Max Healthcare Institute Limited

rs,

a Complex, Bandra (E), Mumbai – 400 051 Listing Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Symbol: MAXHEALTH Scrip Code: 543220 Sub.: Presentation for In

73%

ajpat Nagar3 5 1 4 6 5 0 Smart Saket5 1 0 4 Sec. 43 Gurugram 5 0 0 Noida3,4 21 Facilities ~73% Beds in metros ~76% FY26 Occupancy 22% Revenue CAGR6 5 years 33% EBITDA CAGR6 5 years ~23% FY26

76%

6 5 0 Smart Saket5 1 0 4 Sec. 43 Gurugram 5 0 0 Noida3,4 21 Facilities ~73% Beds in metros ~76% FY26 Occupancy 22% Revenue CAGR6 5 years 33% EBITDA CAGR6 5 years ~23% FY26 ROCE7 Shareholding

22%

5 1 0 4 Sec. 43 Gurugram 5 0 0 Noida3,4 21 Facilities ~73% Beds in metros ~76% FY26 Occupancy 22% Revenue CAGR6 5 years 33% EBITDA CAGR6 5 years ~23% FY26 ROCE7 Shareholding structure (as on Mar

rs 33

am 5 0 0 Noida3,4 21 Facilities ~73% Beds in metros ~76% FY26 Occupancy 22% Revenue CAGR6 5 years 33% EBITDA CAGR6 5 years ~23% FY26 ROCE7 Shareholding structure (as on March 31, 2026) Outside NCR

23%

es ~73% Beds in metros ~76% FY26 Occupancy 22% Revenue CAGR6 5 years 33% EBITDA CAGR6 5 years ~23% FY26 ROCE7 Shareholding structure (as on March 31, 2026) Outside NCR Lucknow Dehradun 3 8 0 2

4.6%

3 8 0 2 0 0 Mohali3,4 Bathinda 6 0 8 2 0 0 Mumbai Nagpur Bhubaneshwar 4 2 6 2 2 3 2 5 0 4.6% 23.7% 26.3% 45.4% Abhay Soi FIIs & FPIs DIIs Others Top public shareholders • Capital Group

23.7%

2 0 0 Mohali3,4 Bathinda 6 0 8 2 0 0 Mumbai Nagpur Bhubaneshwar 4 2 6 2 2 3 2 5 0 4.6% 23.7% 26.3% 45.4% Abhay Soi FIIs & FPIs DIIs Others Top public shareholders • Capital Group • GIC

26.3%

Mohali3,4 Bathinda 6 0 8 2 0 0 Mumbai Nagpur Bhubaneshwar 4 2 6 2 2 3 2 5 0 4.6% 23.7% 26.3% 45.4% Abhay Soi FIIs & FPIs DIIs Others Top public shareholders • Capital Group • GIC • Black

45.4%

3,4 Bathinda 6 0 8 2 0 0 Mumbai Nagpur Bhubaneshwar 4 2 6 2 2 3 2 5 0 4.6% 23.7% 26.3% 45.4% Abhay Soi FIIs & FPIs DIIs Others Top public shareholders • Capital Group • GIC • Blackrock •

₹ 1.0 Lakh

Investments • HDFC Mutual Fund • SBI Mutual Fund Life Insurance Corp of India (LIC) Market Cap1: ₹ 1.0 Lakh Cr / $ 10.9 billion Market Cap CAGR: 36% (April 2021 – May 2026) 1. Bed capacity and Market Cap a

10.9 billion

C Mutual Fund • SBI Mutual Fund Life Insurance Corp of India (LIC) Market Cap1: ₹ 1.0 Lakh Cr / $ 10.9 billion Market Cap CAGR: 36% (April 2021 – May 2026) 1. Bed capacity and Market Cap as of May 15, 2026 |

“Exceptional item in Q3 FY26 represent incremental non-recurring impact of Code on Wages, 2019 notified by the Govt.”

“Effective tax rate (normalized) was 23.4% in Q4 FY26 vs.”

“Exceptional item in FY26 represents incremental non-recurring impact of Code on Wages, 2019 notified by the Govt.”

“in Nov’25 and provision for stamp duty payable on amalgamation of CRL with JHL; and in FY25 represents charges paid to YEIDA for seeking permission for change in shareholding of JHL Includes ₹ 142 Cr (net) tax benefit consequent to accounting for amalgamation of CRL & JHL.”

“Effective tax rate (normalized) was 20.9% in FY26 compared to 20.2% in FY26 4.”

“FY22: Pertains to VRS payout to employees, FY25: Charges paid to YEIDA for seeking permission for change in shareholding of JHL of ₹ 74 Cr, and FY26: Represents incremental non- recurring impact in FY26 of Code of Wages, 2019 notified by the Government in November 2025 and provision for stamp duty payable on amalgamation of CRL with JHL 4.”

“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 their assets to their immediate holding companies.”

“35 Appendix 2 Payor & Speciality profiles Network structure HR initiatives IT & Digital infrastructure 36 Payor & Speciality profiles FY26 Payor Mix (revenue share) FY26 Speciality Mix Institutional +31% Y-o-Y 21.9% Self Pay +16% Y-o-Y 34.2% 9.1% Revenue from Healthcare Services4: ₹ 9,872 Cr (+16% Y-o-Y) Gastro-enterology Others Pulmonology 5.8% 5.0% Liver & biliary sciences 4.0% MAS & Gen.”

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ESOP (Equity-settled scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets Reported EBITDA Finance cost (Net)3 Depreciation and Amortisation Profit before tax Exceptional items4 Profit before tax, after Exceptional Items Tax5 Profit after tax Q4 FY25 Q3 FY26 Q4 FY26 Amount % NR Amount % NR Amount % NR Figs in ₹ Cr YoY Growth 2,429 2,326 917 1,409 777 100.0% 39.4% 60.6% 33.4% 2,608 2,484 1,004 1,480 832 100.0% 40.4% 59.6% 33.5% 2,664 2,541 1,045 1,496 814 100.0% 41.1% 58.9% 32.0% 9% 14% 6% 5% 632 27.2% 648 26.1% 682 26.8% 8% 15 4 613 36 114 463 - 463 87 376 0.7% 0.2% 26.4% 1.6% 4.9% 19.9% 0.0% 19.9% 3.7% 16.2% 9 6 633 41 123 469 55 413 69 344 0.4% 0.2% 25.5% 1.6% 5.0% 18.9% 2.2% 16.6% 2.8% 13.9% 12 0.5% (28) (1.1%) 698 47 136 515 - 515 128 387 27.5% 1.8% 5.4% 20.3% 0.0% 20.3% 5.0% 15.2% 14% 11% 11% 3% Increase in direct cost as a percentage of revenue is primarily attributable to higher doctor compensation costs 1. 2. YoY increase is driv

Less

ESOP (Equity-settled Scheme) Movement in fair value of contingent consideration payable & amortisation of contract assets Reported EBITDA Finance costs (Net) Depreciation & Amortisation Profit before tax Exceptional Items7 Profit before tax, after Exceptional Items Tax Profit after tax 1. MHIL Network has service agreements with these PHFs and does not own or control any of these in terms of IND AS 110. Further, some PHFs have not been reflected separately or included in the Eliminations & Adjustments due to negligible operational revenues | 2. Mainly accounting for leases at PHFs | 3. Eliminations relate to revenue from PHFs and intra- Network sale / purchase. Also includes consequential impact on amortization due to reversal of intangible assets recognized at MHIL & its subsidiaries for contracts with PHFs | 4. Other Income includes income from EPCG, unclaimed balances written back, donations & contributions, scrap sale, income from F&B outlets, etc. | 5. Includes movement in OCI for

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ESOP (Equity-settled scheme) Movement in fair value of contingent consideration payable and amortisation of contract assets2 Reported EBITDA Finance costs (net) Depreciation and amortisation Profit before tax Exceptional item3 Profit before tax after Exceptional item Tax4 Profit after tax 1,636 27.7% 1,907 27.8% 2,319 26.8% 2,638 26.2% 34 4 0.6% 0.1% 50 17 1,597 27.1% 1,840 39 260 0.7% 4.4% (38) 284 1,298 22.0% 1,594 - 1,298 214 1,084 - 22.0% 3.6% 18.4% - 1,594 316 1,278 0.7% 0.3% 26.9% (0.5%) 4.2% 23.3% - 23.3% 4.6% 18.7% 55 25 0.6% 0.3% 48 (10) 0.5% (0.1%) 2,239 25.8% 2,599 25.8% 84 406 1,748 74 1,675 357 1,318 1.0% 4.7% 20.2% 0.8% 19.3% 4.1% 15.2% 162 499 1,938 55 1,883 252 1,631 1.6% 5.0% 19.3% 0.5% 18.7% 2.5% 16.2% Note: The numbers for the previous periods have been re-casted and re-grouped to make them comparable with the disclosures in the current period 1. FY22 includes gross revenue of ₹ 236 Cr and EBITDA of ₹ 85 Cr from COVID-19 vaccination & related antibody tests compared

Contact

Aakrati Porwal Head of Investor Relations Max Healthcare Institute Ltd. Tel: +91 9920 409393 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