KTAs from US Access Day: FY27 Is All About Execution

Research evidence excerpt

KTAs from US Access Day: FY27 Is All About Execution

India | Pharmaceuticals

Max Healthcare Institute EquityJuneResearch15, 2026

COMPANY UPDATEKTAs from US Access Day: FY27 Is All About

RATING BUYExecution

PRICE INR1,012.20^

We hosted Mr Abhay Soi, CMD at Jefferies India Access Day in the US.

KTAs:1) Added ~1,000 brownfield beds or 20% of additional capacity over PRICE TARGET | % TO PT INR1,230 | +22%

the last 12m, with beds being commissioned in a phased manner and 52W HIGH-LOW INR1,314.30 - INR903.50

witnessing strong demand, 2) On track to add 4,000 beds in 4 years of FLOAT (%) | ADV MM (USD) 69.9% | 33.77

which ~50% are brownfield, 3) strategic acquisitions to continue and 4) MARKET CAP INR992.9B | $10.4B

Increased CGHS rates to be offset by loss of business from discontinued TICKER MAXHEALT IN ^Prior trading day's closing price unless otherwise

chemotherapy services patients. noted.

FY26 was the begining of new bed addition phase...: FY26 saw the beginning of a new FY (Mar) CHANGE TO JEFe JEF vs CONS

bed addition phase for Max; it commissioned additional brownfield capacity in a phase wise 2027 2028 2027 2028

manner in Mohali, Nanavati (Mumbai) and Max Smart (Delhi). 160 beds at Mohali have been REV* NA NA NA NA

fully commissioned and operationalised, 116 out of 280 beds have been operationalised at

EBITDA NA NA NA NA

Mumbai with the balance beds expected to become operational over the next three months

and 156 beds out of 400 beds in Max Smart Delhi became operational in April-26.

2027 (INR) Q1 Q2 Q3 Q4 FY

... which will gain further momentum over the coming years: At the end of May-26, Max's bed EBITDA -- -- -- -- 31,224.1

capacity stood at ~6,131 beds. Over the next 4 years, Max plans to add ~4,000 new beds and PREV

take its capacity beds to 10,000+.