Max Healthcare Institute Ltd

Dear Shareholders,

It is with immense pleasure that I present to you the Integrated Annual Report for FY 2024–25. This year holds special significance as Max Healthcare marks its 25th year of delivering quality, compassionate, and transformative care. Our Prime Minister has a dream for our nation, to become a developed nation, ‘Viksit Bharat,' by no later than 2047, marking 100 years of independence. This, of course, requires a huge amount of effort in all the areas of nation building, none more so in the field of healthcare, where we must ensure that all our fellow citizens enjoy a healthy life and have easy access to high-quality and affordable healthcare close to their homes. We cannot possibly build a ‘Viksit Bharat' without the promise of good health for all. While there is no doubt that our country will soon be the 3^rd largest economy in the world, there is also no doubt that our present population, with an average age of 29 years, will be getting older in years to come with higher medical requirements. In order to meet the growing needs of our increasingly aspirational and aware population, the healthcare sector needs to significantly enhance capacity. As leaders in our sector, it is incumbent upon us to be at the forefront of meeting this requirement. Thus, for the next couple of decades, our mission is clear - we must seize all the opportunities to transform the healthcare landscape of our country. At Max Healthcare, we are firmly committed to this transformative vision and will strive to the best of our abilities to bring this alive. Over the past two and a half decades, we have grown from modest beginnings in South Delhi to India's most valuable private listed healthcare organisation, a trusted destination for millions, and a recognised leader in clinical excellence, digital innovation, and responsible business practices. This milestone is both a celebration of our journey and a reaffirmation of our commitment to our patients, our people, our planet, and our purpose.

We have been certified as a Great Place to Work? for the third year in a row,

Over the past 25 years, Max Healthcare has grown to become one of India's most trusted names in healthcare—not only because of the scale we've achieved, but because of the lives we've had the privilege to touch. In FY 25 alone, we provided care to ~35 Lakh patients, delivering both outpatient and inpatient services across our 22 facilities and 5,100+ beds.reflecting our commitment to employee welfare, culture, and inclusion. We were also ranked amongst the top 20 companies in the S&P BSE 100 Index for corporate governance – a testament that our governance framework is built on transparency, compliance, and ethical conduct.

25 Years of Service and Excellence

Over the past 25 years, Max Healthcare has grown to become one of India's most trusted names in healthcare—not only because of the scale we've achieved, but because of the lives we've had the privilege to touch. In FY 25 alone, we provided care to ~35 Lakh patients, delivering both outpatient and inpatient services across our 22 facilities and 5,100+ beds. We have served patients from over 651 cities across India and 183 countries worldwide—each one placing their trust in our unique blend of clinical excellence and compassionate care. What truly defines our legacy is not just how many people we treat, but how we make care accessible. Over 3.47 Lakh patients received free treatment this year—a reflection of our unwavering commitment to inclusive, equitable healthcare that reaches those most in need.

This tradition of excellence is powered by our people. With a team of over 35,000 professionals, including 5,000+ doctors and 12,500+ nurses and paramedics, our workforce brings together deep clinical expertise and a culture of compassion. Supported by world-class infrastructure, our hospitals maintain some of the highest benchmarks in the industry, with 4 JCI-accredited and 18 NABH-accredited hospitals, and a growing global footprint supported by 15 international patient assistance centres.

We remain grounded in our belief that true excellence lies not only in outcomes, but in how we care. This ethos has guided us for 25 years—and will continue to lead us forward.

Expansion with Purpose: Building for the Future

We remain resolute in our focus on expanding care to more communities, both through strategic brownfield and greenfield developments. Our roadmap includes commissioning over 3,900 new beds in the next 3-4 years through projects underway at Nanavati Max (Mumbai), Max Smart and Max Vikrant (Saket Complex, Delhi), Max Mohali, Max Gurugram (Sector 56), and Max Nirogi (Patparganj, Delhi), coupled with brownfield expansions at our recently acquired/commissioned hospitals in Nagpur, Lucknow and Dwarka. These additions will not only increase capacity but will further enhance our ability to deliver comprehensive, high-end care in key metros and high-demand clusters. During the year, we also commenced operations at Max Dwarka, a modern, 303-bed tertiary-care facility, further strengthening our presence in the capital region. In parallel, we also acquired Jaypee Hospital, a 500-bed quaternary-care facility in Noida, marking a strategic expansion of our footprints in Delhi NCR. We also deepened our presence in the cities of Lucknow and Nagpur, successfully integrating newly acquired hospitals and aligning their operations, clinical protocols, and systems with Max

Healthcare's standards. These expansions are a testimony to our disciplined capital allocation and the successful execution of our growth strategy. Moreover, we've signed new asset-light projects in Pitampura, Thane, and Zirakpur, with construction underway at the latter.

Technology and Innovation: Raising the Bar in Patient Care

At Max Healthcare, we believe that medical excellence must be powered by technological advancement. We continue to make significant investments in next-generation medical technologies that drive clinical precision, reduce recovery time, enhance patient safety, and elevate the overall care experience. These innovations are not just tools—they are critical enablers of our vision to deliver best-in-class outcomes across all specialities.

Today, our network is home to 26 advanced surgical robotic systems, including the highly sophisticated Da Vinci Xi platforms. These systems support a broad and expanding portfolio of minimally invasive surgeries, offering patients quicker recovery, fewer complications, and shorter hospital stays. From urology and gynaecology to thoracic and gastrointestinal surgery, robotic-assisted procedures are helping us push the frontiers of surgical care while standardising quality across locations. We have made significant strides in harnessing AI-driven technologies to enhance clinical decision-making and patient care. At Max Saket, the Department of Radiology is advancing AI-driven care through the deployment of cutting-edge, commercially available AI tools that improve diagnostic accuracy, streamline workflows, and enhance patient outcomes. Investments are being made in MRI and point-of-care X-ray systems with embedded AI to improve image quality, reduce scan times, and enable prompt diagnosis of critical findings such as pneumothorax and pleural effusion.

Current AI tools in use include Qure.ai for chest X-ray screening, BonExpert for bone age estimation in paediatric endocrine cases, and BrainsightAI for functional brain mapping during tumour surgeries enhancing surgical precision and post-operative neurological outcomes. Upcoming deployments include Annalise.ai for rapid CT brain analysis in emergency settings and AZmed for improved fracture detection.

Alongside commercial tools, Max is co-developing in-house AI solutions in collaboration with premier institutions like IIT Bombay, IIIT Delhi, and Columbia University. These include tools for orthopaedic imaging, brain MRI morphometry tailored to Indian populations, and radiomics-based breast cancer subtyping. These projects are grant-supported and designed to solve real-world clinical challenges.

In the field of oncology, we introduced EDGE with HyperArc™ radiosurgery, one of the most advanced stereotactic radiotherapy systems globally. This cutting-edge platform enables highly precise, non-invasive treatment of complex tumours—particularly in the brain, spine, and lungs—while minimising exposure to surrounding healthy tissue. With sub-millimetre accuracy and shorter treatment times, HyperArc™ represents a transformative leap in cancer therapy, offering patients both hope and comfort. Our leadership in advanced imaging and surgical navigation has also been strengthened through the deployment of technologies such as the StealthStation™ S8, which provides real-time 3D guidance during complex neurological procedures, and the Artis Zee system, a high-resolution interventional imaging platform used in cardiology, vascular interventions, and neuro-endovascular procedures. These systems allow our clinicians to visualise anatomy with exceptional clarity, make more informed intraoperative decisions, and perform complex procedures with greater confidence and precision.

These investments reflect our larger strategy to create digitally enabled, technology-advanced centres of excellence across the network. By integrating robotics, real-time navigation, intelligent imaging, and precision radiation under one roof, we are equipping our clinical teams with the tools they need to deliver care that is not only cutting-edge, but also deeply personalised.

As we look ahead, we remain committed to staying at the forefront of medical innovation—bringing the most advanced therapies to India and ensuring our patients benefit from the best that modern science has to offer.

Enhancing Clinical Experience with Digitalisation

Our digital transformation journey is fundamentally redefining how healthcare is delivered, accessed, and experienced. At the forefront of this evolution is the Max MyHealth App, which has become a cornerstone of our connected care ecosystem. From instant video consultations and appointment scheduling to lab test bookings and medical record access, the app offers patients seamless, convenient, and continuous engagement—whether within our hospitals or from the comfort of their homes.

On the operational front, we introduced the OPD Command Centre—a real-time, intelligent dashboard that monitors outpatient traffic across our network. By flagging bottlenecks, scheduling conflicts, and capacity gaps, it empowers our teams to take swift, data-driven action, resulting in smoother patient flow and enhanced care delivery.

To ensure continuity of care post-discharge, we implemented the Patient-Reported Outcome Measurement (PROM) tool. This platform captures personalised, condition-specific feedback directly from patients, offering meaningful insights into their recovery journey while helping reduce avoidable readmissions.

Together, these digital innovations are enabling a smarter, more responsive healthcare system—one that is predictive, personalised, and centred around the patient at every step.

In parallel, we significantly strengthened our digital outreach and engagement initiatives. Hyperlocal web pages were created to connect with patients in regions where we do not yet have a physical presence, expanding our reach and visibility. We also launched department-specific Google My Business (GMB) listings to improve our search ranking for speciality-related keywords, thereby enhancing discoverability.

To better serve vernacular audiences, we translated our health blogs into Hindi and Bangla—resulting in a marked increase in engagement and click-throughs within just six months. In an effort to re-engage past patients, we deployed automated, behaviour-driven CRM campaigns across WhatsApp and other digital channels, complemented by speciality-specific and seasonal communication based on user behaviour analytics.

Additionally, we integrated aggregator lead tracking at the unit level within our CRM system, enabling us to assess the true business impact of these platforms. We also initiated new aggregator partnerships in select hospitals, with plans underway to scale this approach across our network.

Max@Home and Max Lab: Healthcare Beyond Hospital Walls

With growing demand for at-home and community-based healthcare, our asset-light businesses—Max@Home and Max Lab—have played a pivotal role in expanding our reach and convenience. Max@Home delivered care to over 2.45 Lakh patients across 15 cities, offering remote monitoring, post-operative recovery, and palliative services. Our growing Max Lab footprint reached 57 cities, conducting diagnostic services for more than 20 Lakh patients and offering over 2,600 tests, including advanced molecular and genomic diagnostics. These businesses not only offer new growth opportunities but also complement our mission of delivering accessible, continuous, and patient-centric care.

Advancing Healthcare through Research and Academics

We continue to invest in the future with MIME and MIAPE, our academic arms, offering immersive, cross-disciplinary learning programmes.

In FY 25, our academic and research ecosystem grew in both scale and influence. Over 2,800 clinical research publications were authored by our clinicians, while 650+ active research projects and grants reflected our leadership in evidence-based medicine.

Our academic platform now includes 270+ structured courses, 1,570+ faculty members, and has trained over 1.2 Lakh students in medical education and 3,500 students in allied and paramedical disciplines. Collaborations with leading global institutions such as Imperial College London, Deakin University, and Ashoka University continue to strengthen our research focus areas in oncology, genomics, diabetes, and cardiovascular care.

Our flagship publication, the Max Medical Journal, now in its second year, continues to contribute to clinical knowledge and establish Max Healthcare as a thought leader in global healthcare discourse.

ESG, CSR and Awareneness Initiatives: Our Responsibility Beyond Business

As Max Healthcare continues to grow, we remain deeply mindful of our responsibility—not just to our patients and stakeholders, but to the environment, to society, and to future generations. Our Environmental, Social and Governance (ESG) agenda is not a parallel effort; it is woven into our core strategy and operational decisions, guiding us towards building a healthcare institution that is not only high-performing but also deeply responsible.

On the environmental front, we made meaningful progress this year in energy and resource conservation. Across our facilities, we consumed over 15.62 million kWh of electricity from renewable sources, reflecting our commitment to clean energy adoption. We also achieved measurable reductions in both energy and waste intensity per occupied bed day, further enhancing operational efficiency and sustainability. As part of our water stewardship efforts, we rejuvenated three ponds to support groundwater recharge—including a landmark project in Rajpura, Meerut, developed in collaboration with IIT Delhi. All our hospitals operate in line with ISO 14001 environmental standards, and our newer facilities are designed to align with IGBC Green Building principles, ensuring sustainability is built into their very foundations.

Our social responsibility efforts remained robust and deeply rooted in the communities we serve. Through our Max Medical Scholarship Programme, in its second year, we awarded 100 full scholarships to talented students from underserved backgrounds, enabling them to pursue careers in healthcare and become a part of India's next generation of medical professionals. To create awareness about key healthcare issues, we did large format engagements on World Heart Day, World Cancer Day and during Breast Cancer Awareness Month in October 2024. Over 1.66 Lakh+ people enthusiastically participated in these and several other such activities. Through every initiative—whether environmental conservation, health awareness, education, or rehabilitation—our ESG vision remains clear: to build a healthier world not only within hospital walls, but far beyond them.

Financial Highlights

The financial performance in FY 2024–25 stands as a strong validation of our strategic direction and operational resilience, highlighted by robust growth across key financial metrics. Our network gross revenue reached H9,065 Crore, reflecting a 26% year-on-year increase, while our operating EBITDA rose by 21.6% to H2,319 Crore. We also recorded a Profit After Tax of H1,392 Crore, excluding one time exceptional cost and gain of non-recurring nature—underscoring the strength of our financial foundation. Notably, several of our core indicators—including ARPOB, EBITDA margins, and EBITDA per bed—achieved their highest-ever levels, continuing to lead the industry. This exceptional performance was driven by a greater share of complex quaternary care, widespread adoption of advanced medical technologies across our network, improved occupancy rates, and higher average revenue per occupied bed day.

Looking Ahead: The Next Chapter

As we step into the next phase of our journey, our ambition is clear. We intend to double our bed capacity over the next five years, enhance our digital and AI capabilities, and further deepen our clinical programmes in areas such as oncology, neurosciences, transplant

Our network gross revenue reached H9,065 Crore, reflecting a 26% year-on-year increase, while our operating EBITDA rose by 21.6% to H2,319 Crore. We also recorded a Profit After Tax of H1,392 Crore, excluding one time exceptional cost and gain of non-recurring nature—underscoring the strength of our financial foundation. medicine, and genomics. We will continue to drive ESG outcomes, invest in people, and build collaborative ecosystems that can solve healthcare's biggest challenges. We are confident that the platform we've built—strong in clinical depth, agile in execution, and guided by purpose—positions us well to lead the next era of healthcare in India and beyond.

On this landmark occasion of 25 years of Max Healthcare, I extend my heartfelt gratitude to every individual who has been part of this journey—our patients, employees, partners, shareholders, and community members. Your trust and support have shaped Max Healthcare into what it is today.

Driven by purpose and an unwavering commitment to excellence, we look ahead with confidence—To serve. To excel.