days same as in H1 FY26 Institutional patient bed share stood at 30.7% compared to 34.1% in H1 FY26 OP consults stood at 21.9 lakhs, reflecting a growth of +12% YoY 59 lakhs episodes of patient services (OP, IP and day care) recorded across the Network during H1 FY27, reflecting a growth of +11% YoY Digital revenue from online marketing activities, web-based appointments and digital lead management was ₹ 2,040 Cr, i.e. ~33% of the Gross Revenue Max Lab reported revenue of ₹ 124 Cr, registering a growth of +22% YoY. Max Lab services are now available across 63+ cities and it offers a comprehensive range of over 2,700+ tests Max@Home revenue was ₹ 165 Cr, a growth of +34% YoY. YoY growth was driven by physio & rehab, nursing care & attendants (Assistance Services) and sample collection & medicine delivery (Transactional Services) Free treatment: 1,09,482 OPD consultations and 3,671 IPD admissions were provided to patients from economically weaker sections by the Network Hospitals, worth ~₹ 168 Cr (+36% YoY) at hospital tariff in H1 FY27 Operational & Other Highlights for Network (1) ALOS calculated based on total OBDs and IP patients discharged 23
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Key Financial Highlights Gross Revenue (₹ Cr) Profit After Tax (PAT)(1) (₹ Cr) Profit after Tax Margin(2) 5,266 6,200 H1 FY26 H1 FY27 18% 750 805 H1 FY26 H1 FY27 7% H1 FY26 H1 FY27 14.9% 13.7% Operational Beds at Exit Quarter End 4,760 5,518 H1 FY26 H1 FY27 16% (1) PAT in H1 FY26 normalized for one-time tax gain of ₹ 149 Cr | (2) Margin calculated on Net Revenue 24 Excluding Oncology services, the Gross Revenue grew by +23% YoY
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Key Operational Highlights ARPP(1) (₹ lakhs/patient) Inpatient Volumes(2) ALOS(3) (in days) (1) Avg Revenue per IP Patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy | (2) Inpatient Volumes are calculated basis number of patients discharged | (3) ALOS calculated based on total OBDs and IP patients discharged 3.9 3.9 H1 FY26 H1 FY27 Outpatient consults (‘000) H1 FY26 H1 FY27 1,948 2,191 12% 2.15 2.30 H1 FY26 H1 FY27 7% 1,70,886 1,89,790 H1 FY26 H1 FY27 11% 25
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Speciality Profile H1 FY27H1 FY26 Gross IP revenue ₹ 4,875 Cr Gross IP revenue ₹ 4,165 Cr Note: Excludes OP and day care revenue, revenue from SBUs and other operating income ^ Includes Dialysis * Includes chemotherapy and radiotherapy; the share has come down due to discontinuation of high value patented drugs for institutional patients and drop in Institutional bed share 25.7% 10.4% 11.1% 9.0% 9.5% 6.5% 4.8% 5.3% 3.7% 3.5% 5.6% 4.8% Oncology* Cardiac sciences Orthopedics Neuro sciences Renal sciences^ Internal medicine MAS and general surgery OBGY and pediatrics Liver and biliary sciences Pulmonology Gastroentrology Others 21.5% 10.1% 12.1% 10.0% 9.9% 6.5% 5.0% 5.4% 4.0% 4.1% 6.1% 5.2% Oncology* Cardiac sciences Orthopedics Neuro sciences Renal sciences^ Internal medicine MAS and general surgery OBGY and pediatrics Liver and biliary sciences Pulmonology Gastroentrology Others 26
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Payor Profile 33.3% 37.5% 9.6% 19.6% 34.7% 34.8% 8.9% 21.6% Note: Excludes revenue from SBUs and other operating income ^Insurance share in Q2 FY26 was impacted by disruption of cashless services for policyholders of standalone health insurers *Institutional share declined owing to the disempanelment of CGHS and ECHS at certain hospitals Share of Revenue H1 FY27H1 FY26 Institutional*Self Pay TPA & corporates^ International 27
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P&L Statement: H1 FY27 Figs in ₹ Cr (1) The improvement in contribution was primarily driven by lower material costs, aided by a reduction in Institutional bed share and a favorable shift in the treatment mix | (2) Indirect overheads for H1 FY27 include ₹ 27 Cr relating to MSSH Bhubaneswar. The YoY increase is attributable to higher HCF fees in line with growth in international patient revenues, increased provision for doubtful debts and additional manpower costs associated with beds commissioned at MSSH Mohali, Max Smart, MSSH Lucknow and Nanavati-Max | (3) Finance costs for Q2 FY27 include a ₹ 10 Cr mark-to-market gain on derivatives related to the fully hedged ECB, recognised under OCI | (4) Depreciation and amortisation is higher due to capitalization of brownfield projects at MSSH Mohali, Nanavati-Max, Max Smart and expansion at MSSH Lucknow | (5) The effective tax rate stood at 23.5% in H1 FY27 versus 21.4% in H1 FY26 | (6) PAT growth % normalized for one-time tax gain of ₹ 149 Cr H1 FY26 H1 FY27 YoY GrowthAmount % NR Amount % NR Gross revenue 5,266 6,200 Net revenue 5,039 100.0% 5,890 100.0% 17% Direct costs 2,075 41.2% 2,420 41.1% 17% Contribution(1) 2,964 58.8% 3,470 58.9% 17% Indirect Overheads(2) 1,657 32.9% 1,946 33.0% 17% Operating EBITDA 1,308 25.9% 1,524 25.9% 17% ESOP (Equity-settled Scheme) 27 0.5% 29 0.5% Movement in fair value of contingent consideration payable and amortisation of contract assets 13 0.2% 16 0.3% Reported EBITDA 1,268 25.2% 1,480 25.1% 17% Finance cost/(income)(3) 75 1.5% 117 2.0% Depreciation and amortisation(4) 239 4.7% 312 5.3% Profit / (Loss) before tax 954 18.9% 1,051 17.8% 10% Tax(5) 55 1.1% 247 4.2% Profit after tax(6) 899 17.8% 805 13.7% 7% 28
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H1 FY27: Memorandum Consolidation of Network P&L MHIL, its subsidiaries & Silos Partner Healthcare Facilities ("PHF") Financials (IGAAP Unaudited)* IND AS Adjustment(1) Eliminations(2) & Adjustment* MHC Network (Consolidated) (Certified by an ICA)IND AS Unaudited Balaji Society GM Modi Society Devki Devi Society Net revenue from operations 4935 399 453 440 - (354) 5873 Other income(3) 14 3 4 5 - (9) 17 Total operating income 4949 402 457 445 - (363) 5890 Pharmacy, drugs, consumables & other direct costs 1029 92 102 123 - 87 1431 Employee benefits expense(4) 758 51 45 43 - (1) 897 Other expenses(5) 1794 254 248 222 (6) (473) 2038 Total expenses 3581 397 395 387 (6) (388) 4366 Operating EBITDA 1368 6(7) 62 58 6 25(7) 1524 Less: ESOP (Equity-settled Scheme) 29 - - - - - 29 Movement in fair value of contingent consideration payable and amortisation of contract assets 16 - - - - - 16 Reported EBITDA 1324 6 62 58 6 25 1480 Finance costs (net) 73 (5) 36 4 1 7 117 Depreciation & Amortisation 269 13 32 13 4 (20) 312 Profit before tax 981 (2) (6) 41 1 37 1051 Tax(6) 241 - - - - 6 247 Profit after tax 741 (2) (6) 41 1 31 805 Figs in ₹ Cr *MHIL Network has service agreements with these entities and doesn’t own or control these in terms of Ind AS 110. Further, two PHFs i.e., Nirogi Society and Vikrant Foundation, have not been reflected separately and included in the Eliminations & Adjustments due to negligible operational revenues (1) Mainly accounting for leases at PHFs | (2) Eliminations relate to revenue from PHFs and intra-network sale/purchase. Also includes consequential impact on amortisation due to reversal of Intangible assets recognized at MHIL & its subsidiaries for contracts with PHFs | (3) Other income includes income from EPCG, unclaimed balances written back, donations & contributions, scrap sale, income from F&B outlets, etc. | (4) includes movement in OCI for actuarial valuation impact but excludes ESOP expenses | (5) Includes professional & consultancy fees, provision for doubtful debts but excludes movement in fair value of contingent consideration and amortisation of contract assets which is reflected below Operating EBITDA | (6) Finance costs in Q2 FY27 include gain/(loss) due to fair valuation of derivatives consequent to hedge accounting of fully hedged ECB, reported under OCI | (7) After ₹ 25 Cr donation by Balaji Society to Nirogi Society in line with the donation agreement executed earlier 29
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Network Balance Sheet(1) (Includes Managed & Partner Healthcare Facilities*) Figs in ₹ Cr As at Mar 26 As at Sep 26** Shareholders' Equity (incl. corpus) 12,088 12,738 Non-Controlling Interest(2) - 201 Gross Debt 2,924 3,233 Deferred / Contingent Consideration Payable(3) 484 510 Put Option Liability(4) 106 210 Lease Liabilities 589 598 Deferred Tax Liability (net) 191 350 Total Liabilities 16,382 17,839 Goodwill 4,803 5,004 Net tangible Assets (incl. investment property) 7,702 8,338 Capital work-in progress 848 1,025 Intangible Assets (incl. brand and O&M rights) 700 708 Right of Use Assets 1,367 1,721 Cash & Bank balance 1,122 1,074 Trade Receivables (Net)(5) 1,155 1,437 Inventories 143 164 Investments 6 6 Net Current & Non-Current Assets / (Liabilities)(6) (1,463) (1,636) Total Assets 16,382 17,839 * MHIL Group has service agreements with these entities and doesn’t own or control these in terms of Ind AS 110 | ** The Company acquired controlling stakes in KHL and YPPL in Q1 FY27 for ₹ 386 Cr, with provisional Purchase price allocation resulting in Goodwill of ₹ 201 Cr, ROU assets of ₹ 364 Cr, Net Tangible assets of ₹ 304 Cr and net current assets of ₹ 3 Cr (1) MHIL Group has service agreements with the PHFs and does not own or control these entities in terms of IND AS 110 | (2) represents minority interest in KHL| (3) Represents fair value of long-term liabilities towards fees / revenue share payable to Trust / Societies over the remaining contract period | (4) For the purchase of balance stake in Eqova Healthcare Pvt. Ltd. and YPPL| (5) Represents DSO of 93 days at the end of Sep’26 vs 87 days at the end of Mar’26 | (6) Mainly represents tax refunds receivable, capital advances, capital creditors, provisions for retiral benefits and unfavorable lease liability recognized on PPA. Includes Trade payable of ₹ 1,303 Cr at the end of Sep 26 as compared to ₹ 1,125 Cr at the end of Mar’26 Note: The numbers for the previous period have been re-casted and re-grouped to make them comparable with the disclosures in the current period 30
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Clinical and Research & Academics Update 31
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Clinical Update ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date MSSH Dehradun successfully performed its first liver transplant in a 46 year old patient, marking a significant milestone in establishing advanced transplant services in the region At MSSH Dwarka, a 63 year old patient from Cambodia with HBV-related cirrhosis, hepatocellular carcinoma and end-stage renal disease successfully underwent a simultaneous living-donor liver-kidney transplant Max Smart successfully performed complex double-sleeve left upper lobectomy with bronchial and vascular reconstruction in a 38-year-old ipatient from Kenya with centrally located adenoid cystic carcinoma MSSH Saket successfully performed Transcatheter Aortic Valve Implantation in an 83-year-old patient, avoiding open-heart surgery and enabling rapid recovery At BLK-Max, an 80 year old male with a 5 cm renal tumour suspicious for cancer successfully underwent robot-assisted partial nephrectomy, preserving kidney function At MSSH Vaishali, a 10 year old patient from Egypt with recurrent osteosarcoma successfully underwent limb sparing surgery MSSH Patparganj successfully implanted a 69 year old female with hospital's first dual-chamber leadless pacemaker, an advanced pacing therapy for elderly patients, chronic kidney disease patients and those with prior device infections At MSSH Mohali, a 32 year old woman with hypertension induced kidney failure who previously underwent kidney transplantation successfully delivered a healthy baby despite a high risk pregnancy MSSH Noida successfully treated a 69 year old male with severe thrombocytopenia, anemia and extensive bone marrow infiltration: showed significant clinical and haematological improvement following treatment At MSSH Dwarka, a woman in her late 40s with external auditory canal carcinoma underwent the hospital's first Lateral Temporal Bone Resection (LTBR), a complex oncological procedure involving critical neurovascular and auditory structures 32
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Research and Academics Update National and international publications 123 scientific publications in high impact factor journals during H1 FY27 Top high Index and high impact factor publications are from Nephrology (NEJM : 18.4, JAMA: 5.84, Lancet Infe.:5.55), Onco ( J Clin Oncol: 4.65, Blood Cancer J: 4.31) & Endo (European Journal of Endocrinology: 2..02) 130 clinical trials and 26 grant studies are ongoing Completed preclinical robotic telesurgery feasibility across 5,400 km between Max Vaishali and Chengdu, China, using the BORNS surgical robot Secured ₹ 14.3 Cr in ANRF and ICMR grants for indigenous Non-Invasive Prenatal Testing and Precision Diabetes research using Digital Twin Collaborative research aimed at translation and innovation ongoing with ~30 global and national partners including Columbia University, Monash University, Imperial College, London, NCBS, TIGS, Deakin Uni, IIT Bombay, IIT Delhi, BITS Pilani, Ashoka University, Boston University, RGCB, IIIT Delhi, Pfizer Inc, MSMF Successfully achieved the recruitment target of 788 subjects in the investigator-initiated CRM study, funded by Abbott and managing by DDF as a CRO RCOG accreditation and ARCP successfully conducted in September 2026 for the RCOG MHC OBGYN Programme across three hospitals in Delhi, along with a visit to HIMSR. The programme currently has a total of 14 trainees enrolled The PGDM programme, launched in collaboration with Learna, the University of Buckingham, and the University of South Wales, offers specialisations in Cardiology, Diabetes, and Critical Care, with a current enrolment of 7 trainees. The Geriatric Fellowship Programme MoU was signed with RCPSG in July 2026, with a total of 13 trainees currently enrolled in the programme. 2 patents applied with IIT B in the field of Radiology The Max Medical Journal’s 11th edition was released in September’26. ~1,300 trainee doctors across the network including: more than 610+ doctors are currently undergoing DNB training across 40 + specialties comprising post- MBBS, post-diploma, and super speciality programmes, 77 students currently enrolled in Masters in Emergency Medicine course being run under the aegis of George Washington University, 70+ students in IMT program with JRCTPB UK including ~18 students enrolled at NMSSH, ~14 students enrolled in RCOG program, 450+ students in bespoke training programs; 1,000+ enrolled in the Online Courses 60+ students enrolled in Fellowship programs including both National and International candidates; 75+ students enrolled in various E-learning courses on LMS; 350+ paramedic health care professionals are currently enrolled across internships and observerships excluding Radiology, OT, Dialysis, Laboratory Medicine Over 1,870 health care professionals trained in Life Support Programmes through American Heart Association certified courses and our own in house program 33
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Max Healthcare: One of India’s leading hospital network (1) Includes standalone speciality clinic with outpatient and day care services | (2) 320 beds in East Block and 194 in West Block | (3) CAGR is calculated for FY21 to FY26 | (4) As on September 30, 2026 Current capacity ~6,200 beds 4 4 5 Shalimar Bagh BLK Patparganj Vaishali Panchsheel(1) Lajpat Nagar(1) SmartSaket(2) Sec. 43 Gurugram Noida(1) Dwarka Delhi NCR 5 3 9 4 0 2 3 8 7 5 0 0 6 5 0 5 1 4 3 1 6 1 0 3 Outside NCR MumbaiMohali Bathinda NagpurDehradun Lucknow 4 6 8 2 2 3 6 0 8 3 9 0 2 0 0 2 0 0 21 Facilities ~72% Beds in metros ~77% Q2 FY27 Occupancy 60% Capacity Expansion 3 years 22% Revenue CAGR(3) 5 years 23.7% Abhay Soi 40.5% FPIs and FIIs 31.0%DIIs 4.8% Others Top public shareholders • Capital Group • GIC • Life Insurance Corp. of India • Blackrock • Vanguard • HDFC Mutual Fund • Invesco Mutual Fund • Fidelity Investments Shareholding structure (as on September 30, 2026) Market Cap(4): ₹ 0.90 lakh Cr / $ 9.43 billion Bhubaneswar 2 5 0 34
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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 Patients Clinicians Employees Investors BEING “WELL REGARDED” MEANS… World class infrastructure State-of-the-art technology Well defined clinical protocols Focus on research and academics Quaternary care facilities Best-in-class clinical outcomes Patient centric approach Global best practices Rewarded by growth Constant pursuit to strengthen management Collaborative approach Strong governance Profitable growth Healthy balance sheet Efficient operations 35
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Da Vinci Robotic System Advanced robotics provides high precision and enables minimal invasive surgery across multiple specialties such as Oncology, Neurology. Cathlab is used to visualize the arteries of the heart and the chambers of the heart and treat any stenosis or abnormality found. High precision and integrated LINAC is a machine that is commonly used to deliver external beam radiation treatments to cancer patients. 3.0T MRI machine is the most advanced radiology technology that gives superior high-resolution images for accurate diagnosis. Cath Lab: Azurion 5 M20 LINAC Machine (Edge) 3.0T Wide board MRI MachineFocal One High-Intensity Focused Ultrasound State-of-the-art infrastructure Next generation TomoTherapy platform, designed to enable more efficient, effective and precise delivery of radiation to the entire spectrum of cancer indications. Radixact – TomoTherapy System Focal One HIFU (High-Intensity Focused Ultrasound) is a non-invasive, incisionless urology technology for targeted treatment of localized prostate cancer. 36
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Strategic partnerships: Columbia & Boston Universities USA, Imperial College & Aston University UK, Deakin University & Monash University AU, Pfizer, Mazumdar Shaw Medical Foundation, Ashoka University, IIT Bombay & Delhi, BITS Pilani, Tata Institute for Genetics & Society, India. Strong Focus on Research and Academics 3,500+ research publications in indexed journals over 11 years+ including Nature with Impact Factor 60.9 Multiple research grants from leading organisations: ANRF, DBT, ICMR, Wellcome Trust, BIRAC, Pfizer, NIHR, MRC, Innovate UK, etc. with 30,000+ research participants and US$2.2 Mn in research grants Research: Academics: MEM-GWU, a residency program in Emergency Medicine accredited through George Washington University, USA: with 77 students currently enrolled at 14 hospitals The Internal Medicine Training (IMT) Stage 1 Programme is a structured three-year postgraduate training programme offered by Max Healthcare since 2019. Max Healthcare became the third institution globally to receive JRCPTB recognition to deliver IMT outside the UK. In 2024, Nanavati Max Super Speciality Hospital was added as an additional training site, bringing the total enrolment to approximately 90 trainees. The programme holds the highest Level 3 accreditation from the Federation of Royal Colleges of Physicians of the UK, with nine graduates securing NHS positions in the UK.. 270+ students across PhD, Public Health, Clinical Research & Healthcare Quality Management, among others Life Saver Courses ~1,870 in Q2 FY27 and 7,000+ trained in resuscitation skills (BLS, ACLS, PALS, ATLS) in FY27 Bespoke Trainings - 338+ : Certificate Course in Applied Cardiac Nursing, Certification Course in Mammography reporting, Certification course in pediatric CT, FMG-CSC Basic & Advanced course, TAVR workshop, Train the trainer workshop, Punjab teacher training workshops etc. MSc Nuclear Medicine started in association with Gautam Buddha University 44,000+ trainees enrolled in the last 4 years across various academic programs Wellcome Trust funded Metabolic Disease biobank, with ~22,000 samples, and a BIRAC funded Oncology biobank Max Institute of Medical Education (MIME) is the education division of MHIL for medical education & training 900+ clinical research projects till date, ~155 ongoing 2 Patents applied for AI enabled Radiomics projects with IIT Bombay Note: DBT - Department of Biotechnology; ICMR - Indian Council of Medical Research; JRCPTB - Joint Royal College of Physicians Training Board; NIHR - National Institute of Health Research UK; MRC -Medical Research Council, UK 37
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Historical Financial Performance Snapshot 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 3,600 61.0% 4,173 60.9% 5,251 60.6% 5,941 59.0% Indirect overheads 1,964 33.3% 2,266 33.1% 2,932 33.8% 3,303 32.8% Operating EBITDA 1,636 27.7% 1,907 27.8% 2,319 26.8% 2,638 26.2% Less: ESOP (Equity - settled scheme) 34 0.6% 50 0.7% 55 0.6% 48 0.5% Movement in fair value of contingent consideration payable and amortisation of contract assets1 4 0.1% 17 0.3% 25 0.3% (10) (0.1%) Reported EBITDA 1,597 27.1% 1,840 26.9% 2,239 25.8% 2,599 25.8% Finance costs/(Income) (Net) 39 0.7% (38) (0.5%) 84 1.0% 162 1.6% Depreciation and amortisation 260 4.4% 284 4.2% 406 4.7% 499 5.0% Profit / (Loss) before tax 1,298 22.0% 1,594 23.3% 1,748 20.2% 1,938 19.3% Exceptional Item2 - - - - 74 0.8% 55 0.5% Profit / (Loss) before tax after Exceptional Item 1,298 22.0% 1,594 23.3% 1,675 19.3% 1,883 18.7% Tax3 214 3.6% 316 4.6% 357 4.1% 252 2.5% Profit / (Loss) after tax 1,084 18.4% 1,278 18.7% 1,318 15.2% 1,631 16.2% Note: The numbers for the previous period have been re-casted and regrouped to make them comparable with the disclosure in the current period 1. Non cash item represents the change in fair value of contingent consideration payable to Trust/Society over the balance period under O&M Contracts and represents change in the WACC, time value of discounted liability and impact of changes in future business plan projections 2. Pertains to charges paid to YEIDA for seeking permission for change in shareholding of JHL of ₹ 74 Cr in FY25. Incremental non-recurring impact of Code of Wages, 2019 notified by the Government in November 2025 (₹ 41 Cr) and provision for stamp duty payable on amalgamation (₹ 14 Cr) of CRL with JHL, both WoS of the Company 3. Excludes gain on reversal of deferred tax liability of ₹ 244 Cr (net) in FY23 and ₹ 18 Cr (net) in FY25 pursuant to voluntary liquidation of step down subsidiaries and distribution of its assets to their immediate holding companies. Includes ~₹ 142 Cr consequent to accounting for amalgamation of CRL & JHL Figs in ₹ Cr 38
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Multiple avenues for future growthStrong financial profile to support future growth Strong cash generation from operations Headroom to raise debt given current leverage Demonstrated ability to commission and operate large scale facilities Long term growth potential ₹ 500 Cr in Q2 FY27 Net Debt of ₹ 2,369 Cr as on Sep 30, 2026 Added 758 beds in last 12 months 1 ▪ Focus on tower specialities & case mix ▪ Increase utilization & improve process efficiencies ▪ Optimize payor mix ▪ ~2,600 beds addition via brownfield expansion – ROCE accretive ▪ Operations & Management (O&M) contracts and long- term leases of ‘built-to-suit’ properties – executed ATLs for hospitals in Mohali (400 beds), Thane (500 beds), Dehradun (130 beds) and O&M for hospital in Pitampura (200 beds) ▪ Non-captive pathology – Max Lab ▪ Homecare services – Max@Home ▪ Leverage brand, customer loyalty and data to build a digital ecosystem Optimising Existing Infrastructure Brownfield Asset light Capital Light Adjacencies Digital Platform Significant increase in capacity (~2x bed capacity in next 4-5 years) 2 3.1 3.2 4 5 3 ▪ Strong track record of successful M&A and swift turn- around ▪ Limited competitive intensity & robust deal pipeline ▪ Adequate headroom for M&A driven by strong free cash flows and low leverage ▪ ROCE threshold levels of 20-25% within 4 years post acquisition M&A 3.3 ▪ Greenfield hospitals in attractive & compelling territories with high returns – acquired land parcels with potential to add ~1,000 beds in Gurgaon and ~550 beds in Lucknow Greenfield3.4 39
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Awards and Accolades Patient Safety Award by FICCI Diamond Award for Stroke Ready Centre by the World Stroke Organisation Times Healthcare Achievers Award Clinical Safety FICCI Excellence Awards for ‘Operational Excellence’ CIMS Healthcare Excellence Awards 2021 Ranked 1st in “Excellence in Hospital Management during Covid Times “ by Economic Times in 2021 Operational Excellence Economic Times Healthcare Award 2025 under 14 categories Bronze award for ‘Life savers’ project (Max Bike responder) at ‘American Society for Quality’ Best customer service in Healthcare D.L. Shah National Award for ‘Economics of Quality’ by QCI Service Quality Certified “Great Place to Work” 4th time in a row by Great Place to Work Institute Exchange4Media-Wing Trophy 2023, under two categories Others AHPI Healthcare award 2023 under multiple categories Forbes India ‘Entrepreneur Of The Year’ 2023 Award India’s Best Employers among Nation Builders Award 2025 Exceptional Employee Experience - Large Scale under the ET Employee Experience Awards 2025 Ranked amongst top 20 companies (in the S&P BSE 100 index) for governance ET “Hospital Chain of the Year” 2024 India’s Best Workplaces for Women 2026 Great Place to Work – Best Workplaces in Asia 2026 40
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Note: CRL – Crosslay Remedies Limited; HBPL – Hometrail Buildtech Private Limited | Validity includes extensions available under the contract ^MHIL holds & exercised the right to appoint majority directors in Eqova Healthcare Pvt. Ltd. ** The tenure of O&M agreement has been extended by another 5 years vide an Amendment Agreement executed in April 2025. $ Voluntary liquidation of MHC Nigeria has been completed and the entity will stand dissolved in three months from the date of Corporate Affairs Commission's letter dated July 29, 2026, confirming registration of the Account and Return of Final Meeting, in accordance with laws of Nigeria. @ 100% of the Class A equity shares, representing 100% of the voting rights and ~50.22% of the economic interest in YPPL. Network Holding Structure (As at end of Sep’26) Max Healthcare Institute Limited (MHIL) Balaji Society (MSSH Patparganj) Valid till 2065 Devki Devi Society (MSSH Saket East & Onco Daycare) Valid till 2064 HBPL (MSSH Bathinda) (MSSH Mohali) CRL (MSSH Vaishali) (Noida Medcentre) (MSSH Noida) Medical Services are for specific specialities: Pathology/Radiology/Radiation services, as may be the case Medical Service Agreement Gujarmal Modi Society (Max Smart) Valid till 2105 BLK-Max Hospital Valid till 2054 Nanavati Max Hospital Valid till 2048** Partner Healthcare FacilitiesManaged Healthcare Facilities/SiloOwned Alps Hospital Ltd. (Max GGN) Max Lab Limited MSSH Shalimar Bagh MSSH Dehradun MMSC Panchsheel Immigration centre (Lajpat Nagar) MSSH Saket (West) SBUs (MIME, Max@Home) Immigration centre (Mohali) Vikrant Children’s foundation & research Centre Valid till 2111 Max Healthcare FZ-LLC (Dubai) Shareholding : 60%, Option rights : 40% Eqova Healthcare Pvt. Ltd.^ Nirogi Charitable and Medical Research Trust Valid till 2112 Medical Service Agreement MSSH Dwarka Valid till 2082 MHC Global Healthcare Nigeria Ltd. (MHC Nigeria)$ Alexis Multi-Speciality Hospital Pvt. Ltd. (MSSH Nagpur) Starlit Medical Centre Pvt. Ltd. (MSSH Lucknow) O&M / Medical Service Agreement Medical Service Agreement O&M / Medical Service Agreement O&M / Medical Service Agreement 100%100%100%100%100%100% 100% 66.34% Kalinga Hospital Ltd. (MSSH Bhubaneswar) 100% Yerawada Properties Pvt. Ltd. (YPPL)@ 100% 41
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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 Hospital BLK-Max Super Speciality Hospital, Rajendra Place Delhi Hospital Nanavati Max Hospital, Mumbai Mumbai Hospital Max Hospital, Gurugram Gurugram Hospital Max Super Speciality Hospital, Patparganj Delhi Hospital Max Super Speciality Hospital, Vaishali Ghaziabad Hospital Max Super Speciality Hospital, Shalimar Bagh Delhi Hospital Max Super Speciality Hospital, Mohali Mohali Hospital Max Super Speciality Hospital, Bhatinda Bathinda Hospital Max Super Speciality Hospital, Dehradun Dehradun Hospital Max Super Speciality Hospital, Nagpur Nagpur Hospital Max Super Speciality Hospital, Lucknow Lucknow Hospital Max Super Speciality Hospital, Noida Noida Hospital Max Super Speciality Hospital, Bhubaneswar Bhubaneswar Hospital Max Multi Speciality Centre, Panchsheel Park Delhi Medical centre Max MedCentre, Lajpat Nagar (Immigration Department) Delhi Medical centre Max Multi Speciality Centre, Noida Noida Medical centre Max MedCentre, Mohali Mohali Medical centre In addition to the above, there are 9 new upcoming Network facilities – one each in Patparganj (East Delhi), Pitampura (North- West Delhi), Saket (South Delhi), Gurugram (Haryana), Thane (Maharashtra), Pune (Maharashtra), Mohali (Punjab), Dehradun (Uttarakhand) and Lucknow (Uttar Pradesh) 42
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Definitions Term Description ALOS Average Length of Stay: Calculated based on total OBDs and IP patient discharged ARPP Avg Revenue per IP patient is based on Gross IP revenue, excluding chemotherapy, dialysis & radiotherapy Free cash from operations Represents cash generated from operations after amount deployed for routine capex, finance cost and working capital changes relating to operations Contribution Net Revenue minus material cost, F&B cost and salary/professional fees paid to clinicians credentialed for OPD consultations and IPD admissions CTI Represents self pay, private insurance & international patient segment where hospital tariff is the basis for the billing/contract Gross Revenue Amount billed to the patients/customers as per contracted/rack rates, as applicable, including the patients from the economically weaker section (EWS); Also includes movement in unbilled revenue at the end of the period for patients admitted in the hospital on reporting date and other operating income such as EPCG income, unclaimed balances written back, incomes from educational courses, income from F&B, etc. Indirect overheads Major costs include – Personnel costs (excl. clinicians credentialed for OPD consultations and IPD admissions), hospital services, admin, provision for doubtful debts, advertisement and allied costs, power and utilities, repair and maintenance IP Revenue Denotes revenue from patients admitted in the hospital including that for Chemotherapy, Radiotherapy and Dialysis. However, this excludes revenues from day care surgeries Net Revenue Gross Revenue minus management discounts, amount billed to EWS patients, employee discounts, marketing discounts and allowance for deductions for expected credit loss Operating EBITDA Contribution minus indirect overheads, excluding one-off expenses, extraordinary expenses and specific non-cash expenses (itemised separately) which are accrued due to IND AS requirements, but are not operating in nature 43
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About Us 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 healthcare facilities (~6,200 beds) with a significant presence in North India. The network consists of all the hospitals and medical centres owned & operated by the Company and its subsidiaries, partner healthcare facilities & managed healthcare facilities, which includes state-of-the-art tertiary and quaternary care hospitals located at Saket (3 hospitals), Patparganj, Vaishali, Rajendra Place, Dwarka, Noida and Shalimar Bagh in Delhi NCR and one each in Lucknow, Mumbai, Nagpur, Mohali, Bathinda, Dehradun and Bhubaneswar, secondary care hospital in Gurgaon and medical centres at Noida, Lajpat Nagar & Panchsheel Park in Delhi NCR, and one in Mohali, Punjab. The hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab. In addition to the hospitals, Max Healthcare operates homecare and pathology businesses under brand names Max@Home and Max Lab, respectively. Max@Home offers health and wellness services at home while Max Lab provides diagnostic services to patients outside its network hospitals. For further information, please visit www.maxhealthcare.in Contact: Aakrati Porwal Max Healthcare Institute Ltd. Tel: +91 9920409393 Email: Aakrati.porwal@maxhealthcare.com Anoop Poojari / Suraj Digawalekar CDR India Tel: +91 98330 90434 / 98211 94418 Email: anoop@cdr-india.com, suraj@cdr-india.com 44