Prelude
The healthcare sector is entering a defining decade, shaped by demographic shifts, rising disease complexity and accelerating technology adoption. Longer lifespans, changing lifestyles and greater awareness are driving structural demand for organized, high-quality care, while advances in diagnostics, precision medicine, robotics, and digital health are transforming care delivery. The model is steadily moving towards integrated, patient-centric systems that prioritize outcomes, accessibility, and continuity across the care journey, anchored in clinical excellence and enabled by technology.
In India, strong economic growth, expanding insurance coverage, and rising healthcare investments are accelerating the shift from fragmented delivery to scaled, institutionalized networks. Capacity expansion, higher- acuity treatments, and the emergence of continuum-of-care platforms are strengthening long-term sector fundamentals. As infrastructure scales and technology sharpens clinical precision, organized providers are improving outcomes while advancing efficiency, accessibility and affordability.
Within this landscape, providers combining clinical depth, prudent capital allocation, technology-enabled processes, and integrated delivery models are best positioned to create sustained value.
Against this backdrop, Max Healthcare is reinforcing its role as a leading provider of specialised, outcomes-focused care through investments in advanced clinical capabilities, Network expansion, and care integration. The Company continues to deepen its presence across high-acuity specialties while expanding capacity through brownfield additions, greenfield developments, asset-light partnerships, and strategic acquisitions. Supported by an integrated care ecosystem, digital infrastructure, clinical talent, and a replicable operating model, the Company is well positioned to scale in high-demand micro-markets, enhance access to advanced tertiary and quaternary care, and deliver consistent quality at scale.
Company Overview
Max Healthcare is among Indias leading healthcare providers, recognised for clinical excellence and superior patient outcomes. The Company operates an integrated healthcare ecosystem, supported by advanced technologies and robust research capabilities, enabling high-quality, patient-centric care across a wide spectrum of medical specialities through clinical expertise delivered with compassion.
Network Composition and Key Locations
The Network comprises a mix of owned and operated hospitals, subsidiaries, managed healthcare facilities, and partner healthcare facilities (PHFs), supporting a scalable and asset-light growth model.
Key facilities across Delhi NCR, including the Saket complex with three hospitals, Patparganj, Vaishali, Rajendra Place, Shalimar Bagh, Dwarka, and Noida, as well as the hospitals in Mumbai, Mohali, Bathinda, Dehradun, Lucknow, and Nagpur, function as tertiary and quaternary care centres. These facilities are equipped with advanced medical technologies and supported by strong patient-centric clinical practices, enabling delivery of specialised care at scale.
• Enhanced bed capacity across key facilities, increasing capacity by over 85% at Nanavati- Max, Mumbai (from 328 beds to 608 beds), over 70% at Max Mohali, Punjab (from 220 beds to 380 beds), and more than double at Max Smart, Delhi (from 250 beds to 650 beds), further strengthening the regional presence at all these locations.
• Executed agreements of varied nature to expand geographical footprint in
Dehradun (130 beds), Pune (450 beds) and Bhubaneswar (250 beds).
• Received requisite Board approvals for plans to add a 260-bed brownfield tower at Max Dwarka, Delhi, and a 712-bed greenfield hospital atShaheed Path, Lucknow.
• Streamlined the corporate structure through the divestment of Chitta and Anoopshahr hospitals, which were acquired as part of the Jaypee Healthcare transaction but had limited overall strategic alignment.
Clinical Capabilities
Clinical offerings are anchored in tertiary and quaternary care across oncology, cardiac sciences, neurosciences, orthopaedics, renal sciences, and organ transplantation. The Network is equipped with advanced medical technologies, including robotic-assisted surgical systems, imaging platforms, and precision radiation therapy, enabling the delivery of complex clinical care.
Integrated Care Ecosystem
Beyond hospitals, the Company has built complementary platforms to extend care delivery through Max Lab and Max@Home.
IMF World Economic Outlook, April 2026 2NSO - MoSPI, Government of India
Max Lab: Advanced Diagnostics Network
Max Lab delivers pathology and diagnostic services within and beyond the hospital Network, enhancing accessibility and reliability across a wide geographic footprint.
Macroeconomic Overview
The global economy remained steady through 2025, supported by evolving trade dynamics, sustained investments in technology, and supportive policy frameworks. According to the International Monetary Funds April Outlook, global real GDP growth is estimated at 3.4% in 2025 and projected at around 3.1% in 20261, reflecting resilience despite ongoing geopolitical and macroeconomic uncertainties.
Within this environment, India continues to stand out as one of the fastest-growing major economies, with real GDP estimated to have expanded by 7.6% in FY 2025-26, as per the National Statistical Offices Second Advance Estimates.2 This growth trajectory is underpinned by strong domestic consumption and sustained investments across infrastructure and manufacturing, reinforcing Indias role as a key driver of global economic momentum.
Indian Healthcare Industry
The Indian healthcare sector is undergoing a structural shift towards organized and institutionalized delivery, supported by strong demand fundamentals and evolving care models. Hospitals continue to anchor this transformation as the largest and most critical segment, driven by persistent infrastructure gaps, rising disease burden, and increasing patient preference for quality, standardized care. The sector is also witnessing a gradual transition towards integrated, multi-speciality platforms that enable continuity of care and improved clinical outcomes.
The Indian healthcare delivery market was valued at approximately Rs.7.0 trillion in FY 2024-25 and is expected to grow at a CAGR of 10-12% between FY 2024-25 and FY 2029-30, reaching an estimated Rs.11.2-12.2 trillion.3 Growth is expected to be led by inpatient services (IPD), projected to expand at 10-12%, while outpatient services (OPD) are likely to grow at a relatively moderate pace of 8-10%.3 This expansion is supported by favourable structural drivers, including the rising incidence of non-communicable diseases, increasing health awareness, expanding insurance coverage, and higher disposable incomes. High-acuity segments such as oncology, cardiac sciences, neurosciences, and orthopaedics continue to witness strong traction, driven by increasing treatment complexity and a growing need for specialized, technology-enabled interventions.
The Indian hospital market remains highly fragmented, with large private hospitals accounting for approximately 30% of the market in FY 2024-25. Despite this, private providers have scaled rapidly through sustained investments in infrastructure, advanced medical technologies, and specialised clinical capabilities, strengthening patient preference for high-quality, reliable care. This shift is also supported by rising income levels, greater health awareness, and increasing insurance penetration, which are enabling patients to access organised healthcare services.
The sector continues to remain competitive, characterised by a diverse mix of standalone hospitals, speciality centres, and public ortrust-based institutions. At the same time, organised hospital chains and regional networks are expanding their footprint through capacity additions, acquisitions, and asset-light models, driving gradual consolidation across key markets. This ongoing transition is expected to enhance standardisation of care, improve operational efficiencies, and strengthen the overall quality and accessibility of healthcare delivery in India.
Growth Drivers3
Healthcare Infrastructure Gap Driving Capacity Expansion
Indias healthcare infrastructure remains significantly below global benchmarks, creating a strong structural growth opportunity for the sector. With an average of approximately 16 beds per 10,000 population as of FY 2024-25, compared to the global average of 33 and peers such as Brazil (25) and Thailand (24), the gap is further accentuated by the lower bed density of around 14 in non-metro regions. This shortfall, combined with rising disease burden and population growth, is driving sustained investments in capacity expansion and positioning infrastructure development as a key long-term growth driver for organised healthcare providers.
Changing Demographics and Disease Profile
Indias demographic profile is undergoing a structural shift, with the population aged 60+ projected to increase from 10.5% in 2023 to approximately 12.6% by 2030, while the 40-59 age group is expected to rise from 22.1% to 24.4%. This ageing trend, coupled with a rising incidence of non- communicable diseases, is significantly increasing the demand for chronic disease management, geriatric care, and specialised healthcare services. Notably, around 66% of the elderly population has been reported to suffer from at least one chronic ailment, necessitating expansion and upgradation of healthcare infrastructure and services.
Increasing Health Awareness and Rising Income Levels
Health awareness in India has improved significantly over the past decade, particularly among younger populations, driving greater adoption of preventive healthcare. At the same time, rising income levels are enhancing affordability and access to quality healthcare services. The share of households in the Rs.1.5-2.0 lakh income bracket increased to approximately 40% in FY 2023-24, indicating improving purchasing power. Increasing urbanisation and literacy
levels are further expected to drive higher hospitalisation rates and outpatient visits, supporting demand growth across healthcare services.
Transition from Episodic to Continuum-of-Care Models
Healthcare delivery is expanding beyond episodic hospital- based treatment into integrated, lifecycle-based care that includes diagnostics, homecare, rehabilitation, and preventive services. This is enhancing patient engagement and outcomes while opening additional revenue streams beyond inpatient care.
Indias Emergence as a Global Hub for Medical Tourism
India continues to strengthen its position as a global medical tourism destination, supported by advanced clinical capabilities, specialised medical expertise, and significantly lower treatment costs compared to developed markets. Key cities such as Delhi, Mumbai, Bengaluru, Chennai, and Hyderabad attract international patients seeking high- quality care across complex procedures. India ranked 10th globally in the Medical Tourism Index (2020-21), reflecting its growing competitiveness.
According to the Ministry of Tourism, India has established itself as a prominent destination for medical tourism, supported by its cost competitiveness, skilled clinical talent, and improving healthcare infrastructure. The segment witnessed a sharp decline during the pandemic due to travel restrictions, followed by a strong recovery as cross-border mobility resumed and deferred treatments returned.
While demand has largely normalised in recentyears, a slight moderation has been observed more recently, primarily due to a decline in medical visas from certain geographies. Despite this, India continues to retain its position as a preferred destination for international patients, driven by high-quality care, shorter waiting times, and a growing network of advanced, multi-speciality healthcare facilities.
Growing Health Insurance Coverage to Propel Demand
Health insurance coverage in India has increased from approximately 35% in FY 2018-19 to around 41% in FY 2024-25, with lives covered expanding from about 288 million individuals in FY 2014-15 to nearly 581 million in FY 2024-25. This shift from out-of-pocket spending to insurance-backed payment models is improving affordability, increasing hospitalisation rates, and driving demand for elective and planned procedures.
Industry estimates indicate that health insurance coverage is expected to further rise to around 45-50% by FY 2025-26, supported by growing healthcare awareness and wider participation from private insurers. As insured patient volumes increase, hospitals are increasingly engaging through institutional contracts, with evolving pricing dynamics and improved revenue visibility.
Regionally, high-penetration states such as Maharashtra and Tamil Nadu provide stable volumes, while markets like Delhi and Haryana drive demand for premium services.
Technology as a Strategic Differentiator
Digital health, Al-enabled diagnostics, robotics, and data- driven clinical decision-making are becoming central to healthcare delivery. Technology is enhancing clinical precision, patient outcomes and operational efficiency, while enabling remote care delivery and scalable growth models, particularly in underpenetrated markets. 3 4
Favourable Government Policies
An evolving regulatory framework and continued policy support are strengthening the healthcare ecosystem in India. Government initiatives are focused on improving infrastructure, expanding insurance coverage, encouraging public-private partnerships, and promoting adoption of digital technologies. Increased investments in healthcare infrastructure, particularly in underserved regions, and policy-led incentives for technology adoption are expected to support long-term sector growth.
3CRISIL Intelligence, Indian Healthcare Delivery Industry Report (March 2026)
4 Insura rice Regulatory and Development Authority of India Report 2024-25
Policy Support under Union Budget 2026-274
• The Union Budget 2026-27 increased allocation for the Ministry of Health and Family Welfare by 10% to Rs.1,06,530 crore (from the revised estimates of 2025-26), alongside the introduction of a scheme to establish five Regional Medical Hubs in partnership with the private sector, strengthening Indias position in medical tourism.
• Allocation under the National Health Mission (NHM) was raised to T39.390 crore for FY2026-27, supporting continued expansion of primary and preventive healthcare.
Outlook
The Indian healthcare sector is poised to sustain strong, structurally driven growth, supported by rising demand, improving affordability, and a continued shift towards organised care delivery. Increasing disease burden, ageing demographics, and greater health awareness are driving higher treatment intensity, particularly across specialised and high-acuity segments such as oncology, cardiac sciences, and critical care. This is reinforcing the need for advanced clinical capabilities and integrated care models that can deliver consistent, outcome-led treatment.
Expanding insurance coverage and supportive government initiatives are improving access to formal healthcare services, while ongoing capacity additions are helping address longstanding infrastructure gaps. At the same time, gradual consolidation within the sector is strengthening organised providers, enabling greater standardisation, operational efficiency, and scalability. Technology adoption across diagnostics, clinical pathways, and patient engagement is further enhancing care delivery and decision-making.
With resilient demand, an improving payor mix, and continued investments in technology and infrastructure, the sector is well positioned to deliver sustainable, long-term growth, with an increasing focus on quality, accessibility, and outcomes.
Opportunities and Threats
Opportunities
Max Healthcares growth trajectory is anchored in a clear, multi-pronged approach: expanding capacity organically, scaling through asset-light models, and pursuing disciplined inorganic growth initiatives. Underpinned by strong free cash flow generation, a prudent leverage profile and a proven execution track record, this approach enables the Company to capture rising demand while maintaining capital efficiency and industry-leading return on capital employed (ROCE).
The Companys capital allocation framework emphasises disciplined growth, balance sheet prudence and return- accretive deployment of capital. It continues to prioritise high- return brownfield expansions and asset-light opportunities, while selectively pursuing greenfield projects in attractive catchments where demand fundamentals, clinical talent availability and long-term return potential are compelling. Inorganic growth remains an important lever, but pursued with strict valuation, integration and return thresholds. The Company intends to maintain net debt-to-EBlTDA at not more than 2.5x, ensuring adequate flexibility to fund future growth opportunities while preserving balance sheet strength.
Accelerated Capacity Expansion
Capacity expansion remains central to the Companys growth strategy, driven by a balanced mix of brownfield, greenfield, and asset-light initiatives, enabling scale while maintaining capital efficiency. This calibrated approach allows Max Healthcare to expand capacity in a phased manner, align investments with demand visibility, and strengthen its presence across high-potential micromarkets, while ensuring optimal utilisation and disciplined capital deployment.
Taken together, the pipeline remains robust, with the potential to add over 8,300 beds, including approximately 4,000 beds over the next three to four years. This provides strong visibility for sustained growth, supports increasing demand for specialised care, and reinforces the Companys ability to scale efficiently across key markets.
Mumbai
At Nanavati-Max, a new 280-bed brownfield tower has been largely commissioned and partially operationalized. The newly added capacity is witnessing a strong ramp-up, supported by robust demand in a key metro market. On-ground work for Phase II, comprising an additional 271 beds, is expected to commence upon full commissioning of Phase I.
Mohali
At Max Mohali, a new 160-bed brownfield tower has been operationalized, increasing the existing capacity by over 70%. The newly added capacity is witnessing a healthy ramp-up. In addition, the Company is planning the development of a 400- bed asset-light hospital in Zirakpur to further strengthen its presence in the Tricity region.
Saket (Delhi)
At Max Smart, Saket, a new 400-bed brownfield tower is being operationalized in a phased manner. To date, 156 beds have been handed over for operations, with the balance capacity expected to be commissioned and operationalized over the next quarter. This expansion will strengthen the Companys presence in South Delhi and support growth across key clinical specialities.
Dwarka (Delhi)
The Company successfully commissioned a 303-bed hospital in Dwarka under its first asset- light greenfield model, marking a significant addition to its Delhi NCR Network. Building on the strong traction witnessed, the Company plans a further addition of a 260-bed brownfield tower, reinforcing its presence in a high- growth micro-market.
Lucknow
At Max Lucknow, the Company is augmenting its capacity to approximately 570 beds, complemented by the addition of advanced clinical infrastructure. Further, to address the rising demand for specialised healthcare services in this underserved region, the Company plans to develop a 712-bed greenfield hospital on its 5-acre land parcel at Shaheed Path, Lucknow.
Strategic Acquisitions
Inorganic growth remains a key pillar of Max Healthcares expansion strategy, enabling rapid scale-up, geographic diversification, and network densification. The Company follows a disciplined acquisition approach, focussing on high-quality assets in attractive markets with clear visibility on operational turnaround, scalability, and ROCE thresholds of 20-25% within four years of acquisition.
During the year, the Company progressed the integration of its recent acquisitions in Noida, Lucknow, and Nagpur. These facilities are witnessing steady improvement in utilisation, case mix, service mix, and operating performance. The Noida unit has re-established growth momentum post integration, while Lucknow and Nagpur are progressing on capacity augmentation and clinical capability expansion.
The Company drives value creation through the implementation of established clinical protocols, standardised operating systems, digital platforms, and procurement efficiencies resulting in improved occupancy, cost optimisation, clinical outcomes, and operational performance. These facilities also offer significant brownfield expansion potential, supporting future growth.
Backed by a strong balance sheet, healthy cash flows, and proven integration capabilities, Max Healthcare remains well positioned to pursue selective, value-accretive acquisitions while adhering to its prudent capital allocation framework.
Bhubaneswar
The Company acquired a 58.28% controlling stake in Kalinga Hospital Ltd, a 250-bed NABH- accredited multi-speciality facility on a 10-acre central Bhubaneswar campus, for an equity value of T297.97 crore. The transaction marks the Companys entry into Eastern India, with brownfield headroom to scale capacity beyond 1,000 beds on the same site over time.
Pune
The Company signed a share purchase agreement for staggered acquisition of 100% stake in Yerawada Properties Pvt. Ltd. (owner of a 1.68-acre central Pune land parcel) with plans to develop a 450-bed super speciality hospital at a total project outlay of up to T1.020 crore. The facility, targeted for commissioning by FY 2029- 30, marks its fourth facility in Western India.
Dehradun
The Company signed an agreement-to-lease for a 130-bed, built-to-suit hospital in Dehradun, with T200 crore to be invested by the Company and funded through internal accruals. The new facility, focused on advanced oncology including radiation therapy, will be located near the Companys existing 223-bed Max Dehradun and is expected to be commissioned by FY 2028-29.
Focus on High-complexity Specialities
Growth is increasingly led by high-acuity specialities, including oncology, cardiac sciences, orthopaedics, neurosciences, renal, and gastroenterology, which have sustained doubledigit growth over recent years. The resulting shift in case mix toward tertiary and quaternary procedures, together with expansion of transplant programmes and advanced surgical interventions, is improving revenue quality and realisations, and positioning the Company as a destination of choice for complex clinical care.
Investments in robotic surgery, advanced imaging, and precision oncology, increasingly supported byAI-led clinical and workflow tools across radiology and diagnostics, are improving procedural accuracy and patient outcomes. As volumes in these specialities scale, better utilisation of operating theatres, ICUs, and high-end equipment is translating into operating leverage, margin resilience, and improved return ratios.
Looking ahead, rising disease complexity and patient preference for specialised treatment are expected to sustain demand for advanced care, reinforcing the Companys longterm focus on tertiary and quaternary services.
Medical Value Travel and International Patient Services
Medical travel continues to strengthen as a focused growth segment, supported by the Companys advanced clinical capabilities, established brand, and presence across key international markets. The segment has sustained healthy momentum, with international patients contributing meaningfully to both occupancy and overall revenue mix, while delivering higher realisations compared to the broader Network.
Patient inflows are being supported through targeted outreach across multiple geographies, enabled by a combination of company-operated and partner offices, including Patient Assistance Centres (PACs) across key source markets in the Middle East, Africa, and South Asia. This is particularly evident in high-acuity procedures, where clinical expertise and outcomes remain key drivers of choice. At the same time, demand across core source markets is gradually normalising, alongside increasing traction from newer regions, expanding the addressable patient base.
The Company continues to sharpen its focus on complex tertiary and quaternary care, while enhancing patient experience and deepening international collaborations. This approach is expected to sustain growth in this segment and further strengthen the Companys position across global markets.
Diagnostics and Home Healthcare
Max@Home and Max Lab remain integral to the Companys integrated care continuum, extending patient engagement beyond the hospital setting and enabling care delivery before, during and after hospitalisation. As these platforms scale alongside the hospital Network, they are expected to support revenue diversification, improve patient lifetime value through cross-platform usage, and deepen the moat of Max Healthcares integrated care model.
Home Healthcare
Indias home healthcare market continues to scale rapidly, supported by an ageing population expected to reach ~194 million by 2031, a chronic disease burden exceeding 60%, and rising demand for convenient, cost-effective care delivered at home. The market is projected to exceed USD 21.3 billion by 2027, growing at a CAGR of approximately 19-20%5, while the diagnostics-at-home segment alone is expanding at an estimated 20-25% annually.
Max@Home is well positioned to capture this shift, offering a continuum spanning diagnostics, physiotherapy, nursing, ICU-at-home, chronic disease management, neurorehabilitation, and post-operative care. The platform operates across 15+ cities, handles nearly 1.6 million annual transactions, and is supported by over 1,800 caregivers and professionals. During the year, Max@Home expanded alongside the Max Network into Nagpur, Noida, and Lucknow, while deepening its retail and digital presence in existing markets. In FY 2025-26, the business delivered double-digit revenue growth, supported by repeat patient revenue of approximately 54%, improving ARPU, and margin expansion, thereby strengthening its unit economics.
Diagnostics
The Indian diagnostics sector is expected to expand at a CAGR of approximately 12% over the next five years to reach an estimated USD 15-16 billion6. While diagnostics currently account for less than 10% of the overall healthcare industry in India, the segment remains a critical pillar of the care continuum, supporting early disease detection, clinical decision-making, preventive health management, and ongoing treatment monitoring.
Max Lab continued to scale its collection centre network across multiple cities during the year, supported by retail expansion, increased traction in the digital channel, and rising demand for speciality testing. Markets outside Delhi- NCR, particularly Tier II cities, witnessed healthy growth aided by increasing adoption of wellness packages and preventive testing. To further enhance customer experience, the Company introduced several digital initiatives, including improved workflows in the customer application, real-time sample and phlebotomist tracking, and strengthened communication through the patient experience office. These interventions led to significant improvement in customer engagement and satisfaction.
Threats
Regulatory and Pricing Environment
A dynamic regulatory landscape continues to shape operating conditions across pricing, accreditation, compliance and cost structures. Expansion of price controls across consumables and diagnostics, along with revisions under government schemes such as CGHS and ECHS, may impact realisations and margins. Inflationary pressures on medical consumables, equipment, utilities, and other operating inputs could further affect cost efficiency. Changes in clinical protocols and accreditation requirements could also increase compliance costs.
Response: The Company actively engages with industry bodies such as NATHEALTH, FICCI, and AHPI to represent industry perspectives, participate in policy discussions, and remain aligned with evolving regulatory requirements. It also continues to focus on procurement efficiencies, cost optimisation initiatives, and operating discipline to mitigate the impact of regulatory and input cost pressures.
Competitive Intensity
Capacity expansion by leading hospital chains is intensifying competition across key micro-markets, including Delhi- NCR, Lucknow, and Mumbai. This may exert pressure on pricing, clinician availability, and patient acquisition costs, while near-term supply additions in certain clusters could affect utilisation.
Response: Strong demand fundamentals, supported by the Companys established brand, clinical capabilities, and focus on patient experience, reinforce its competitive position and help sustain performance across markets.
Talent Availability and Retention
The persistent shortage of skilled healthcare professionals, including doctors, nurses, and allied healthcare staff, remains a key industry-wide challenge, particularly in non-metro and emerging markets. This may constrain expansion timelines and increase recruitment and retention costs.
Response: Continued investment in talent development through structured training and academic programmes, including DNB courses, along with competitive compensation and retention initiatives, strengthens the internal talent pipeline and supports the availability of high-quality clinical professionals across the Network.
Execution and Ramp-up
The Companys ongoing expansion, across brownfield, greenfield, and asset-light projects, entails project execution and ramp-up risks. Delays in commissioning, insurer empanelment and occupancy build-up, along with higher initial operating costs for staffing and market development, may affect near-term performance.
Response: The Companys track record of project execution, established presence in key markets, and calibrated ramp- up approach, supported by institutional demand, help mitigate these risks. The Company continues to strengthen its execution capabilities through investments in its project department and related resources.
Payor and Working Capital Risks
A rising share of insurance and institutional patients is altering the revenue mix. Reimbursement delays, claim denials, and complex billing and documentation processes may lead to deductions, revenue leakage, and delayed collections, resulting in higher working capital requirements.
Response: Ongoing enhancements to revenue cycle management systems, billing documentation and collection processes improve collection efficiency, minimise disputes and support liquidity discipline.
Financial Performance and Results
FY 2025-26 was a period of sustained momentum, with consistent performance across both financial and operational metrics. Max Healthcare advanced its Network expansion strategy by commissioning new brownfield towers at MSSH, Mohali (160 beds) and Nanavati-Max, Mumbai (280 beds). Further, a part of the new 400-bed brownfield tower at Max Smart, Delhi, one of our partner healthcare facilities, was commissioned in April 2026. A large part of this added capacity has now been operationalized and, with the requisite talent onboarded, we expect significant operating leverage to come through as operations ramp up in the coming financial year.
Performance across the existing Network was driven by higher patient volumes, resulting in higher occupied bed days and a steady climb in Average Revenue Per Occupied Bed (ARPOB). This was supported by the Companys focus on clinical excellence, favourable case mix, operating leverage, and increased occupancy traction in high-acuity procedures.
While margins faced near-term moderation due to capacity ramp-up costs, higher clinician costs and changes in payor mix, the underlying operating performance remained resilient. The Company expects margin recovery over the medium term as payor mix normalises and scale benefits from recent expansions begin to accrue.
Overall, Max Healthcares balanced focus on growth, operational discipline, and capital efficiency continues to strengthen its financial profile and position it for sustained value creation.
Audited Financial Results (Consolidated)
FY 2025-26 Consolidated Results Income
Revenue from Operations
Revenue from operations increased from Rs.7,028 Crore in FY 2024-25 to Rs.8,373 Crore in FY 2025-26, reflecting a growth of 19.1%. The increase was driven by improved occupancy levels, a stronger case mix, inorganic expansion of Network, and the ramp-up of recently added capacities across key facilities.
Other Income
Other income stood at Rs.163 Crore in FY 2025-26 as compared to Rs.156 Crore in FY 2024-25, reflecting an increase of 4.5%. The increase was primarily attributable to the reassessment of contingent consideration projected for the contract period as at year-end.
Total Income
Total income increased from Rs.7,184 Crore in FY 2024-25 to Rs.8,536 Crore in FY 2025-26, registering a growth of 18.8%.
Expenses
Consumption of drugs, consumables and implants
Material costs, comprising drugs, consumables, and implants, stood at Rs.1,790 Crore in FY 2025-26, compared to f 1,477 Crore in FY 2024-25. As a percentage of revenue from operations, material costs increased marginally by 0.4%, reflecting changes in case mix, as well as disproportionate growth in trading revenue, which carries relatively lower margins.
Employee Benefits Expense
Employee benefits expense increased from Rs.1,174 Crore in FY 2024-25 to Rs.1,357 Crore in FY 2025-26, registering
a growth of 15.6%, driven by workforce addition, annual increments, and capacity expansion. As a percentage of revenue from operations, employee benefits expense reduced by 0.5% to 16.2%, reflecting operating leverage as revenue from operations grew.
Professional and Consultancy Fee
Expenses stood at 71,794 Crore in FY 2025-26 as against 71,475 Crore in FY 2024-25, reflecting a change of 21.7%. The increase was largely attributable to Network expansion, integration-related initiatives and investments in clinical talent to support future growth and capacity additions. As a percentage of revenue from operations, these costs increased by 0.4% to 21.4%.
Other Expenses
Other expenses increased from 71,054 Crore in FY 2024-25 to 71,189 Crore in FY 2025-26, reflecting an increase of 12.9%, driven by increasing scale of operations and higher sales and marketing, legal and professional expenses. As a percentage of revenue from operations, other expenses reduced by 0.8% to 14.2%, reflecting operating leverage and cost discipline across the organisation.
Finance Costs
Finance cost stood at 7235 Crore in FY 2025-26 compared to 7165 Crore in FY 2024-25. As a percentage of revenue from operations, finance costs increased by 0.5%, primarily driven by higher borrowings undertaken to fund completed and ongoing capacity expansion projects at Mohali, Mumbai and Gurugram. The increase also reflects the full-year impact of borrowings related to the acquisition of Jaypee Healthcare, which was completed in Q3 FY 2024-25.
Depreciation and Amortisation
Depreciation and amortisation expense increased from 7359 Crore in FY 2024-25 to 7447 Crore in FY 2025-26.
As a percentage of revenue from operations, it increased marginally by 0.2%, primarily due to the capitalisation of assets relating to newly commissioned facilities and continued investments in technology and infrastructure across existing hospitals.
Total Expenses
Total expenses stood at 76,812 Crore in FY 2025-26 as compared to 75,704 Crore in FY 2024-25, reflecting a change of 0.2% as a percentage of revenue from operation.
Profit
Net Profit Before Tax
Net profit before tax stood at 71,724 Crore in FY 2025-26 compared to 71,480 Crore in FY 2024-25, registering a growth of 16.5%. After accounting for exceptional items of 748 Crore (734 Crore on account of impact of new labour codes and 714 Crore on account of provision for stamp duty on merger), profit before tax stood at 71,676 Crore.
Net Profit After Tax
Net profit after tax for FY 2025-26 increased by 34% year- on-year to 71,442 crore, supported by strong operating performance and a lower effective tax charge during the year. The tax charge was lower primarily due to a one-time gain of 7141 crore arising from the amalgamation of two wholly owned subsidiaries and the consequent recognition of deferred tax assets.
Profit Before Interest, Depreciation, Interest, and Taxes (PBIDT)
PBIDT stood at 72,405 Crore in FY 2025-26, compared to 72,004 Crore in FY 2024-25, reflecting a growth of 20.0%. PBIDT margin (before exceptional items) stood at 28.2% in FY 2025-26, compared to 279% in FY 2024-25. The improvement was supported by growth in revenue from operations and reflects the stable operating profile of the Companys expanded healthcare Network.
Key Financial Ratios (Consolidated)
| Ratio | Numerator | Denominator ^ | March 31,1 2026 | March 31, 2025 | Variance | Reason for Variance |
| 1 Current Ratio (in times) | Current Assets | Current Liabilities | 0.89 | 0.88 | 1.28% | The ratio is slightly increased due to increase in trade receivables from institutional payors |
| 2 Debt-Equity Ratio (in times) | Total Debt (including lease liability) | Shareholders Equity | 0.32 | 0.32 | No change | |
| 3 Debt Service Coverage Ratio (in times) | Earnings Available for Debt Service | Total Debt Service | 2.81 | 3.78 | (25.56%) | Change driven by increased borrowings for expansion projects |
| 4 Return on Equity (%) | Net Profit / (Loss) after Tax | Average Shareholders Equity | 14.33% | 12.10% | 18.49% | Mainly due to increase in net profit after tax |
Net Debt Position (Consolidated)
| Particulars | March 31, 2026 | March 31, 2025 |
| Gross Debt | 2,907 | 2,489 |
| Put Option Liability | 106 | 95 |
| Gross Debt, including Put Option Liability | 3,013 | 2,584 |
| Cash and Bank Balance | 703 | 685 |
| Net Debt / (Net Cash) Excluding Lease Liability | 2,310 | 1,899 |
| Amount invested in Capex and Growth Initiatives | 1,485 | 1,590 |
The gross debt stood at Rs.2,907 Crore as of March 31, 2026, compared to Rs.2,489 Crore as of March 31, 2025. The increase reflects the deployment of funds towards ongoing acquisitions and expansion initiatives. During the year, Rs.123 Crore was drawn down for the ongoing greenfield project in Gurugram, while Rs.85 Crore and Rs.130 Crore were borrowed for brownfield expansions at Mohali and Mumbai, respectively.
Company Outlook
Max Healthcare enters its next phase of growth from a position of strength, supported by a robust operating platform, a strong expansion pipeline, a healthy balance sheet, and disciplined capital allocation. The Companys ongoing brownfield and greenfield expansion projects, asset-light growth initiatives, and the ramp-up and integration of recent acquisitions and newly commissioned capacities provide visibility into medium-term growth, operating leverage, and long-term value creation.
The Companys focus on high-acuity care, improved case mix, and an optimised payor mix continues to enhance revenue quality and support operating leverage, while sustained investment in digital enablement and integrated care delivery is strengthening patient engagement and clinical throughput.
This balanced approach, combining scale expansion, clinical excellence, and capital efficiency, reinforces the Companys leadership position and supports its ability to capture emerging opportunities in a structurally strong healthcare market.
Risks and Concerns
The Company has established a comprehensive and proactive risk management framework to identify, assess and mitigate risks that may impact its strategic objectives and operational performance. Overseen by the Board of Directors, this framework enables structured evaluation and continuous monitoring across multiple domains, including operational, regulatory, medical, strategic, IT, financial, legal and compliance, and human resources. The Risk Management Committee (RMC) plays a central role in defining the Companys risk appetite, formulating policies, and ensuring their effective implementation across the enterprise.
Risks are reviewed regularly through structured engagement with risk owners, self-assessments, detailed risk registers, heat maps, and clearly defined mitigation plans, with accountability anchored at the senior leadership level. While no single risk currently presents an existential concern, events such as high-risk litigations, fire incidents, or significant regulatory changes could materially affect operations and reputation if not managed effectively.
The Company is also exposed to risks associated with the integration and operational ramp-up of newly acquired hospitals. As digital footprint expands, cyber security and data privacy have emerged as critical focus areas, reinforcing the need for robust IT governance and strict adherence to regulatory requirements.
Internal Financial Control Systems and Their Adequacy
The Company has implemented a robust and well-integrated internal control framework, supported by advanced IT systems and workflow-enabled processes. These controls are continuously reviewed and strengthened through periodic risk control assessments and testing. A comprehensive suite of policies, standard operating procedures (SOPs), and guidelines governs all business functions, and is regularly updated and made accessible to relevant employees through a centralized digital platform, ensuring transparency and consistency across the organisation.
The framework is designed to ensure accuracy in financial reporting, safeguard assets, and support informed decisionmaking. The Internal Audit Plan remains dynamic and aligned with the Companys strategic risks, with audit observations and action points closely monitored by the Audit Committee.
During the reporting period, the internal controls were assessed and no material weaknesses in design or execution were identified. The statutory auditors did not report any material weaknesses or mis-statements arising from control deficiencies in the course of their audit.
Material Developments in Human Resources
During FY 2025-26, Max Healthcare remained committed to strengthening its human capital through an ethos rooted in care, capability, and continuous learning. By empowering its employees to excel, it reinforces its position as a preferred workplace where motivation is intrinsically linked to superior patient outcomes.
Ranked among Indias Top 50 Best Companies to Work For and recognized as one of Indias Best Employers Among Nation-Builders by the Great Place to Work?1 Institute in 2026
Learning & Development
• Delivered customised learning programmes across induction, functional, managerial and leadership development
• Supported 74 high-potential employees through the Max Leadership Development Programme in collaboration with IIM faculty and internal experts
• Strengthened frontline leadership through managerial and supervisory capability development initiatives
• Delivered over 7.0 lakh training hours across Network facilities during the year
• Received recognitions at national and international platforms, including the Cll HR Excellence Awards, Brandon Hall Human Capital Management Awards, SHRM HR Excellence Awards and People Matters Infini-T Awards, for leadership and talent development initiatives
Employee Experience and Well-being
• Enhanced key HR modules, including attendance management, to make employee interactions simpler and more intuitive
• Strengthened the digital employee experience through Jinie, the HR chatbot, with automated notifications, reminders, pulse surveys and voice-based search capabilities
• Improved access to information and support through, making HR services more accessible, responsive and employee-friendly
• Recorded an improvement in employee feedback, with the Net Promoter Score (NPS) increasing from 70% in 2024 to 78% in 2025, placing Max Healthcare among leading organisations across industries
• Won the ET Exceptional Employee Experience Award for the second consecutive year
Recognition and Engagement
• Strengthened employee recognition through the Umang 2.0, the Companys digital rewards and recognition platform
• Received over 65,000 nominations through the Umang platform during the year, reflecting a strong culture of appreciation and recognition across the organisation
• Recorded 3 appreciations every 5 minutes, with crossfunctional recognitions accounting for nearly one- third of all recognitions, reinforcing collaboration and collective success across teams
• Recognised more than 45% of Nursing and Front Office employees during the year, underscoring the Companys focus on celebrating employees at the forefront of patient care and experience
• Organised engagement initiatives including Employee Appreciation Week, Gratitude Week and WECan Awards
Digital HR Transformation
• Digitised workflows across attendance, payroll, recruitment, onboarding, learning and performance management
• Introduced the Internal Job Portal on Disha to strengthen internal talent mobility
• Enhanced the recruitment ecosystem by integrating external job platforms with the Companys HR platform, creating a more connected and efficient sourcing model
• Launched a unified digital platform to manage approximately 12,000 outsourced employees, enabling a single source of truth for workforce data
Digital Transformation and Nursing Excellence
Max Healthcare has accelerated the deployment of a digital- first HR architecture, optimising the employee lifecycle from recruitment to performance management.
• Seamless Workflows: The integration of chatbots, mood-tracking features, and mobile-enabled hiring interfaces has streamlined operations without diluting the personal touch.
• Clinical Focus (Nursing): By identifying operational pain points for its nursing staff, the Company implemented technology-driven solutions, including digital handovers and mobile applications, to reduce manual burdens, thereby reclaiming more time for patient care.
For more details, refer to the ‘Human Capital section on page 90 of this report.
Other Details
Clinical Research
FY 2025-26 marked a significant leap in the Companys research journey, with prestigious recognitions, deeper collaborations, and innovation-led outcomes. Over 140 research projects were undertaken across the Network, 30 granted-supported studies supported were ongoing, 476 publications were released in indexed journals, and new collaborations were established in India, the US, the UK and Australia. The Company also applied for its first two patents for clinician-first designs aimed at improving patient outcomes, further reflecting its commitment to translational research.
For more details, refer to the ‘Intellectual Capital section on page 108 of this report.
Academics
In FY 2025-26, Max Institute of Medical Education (MIME) strengthened its position as a leading academic and training arm of Max Healthcare, delivering high-quality, competency- based education across clinical, nursing, and allied health domains. During the year, the Institute trained nearly 12,000 healthcare professionals, expanding its academic footprint through structured programmes, simulation- based training, and digital learning initiatives. Training was delivered through a blended model combining classroom sessions, clinical rotations, simulation labs, webinars, and LMS-driven modules, ensuring consistency and accessibility across geographies.
A key focus area remained emergency and critical care training, with large-scale implementation of Basic Life Support (BLS), Advanced Cardiac Life Support (ACLS), and other resuscitation programmes under its recognition as an American Heart Association International Training Centre. Nearly 7,000 healthcare professionals and first responders were trained, reinforcing MIMEs commitment to improving patient outcomes and community readiness.
MIME also advanced collaborations with national and international partners, including programmes in Al in Healthcare with Bennett University, while expanding outreach through global capability-building initiatives. In vocational education, it contributed to developing future- ready allied healthcare curricula with government and foundation partners. Enhanced simulation infrastructure and targeted upskilling in specialised clinical areas further strengthened its impact, supporting the creation of a skilled, future-ready healthcare workforce.
For more details, refer to the ‘Intellectual Capital section on page 108 of this report.
Nursing Initiatives
The Companys nursing function is built on a strong foundation of clinical excellence, supported by structured systems, continuous training, and a culture of accountability. In FY 2025-26, this commitment translated into measurable progress across training, technology, quality, and patient outcomes. A robust onboarding programme, multi-tiered training framework, and specialised certification modules across critical, emergency, oncology, and advanced care areas strengthened clinical capabilities. Flagship programmes and global collaborations further enhanced expertise and leadership development, positioning nurses to meet evolving healthcare demands.
Quality and patient safety remained central to operations, driven by technology-enabled systems such as real-time monitoring, standardised care protocols, and integrated clinical tools that improve accuracy and responsiveness at the bedside. Rigorous audit frameworks, continuous monitoring of key safety indicators, and structured patient education programmes ensured consistent adherence to high standards of care.
These initiatives resulted in improved patient outcomes and higher satisfaction levels, reflecting the impact of stronger clinical practices and effective communication. Overall, Max Healthcare has built a skilled, confident, and future-ready nursing workforce capable of delivering safe, reliable, and high-quality care across all facilities, while continuously raising benchmarks in clinical excellence and patient experience.
For more details, refer to the ‘Social and Relationship Capital section on page 140 of this report.
Digital Transformation
Max Healthcares digital and Al-led transformation continued to strengthen its position as a technology-enabled, patientcentric healthcare provider during FY 2025-26. Digital channels contributed nearly 32% of total revenue during the year, reflecting the increasing role of digital in the Companys growth strategy, anchored in enhancing clinical outcomes, patient engagement, and operational efficiency through integrated, in-house developed platforms.
At the core of this ecosystem is the proprietary Max MyHealth platform, which has evolved into an omnichannel interface for patient interaction. The platform crossed 14.5 lakh cumulative registrations and recorded over 1.35 lakh monthly active users during the year, enabling access to consultations, diagnostics, Max@Home services, and longitudinal health records across the care continuum.
Enhancing Patient Access and Engagement
The Company strengthened patient access through targeted digital interventions. The One Patient One Phone Number (OPOP) initiative improved patient reachability and identity management by enabling individual-level communication while preserving family-linked profiles. The introduction of Al-driven symptom search allows patients to describe symptoms in natural language across multiple Indian languages and dialects, improving specialist discovery and accessibility.
Self-service kiosks and digital interfaces have also redefined the patients first touchpoint with the hospital, enabling registration, appointment booking, and payments, and reducing waiting times at the front desk.
Reimagining Clinical Workflows and Data Systems
Max Healthcare integrated Al across clinical workflows during the year. The Pre-OPD Assessment tool generates structured clinical summaries by synthesising patient inputs with historical records, allowing clinicians to focus on consultation rather than documentation. The outpatient EHR was upgraded with voice-to-text capture, embedded clinical protocols, and contextual decision support.
The Company also developed MAX-EVAL-11, a proprietary medical coding engine aligned with ICD-11 standards. The underlying MedMax model has demonstrated superior accuracy in internal benchmarking at a fraction of comparable third-party costs, and has drawn early interest from government bodies and insurers - pointing to potential external monetisation overtime.
Operational Excellence through Digital Integration
Operational efficiency was supported by enterprise-wide digital platforms. Real-time OPD and IPD command centres provide visibility into patient flow, wait times, and bed utilisation, while integrated operating theatre scheduling has reduced clinical downtime. Hospital operations were further digitised through automated blood bag tracking, linen inventory management, and antimicrobial stewardship platforms, improving patient safety and compliance with global standards.
Accelerating Digital-led Growth
The Company expanded its organic patient acquisition capabilities through Google-integrated appointment booking, Al-led behavioural segmentation, and hyperlocal digital outreach across specialities and geographies. Supported by backend modernisation and automation- led productivity enhancements, the Digital Sales Centre managed over 1.4 million leads during the year, strengthening conversion efficiency and enabling scalable digital-led growth.
For more details, refer to the ‘Intellectual Capital section on page 108 of this report.
Environment, Energy and Fire Safety
Max Healthcare continues to set benchmarks by integrating advanced technology with sustainable practices to enhance patient care while reducing its environmental footprint. Its focus on energy efficiency, climate action, and fire safety remains deeply embedded in operations.
In FY 2025-26, the Company further strengthened its environmental agenda through a range of focused initiatives spanning sustainability, safety, and operational efficiency across its facilities.
| Focus Area | Key Initiatives | Outcome |
| Energy Efficiency and emissions | • Continued expansion of renewable energy infrastructure across the Network with addition of solar panels at Max Smart, Delhi and MSSH, Mohali facilities. Till FY 2024-25, rooftop solar photovoltaic systems had been installed at the Network hospitals in Vaishali, Gurugram, Shalimar Bagh, Dwarka, and Bathinda. | • Expected to generate annual electricity of 56,000 units at Max Smart (a partner healthcare facility) and 49,000 units at MSSH, Mohali, while reducing carbon emissions by approximately 40 tC02e and 35.1 tC02e per annum, respectively. |
| • Expected to generate approximately 12 lakh and 24 lakh units annually at MSSH, Noida and MSSH, Lucknow, respectively, with a combined reduction in carbon emissions of around 2,800 tC02e per year. | ||
| • Issued a Letter of Intent (LOI) for the installation of onsite solar projects under the RESCO model at MSSH, Noida (1,000 kWp) and MSSH, Lucknow (2,000 kWp) facilities. | ||
| • Added heat recovery pumps at 3 Network hospitals during the year as part of ongoing efficiency initiatives. | • Expected to deliver energy savings in the coming months. | |
| • Planned to implement energy audit observations across all sites through a phased, horizontal rollout. | ||
| • Conducted energy audits across newly acquired and existing facilities to identify energy-saving opportunities. | ||
| • Implemented group captive solar power sourcing at Network facilities located in Patparganj, Delhi, Shalimar Bagh, Noida and Lucknow; Earlier, such sourcing was being availed at Network facilities in Vaishali and Nagpur. | • Expected to achieve approximately 750 lakh units per annum from renewable energy sources post commencement of green power supply from these PPAs, accounting for around 55% of the total energy consumption across facilities going forward. | |
| • Signed MoUs for sourcing of renewable energy providers for Network facilities located in Saket, Dwarka, and additional requirements at Shalimar Bagh. | ||
| • Utilised 314 lakh units of renewable energy in FY 2025-26, representing approximately 21% of the total energy consumption, resulting in a reduction of around 22,574 tC02e per annum. | ||
| • Sourced green power on a short-term basis for Network facilities in Mumbai, Shalimar Bagh, and Delhi. | ||
| • Generated 849,045 kWh of onsite solar power in FY 2025-26, marking a 17% increase over the previous year. | ||
| • Installed 80 solar street lights at Bathinda. | ||
| Green Infrastructure | • Designed the upcoming hospital buildings in accordance with the guidelines and standards prescribed by IGBC, with a focus on energy efficiency, resource conservation and sustainable building practices. | • The sustainability profile of new and upcoming hospitals is expected to be significantly stronger, with a lower carbon footprint, since these facilities conform to IGBC standards. |
| • The plantation drive will help create a dense, self-sustaining green zone with over 7,500 native trees, contributing to improved air quality and ecological balance. | ||
| • Undertook a Miyawaki plantation drive in Pataudi, planting over 7,500 native trees in high-pollution areas. | ||
| • Deployed EV carts across the Saket Complex campus, MSSH, Nagpur, BLK-Max, MSSH, Dwarka, and MSSH, Lucknow to promote green mobility. | • Deployment of EV carts to enable cost- effective and environmentally efficient intracampus mobility, while reducing carbon emissions. | |
| • Installed 122 EV charging stations at MSSH, Dwarka. | ||
| • Provision of EV charging infrastructure in new projects encourages the adoption of electric vehicles, contributing to lower emissions and reduced environmental pollution. | ||
| • Integrated EV charging infrastructure into all new projects to encourage electric vehicle adoption. | ||
| Water Conservation | • Implemented rainwater harvesting systems across roof and non-roof areas at MSSH, Dwarka. | • Rainwater harvesting supports groundwater recharge across facilities, improving longterm water availability and enhancing water security. |
| • Installed advanced STPs at Network facilities located in Mohali, Mumbai, Lucknow, and Delhi to enhance wastewater treatment and reuse. | ||
| • Recycled 8 lakh kilolitres (kL) of water in FY 2025-26, reflecting a 23% increase over the previous year and reduction in fresh water requirement at the facilities. | ||
| • Rejuvenated four water bodies across Gurugram, Mohali, Ghaziabad, and Lucknow to support local water ecosystems and move towards water neutrality. | ||
| • Doubled pond rejuvenation efforts in FY 2025-26 compared to the previous year, enhancing groundwater recharge, improving local biodiversity, and strengthening regional water security. | ||
| • Equipped new hospital projects with integrated systems for groundwater recharge and water reuse. | ||
| • Enhanced water sustainability by reducing freshwater dependency, improving groundwater levels, and promoting efficient water reuse across hospital operations. | ||
| Waste Management | • Established a robust waste management framework aligned with environmental regulations. | • Achieved over 68% waste diversion through recycling and circular practices across day- to-day operations in FY 2025-26, including construction and demolition (C&D) waste. |
| Others | • Achieved ISO 14001 certification for two additional facilities—MSSH, Dwarka and MSSH, Nagpur- taking the total number of certified facilities to 14. | • Enhanced environmental compliance and operational sustainability across the Network, reinforcing commitment to standardised environmental management practices. |
| • Introduced climate risk assessment across all facilities and integrated it into the Companys Enterprise Risk Management (ERM) framework. | ||
| • Strengthened organisational resilience by proactively identifying, managing, and mitigating climate-related risks through integration with the ERM framework. | ||
| • Incorporated climate change and sustainability into updated JCI and NABH accreditation frameworks. | ||
| • Strengthened alignment by embedding climate resilience and sustainability into core healthcare quality and patient safety standards across hospitals. | ||
| • Strengthened community engagement through cleanliness drives, tree plantation initiatives, and Jal Chaupal programmes. | ||
| Fire Safety | • Undertook regular audits, including third party inspections, staff training, and infrastructure upgrades to strengthen operational efficiency and compliance. | • Improved patient, employee, and visitor safety by proactively identifying and addressing potential hazards across facilities. |
| • Strengthened safety culture and employee awareness through regular training and capacity-building initiatives. | ||
| • Introduced cross-unit safety audits across all sites to monitor and improve performance on key safety parameters. |
Note: The parameters reported above do not reflect the initiatives implemented at the partner healthcare facilities or their resulting impact. For more details, refer to the ‘Natural Capital section on page 168 of this report.
Accreditations, Certifications, Awards and Accolades
This year, the Company was recognised as a "Next Leader" among the top 20 companies in the S&P BSE 100 Index for Corporate Governance by Institutional Investor Advisory Services (liAS) for the second consecutive year. This recognition reflects the strength of the Companys governance framework and its commitment to transparency, accountability, and ethical conduct.
The Company was also certified as a Great Place to Work? for the fourth consecutive year. It was further recognised among Indias Top 50 Best Companies to Work For and Indias Best
Employers Among Nation-Builders by the Great Place to Work? Institute, highlighting its emphasis on employee wellbeing, talent development and workplace excellence.
In addition, the Company and its facilities continued to earn numerous accreditations and industry recognitions across clinical and operational excellence, patient care, quality, and innovation, demonstrating its focus on high-quality, patientcentric healthcare delivery.
For more details, refer to the ‘Awards and Recognitions section on page 26 of this report.
Disclaimer
The Management Discussion and Analysis contains statements that describe the Companys objectives, plans, projections, estimates, and expectations. These statements may constitute forward-looking statements within the meaning of applicable securities laws and regulations and are based on informed judgments and estimates. Actual results may differ materially from those expressed or implied in such statements due to various internal and external factors beyond the Companys control. The Company does not undertake any obligation to publicly update, amend, or revise these forward-looking statements based on subsequent developments, information, or events.
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