Transcript of Earnings Call held on November 3, 2026

November 9, 2026 Listing Department, Listing Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai - 400 051 Mumbai - 400 001 Symbol: MAXHEALTH Scrip Code: 543220 Sub.: Transcript of Earnings Call held on November 3, 2026 Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir / Madam, Please find enclosed copy of transcript of earnings call, organised on November 3, 2026, on financial results of the Company for the quarter and half year ended September 30, 2026. The said transcript is also available on the website of the Company at www.maxhealthcare.in/financials#earnings-call. 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 Max Healthcare Institute Limited Q2 & H1 FY27 Earnings Conference Call November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Max Healthcare Institute Limited Earnings Conference Call. Please note that this conference is being recorded. I now hand the conference over to Mr. Suraj Digawalekar from CDR India. Thank you, and over to you, Suraj. Suraj Digawalekar: Thank you, Rayo. Good afternoon, everyone, and thank you for joining us on Max Healthcare's Q2 and H1 FY27 Earnings Conference Call. We have with us Mr. Abhay Soi, Chairman and Managing Director; Mr. Yogesh Sareen, Group Director and Chief Financial Officer; and Mr. Keshav Gupta, Group Director – Growth, M&A and Business Planning. We will begin the call with opening remarks from the management, following which we will have the forum open for an interactive Q&A session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Abhay to make his opening remarks. Thank you, and over to you, Abhay. Abhay Soi: A very good morning and thank you for joining us today for Max Healthcare's second quarter and first half of FY27 Earnings Call. We gained momentum in the second quarter, with revenue growing by 20%, operating EBITDA by 18% and PAT by 10%. Demand for quality healthcare remains strong across the hospital Network, with occupancy holding steady at 77%, despite a 14% year-on-year increase in operational bed capacity. Occupancy and revenue across all 3 brownfield expansions, namely Max Nanavati in Mumbai, Max Mohali and Max Smart at Saket, Delhi, have ramped up very well and in line with our expectations. At Max Smart, the newly commissioned 260 beds achieved EBITDA breakeven within 3 months of operations and are now witnessing Page 1 of 19 high occupancy levels. However, the initial ramp-up of these beds did create a drag on EBITDA of Saket Complex during Q2. Excluding the Saket complex, revenue grew by 20% and EBITDA by 25%. We expect to commission the remaining 140 beds after Diwali puja. Encouraged by these quick ramp-ups, we continue to explore opportunities to add capacity at our existing hospitals. In this regard, the Board has approved an investment of INR 415 crore towards addition of 209 brownfield beds at Max Noida, Max Vaishali and BLK-Max, along with a multi-level car park (MLCP) tower at BLK at the cost of approximately INR 85 crore. This is a part of the aforementioned INR 415 crore. Most of this capacity is expected to become available over the next 18 to 24 months. During the quarter, 202 brownfield beds were added to the operational capacity, mainly at Max Smart, Max Lucknow, Max Noida and Max Dwarka. Services have also commenced at the new oncology block at Max Dwarka, which will enable addition of around 20 beds to the hospital in Q3 FY27. Following the rights issue by Kalinga Hospital Limited, our shareholding has increased to 66%. A new leadership team has taken charge of Max Bhubaneswar and clinical teams have been added across gastroenterology, GI surgery, neurosurgery and orthopaedics. The hospital reported a revenue of INR 38 crore and EBITDA of INR 4 crore for the quarter. We have commenced renovation of this facility, and the first part will start rolling out towards the end of the year. Now moving on to the Q2 performance highlights: 1) Average occupancy for the Network was 77%, similar to last year, despite a 14% increase in operational bed capacity. 2) Occupied bed days (OBDs) were up by 13% year-on-year and 7% quarter-on- quarter. 3) Average revenue per patient (IP ARPP) for the quarter stood at INR 2.31 lakhs, growing by 8% year-on-year. This growth was partly driven by a decline in institutional bed share to 29%, from 34% last year. 4) Network gross revenue stood at INR 3,219 crore compared to INR 2,692 crore in Q2 last year and INR 2,982 crore in the previous quarter. This reflects an increase of 20% year-on-year and 8% quarter-on-quarter. Page 2 of 19 Due to the discontinuation of select high-value chemotherapy drugs for institutional patients, as a result of CGHS rate revisions last year, the share of oncology for in-patient revenues dropped to 21%, from 26% in Q2 FY26. Excluding oncology, gross revenue grew by 25% and ARPP grew by 11% year- on-year. 5) International patient revenue was INR 307 crore, registering significant growth of 33% year-on-year and now accounts for 10% of healthcare revenue from hospitals. 6) Digital revenue from online marketing activities, web-based appointments and digital lead management was INR 1,099 crore, accounting for approximately 34% of overall revenue. Website traffic crossed 1.14 crore sessions during the quarter, growing by 44% year-on-year. 7) Operating EBITDA for the quarter stood at INR 820 crore versus INR 694 crore in Q2 FY26 and INR 704 crore in the previous quarter, reflecting growth of 18% year-on-year and a significant growth of 16% quarter-on-quarter. While EBITDA per bed grew by 4% year-on-year to INR 77 lakhs per annum. 8) Operating EBITDA margin was 26.8%, similar to Q2 FY26, despite 14% increase in operational bed capacity, and reflected an improvement of around 200 basis points over the trailing quarter. 9) Profit after tax (PAT) for the Network was INR 448 crore, against INR 406 crore in Q2 last year (normalized for one-time tax gain of INR 149 crore) and INR 357 crore in the previous quarter, reflecting a growth of 10% year-on-year and 26% quarter-on-quarter. 10) The Network generated free cash flow of INR 500 crore during the quarter, of which INR 292 crore was invested in ongoing capacity expansion in projects and INR 195 crore was disbursed towards dividend. 11) Net debt for the Network stood at INR 2,369 crore compared to INR 2,384 crore at the end of June 2026, while the net debt-to-EBITDA ratio continued to remain below 1. Page 3 of 19 12) Continuing our efforts to support local communities, we provided free treatment to over 57,000 patients from economically weaker sections of the society worth INR 90 crore at hospital tariff, reflecting growth of 47% year-on-year. 13) Both our strategic business units continued to deliver steady growth in revenue and profitability: • Max@Home reported revenue of INR 86 crore, reflecting robust year-on- year growth of 37%. It offers 16 specialized service lines across 15 cities, with over 56% repeat transactions. • Max Lab reported revenue of INR 66 crore, reflecting year-on-year growth of 24%. It provides services in over 60 cities and served over 7 lakh patients during the quarter. 14) Now moving on to the status of our expansion projects coming on stream over the next few years: • The balance 205 beds at Max Nanavati and Max Smart: will be opened post Diwali puja. • 100 beds at Max Lucknow: in the existing 468-bed facility will be commissioned over the next 2 quarters. • 500 beds at Sector-56, Gurgaon: We expect to start phas [Showing first 8,000 characters — download PDF for full document]