Analysts/Institutional Investor Meet/Con. Call Updates

August 20, 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 August 14, 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 conference call, organised on August 14, 2026, on financial results of the Company for the quarter ended June 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 Q1 & FY27 Earnings Conference Call August 14, 2026 Moderator: Ladies and gentlemen, good day and welcome to Max Healthcare Institute Limited Earnings Conference Call. Please note that this conference is being recorded. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you and over to Mr. Poojari. Anoop Poojari: Thank you. Good morning, everyone and thank you for joining us on Max Healthcare's Q1 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 of the company. We will begin the call with opening remarks from the management, following which we will have the forum open for an interactive question-and-answer 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. Abhay Soi: Good morning, everyone and thank you for joining us today for Max Healthcare's Q1 FY27 earnings call. We started the financial year with healthy momentum across the Network, recording year-on-year growth of 16% in revenue and 15% in operating EBITDA. We continued to execute well on our ongoing capacity expansion plans. At Max Smart, we have currently operationalized 50% capacity of the 400-bed brownfield tower. The remaining 50% beds are expected to be handed over to operations during the course of the current quarter. At Nanavati Max, remaining 50 beds will also be operationalized in this quarter and work on the Phase 2 expansion has commenced. Coming to our recent acquisitions, the integration of Max Bhubaneswar into the Network is proceeding as planned. The hospital contributed INR 19 crore in revenue and INR 2 crore in EBITDA during the post-acquisition period in Q1 FY27, with an occupancy of 50% and ARPOB of INR 35,000, both of which provide significant Page 1 of 19 levers for growth. Prior to the acquisition, the hospital generated revenues of INR 154 crore in FY26. Going forward, our focus is on integrating operations, renovating infrastructure, upgrading technology, and enhancing clinical programs to turn around the hospital over the next 12 months. In relation to the Pune greenfield, we have acquired the SPV and it is now a subsidiary of the company. To further strengthen our existing Network, the board has approved a capital expenditure of INR 425 crore for a new brownfield tower at Max Vaishali. This will add 202 beds to the hospital's existing capacity of 387 beds. The building plans have been approved and the construction activities have already commenced. The project is expected to be commissioned before FY30. Alongside our capacity expansion, we continue to strengthen our research and academic ecosystem. We have recently established a standalone Max Research Centre, marking a landmark milestone in our research journey. Over the years, we have built an integrated clinical research ecosystem and have conducted over 750 clinical trials, completed over 2,200 investigator-initiated studies, published nearly 3,500 papers in index journals, secured over 30 competitively funded research projects, generated patents and established capabilities that translate scientific discovery into better patient care. In recent months, we have also secured several research grants and awards from the prestigious institutes including ICMR Centre for Advanced Research in Precision Diabetes, the ANRF MAHA MedTech Mission, the DBT European Union Dengue Program, and India AI Mission initiatives with the National Cancer Grid, amongst others. Our research capabilities are complemented by a dedicated education arm, the Max Institute of Medical Education (MIME). This institute trains over 12,000 healthcare professionals annually, spanning across 180 programs and our postgraduate ecosystem has over 600 DNB students across clinical specialties. Emboldened by the above and the change in recent guidelines of the National Medical Commission, we have decided to embark upon the medical education business and have received in-principle approval from the board for the same. We believe this to be a significant line of business in years to come. Now, moving on to the Q1 performance highlights: Page 2 of 19 • Average occupancy for the Network continued to be more than 75% despite a 13% increase in operational bed capacity year-on-year, with most units continuing to operate at near optimal capacity. • Occupied Bed Days (OBDs) were up by 10% year-on-year and 5% quarter-on- quarter. • Average Length of Stay (ALOS) reduced by 4% over trailing quarter, reflecting concerted efforts on this front. • Average Revenue Per Occupied Bed (ARPOB) for the quarter stood at INR 81,900, growing by 5% both year-on-year and quarter-on-quarter. • Network gross revenue stood at INR 2,982 crore compared to INR 2,574 crore in Q1 last year and INR 2,664 crore in previous quarter. This reflects an increase of 16% year-on-year and 12% quarter-on-quarter. Due to the discontinuation of select high-value chemotherapy drugs for institutional patients, share of oncology for in-patient revenues dropped to 22% from 26% in Q1 FY26. Excluding oncology, gross revenue grew by 20% and ARPOB grew by 9% year-on-year. • International patient revenue was INR 247 crore, registering a growth of 18% year-on-year and accounting for 9% of the revenues from hospitals. • Digital revenue from online marketing activities, web-based appointments and digital lead management was INR 941 crore, accounting for approximately 32% of overall revenue. Website traffic crossed 97 lakh sessions during the quarter, growing by 41% year-on-year. • Network operating EBITDA stood at INR 704 crore, reflecting a growth of 15% year-on-year and 3% quarter-on-quarter. • Network operating EBITDA margin was 24.8% for the quarter, compared to 24.9% in Q1 FY26 and 26.8% in trailing quarter. The margin was relatively muted due to the recent commissioning of new brownfield capacities and the acquisition of Kalinga Hospital. • Annualized EBITDA per bed for the Network stood at INR 71 lakh, versus INR 68 lakhs in Q1 FY26 and INR 73 lakhs in the previous quarter. Page 3 of 19 • Profit after Tax (PAT) for the Network was INR 357 crore against INR 345 crore in Q1 last year and INR 387 crore in the previous quarter. • Network generated free cash flows of INR 397 crore during the quarter. INR 386 crore was deployed towards the acquisition of Kalinga Hospital and Yerawada Properties Private Limited and INR 337 crore was invested in on-going capacity expansion projects. • Net debt for the Network stood at INR 2,384 crore compared to INR 1,908 crore at the end of March 2026, while the net debt-to-EBITDA ratio continued to remain below 1. The increase during the quarter includes INR 153 crore towards Kalinga and the put opt [Showing first 8,000 characters — download PDF for full document]