MAX HEALTHCARE INS LTD

Operates a network of hospitals across India providing in-patient and out-patient services across multiple specialties including oncology, with FY26 network revenue of INR 10,538 crore (+16% YoY) and network EBITDA margin of 26.2%; the FY26 BRSR filing separately reports turnover of Rs 8,373 crore with healthcare services contributing 98.23% of revenue. Network occupancy ran above 75% with ARPOB at INR 77,900. Digital channels contributed 31% of revenue (INR 838 crore) and international patient revenue was INR 227 crore (+12% YoY), forming 9% of hospital revenue. The largest identifiable cost line is employee costs at 16.2% of revenue, with other opex at 35.6%, depreciation at 5.3% and capex at 17.7% of revenue. Capacity is being expanded: more than 20% additional brownfield beds are being commissioned in phases, a 500-bed Gurgaon greenfield is targeted for end-FY27 commissioning, a 700-bed Lucknow Shaheed Path greenfield has been board-approved at INR 1,400 crore, a 450-bed super-specialty hospital is planned in Pune, and the acquired 250-bed Kalinga Hospital Bhubaneswar marks entry into Eastern India. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Hospital services (in-patient and out-patient), Digital channels (31%), International patient revenue (9%). Asset-heavy multi-specialty hospital operator pursuing a multi-location cluster strategy in large Indian cities, with ongoing brownfield and greenfield capacity additions

Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)