Investor Presentaiton

MAX Healthcare Strong cash generation from operations INR ~378 Cr in H1 FY22 + Headroom to raise debt given current leverage ~0.2 Net Debt/Operating EBITDA* as on Sep 30, 2021 + Demonstrated ability to generate high return on capital employed ~30.0% ROCE for H1 FY22 Long term growth potential *Rolling 12 months EBITDA Multiple avenues for future growth • Optimise Payor mix 1 2 Optimising Existing Infrastructure • Increase utilisation • Focus on tower specialities Strong financial profile to support expansion plans Significant Increase in 3 Bed Capacity (>2x bed capacity in next 5-6 years) • 3.1 Brownfield • 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 བ་ 14

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