Interim report
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October 30, 2026 Listing Department, National Stock Exchange of India Limited Exchange Plaza, Plot C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Symbol: MAXHEALTH Listing Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 543220 Sub.: Outcome of Board Meeting Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, In continuation to our earlier intimation dated October 23, 2026, we wish to inform that the board of directors (“Board”) of the Company at their meeting held today i.e. October 30, 2026, inter-alia, transacted following businesses: Financial Results Approved the unaudited standalone & consolidated financial results (“Financial Results”) of the Company for the quarter and half year ended September 30, 2026, based on the recommendation of Audit Committee. Financial Results together with unmodified limited review reports issued by M/s. S.R. Batliboi & Co. LLP, Chartered Accountants, Statutory Auditors of the Company are enclosed as Annexure - I. Capital expenditure for expansion of Max Super Speciality Hospital, Sector-128, Noida Approved capital expenditure of ~₹93 Crore towards the redevelopment and clinical capacity enhancement programme at Max Super Speciality Hospital, Sector -128, Noida (“MSSH Noida”). MSSH Noida is run and operated by Crosslay Remedies Limited (formerly known as ‘Jaypee Healthcare Limited’) , a wholly -owned subsidiary of the Company (“Crosslay”). Details as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“ SEBI Listing Regulations”) are enclosed as Annexure - II. Capital expenditure for expansion of Max Super Speciality Hospital, Vaishali Approved capital expenditure of ~₹97 Crore towards the construction of additional floors at over the existing tower at Max Super Speciality Hospital, Vaishali (“MSSH Vaishali”). MSSH Vaishali is run and operated by Crosslay. Details as required under the SEBI Listing Regulations are enclosed as Annexure - III. Appointment of Senior Management Personnel Approved the appointment of Dr. Dharmender Kumar as Director & Chief - Public Affairs , identified as Senior Management Personnel with effect from November 1, 2026 , based on the recommendation of Nomination and Remuneration Committee. Details as required under the SEBI Listing Regulations are enclosed as Annexure - IV.
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Update on Construction of ~525 bedded hospital at Sector - 56, Gurugram In continuation of our earlier intimation dated May 22, 2024, approved the revision of the project cost to ~₹1,143 Crore and the timeline for completion of the proposed ~525 bedded hospital at Sector - 56, Gurugram to April 2027. The revision in project cost is primarily attributable to changes in façade specifications, additional construction requirements, development of the atrium and enhanced interior fit -outs. All other aspects of the project, other than the revised project cost and completion timeline, remain unchanged. The Board meeting commenced at 12.50 pm (IST) and concluded at 2.35 pm (IST). This disclosure will also be hosted on Company's website viz. www.maxhealthcare.in. Kindly take the same on record. Thanking you Yours truly, For Max Healthcare Institute Limited Dhiraj Aroraa EVP - Company Secretary and Compliance Officer Encl.: As above
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S.R. BArL1B01 & Co. LLP Chartered Accountants 67. Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Tel : +91 124 681 6000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Max Healthcare Institute Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Resu lts of Max Healthcare Institute Limited {the "Holding Company") , its subsidiarie s and its deemed separate ent ities, that is 'Silos' over which the Holding Company has control (the Holding Company , its subsidiarie s and its deemed separate entities that is 'Si los", together referred to as "the Group ") for the quarter ended September 30, 2026 and year to date from April I, 2026 to September 30, 2026 (the " Statement") attached herewith , being submitted by the Holding Company pursua nt to the requirement s of Regu lation 33 of the SEB I (L isting Obligat ions and Disclosure Requirements) Regulations , 20 15, as amended (the "List ing Regulations "). 2. The Holding Compan y's Management is responsib le for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Account ing Standard 34, (Ind AS 34) "Interim Financial Reporting " prescribed under Sect ion 133 of the Companies Act, 2013 as amended , read with relevant rules issued thereunder and other accou nting principles genera lly accepted in India and in compliance with Regulation 33 of the Listing Regulation s. The Statement has been approved by the Holdin g Company's Board of Direct ors. Our responsibi lity is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 24 10, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity " issued by the Institute of Chartered Accountants of India. This standa rd requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of materia l misstatement. A review of interim financial information cons ists of making inquiries , primar ily of persons respons ible for financial and accou nting matters , and app lying analytical and other review procedures. A review is substantia lly less in scope than an audit conducted in accorda nce with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opin ion. We also performed procedure s in accordance with the Circular No. CIR/CFD /CMD 1/44/20 19 dated March 29, 20 19, issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regu lations, to the extent applicable. 4. The Statement includes the resu lts of the following entit ies as mentioned in Annexure I. 5. Based on our review conducted and procedures performed as stated in paragrap h 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompany ing Statement , prepared in accordance with recognition and measurement principles laid down in the aforesa id Indian Account ing Standards ('Ind AS') specifie d under Section 133 of the Comp;mies Act, 2013 , as amended , read with relevant rules issued thereunder and other accounting principles generally accepted in India , has not disclosed the informat ion required to be disclosed in terms of the Listing Regulations , including the manner in which it is to be disclosed , or that it contains any material misstate ment. 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of four subsidiaries , whose unaudited interim financial results include total assets of Rs. 33,690 Lakhs as on September 30, 2026, tota l revenues of Rs. 3,666 Lakhs and Rs. 5,547 Lakhs , total net profit after tax of Rs. 20 Lakhs and Rs. 81 Lakhs, total comp rehensive incom e of Rs. 5 Lakhs and Rs. 68 Lakhs , for the quarter ended September 30, 2026 , and the period ended on that date respectively , and net cash inflow of Rs. 8,777 Lakhs for the period from Apr il O I, 2026 , to September 30, 2026, as considered in the Statement which have been reviewed by their respective indepe ndent auditors. S.R. Batlibol g Co LLP, a Limited Llablllty Partnership with LLP Identity No. AAB•4 294 Rcgd Office· 22. Cam,,c S1n:-c1. Block ·e·. Jrd Floor. Kolk.11a-700 016
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S.R. BArL1B01 & Co. LLP Chartered Accountants The independent auditor ' s reports on interim financial results of these entities have been furnished to us by the Management and our conclusion on the Stateme nt, in so far as it relates to the amount s and disclosures in respect of these subsidiaries is based solely on the report of such auditors and procedure s perfo rmed by us as stated in paragraph 3 above. 7. The accompany ing Statement include s unaud ited interim financ ial results and other unaudit ed financia l information in respect of two subsidiarie s, whose interim financia l results and other financial inform ation reflect total assets of Rs. 936 Lakh s as on September 30, 2026 , total revenues of Rs. nil and Rs. nil, total net (loss) after tax of Rs. (532) Lakh s and Rs. (862) Lakhs, total comprehensive (loss) of Rs. (533) Lakhs and Rs. (864) Lakh s, for the quarter ended Septemb er 30, 2026 , and period ended on that date respectively , and net cash outflo ws of Rs. ( 140) Lakhs for the period from April 01 , 2026 , to Sept ember 30, 2026. The unaudited interim financial results and other unaudit ed financ ial inform ation of these subsidiaries have not been rev iewed by thei r auditor(s) and hav e been approved and furnished to us by the Management and our conclusion on the Statement , in so far as it relate s to the affair s of these subsidiar ies, is based solely on such unaudited interim financia l results and other unaudited financial informat ion. Accordin g to the information and explanations given to us by the Man agement , these inter im financia l resu lts are not materia l to the Group . Our conc lusion on the Statement in respect of matt ers stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the finan cial results certified by the Management. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Finn regi stration numb er: 30 I 003E/E3 0000 5 ½:cl-- per San jay Vij Partner Memb ership No.: 095 169 UDIN: l-1, 0'15 \1,q Wy\/0 L-Jq511 Place : New Delhi Date: October 30, 2026
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S.R. BATLIBOI & Co. LLP Chartered Accountants Annexure 1 to our report dated October 30, 2026, on the consol idated financia l results of Max Healt hcare Institute Limited for the qua rter ended September 30, 2026, and year to date from April 01, 2026 to Septem ber 30, 2026 List of subsidiaries / step down subsidia ries/ silos S. No. Com pany Name Relationship 1 ALPS Hospital Limited (Formerly known as Max Hospitals Subs idiary Company and Allied Services Limited) 2 Hometrail Buildtech Private Limited Subsidiary Company 3 Crosslay Remedies Limited (Formerl y known as Jaypee Subsidiary Company Healthcare Limited) 4 Max Lab Limited Subsidiary Company 5 Eqova Healthc are Private Limited Subsidiary Company 6 Alexis Multi Specia lity Private Limited Subs idiary Company 7 Starl it Medical Centre Private Limited Step-down Subsidiary Company 8 Max Healthc are FZ LLC Subsidiary Company 9 MHC Global Healthcare (N igeria) Limited (Liquidat ed w.e.f. Subsidiary Company October 28, 2026) 10 Max Healthcare Foundatio n Subsidiary Company I I Kalinga Hospita l Limited (w.e .f. May 18, 2026) Subsidiary Company 12 Yerawada Propertie s Private Limited (w.e.f. June 30, 2026) Subsid iary Company 13 Operations of Dr. B.L. Kapur Memorial Hospital (A unit of Silo Lahore Hospital Society) 14 Operation s of Dr. Balabhai Nanavati Hospital (A unit of Silo Balabhai Nanavat i Hospital) 15 Operation s of Max Super Speciali ty Hospital, Dwarka (A unit Silo of Muthoot Hospitals Private Lim ited)
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SI. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. MAX HEALTHCARE INSTITUTE LIMITED CIN : L72200M H2001PLC322854 REGISTERED OFFICE: 401, 4th Floor , Man Excellenza, S. V. Road , Vile Parle (West), Mumbai-400056, Maharashtra Website : www.maxhealthcare.in . Email : investors@maxhealthcare .com. Phone : +91- 22 2610 0461 /62 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED SEPTEMBER 30, 2026 fin t lakhs excent ner eauitv share data) Pani culars Quarter ended September 30, June 30, 2026 2026 Unaudited Unaudit ed Income Revenue from operations 2.56.921 2.36.617 Other income 4.090 4,052 Total Income 2,61,011 2.40.669 Expenses Purchase of drugs. consumables and implants 52.194 52.116 Change in inventories of drugs. consumables and implants (663) (778) Employee benefits expense 39.931 38.818 Professional and consultancy fee 56.413 52.343 Finance costs 7.384 7.100 Depreciation and amortization expense 13.763 13.166 Other expenses 37.897 34.273 Total expenses 2,06,919 1 97,038 Profit before exceptional items and tax for the period/yea r (1-2) 54,092 43,631 Exceptiona l items (refer note 5) Profit before tax for the oeriod/vear 13-41 54,092 43,631 Tax expense (refer note 10) Current tax 9.531 8,246 Deferred tax charge/(credit) 3,116 3.089 Total tax expense 12,647 11,335 Profit for the oeriod/vear 15-61 41.445 32,296 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit plans 35 8 Income tax effect on above (6) (6) ltoms that will bo reclassified to profit or loss Fair value changes on derivalives designated as cash flow hedge 1.018 (644) Income tax effect on above (256) 162 Exchange differences on translation of foreign operation (1) (1) Other comprehensive income/floss I 790 (481 Total comprehensive income for the oeriod/vea r 17+8\ 42.235 31,815 Profit/(l oss) attribu table to: 41,445 32,296 Owners of the company 41.494 32.249 Non-controlling interests (49) 47 Other Comp rehensive income/(loss) attribu table to: 790 (481) Owners of the company 796 (482) Non•controlling interests (6) 1 Total Comprehensive incomef(loss) attributab le to: 42,235 31,815 Owners of the company 42.290 31.767 Non-controlling interests (55) 48 Paid-up equity share capita l 97,331 97,324 (Face value oft 10 per share) Reserves (other equity) Earnings per equity share (EPS) Not annualised Not annualised Basic-m 4.26 3.32 Diluted - (t) 4.24 3.30 Consolidated September 30, 2025 Unaudi ted 2.13.547 3.290 216,837 46.515 (26) 33.832 45.273 5,392 10.810 30.438 1 72,234 44,603 44,603 1.029 (5.556) 14,5271 49. 130 20 (1) (15) 4 49,134 49,130 49.130 4 4 49.134 49.134 97,224 Not annualised 5.05 5.02 Half-year ended September 30, September 30, 2026 2025 Unaudited Unaudited 4.93.538 4.16.304 8.142 6.941 5,01 680 423,245 1.04.310 91.897 (1.441) (884) 78.749 67.639 1.08.756 87.912 14.484 10.877 26.929 21.224 72.170 59.934 4,03,957 338,599 97,723 84,646 97 723 84.646 17.777 10.673 6.205 (5.954) 23.982 4,719 73 741 79,927 43 (326) (12) 65 374 (94) (2) (16) 309 1277 74,050 79.650 73,741 79,927 73.743 79.927 (2) 309 (277) 314 (277) (5) 74,050 79,650 74.057 79.650 (7) 97,331 97,224 Not annualised Not annualised 7.58 8.22 7.54 8.17 S.R. Ballibol & Co.i LP, for Identification~ Year ended March 31, 2026 Audited 8,37.345 16.262 8,53,607 1.79.875 (873) 1.35.712 1.79.401 23.510 44.653 1.18.947 6,81,225 1,72,382 4,824 1 67,558 21.131 2.186 23,317 1,44.241 (181) (3) 26 (158 1.44.083 1,44.241 1.44.241 (158) (158) - 1,44,083 1.44.083 97,313 9,77,350 Annualised 14.83 14.76
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MAX HEALTHCARE INSTITUTE LIMITED CIN : L72200MH2001 PLC322854 REGISTERED OFFICE : 401, 4th Floor, Man Excellenza , S. V. Road, Vile Parle (West) , Mumbai-400056 , Maharashtra Website: www.m axhealthcare.in. Email: investors@maxhea lthcare.com. Phone: +91-22 2610 0461/62 UNAUDITED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 As at Part icul ars September 30, 2026 Unaudited ASSETS Non-current assets: Property, plant and equipment 6.05,366 Right-of-use assets 1.71,011 Capital worl<-in-prngress 80,451 Investment property 466 Goodwill 3,68,920 Other intangible assets 2,49,928 Intangible assets under developme nt 945 Financial assets ( i) Investments 546 (ii) Trade receivables 7,348 (iii) Loans 83.996 (iv) Other financial assets 23,315 Income tax assets (net) 31,522 Deferred tax assels 3,198 Other non-current assets 35,574 Total non.current assets 16,62,586 Current assets : Inventories 13,181 Financial assets (i) Trade receivables 1,24,336 (ii) Cash and cash equivalents 55.671 (iii) Bank balances other than (ii) above 1,425 (iv) Loans 987 (v) Other financial assets 6,988 Income lax assets (net) 451 Other current assets 6.587 Total current assets 2,09,626 TOTAL ASSETS 18,72,212 EQUITY AND LIABILITIES EQUITY Equijy share capital 97,331 Other equity 10,35,872 Equity attributable to owners of the Compa ny 11,33,203 Non-controlling interests 20,110 Total equity 11,53,313 LIABILITIES Non-current llabiliti es: Financial liabiltties (i) Borrowings 2,62,098 (ii) Lease liabilities 54,997 (iii) Other financial liabilities 32,277 Provisions 13.916 Deferred tax liabilities 82.585 Other non--current liabihties 23.748 Total non--current liabilitie s 4,69,621 Current liabilit ies: Financial liabil~ies (i) Borrowings 58,858 (ii) Lease liabiHttes 3.550 (iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises 1,296 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 98,412 (iv) Other financial liabilities 57.530 Other current liabilities 17,823 Provisions 11.809 Total curren t liabilities 2,49,278 TOTAL EQUITY AND LIABILIT IES 18,72,212 /in ( lakhs/ As at March 31, 2026 Aud ited 5,62.800 1,35,1 96 59,224 466 3,48,824 2,51,820 81 546 7,915 74,645 20,391 26,405 4,649 35,653 15,28,615 11,428 96,975 66,580 3,480 7,057 3,480 5,479 1,94,479 17,23,094 97,313 9,77,350 10,74,663 10,74,663 2,43,866 53.932 26,857 12.782 68.753 23.547 4,29,737 46,816 3.222 1,260 84.644 57.253 17.356 8.143 2,18,694 17,23,094 s.R. Batllbol & Co. t P, for Identification ~
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MAX HEALTHCARE INSTITUTE LIMITED CIN : L72200MH2001 PLC322854 REGISTERE D OFFICE: 401, 4th Floor, Man Excellenza , S. V. Road , Vile Parle (West), Mumbai-400056, Maharashtra Website : www.maxhea lthcare.in, Email: investors@ma xhea1thcare.com, Phone: +91- 22 2610 0461/62 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE HALF-YEAR ENDED SEPTEMBER 30, 2026 tin l lakhsl ' Particulars Half-year ended Half-year ended September 30, 2026 Septembe r 30, 2025 Unaudited Unaudited Cash flows from operating activitie s Profit before tax for the penod 97.723 84.646 Adjus tments to reconcile profit before tax to net cash flows from operating activities: Depreciation and amortization 26,929 21,224 Income on modification/termination of lease (50) (23) Loss on foreign exchange fluctuation (net) 17 16 Share based payments to employees 2.861 2,678 Impairment loss on trade receivables and advances 5,002 2,141 Gain on sale/disposal of property, plant and equipment (net) (55) (35) Unclaimed balances and excess provisions written back (874) (917) Deferred income under EPCG (1.344) (845) Finance income (6,519) (5,070) Interest on lease liability 2,827 2,716 Finance costs 10,398 7,199 Contract expense amortisation 151 151 Loss on fair valuation of contingent consideration 2,021 1.680 Operating cash inflow before working capital changes 1,39,087 1,15,561 Adjustm ents for change in operating assets and liabilities Inventories (1,441) (884) Trade receivables (30,254) (27,228) Other financial assets 269 (110) Other current and non-current assets (2.513) (1,863) Trade payables and other financial liabilities 9,432 5,257 Other current and non-current liabifijies (146) 7,187 Provisions 1,378 754 Cash generated from operating activ ities 1,15,812 98,674 Income tax paid (net) (16,317) (18,920) Net cash generated from operating activities (A) 99,495 79,754 Cash flows from investing activities Purchase of property, plant and equipment (58.925) (83,885) Proceeds from sale/disposal of property, plant and equipment 490 281 Part proceeds from divestment of hospitals 2,066 Loan given to other healthcare service provide rs (9,350) (19,400) Loan repayment by other healthcare serv ice providers 400 Change in other bank balances (not considered as cash and cash equivalents ) 1,966 151 Consideration paid on acquisition of subsidiaries (net of cash and cash equivalent acquired) (38,383) (385) Proceeds from sale of investments 128 Interest income received 5,451 6,045 Net cash {used) in inves ting activities (B) (98,751) (94,599) Cash flows from finan cing activities Proceeds from exercise of employee stock options including application money 451 10 Orv1dend paid (19,437) (14,563) Change in non~ntrolling interest (79) Proceeds from non-current borrowings 42,528 23,732 Repayment of non-current borrowings (21,301) (5,636) Proceeds from short.term borrowings (net) 357 5,387 Principal payment of lease liabilities (1,475) (1,207) Interest payment on lease liabilities (2,827) (2,716) P avment of finance costs (9,875) (8,539) Net cash (used) in financing activities (C) (11,658 ) (3,532) Net (decrease) in cash and cash equivale nts (A + B + C) (10,914) (18,377) Cash and cash equivalents at the beginning of the period 66,580 66,158 Effect of foreian exchanae on cash and cash eauivalents 5 25 Cash and cash equivalents at the end of the neriod as oer balance sheet 55,671 47,806 Comoonents of cash and cash eauiva lents· Particulars As at Asal Seotembor 30, 2026 Seotomber 30, 2025 Balances with banks on current accounts 4,082 6,419 Bank deposits (redeemable on demand ) 50,190 39,920 Cheques and drafts on hand 1,081 1.096 Cash on hand 318 371 Tota l cash and cash eauivalen ts 55,671 47,806 The above consolidated statement of cash now has been prepared under the 'Indirect Method' set out in Indian Accounting Standard-7. 'Statement of cash nows'. S.R. Batliboi & Co/ LP, "fit' V for ldenti 1ca ton
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MAX HEALTH CARE INSTITUTE LIMITED CIN : L72200MH200 1 PLC322854 REGISTERED OFFICE : 401, 4th Floor , Man Excellenza, S. V. Road , Vile Parle (West ), Mumbai-400056, Maharashtra Website: www.maxhealthcare .in, Email: investors@maxhealthca re.com, Phone: +91-22 2610 0461/62 NOTES TO THE UNAUDI TED CONSO LIDATED FINANCIAL RESUL TS FOR THE QUARTER AND HALF-YEAR ENDED SEPTEMBER 30, 2026 1. The unaudited consolidated financial results ('the Statement') of Max Healthcare Institute Limited ('MHIL' or 'the Company') along with its subsidiaries and deemed separate entities, that is 'Silos· (collectively referred as 'the Group') for the quarter and half-year ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 30, 2026. The statutory auditors, S.R. Batliboi & Co. LLP. issued an unmodified limited review report on the above results. 2. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reporting' specified under section 133 of the Companies Act, 2013 read v.ith relevant rules issued thereunder and other Generally Accepted Accounting Principles in India. 3 The Group's business activity primarily falls within a single reportable business segment and geographical segment namely 'Medical and Healthcare Services' and 'India' respectively. 4_ The Nomination and Remuneration Committee of the Company at its meeting held on August 13, 2026, considered and approved grant of 3,61,827 stock options to eligible employees under the Max Healthcare Institute Limited - Employee Stock Option Plan 2022 (MHIL ESOP 2022"). at an exercise price off 350 to f 800 per share. As of September 30. 2026. 82.52.964 stock options granted under this scheme are outstanding and shall vest not earlier than one year and not later than five years from the date of grant of options, subject to requirements of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and MHIL ESOP 2022 scheme. Further, during the quarter ended September 30. 2026, the Company has alotted 66,462 ordinary shares. of, 10 each under the Company's Employee Stock Option Scheme. 5. Exceptional items include: tin t lakhsl Consolidated Quarter ended Half-yea r ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2026 2025 2026 2025 Unaudit ed Unaudited Unaudited Unaudited Unaudited Audited Impact of New Labour Codes· 3,390 Provision for stamn duru on merl'lel"°" 1,434 ·On November 21, 2025, the Government of India notified four Labour Codes consolidating 29 existing labour laws. The Group assessed the incremental financial impact arising from the notified Labour Codes and reported this under Exceptional items in the statement of profit and loss for year ended March 31, 2026, as it was regulatory-driven and non-recurring in nature. The incremental impact, consisted of gratuity, long-term compensated absences and other employee benefits that arose due to change in wage definition. •• Provision of, 1,434 lakhs has been made for the stamp duty on the merger of Jaypee Healthcare Limited and Crosslay Remedies Limited during the year ended March 31, 2026 and the same has been disclosed as exceptional item. 6. Other income includes: (in l lakhsl Consolidated Particulars Quarter ended Half-year ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2026 2025 2026 2025 Unaudited Unaudited Unaudit ed Unaudited Unaudited Audited Finance income· 3,244 3.548 2.486 6.792 5,301 11,504 . ' Finance ,ncome compnses of interest on bank deposits, secunty depos1ts, loans to other healthcare service providers, income tax refunds and non-current trade receivables • 7. Pursuant to the Share Purchase Agreement \ SPA') executed on April 8, 2026, the Company acquired a 58.28% equity stake in Kalinga Hospital Ltd ('KHL') on May 18, 2026. for an aggregate consideration of , 29.797 lakhs. Consequently, KHL, which owns and operates a 250-bed NASH-accredited multi-specialty hospital located in Bhubaneswar, Odisha, became a subsidiary of the Company v.iith effect from the acquisition dale. The acquisition has been accounted for as a business combination using the acquisition method in accordance with Ind AS 103, Business Combinations. Accordingly, the purchase consideration has been provisionally allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as at the acquisition date. As a result. provisional goodwill oft 20.096 lakhs has been recognized . Subsequently. during the quarter ended September 30, 2026, the Company subscribed to the rights issue of KHL and was allotted 50,21,212 equity shares for an aggregate consideration of f 8,787 lakhs and also acquired 50,000 equity shares from certain minority shareholders. Consequently, the Company's shareholding in KHL increased to 66.34% as at September 30. 2026. The financial results of KHL have been consolidated with those of the Group from May 18, 2026, being the date of acquisition. Consequentty, the consolidated financial results of the Group for the six months ended September 30. 2026 include the results of KHL only from that date and are therefore not comparable with the corresponding previous period. 8. On December 18, 2025. the Company entered into a Share Purchase Agreement to acquire 100% of the Class A and the Class B equity shares of Yerawada Properties Private Limited ('YPPL') in a phased (step-up) manner. YPPL owns a 1.68-acre land parcel in central Pune. On June 30, 2026. the Company acquired all Class A equity shares of YPPL for an aggregate consideration of f 8,792 lakhs, representing 100% of the voting rights and approximately 50.22% of the combined equity share capital of YPPL Consequently, YPPL has become a subsidiary of the Company with effect from the said date. The transaction has been accounted for as an asset acquisition in accordance with the principles of Ind AS 103 'Business COO'!bit'lations• and purcha se considoration has beon atlocatod to lho land parcel , otner a ssots and llabihtie s a s sumed , based on their rela tive fair vatue s. 9. MHC Global Healthcare (Nigeria) Limited, a dormant wholly owned subsidiary of the Company, has on October 28, 2026 completed the members' voluntary winding.up process in accordance with section 631(4) of the Companies and Allied Matters Act, 2020 Nigeria. The dissolution does not have any ma1erial impact on the consolidated financial statements of the Company. 10. During the quarter and half-year ended September 30, 2025, the Group had recognised a reversal of current tax and net deferred tax credit off 7,939 lakhs and f 6,977 lakhs, respectively, pursuant to the merger of erstwhile Crosslay Remedies Limited with Crosslay Remedies Limited (formerly known as Jaypee Healthcare Limited). 11. A final dividend of f 2 per share (20% of face value) for the financial year ended March 31, 2026, was approved by the shareholders at the Annual General Meeting held on July 30, 2026, and subsequenUy paid on August 11, 2026. 12. The shareholders of the Company, through postal ballot on October 19. 2026, approved the 'Max Healthcare lnstilute Limited - Performance Linked Restricted Stock Unit Scheme 2026' for grant of up to 73,50,000 Performance Linked Restricted Slock Units to eligible employees of the Company and its subsidiaries, in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations. 2021. 13. The aforesaid Statement is available on the Company's website (www.maxhealthcare.in) and on the 'NBbsite of the Stock Exchanges (www.bseindia.com and www.nseindia.com). S.R. Batliboi & Co. f P, forldentification r \ ~:.3 d on behalf of the Board of Directors of " ....... ,~ .. ~ ""'~ ~;:~~:~ and Managing Director) ioc,r>-RE l,-i,15'1 J DIN:00203597 :I: -I Place : New Delhi ~ ::} Date : October 30, 2026 ?' , <:)'y *
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S.R. BATLIBOI & Co. LLP Chartered Accountants 67, Institutional Area Sector 44, Gurugram - 122 003 Haryana, India Tel: +91124 681 6000 Independent Auditor's Review Report on the Quarterl y and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations , 2015 , as amended Review Report to The Board of Directors Max Healthcare Institute Limited I. We have reviewed the acco mpanyi ng stateme nt of Unaudited Standalone Financial Results of Max Healthcare Institute Limited (the "Company") for the quarter ended September 30, 2026 , and year to date from April 01, 2026, to Septe mber 30, 2026 (the "Statement ") attached herewith , being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 20 15, as amended (the " Listing Regulations "). 2. The Company's Management is responsib le for the preparation of the Statement in accordance with the recogn ition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) " Interim Financial Reporting " prescribed under Section 133 of the Compan ies Act, 20 13 as amended , read with relevant rules issued thereunder and other accounti ng principles genera lly accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Stateme nt has been approved by the Company's Board of Directors. Our responsibility is to express a conclus ion on the Statement based on our review. 3. We conducted our review of the Statemen t in accordance with the Standard on Review Engagements (SRE) 24 10, "Review of Interim Financia l lnfonnation Perfonned by the Independent Auditor of the Entity" issued by the Institute of Chartered Accounta nts of India. This standard requires that we plan and perfonn the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial infonnation cons ists of making inquiries, primarily of persons responsible for financial and account ing matters , and app lying analytical and other review procedures . A rev iew is substant ially less in scope than an audit conducted in accordance with Standards on Aud iting and consequently does not enable us to obtain assurance that we wou ld become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. 4. Based on our review conducted as above , nothing has come to our attent ion that causes us to believe that the accompany ing Statement , prepared in acco rdance with the recognition and measurement principles laid down in the aforesaid Indian Accou nting Standards (' Ind AS ') specified under Section 133 of the Companies Act, 20 13 as amended, read with relevant rules issued thereunder and other accounting principle s generally accepted in India, has not disclosed the information required to be disclosed in tenns of the Listing Regulations , includin g the manner in which it is to be disclosed , or that it contains any material misstatement. For S.R. Batliboi & Co. LLP Chartered Accountants !CAI Finn registration numb er: 30 I 003E /E300005 ~* per Sanjay Vij Partner Membership No.: 095169 UDIN:?-6 olf~I~ ~WO t V'/ ~ 4 • '19 Place: New Delhi Date: October 30, 2026 S.R. Batllboi & Co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294 Rcgd Office 22. C.1m;1c S11-cc1. Block ·e·. 3rd Floor. Kolkata-700 016
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SI. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. MAX HEALTHCARE INSTITUTE LIMITED GIN: L72200MH2001PLC322854 REGISTERED OFFICE : 401, 4th Floor, Man Excellenza, S. V. Road, Vile Parle (West), Mumbai-400056, Maharashtra Websi te: www.maxheallhcare.in , Email : investors@maxheallhcare.com, Phone: +91- 22 2610 0461/62 STATEMENT OF UNAUD ITED STANDALONE FINANCIA L RESULTS FOR THE QUARTER AND HALF-YEAR ENDED SEPTEMBER 30, 2026 (In ( /akhs, except per equity share data) Quarter ended Particulars September 30, June 30, 2026 2026 Unaudited Unaudited Income Revenue from operations 84,197 78.292 Other income 4,911 9,210 Total Income 89,108 87,502 Expenses Purchase of drugs, consumables and implants 18,144 18,684 Change in inventories of drugs, consumables and implants (57) (191) Employee benefits expense 14,829 14,593 Professional and consultancy fee 18,124 16,968 Finance COSIS 1,372 1.207 Depreciation and amortisation expense 3.877 3,660 Other expenses 10.204 9,990 Total expens es 66,493 64,911 Profit before exceptional Items and tax for the period/year (1-2) 22,615 22,591 Exceptiona l Items (refer note 5) Profit before tax for the period /year (3-4) 22,615 22,591 Tax expense Current tax 6,065 5,719 Deferred tax (credit)/charge (283) 112 Total tax expense 5,782 5,831 Profit for the period /year (5-6) 16,833 16,760 Other compre hensive Income Items that will not be reclassified to profit or loss Remeasurement of defined benefit plans 36 63 Income tax effect on above (9) (16) Items that will be reclass ified to profit or loss Fair value Changes on deriva tives des, gnated a s cash now hedgo 1 ,0 18 (644 ) Income tax effect on above (256) 162 Other comprehen sive lncome/(loss) 789 (435) Total comprehensive Income for the period/yea r (7+8) 17,622 16,325 Paid-up equity share capita l 97,331 97,324 (Face value of, 10 per share) Reserves (other equity) Earnings per equity share {EPS) Not annualised Not annualised Basic - (') 1.73 1.72 Diluted - (') 1.72 1.71 Standalone Septembe r 30, 2025 Unaudited 73,662 4,743 78,405 16,696 (82) 13,422 14,006 867 3,677 8,253 56,839 21,566 21,566 5,016 508 5,524 16,042 (16) 4 (12) 16,030 97,224 Not annualised 1.65 1.64 Half-year ended September 30, September 30, 2026 2025 Unaudited Unaudited 1,62,489 1,43,064 14,121 12,728 1,76,610 1,55,792 36,828 32.622 (248) (224) 29,422 26,937 35,092 26,931 2,579 1,792 7,537 7,220 20.194 16,660 1,31,404 1,11,938 45,206 43,854 45,206 43,854 11,784 10,438 (171) 771 11,613 11,209 33,593 32,645 99 (199) (25) 50 3 74 (94) 354 (149) 33,947 32,496 97,331 97,224 Not annualised Not annualised 3.45 3.36 3.43 3.34 S.R. Batliboi & Co. ~LP, for Identification j"" Year ended March 31, 2026 Audited 2,87,445 30.195 3,17,640 63,927 (92) 51,669 55,632 3,987 14,290 34,251 2,23,664 93,976 1.564 92,412 18,784 1,967 20,751 71,661 (227) 57 (170) 71,491 97,313 7,96 ,746 Annualised 7.37 7.33
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MAX HEALTHCARE INSTITUT E LIMITED CIN : L72200MH2001 PLC322854 REGISTERED OFFICE : 401, 4th Floor, Man Excellenza, S. V. Road, Vile Parle (West) , Mumbai-400056 , Maharashtra Website: www.maxhealthcare.in, Email: investors@maxheal thcare.com, Phone: +91- 22 2610 0461/62 UNAUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 (in f /akhs) As at As at Particulars September 30, 2026 March 31, 2026 Unaudited Audited ASSETS Non-cu rrent assets : Property, plant and equipment 1,27.315 1.26,731 Rig,t-0f-use assets 16,233 15.875 Capnal worl<-in-progress 62,734 47.895 Investment property 466 466 Goodwill 1,31.935 1.31.935 Other intangible assets 2.13.978 2.15.903 Intangible assets under develop ment 3.869 2.974 Investment in subsidiaries 3.10.000 2.62,477 Financial assets (i) Investments 87 87 (ii) Trade receivables 7,348 7,915 (iii) Loans 1.33,379 1,24,709 (iv) Other financial assets 24,874 24,589 Income tax assets (net) 1,707 3,218 Other non-current assets 17,477 17.154 Total non-c urrent asse ts 10,51,402 9,81,928 Current assets: Inventories 3,320 3.072 Financial assets (i) Trade receivables 49.785 41,679 (ii) Cash and cash equivalents 33.275 53.152 (iii) Bank balances other than (ii) above 155 121 (iv) Loans 3,987 2.000 (v) Other financial assets 3.313 4,567 Other current assets 3.153 2,490 Total current assets 96,988 1,07,081 TOTAL ASSETS 11,48,390 10,89,009 EQUITY AND LIABILITIES EQUITY Equny share capital 97.331 97,313 Other equity 8,14.528 7.96,746 Total equity 9,11,859 8,94,059 LIAB ILITIES Non-current liabilitie s: Financial liabilities (i) Borrowings 91,697 59,625 (ii) Lease liabilities 12,108 11,655 Provisions 5,647 5,521 Deferred tax liabilities (net) 51,023 51,075 Other non-current liabilities 403 396 Total non-current liabilities 1,60,878 1,28,272 Current liabilit ies: Financial liabilities (i) Borrowings 10,434 9,628 (ii) Lease liabilities 1,951 1,586 (iii) Trade payables (a) Total outstanding dues of micro enterprises and small enterprises 252 218 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 31,733 28,600 (iv) Other financial liabilities 20,691 18,492 Other current liabilities 5,340 5,565 Provisions 5,252 2,589 Total current liabilities 75,653 66,678 TOTAL EQUITY AND LIABILITIES 11,48,390 10,89,009 -""0 c,t,..RE 1,118~ 11 f l 1 S.R. Batlibol &; LP, ~?- .c:,t::; for Identification . *
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MAX HEALTHCARE INSTITUTE LIMITED CIN : L72200MH2001PLC322854 REGISTERED OFFICE : 401, 4th Floor, Man Excellenza , S. V. Road, Vile Parle {West), Mumbai-400056, Maharashtra Website: www.maxhealthcare.in, Email: investors@maxhealthcare.com, Phone : +91- 22 2610 0461/62 UNAUDITED STANDALONE STATEMENT OF CASH FLOW FOR THE HALF -YEAR ENDED SEPTEMBER 30, 2026 Half-year ended Particulars September 30, 2026 Unaudited Cash flows from operating activities Profit before tax for the period 45,206 Adjustments to recon cile profit before tax to net cash flows from operating activities: Depreciation and amortization 7,537 Income on modification/termination of lease (48) Loss/(gain) on foreign exchange fluctuation (net) 2 Share based payments to employees 1,878 Impairment loss on trade receivables and advances 939 Gain on sale/disposal of property, plant and equipment (net) (38) Unclaimed balances and excess provisions written back (196) Finance income (12,874) Interest on lease liability 731 Finance costs 1,612 Deferred income under EPCG (68) Operating cash inflow before working capital changes 44,681 Adjustments for chang e in operating assets and liabilities Inventories (248) Trade receivables (8,475) Other financial assets 1,501 Other current and non-current assets (1,750) Trade payables and other financial liabilities 4,488 Other current and non-current liabilities (225) Provisions 557 Cash generated from operating activities 40,529 Income tax paid (net) (7,976) Net cash generated from operating activiti es (A) 32,553 Cash flows from investing activities Purchase of property, plant and equipment (18,748) Proceeds from sale/disposal of property, plant and equipment 56 Loan grYen to subsidiaries and other healthcare service providers (12,445) Loan repayment by subsidianes and other healthcare service providers 2,775 Other bank balances (not considered as cash and cash equivalents) (net placed) (32) Purchase of investments Proceeds from sale of investments Subscription to right issue of subsidiary (8,787) Payment towards acquisition of shares (38,677) Interest income rece ived 11,573 Net cash (used in) investing activities (B) (64,285) Cash flows from financin g activities Proceeds from exercise of employee stock options including application money 451 Proceeds from grant of stock options to employees of the subsidiaries of the Company 983 Dividend paid (19,437) Proceeds from non-current borrowings 39,881 Repayments of non-current borrowings (5,621) Repayment I proceeds from short-term borrowings (net) (1,005) Principal payment of tease liabilities (879) Interest payment on lease liabilities (731) Payment of finance costs (1,787) Net cash froml(used in) financ ing activities (C) 11,855 Net (decrease ) in cash and cash equivale nts (A+ B + C) (19,877) Cash and cash equivalents at the beginning of the period 53,152 Cash and cash equivalents at the end of the period as per balance sheet 33,275 Components of cash and cash equivalents · As at Particulars September 30, 2026 Balances with banks on current accounts 1,195 Bari< deposits (redeemable on demand) 31,698 Cheques and drafts on hand 310 Cash on hand 72 Total cash and cash equivalents 33,275 (in t lakhs) Half-year ended September 30, 2025 Unaudited 43,854 7,220 (19) (52) 1,941 506 (6) (188) (11,242) 700 847 (91) 43,470 (224) (11,158) (257) (3,822) 2,133 9,150 444 39,736 (10,846) 28,890 (16,091) 124 (24,345 ) 4,560 (20) (87) 128 12,147 (23,584) 10 737 (14,563) 8,200 (2,353) 1,279 (715) (700) (1,512) (9,617) (4,311) 41,551 37,240 Asat September 30, 2025 899 35,899 371 71 37,240 The above standalone statement of cash flow has been prepared under the 'Indirect Method set out in Indian Accounting Standard-7 . 'Statement of cash flows'. S.R. Batllbol & Co. i P, for Identification /-
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MAX HEALTHCARE INSTITUTE LIMITED CIN : L7220 0MH2001 PL C322854 REGIS TERED OFFI CE : 401 , 4th Floor, Man Excellenza , S. V . Road , Vile Parle (West ), Mumbai -400056 , Mahara shtra Websi le: www.maxh eallhcare.in, Email: investors@ma xhealthcare.com, Phone: +91- 22 2610 0461/62 NOTES TO THE UNAUDITED STANDA LONE FINANCIAL RESULTS FOR THE QUARTER AND HALF-YEAR ENDED SEPTEMBER 30, 2026 1. The unaudtted slandalone financial resulls ('the Statement') of Max Healthcare lnsli lute Limited ('MHIL" or "the Company') for the quarter and ha~-year ended Seplember 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings hekj on October 30, 2026. The statutory auditors, S.R. BaUiboi & Co. LLP. have issued an unmodified limited review report on the above results. 2. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 'Interim Financial Reporting' specified under section 133 of the Companies Act. 2013 read with relevant rules issued thereunder and other Generally Accepted Accounting Principles in India. 3. The Company's business activity primarily falls within a single reportable business segment and geographical segment namely 'Medical and Healthcare Services' and 'India' respectively. 4. The Nomination and Remuneration Committee of the Company at its meeting held on August 13, 2026, considered and approved grant of 3,61,827 stock options to eligible employees under lhe Max Healthcare lnslitule Limited - Employee Sieck Oplion Plan 2022 ("MHIL ESOP 2022'). al an exercise price of , 350 lo , BOO per share. As of Seplember 30, 2026, 82,52,964 stock options granted under this scheme are outstanding and shall vest not ear1ier than one year and not later than five years from the date of grant of options, subject to requirements of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and MHIL ESOP 2022 scheme. Further, during the quarter ended September 30, 2026, the Company has allotted 66.462 ordinary shares, off 10 each under the Company's Employee Stock Option Scheme. 5. Exceptional items include; (in! /akhs) Particulars Standalone Quarter ended Half-year ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudit ed Unaudited Unaudit ed Audited Impact of New Labour Codes· 1.564 ·on November 21, 2025, the Government of India notified four Labour Codes consolidating 29 existing labour laws. The Company assessed the incremental financial impact arising from the notified Labour Codes and reported this under Exceptional items in the statement of profit and loss for year ended March 31, 2026, as it was regulatory-driven and non recurring in nature. The incremental impact, consisted of gratuity, long~term compensated absences and other employee benefits that arose due to change in wage definition. 6. Other income includes: (in ( /akhs) Particular s Standal one Quarter ended Half-year ended Year ended September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 Unaudit ed Unaud ited Unaudited Unaudited Unaudited Audited Dividend income from subsidiaries 7,156 Finance Income· 4.341 8,533 3,908 12,874 11,270 19.849 ·Finance income comprises of interest on bank deposits, secunty deposits, loans to subs1d1anes and other healthcare service providers, income tax refunds and non-current trade receivables. 7. Pursuant to the Share Purchase Agreement ('SPA') executed on Apnl 8, 2026, the Company acquired a 58.28% equity stake in Katinga Hospital Ltd ('KHL') on May 18, 2026 , for an aggregate consideration of f 29. 797 lakhs. Consequenlly, KHL. which owns and operales a 250-bed NABH-accredited multi-specialty hospttal located in Bhubaneswar, Odisha. became a subsidiary of the Company with effect from the acquisition date. Subsequently, during the quarter ended September 30, 2026. the Company subscribed to the rights issue of KHL and was allotted 50,21.212 equity shares for an aggregate consideration oft 8,787 lakhs and also acquired 50,000 equity shares from cenain minority shareholders. Consequently, the Company's shareholding in KHL increased to 66.34% as al Seplember 30, 2026. 8. On December 18, 2025, the Company entered into a Share Purchase Agreement to acquire 100% of the Class A and the Class B equity shares of Yerawada Properties Private Limited ('YPPL') in a phased (step-up) manner. YPPL owns a 1.68-acre land parcel in central Pune. On June 30, 2026, the Company acquired all Class A equity shares of YPPL for an aggregate consideration oft 8,792 lakhs, representing 100% of the voting rights and approximately 50.22% of the combined equity share capital of YPPL. Consequently, YPPL has become a subsidiary of the Company with effect from the said date. 9. MHC Global Healthcare (Nigeria) Limited, a dormant wholly owned subsidiary of the Company, has on October 28, 2026 completed the members' voluntary winding-up process in accordance with section 631(4) of the Companies and Allied Matters Act, 2020 Nigeria. The dissolution does not have any material impact on the standalone financial statements of the Company. 10. A final dividend of , 2 per share {20% of face value) for the financial year ended March 31, 2026, was approved by the shareholders at the Annual General Meeting held on July 30, 2026, and subsequently paid on August 11, 2026. 11. The shareholders of the Company, through postal ballot on October 19, 2026, approved the 'Max Healthcare Institute Limited - Performance Linked Restricted Stock Unit Scheme 2026' for grant of up to 73,50,000 Performance Linked Restricted Stock Units to eligible employees of the Company and its subsidiaries, in accordance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. 12. The aforesaid Statement is available on the Company's website (www.maxheatthcare.in) and on the website of the Stock Exchanges (www.bseindia.com and www.nseindia.com). S.I~. Ballibol & Co. LLF', for Identification f ~::j on behalf of the Board of Direct ors of ' """" ··-"·'"' Abhay Sol (Chairman and Managing Director) DIN:00203597 Place : New Delhi Date : October 30, 2026
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Annexure - II Details with respect to Capital expenditure for expansion of Max Super Speciality Hospital, Sector-128, Noida S. No. Particulars Details 1. Existing capacity Max Healthcare Network has an existing capacity of 6,100+ beds as on September 30, 2026. 2. Existing capacity utilization Currently, Max Healthcare Network Hospitals are operating at a very high-capacity utilization; Specifically, Capacity Utilization Network Hospitals in Q -2, FY’27 was >75%. 3. Proposed capacity addition The proposed redevelopment and clinical capacity enhancement programme at Max Super Speciality Hospital, Sector-128, Noida allows addition of ~85 beds to the existing capacity of ~400 beds. 4. Period within which the proposed capacity is to be added The proposed capacity will be added and commissioned within 15 months. 5. Investment required The proposed redevelopment entails a capital expenditure of up to ~₹93 Crore. 6. Mode of financing Internal Accruals 7. Rationale The additional bed capacity will cater to the healthcare needs of communities residing in Delhi-NCR region.
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Annexure - III Details with respect to Capital expenditure for expansion of Max Super Speciality Hospital, Vaishali S. No. Particulars Details 1. Existing capacity Max Healthcare Network has an existing capacity of 6,100+ beds as on September 30, 2026. 2. Existing capacity utilization Currently, Max Healthcare Network Hospitals are operating at a very high-capacity utilization; Specifically, Capacity Utilization Network Hospitals in Q -2, FY’27 was >75%. 3. Proposed capacity addition The proposed construction of two additional floors (10 th and 11th floors) over the existing Block B of Max Super Speciality Hospital, Vaishali will add ~60 beds to the existing capacity of ~387 beds. 4. Period within which the proposed capacity is to be added The proposed capacity will be added and commissioned within 24 months. 5. Investment required The proposed redevelopment entails a capital expenditure of up to ₹97 Crore. 6. Mode of financing Internal accruals 7. Rationale The additional bed capacity will cater to the healthcare needs of communities residing in Delhi-NCR region.
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Annexure - IV Details with respect to appointment of Senior Management Personnel S. No. Particulars Details 1. Reason for change viz. appointment Appointment of Dr. Dharmender Kumar as Director & Chief - Public Affairs, identified as Senior Management Personnel of the Company. 2. Date & term of appointment Date of appointment: November 1, 2026 Term of appointment: Full-time Employment 3. Brief profile Provided below 4. Disclosure of relationships between directors Not applicable Brief Profile Dr. Dharmender Kumar is a seasoned professional with 29 years of experience across the Healthcare and Corporate Sectors. He began his career with Apollo Hospital, followed by Narinder Mohan Hospital and Max Healthcare. He subsequently worked with Aviva Life Insurance before re-joining the Max Group in 2007, where he has since held key leadership responsibilities. Dr. Kumar brings extensive expertise in public affairs, policy advocacy, government relations and stakeholder engagement, supported by a strong understanding of government and institutional relationships, policymaker engagement and policy and regulatory matters. In his proposed role as Director & Chief - Public Affairs at Max Healthcare, he is expected to leverage his experience to strengthen the organisation’s engagement with government bodies, regulatory authorities and other key stakeholders, in alignment with the organisation’s strategic priorities. Dr. Kumar holds a Post-Doctorate in Healthcare Management and a Ph.D. in Public Policy from École Supérieure Robert de Sorbon, France. He also holds a Postgraduate Diploma in Personnel Managemen t and Industrial Relations from Bharatiya Vidya Bhavan, Delhi Kendra and a Bachelor’s degree in Humanities from Shaheed Bhagat Singh College, University of Delhi.