Investor Presentaiton

MAX Healthcare Strong cash generation from operations INR 200+ Cr in Q4 FY21 + Headroom to raise debt given current leverage ~0.45 Net Debt / Operating EBITDA* as on June 30, 2021 + Demonstrated ability to generate high return on capital employed ~28.5% ROCE for Q1 FY22 Visibility on long term growth story *Rolling 12 months EBITDA Multiple avenues for future growth • Optimize Payor mix 1 2 Optimizing Existing Infrastructure • Increase utilization • Focus on tower specialties Strong financial profile to support expansion plans • 3.1 Brownfield Significant Increase in 3 Bed Capacity (>2x bed capacity in next 5-6 years) Asset light 3.2 and Greenfield • 2,300+ beds addition via brownfield expansion -ROCE accretive Management contracts and long term leases of "build to suit" properties Greenfield hospitals in highly attractive and compelling territories with attractive payback 4 Capital Light Adjacencies • Non-captive pathology - Max Lab Homecare - Max@Home 5 Digital Platform Leverage brand, customer loyalty and data to build a digital ecosystem Strong track record of successful M&A and turnaround • Limited competitive intensity • Robust deal pipeline 6 M&A • Adequate headroom for M&A even after brownfield Capex, driven by strong free cash flows and low leverage 14

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