NEW DELHI: Max Healthcare will continue to focus on metro markets such as Delhi-NCR and Mumbai as the hospital chain sees stronger pricing power, higher insurance penetration and better availability of specialist doctors in large urban centres, according to its latest investor presentation.
The country’s second-largest listed hospital chain by revenue and EBITDA said around 73% of its existing bed capacity is located in metro cities, helping it achieve industry-leading average revenue per occupied bed (ARPOB).
Explaining the rationale behind its metro-centric strategy, the company said large cities offer “high per capita income, high insurance penetration and propensity to pay for high-end quaternary care facilities,” along with availability of senior clinical talent and greater health awareness.
Max Healthcare also pointed to the low bed density in key metro regions such as Delhi and Mumbai, coupled with rising health insurance penetration, as key growth drivers for the sector.
The company currently operates over 6,000 beds across 21 facilities, with a dominant presence in Delhi-NCR and Mumbai. Its expansion pipeline too remains heavily tilted towards metro and urban clusters, including Gurugram, Noida, Saket, Dwarka, Thane and Mohali.
As part of its growth roadmap, Max Healthcare plans to add over 8,400 beds over the coming years, with nearly 4,000 beds expected in the next three to four years through a mix of brownfield expansions, greenfield projects and asset-light models.
The hospital chain said metro concentration also positions it well to benefit from the fast-growing medical tourism segment. India’s foreign medical tourism market is projected to touch around 3 million visitors by 2030, while Max Healthcare already operates patient assistance centres across 14 countries.
The company highlighted that superior global connectivity, modern infrastructure and access to senior clinicians make metro hospitals attractive for international patients seeking complex procedures at significantly lower costs than developed markets.
Max Healthcare reported FY26 network revenue of Rs 10,065 crore and operating EBITDA of Rs 2,638 crore.