o. Provisions, contingent liabilities and contingent
assets
Provisions

A provision is recognised when the Company
has a present obligation (legal or constructive)
as a result of a past event and it is probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the amount
of such obligation. Provisions are determined
based on the best estimate required to settle the
obligation at the reporting date. These estimates
are reviewed at each reporting date and adjusted
to reflect the current best estimates.

Onerous contracts

The Company recognises provisions for onerous
contracts, when the expected benefits to be
derived by the Company from a contract are lower
than the unavoidable costs of meeting the future

obligations under the contract. Provisions for
estimated losses, if any, on incomplete contracts
are recorded in the period in which such losses
become probable based on the estimated efforts
or costs to complete the contract. Further, the
provision is measured at the present value of
the lower of the expected cost of terminating the
contract and the expected net cost of continuing
with the contract. Before a provision is established,
the Company recognises impairment loss on the
assets associated with that contract, if any.

Contingent liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the
control of the Company or a present obligation that
is not recognised because it is not probable that
an outflow of resources will be required to settle
the obligation or the amount of the obligation
cannot be measured with sufficient reliability.
The Company does not recognize a contingent
liability but discloses its existence and other
required disclosures in notes to the financial
statements, unless the possibility of any outflow in
settlement is remote.

A contingent liability recognised in a business
combination is initially measured at its fair value.
Subsequently, it is measured at the higher of the
amount that would be recognised in accordance
with Ind AS 37; and the amount initially recognised
less, if appropriate, the cumulative amount of
income recognised in accordance with the
principles of Ind AS 115 ‘Revenue from Contracts
with Customers’.

Contingent assets

A contingent asset is a possible asset that
arises from past events and whose existence
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future
events not wholly within the control of the entity.
Contingent assets are not recognised in the
financial statements and are disclosed in the
financial statements by way of notes to accounts
when an inflow of economic benefit is probable.

p. Employee benefits
Provident Fund (“PF”)

Retirement/post-employment benefit in the
form of provident fund is a defined contribution

scheme. The Company has no obligation, other
than the contribution payable to the regional
PF commissioner. The Company recognises
contribution payable to employee provident fund
scheme as an expenditure, when an employee
renders related service.

Gratuity

Gratuity liability is a defined benefit obligation and
is provided for on the basis of an actuarial valuation
on projected unit credit method made at the end
of each financial year. The Company has funded
part of the gratuity liability by taking out a policy
with Life Insurance Corporation of India (‘LIC’).
The difference between the actuarial valuation of
the gratuity of employees at the period-end and
the balance of funds with the LIC is provided as
liability in the books.

Net interest is calculated by applying the discount
rate to the net defined benefit (liabilities/assets).
The Company recognises the following changes in
the net defined benefit obligation under employee
benefit expenses in Statement of Profit and Loss.

(i) Service cost comprising current service cost,
past service cost, gain & loss on curtailments
and non routine settlements.

(ii) Net interest expenses or income

Remeasurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognised immediately in the Balance Sheet
with a corresponding debit or credit to post¬
employment defined benefit plan through OCI in
the period in which they occur. Remeasurements
are not reclassified to Statement of Profit and Loss
in subsequent periods.

Employer sponsored service benefits (ESSB)
Employer sponsored service benefits (ESSB) is a
non-statutory retirement benefit for the employees
of the Company. It is a defined benefit obligation
and is provided for on the basis of an actuarial
valuation on projected unit credit method made at
the end of each financial year.

Net interest is calculated by applying the discount
rate to the net defined benefit (liabilities). The
Company recognises the following changes in the

net defined benefit obligation under employee
benefit expenses in Statement of Profit and Loss:

(i) Service cost comprising current service cost,
past service cost, gain & loss on curtailments
and non routine settlements.

(ii) Net interest expenses or income

Remeasurements, comprising of actuarial
gains and losses, the effect of the asset ceiling,
excluding amounts included in net interest on
the net defined benefit liability and the return on
plan assets (excluding amounts included in net
interest on the net defined benefit liability), are
recognised immediately in the Balance Sheet
with a corresponding debit or credit to post¬
employment defined benefit plan through OCI in
the period in which they occur. Remeasurements
are not reclassified to Statement of Profit and Loss
in subsequent periods.

Compensated Absences

The Company recognises expected cost of
short-term employee benefit as an expense,
when an employee renders the related service.
Accumulated leave is expected to be utilized
within the next twelve months and is thus treated
as short-term employee benefit. The Company
measures the expected cost of such absences
as the additional amount that it expects to pay
as a result of the unused entitlement that has
accumulated at the reporting date.

Such short-term compensated absences are
provided for based on an actuarial valuation
using the projected unit credit method at the
reporting date. Remeasurement gains/losses are
recognised in the Statement of Profit and Loss and
are not deferred. The obligations are presented as
current liabilities in the Balance Sheet if the entity
does not have an unconditional right to defer the
settlement for at least twelve months after the
reporting date.

Short-term obligations

Liabilities for wages and salaries, including non
monetary benefits that are expected to be settled
wholly within twelve months after the end of the
period in which the employees render the related
service, are measured at the amount expected to
be paid for the current year service. The liabilities
are presented as current employee benefit
obligations in the Balance Sheet.

q. Share-based payments

The Company recognizes compensation expense
relating to share-based payments (equity-settled)
in net profit based on estimated fair values of the
options using an appropriate valuation model on
the grant date. The estimated fair value of options
is recognized as an expense in the Statement
of Profit and Loss on a straight-line basis over
the requisite service period for each separately
vesting portion of the option with a corresponding
increase to ‘Stock options outstanding account’.

r. Cash and cash equivalents and other bank
balances

Cash and cash equivalents and other bank
balances comprise balances and deposits
with banks/financial institutions, which can be
withdrawn at any point of time without prior notice
or penalty on the principal.

s. Earnings per share

Basic earnings per equity share is computed
by dividing the net profit or loss for the period
attributable to the equity shareholders of the
Company by the weighted average number of
equity shares outstanding during the period.

For the purpose of calculating diluted earnings
per share, the net profit or loss for the period
attributable to equity shareholders of the Company
and the weighted average number of shares
outstanding during the period are adjusted for the
effects of all dilutive potential equity shares.

t. Foreign currencies

The Company’s financial statements are presented
in Indian Rupees (‘the presentation currency ?’)
which is also the Company’s functional currency.

Foreign-currency denominated monetary assets
and liabilities are translated into the relevant
functional currency at exchange rates in effect
at the reporting date. The gains or losses
resulting from such translations are recognised
in the standalone Statement of Profit and Loss
and reported within exchange gains/(losses) on
translation of assets and liabilities, net, except
when deferred in Other Comprehensive Income
as qualifying cash flow hedges. Non-monetary
assets and non-monetary liabilities denominated
in a foreign currency and measured at fair value
are translated at the exchange rate prevalent at
the date when the fair value was determined.

Non-monetary assets and non-monetary liabilities
denominated in a foreign currency and measured
at historical cost are translated at the exchange
rate prevalent at the date of transaction. The
related revenue and expense are recognised
using the same exchange rate.

Transaction gains or losses realized upon
settlement of foreign currency transactions are
included in determining net profit for the period
in which the transaction is settled. Revenue,
expense and cash-flow items denominated in
foreign currencies are translated into the relevant
functional currencies using the exchange rate in
effect on the date of the transaction.

u. Derivative financial instruments and hedge
accounting

The Company holds derivative financial
instruments, such as forward currency contracts,
to hedge its exposure against movement in
foreign currency risk. Such derivative financial
instruments are recognised at fair value on initial
recognition and are subsequently re-measured
at fair value. Although the Company believes
that these derivatives constitute hedges from an
economic perspective, they may not qualify for
hedge accounting under Ind AS 109, Financial
Instruments. Any derivative that is either not
designated as hedge, or is so designated but is
ineffective as per Ind AS 109, is categorized as
a financial asset or financial liability, at fair value
through profit or loss. Derivatives not designated
as hedges are recognised initially at fair value and
attributable transaction costs are recognised in
net profit in the Statement of Profit and Loss when
incurred. Subsequent to initial recognition, these
derivatives are measured at fair value through
profit or loss and the resulting exchange gains
or losses are included in other income/expense.
Assets/liabilities in this category are presented as
current assets/current liabilities if they are either
held for trading or are expected to be realized
within 12 months after the reporting date.

v. Dividend

The final dividend, including tax thereon, on equity
shares is recorded as a liability on the date of
approval by the shareholders. An interim dividend,
including tax thereon, is recorded as a liability on
the date of declaration by the Company’s board of
directors.

w. Segment reporting

In accordance with Ind AS 108, Operating
Segments Reporting, the Company’s Chief
Operating Decision Maker has been identified as
the Board of Directors.

x. Current/non-current classification

The Company segregates assets and liabilities into
current and non-current categories for presentation
in the Balance Sheet after considering its normal
operating cycle and other criteria set out in Ind
AS 1, “Presentation of Financial Statements”. For
this purpose, current assets and liabilities include
the current portion of non-current assets and non¬
current liabilities respectively. Further, deferred tax
assets and liabilities are classified as non-current.
The operating cycle is the time between the
acquisition of assets for processing and their
realization in cash and cash equivalents. The
Company has identified a period of up to twelve
months as its operating cycle.

y. Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder
for a loss it incurs because the specified debtor
fails to make a payment when due in accordance
with the terms of an instrument or a contract.
Financial guarantee contracts are recognised
initially as a liability at fair value, adjusted for
transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently,
the liability is measured at the higher of the
amount of loss allowance determined as per
impairment requirements of Ind AS 109 and
the amount recognised less, when appropriate,
the cumulative amount of income recognised
in accordance with the principles of Ind AS 115.
The financial guarantee contracts, including
corporate guarantees, are issued in favour
of banks and other third parties on behalf of
specified borrowers or debtors for consideration
determined on an arm’s length basis. The
consideration received is recognised as income
under the head ‘Other income’.

3.2 Significant accounting judgements, estimates and
assumptions

The preparation of the Standalone Financial Statements
requires management to make judgements, estimates
and assumptions that affect the reported amounts

of revenues, expenses, assets and liabilities, the
accompanying disclosures and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require an adjustment to the carrying amount of
the asset or liability affected in future periods.

Other disclosures relating to the Company’s exposure
to risks and uncertainties include:

• Capital management (note 35.12)

• Financial risk management objectives and policies
(note 35.09)

• Sensitivity analyses disclosures (note 35.09)
Estimates and assumptions

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. The assumptions and estimates used by the
Company are based on information available and
conditions prevailing at the date of preparation of
the financial statements. Existing circumstances and
assumptions relating to future developments may
change due to market conditions or events beyond the
Company’s control. Any such changes are reflected
in the assumptions and estimates as and when they
occur.

Judgements

In the process of applying the Company’s accounting
policies, management has made the following
judgements, which have the most significant effect on
the amounts recognised in the Standalone Financial
Statements.

Information about significant areas of estimates and
judgements in applying accounting policies are as
follows:

(a) Impairment

(i) Impairment testing of goodwill and other
intangible assets

Goodwill and intangible assets (such as
trademarks), that have an indefinite useful life
are not subject to amortization and are tested
annually for impairment, or more frequently if
events or changes in circumstances indicate
that they might be impaired.

Other intangible assets including operation
and management rights and service

agreements are amortized over the useful life
and are also tested for impairment whenever
events or changes in circumstances indicate
that the carrying amount may not be
recoverable. An impairment loss is recognised
for the amount by which the asset’s carrying
amount exceeds its recoverable amount.
The recoverable amount is the higher of an
asset’s fair value less cost of disposal and
value in use. For the purposes of assessing
impairment, assets are grouped at the
lowest levels for which there are separately
identifiable cash inflows which are largely
independent from other assets or groups of
assets (CGU).

(ii) Impairment testing of non-financial assets

The Company’s non-financial assets are
reviewed at each reporting date to determine
whether there is any indication of impairment.
If any such indication exists, then the asset’s
recoverable amount is estimated which is
higher of fair value less costs of disposal and
value in use. Where the carrying amount of
an asset exceeds the recoverable amount,
the asset is considered impaired and is
written down to its recoverable amount.

(iii) Impairment testing of financial assets

The impairment provisions of financial assets
are based on assumptions about risk of default
and expected loss rates. The Company uses
judgement in making these assumptions
and selecting the inputs for the impairment
calculation based on the Company’s past
history, existing market conditions as well as
forward looking estimates at the end of each
financial year.

The Company reviews its trade receivables
to assess impairment at regular intervals.
The measurement of impairment under the
expected credit loss model requires the
Company to make significant judgements
regarding the assessment of credit risk,
determination of default, estimation of
expected loss rates, and consideration
of forward-looking information that may
affect the recoverability of financial assets.
Accordingly, an allowance for expected credit
losses is recognised based on historical loss
experience, current developments, including
liquidity concerns, and forward-looking

information relating to future economic
conditions, where these factors indicate a
reduction in the recoverability of the related
cash flows.

(iv) Impairment of investment in subsidiaries

The Company assesses at each reporting
date whether there is an indication that
an investment may be impaired. If any
indication exists, the Company estimates
the investment’s recoverable amount.
A recoverable amount is higher of an
investment or its CGU fair value less costs
of disposal and its value in use. Where the
carrying amount of an investment or its
CGU exceeds its recoverable amount, the
investment is considered impaired and is
written down to its recoverable amount.
In assessing value in use, the estimated
future cash flows are discounted to their
present value using a pre-tax discount rate
that reflects current market assessments
of the time value of money and the risks
specific to the investments. In determining
fair value less costs of disposal, appropriate
methods are taken into account. On disposal
of investment, the difference between net
disposal proceeds and the carrying amount
is recognised in the Statement of Profit and
Loss.

(b) Useful lives of property, plant and equipment

The charge in respect of periodic depreciation
is derived after determining an estimate of an
asset’s expected useful life and the expected
residual value at the end of its life. The useful
lives and residual values of Company’s assets
are determined by the Company at the time the
asset is acquired based on historical experience
with similar assets as well as anticipation of
future events, which may impact their life such as
technological obsolescence etc. The estimated
useful life is reviewed at least annually.

(c) Taxes

Significant judgement is involved in the
interpretation of complex tax regulations, changes
in tax laws, and the determination of the amount
and timing of future taxable profits. The Company
recognises tax provisions and measures deferred
tax assets and liabilities based on reasonable
estimates and, where appropriate, expert advice.

Such estimates are based on various factors,
including the Company’s experience of previous
tax assessments and interpretations of tax laws by
the relevant tax authorities and courts. Differences
in interpretation and application of tax laws may
arise in respect of various matters depending on
the circumstances and jurisdiction in which the
Company operates.

(d) Assessment of claims and litigations disclosed
as contingent liabilities

The Company is involved in various legal, tax and
regulatory proceedings, the outcome of which may
not be favourable to the Company. Management
in consultation with the legal, tax and other
advisers assess the likelihood that a pending
claim will succeed. The Company has applied its
judgement and has recognised liabilities based
on whether additional amounts will be payable
and has included contingent liabilities where
economic outflows are considered possible but
not probable.

(e) Gratuity, ESSB and Compensated Absences

The Company liability towards cost of defined
benefit plans (i.e. Gratuity, ESSB and Compensated
absences) is estimated using actuarial valuations
which involves making various assumptions
which may differ from actual developments in the
future. These include the determination of the
discount rate, future salary increases, attrition and
mortality rates and future pension increases. Due
to the complexity involved in the valuation, the
underlying assumptions and its long-term nature,
a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions
are reviewed periodically and also at the end of
each financial year.

(f) Fair value measurement of financial instruments

When the fair value of financial assets and
financial liabilities recorded in the Balance Sheet
cannot be measured based on quoted prices in
active markets, their fair value is measured using
valuation techniques including the Discounted
Cash Flow (“DCF”) model. The inputs to these
models are taken from observable markets where
possible, but where this is not feasible, a degree of
judgement is required in establishing fair values.
Judgements include considerations of inputs such
as liquidity risk, credit risk and volatility. Changes

in assumptions about these factors could affect
the reported fair value of financial instruments.

(g) Allowance for deduction

The Company provides an allowance for
deductions relating to credit billings made
to corporates, public sector undertakings,
government agencies, insurance companies and
third-party administrators based on empirical data.

The underlying assumptions and estimates are
reviewed and updated periodically.

(h) Share-based payments

The Company provides for share-based payments
expense which is based on fair value of stock
options and estimated forfeitures.

3.3 Recent accounting pronouncements

The amendments to the standards that are notified
by the Ministry of Corporate Affairs (MCA), but not yet
effective, up to the date of issuance of the Company’s
financial statements are disclosed below. The Company
will adopt these amendments to the standards, when
they become effective.

Amendments to Ind AS 1 ‘Presentation of Financial
Statements’ (classification of liabilities as current or
non-current including liabilities with covenants) and
Ind AS 10 ‘Events after the Reporting Period’

Ind AS 10 has been amended to remove the previous
treatment under which a lender’s post reporting date
waiver (granted before the financial statements were
approved for issue) of a breach of a material covenant
in a long term loan arrangement that occurred on
or before the end of the reporting period, resulting
in the liability becoming payable on demand at the
reporting date, was regarded as an adjusting event.
For annual reporting periods beginning on or after
April 1, 2026, any breach of a covenant, whether
material or immaterial, occurring on or before the
reporting date will, in accordance with Ind AS 1,
require the related liability to be classified as current,
unless the lender has granted a waiver of the breach
on or before the reporting date and has agreed not
to demand repayment for at least 12 months after
the reporting date as a consequence of the breach.
Such a waiver shall be treated as an adjusting event.
The amendments are effective for annual reporting
periods beginning on or after April 1, 2026

retrospectively in accordance with Ind AS 8.

This amendment and interpretation is not expected to
have a significant impact on the Company’s financial
statements.

4.01 Title deeds of above immovable properties are held in the name of the Company except for the land situated at Sanghli,
Maharashtra and Shahdara. The title deeds of both of these lands are in name of Saket City Hospitals Limited (“SCHL”), an
erstwhile wholly owned subsidiary of the Company.

4.02 Refer note 21 for information on PPE pledged as security by the Company for securing financing facilities from banks.

4.03 Pursuant to e-auction dated August 27, 2021, Haryana Shehri Vikas Pradhikaran (“HSVP”) allotted a land parcel admeasuring
~ 6.11 acres located at Sector 53 in Gurugram (Haryana) to the Company on December 28, 2021 for setting up a hospital
(‘Project’) at a consideration of '9,551 lakhs, which was capitalized in the books of account. Subsequently, the possession
of the land was handed over on February 23, 2022. On December 21, 2022, the allotment was unilaterally cancelled by
HSVP, on the grounds that a part of the land (measuring 2.58 acre) could not be transferred by the previous developer/
land owner (‘party’) to HSVP as stipulated in the license granted by Director, Town and Country Planning Haryana to such
party earlier. The above unilateral cancellation of the allotment of the land by HSVP was followed by a bank remittance of
'9,929 lakhs towards cost of land of '9,551 lakhs earlier paid by the Company and interest thereon of '378 lakhs (net of
TDS of '42 lakhs) upto the date of the cancellation. The Company has challenged the unilateral and arbitrary cancellation
of allotment of the land by HSVP in the Hon’ble Punjab and Haryana High Court as it is in violation of allotment letter and
the Hon’ble High Court has admitted the petition and directed all parties to maintain status quo. The Company is seeking
appropriate legal recourse for revocation of cancellation and restoration of the allotment of said land by HSVP at the
earliest. The matter is currently sub-judice. The amount remitted by HSVP has thus, been recorded as a liability (refer note
26) by the Company and no adjustment has been made in the financial statements with respect to any balances carried in
the books of account towards allotment and capitalisation.

4.04 The Company has not revalued any of its PPE during the year.

4.05 For the information in respect to contractual capital commitments for purchase of PPE, refer note 34.02.

4.06 During the previous year ended March 31, 2025, freehold agricultural land admeasuring 17 acres situated at Shahdara,
Delhi, having a gross block of '408 lakhs was reclassified to Investment property from freehold land. On February 6,
2025, the Company had entered into lease agreement with one of the other healthcare service providers for plantation
of trees.

6.01 Project execution plans are updated every year based on capacity needs and prevailing cost structure, resulting in original
and revised annual plans. The Company confirms that, as of the reporting date, no projects in capital work-in-progress are
overdue or over budget compared to the latest approved plan.

6.02 During the year ended March 31, 2024 the Company had obtained certain Transferable Development Rights (TDR)
certificates for its Gurugram Sector-53 Hospital Project. As at March 31, 2026 and March 31, 2025, the TDR certificates so
received remain unutilized due to ongoing litigation with HSVP [refer Note 16.01(c)] and have accordingly been classified
as Capital Work-in-Progress (CWIP).

7.01 Investment property consists of a single usable asset i.e., freehold agricultural land admeasuring 17 acres situated at
Shahdara, Delhi, having a gross block of '466 lakhs which has been leased for plantation of trees. During the previous
year ended March 31, 2025, this was reclassified to Investment property from freehold land. On February 6, 2025, the
Company had entered into lease agreement with one of the other healthcare service providers for plantation of trees.
The fair value of investment property as at March 31, 2026 is '484 lakhs (March 31, 2025: '513 lakhs). The fair value has
been determined on the basis of valuation carried out at reporting date by registered valuer as defined under Rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017 and the same has been categorised as Level 3 based on the
valuation techniques used and inputs applied. The main input considered by valuer are quoted/agreement value rates,
property location, size and comparable values, as appropriate. Rental income from investment property for the year ended
March 31, 2026 is '18 lakhs (March 31, 2025: '18 lakhs).

7.02 The Company has no restrictions on the realisability of its investment property and there is no contractual obligations to
construct or develop investment property. Also refer note 35.08 for disclosure on fair value hierarchy.

9.01 (a) The Company has a Management agreement (“O&M agreement”) with Lahore Hospital Society (‘Society’) for Dr. B.L
Kapur Memorial Hospital (a hospital of the Society) (referred to as deemed separate entity i.e. ‘Silo’). Right obtained
under O&M agreement, has been recognised as identifiable intangible assets and is amortized over the contract
period.

(b) During the previous year ended March 31, 2025, additions represents the operation and management rights
recognised for Max Super Speciality Hospital Dwarka (a unit of Muthoot Hospital Private Limited) (referred to as
deemed separate entity i.e. ‘Silo’). The Company amortises these rights over the contract period. Also refer footnote
of note 10.

(c) These are long-term agreements that provide the Company with the right to offer healthcare services at the respective
facilities, without conferring ownership of the underlying assets.

11.01 During the previous year ended March 31, 2025, the Company had made an additional investment of an amount '2,000
lakhs in Max Lab Limited by way of subscription towards rights issue of 2,00,00,000 equity shares.

11.02 During the year ended March 31, 2026, the Company made an additional investment for an amount of '1,234 lakhs (March
31, 2025: '481 lakhs) in Max Healthcare FZ-LLC, by way of subscription towards rights issue of 5,000 (March 31, 2025:
2,100) equity shares.

11.03 The Board of Directors of the Company at their meeting held on January 30,2025, accorded approval for voluntary
liquidation of MHC Global Healthcare (Nigeria) Limited. During the previous year ended March 31, 2025, the Company
had recognised provision for impairment on loan advanced including interest accrued thereon and carrying value of
investment. Further during the current year, Board of Directors and shareholders of MHC Global Healthcare (Nigeria)
Limited in their meetings held on January 16, 2026 and January 29, 2026 respectively, appointed liquidator pursuant
to the scheme of voluntary liquidation. It may be noted that MHC Global Healthcare (Nigeria) Limited is not a material
subsidiary and its liquidation shall have no significant impact on the financial statement of the Company.

11.04 The Board of Directors of ALPS Hospital Limited (‘ALPS’/‘Transferor’) and Max Hospitals and Allied Services Limited
(‘MHASL’/‘Transferee’) wholly owned subsidiaries of the Company, engaged in providing healthcare services, at their
respective meetings held on May 16, 2022, approved the Scheme of Amalgamation (‘Scheme’). Following this, a petition
was filed before the Hon’ble National Company Law Tribunal (‘NCLT’) under the provisions of sections 230 to 232 of the
Companies Act, 2013, along with the applicable rules. Hon’ble NCLT vide its order dated February 25, 2025, approved the
said Scheme with the appointed date of April 1, 2024. The merger became effective on March 28, 2025 from appointed
date.

11.05 During the previous year ended March 31, 2025, the Company had acquired 100% equity stake in erstwhile Jaypee
Healthcare Limited (‘JHL’) which owns and operate 500-bed super specialty hospital in Noida & 200-bed secondary care
hospital in Chitta, Bulandshahr.

The Board of Directors of erstwhile Crosslay Remedies Limited (‘CRL’/‘Transferor’) and erstwhile Jaypee Healthcare
Limited (‘JHL’/‘Transferee’) wholly owned subsidiaries of the Company, engaged in providing healthcare services, at their
respective meetings held on March 21, 2025 approved the Scheme of Amalgamation (‘Scheme’). Following this, a petition
was filed before the Hon’ble National Company Law Tribunal (‘NCLT’) under the provisions of sections 230 to 232 of the
Companies Act, 2013, along with the applicable rules. Hon’ble NCLT vide its order dated November 7, 2025, approved the
said Scheme with appointed date of October 5, 2024 and the same has become effective on December 15, 2025 from
appointed date. Further, the name of JHL was changed to CRL with effect from January 17, 2026.

11.06 The Company has issued ESOP to employees of the subsidiary companies. The granted ESOPs are accounted in
accordance with Ind AS 102, Share Based Payments. Also, with effect from April 1, 2023, the Company had entered into a
cross charge arrangement under which the Company receives payment/reimbursement from subsidiaries against those
ESOPs granted to their employees on a periodical basis.

12.01 The Company has made unquoted investments in the companies engaged in the business of generation and distribution
of renewable energy. These investments entitle the Company to purchase power from the investee companies on a
captive basis, resulting in cost savings and supporting the Company’s commitment to sustainable development goals.
Accordingly, changes in their fair value are recognised in Other Comprehensive Income.

12.02 During the year ended March 31, 2026, the Company divested its equity interest in Sandhya Hydro Power Projects
Balargha Private Limited designated at FVOCI. The fair value of the investment on the date of sale was '128 lakhs and
the accumulated gain recognised in OCI was Nil.

14.09 Current portion of loan to related parties includes '2,000 lakhs (March 31, 2025: '2,000 lakhs) receivable from Dr. B.L.
Kapur Memorial Hospital towards loans, 'Nil (March 31, 2025: '238 lakhs) from Max Healthcare FZ-LLC, Dubai and ' Nil
(March 31, 2025: '272 lakhs) from ALPS Hospital Limited (formerly known as Max Hospitals and Allied Services Limited)
towards interest receivable on these loans.

Loan to other healthcare service providers represents:

14.10 These loans were extended to Gujarmal Modi Hospital & Research Centre for Medical Sciences (“GMHRC”) pursuant to
a Memorandum of Understanding (MoU) executed on November 27, 2015. The purpose of the loans is to support the
expansion of GMHRC’s hospital bed capacity from 250 beds to 650 beds. The loans carries an interest rate of 9.25% per
annum (March 31, 2025: 9.75% per annum). The commissioning of the additional bed capacity will enhance the Company’s
earning potential under the long-term service agreement with GMHRC.

14.11 All loans are non-derivative financial assets which generate a fixed interest income for the Company and are measured at
amortized cost. The carrying value may be affected by changes in the credit risk of the counterparties.

14.01 Loan amounting to '16,856 lakhs (March 31, 2025: '18,856 lakhs) given to Dr. B.L. Kapur Memorial Hospital, to fulfil
obligation under the Operation and Management Agreement, is repayable as per the loan agreement and carries interest
rate of 11.50% per annum w.e.f October 1, 2024 (March 31, 2025: 10.25% per annum).

14.02 Loan amounting to '14,320 lakhs (March 31, 2025: '19,145 lakhs) given to ALPS Hospitals Limited (formerly known as Max
Hospitals and Allied Services Limited), for business operations, repayment of debts and other general corporate purpose,
is repayable within 10 years from the date of first disbursement and carries interest rate of 9.25% per annum (March 31,
2025: 9.75% per annum).

14.03 Loan amounting to '6,000 lakhs (March 31, 2025: '9,000) given to Crosslay Remedies Limited (formerly known as
Jaypee Healthcare Limited), for the purpose of financial assistance to Crosslay for acquisition of Starlit Medical Centre
Private Limited, is repayable within 5 years from date of disbursement and carries interest rate of 9.25% per annum
(March 31, 2025: 9.75% per annum).

14.04 Loan amounting to '3,733 lakhs (March 31, 2025: '3,733 lakhs) was given to Crosslay Remedies Limited (formerly known
as Jaypee Healthcare Limited) for payment of claim amount of financial creditors and carries interest rate of 9.25% per
annum (March 31, 2025: 9.75% per annum) and is repayable within 5 years from the date of first disbursement.

14.05 Loan amounting to 'Nil (March 31, 2025: '1,175 lakhs) given to Max Healthcare FZ-LLC, Dubai, for business operations,
repayment of debts and other general corporate purpose, is repayable within 3 years from the date of disbursement and
carries interest rate of 7.40% per annum (March 31, 2025: 8.25% per annum), based on Secured Overnight Financing
Rate (“SOFR”).

14.06 Loan (including interest) amounting to '134 lakhs (March 31, 2025: '186 lakhs) given to MHC Global Healthcare (Nigeria)
Ltd, for business operations, repayment of debts and other general corporate purpose, is repayable within 3 years from
the date of disbursement and carries interest rate of 7.40% per annum (March 31, 2025: 8.25% per annum), based on
Secured Overnight Financing Rate (“SOFR”). Also refer footnote 11.04 for impairment allowance.

14.07 Loan amounting to '1,500 lakhs (March 31, 2025: 410 lakhs) given to Alexis Multi-Speciality Hospital Private Limited, for
general corporate purpose, capex and growth expansion, is repayable within 5 years from the date of first disbursement
and carries interest rate of 9.25% per annum (March 31, 2025: 9.75% per annum).

14.08 Loan amounting to '11,800 lakhs (March 31, 2025: 9,900 lakhs) given to Muthoot Hospitals Private Limited, for business
operations and other capital expenditure purpose, is repayable within 5 years from the date of first disbursement and
carries interest rate of 9.25% per annum (March 31, 2025: 9.75% per annum).

15.01 Security deposits includes

(a) Interest bearing refundable security deposits aggregating to '17,453 lakhs (March 31, 2025: '17,453 lakhs) provided
to various partner healthcare facilities as performance security under the term of long term service agreements with
these healthcare service providers. These carry interest @9.25% p.a.

(b) Non-interest bearing refundable performance security deposits aggregating to '7,243 lakhs (March 31, 2025:
'7,243 lakhs) provided to GMHRC under the terms of respective long term service agreements. These have been
recorded at their discounted present value (“DPV”). The difference between the amount paid and DPV as at the year
ended March 31, 2026, aggregating to '6,415 lakhs (March 31, 2025: '6,495 lakhs) has been considered as prepaid
expenses and is being charged off to Statement of Profit and Loss account over the period of the agreement. Refer
note 16.02.

(c) Non-interest bearing refundable security deposits aggregating to '14,155 lakhs (March 31, 2025: '13,655 lakhs)
[present value is '5,086 lakhs (March 31, 2025: '3,454 lakhs)] provided to Muthoot Hospital Private Limited under the
long term agreement (operation and management). These have been recorded at DPV. The difference between the
amount paid and DPV as at year ended March 31, 2026, aggregating to '8,986 lakhs (March 31, 2025: '9,122 lakhs)
has been considered as Intangible Asset/Intangible assets under development towards operating and management
rights and Intangible Asset is being is amortized over the period of agreement. Refer footnote 9.01(b) and note 10.

(d) Non-interest bearing refundable security deposits aggregating to '2,500 lakhs (March 31, 2025: ' Nil) [present
value is '766 lakhs (March 31, 2025: ' Nil)] provided to Dr. Balabhai Nanavati Hospital under the long term service
agreement. These have been recorded at discounted present value. The difference between the amount paid and
DPV as at the year ended March 31, 2026, aggregating to '1,678 lakhs (March 31, 2025: ' Nil) has been considered as
prepaid expenses and is being charged off to Statement of Profit and Loss account over the period of the agreement.
Refer note 16.02.

15.02 The Company has determined its security deposits not to be in the nature of loans since these are given in normal course of business
and accordingly have been classified as part of other financial assets.

16.01 Capital advances include:

(a) '2,837 (March 31, 2025: '2,908 lakhs) pertaining to mobilisation and other advances given to the contractors in
relation to the ongoing expansion projects at sector-56, Gurugram.

(b) Nil (March 31, 2025: '1,686 lakhs) paid to the state authorities for allotment of a 5 acre land parcel for the purpose of
setting up a hospital by the Company. During the year ended March 31, 2026, the Company received the possession
of the said land.

(c) '946 lakhs (March 31, 2025: '946 lakhs) as an advance for purchase of TDR from a third party, for purposes of
increasing floor space index in connection with hospital project in Gurugram. The balance as at March 31, 2026,
represents amount towards remainder TDR certificates to be provided by the third party as per terms of agreement.

16.02 Prepaid expenses includes undiscounted value of interest free refundable security deposit under terms of Pathology and
Service Agreement with other healthcare service providers and agreement to lease with vendors.

16.03 Other advance mainly includes cash deposit balance for insurance and advance to vendors.

19.05 Pursuant to Regulation 31 of the SEBI Listing Regulations, the details of shareholding for the quarter ended March 31,
2026, have been submitted to the stock exchanges.

19.06 Shares reserved for issue under employee stock option plan

I nformation relating to Max Healthcare Employee Stock Option Plan, including details of options issued, exercised and
lapsed during the financial year and options outstanding at the year end, is set out in note 35.04.

19.07 Dividend

During the year ended March 31, 2026, the Company paid a dividend of '1.50/- per share (15% of the face value) out of the
profits of the financial year 2024-25.

The Board of Directors at their meeting held on May 21, 2026 recommended a dividend of '2/- per share (20% of face
value) out of the profits of the financial year 2025-26, subject to approval of the shareholders.

19.08 Change in Promoter group

Kayak Investments Holding Pte. Limited has been reclassified from Promoter to Public category, in compliance with
Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pursuant to approval from
BSE Limited vide letter ref. no. LIST/COMP/RK/1509/2024-25 and National Stock Exchange of India Limited vide letter ref.
no. NSE/LIST/270, with effect from December 19, 2024.

21.01 Term loans:

(i) '17,398 lakhs (March 31, 2025: '17,384 lakhs) from IDFC First Bank Limited repayable in 52 quarterly installments from

April, 2018 is secured by way of:

a) First mortgage and charge on entire immovable properties of the Company pertaining to Max Saket hospital and
Max Shalimar Bagh hospital.

b) First charge by way of hypothecation of entire movable PPE (except the movable current assets) of the Company,
including movable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles,
and all other movable PPE of whatsoever nature but excluding the movable properties financed by specific
vehicle/equipment finance loans.

c) Charge on the entire current assets including cash flows, receivables, books debts, revenues, raw material,
stock-in-trade, and inventory of the Company of whatsoever nature and wherever arising, (subject to a prior
charge in favor of working capital lenders restricted to working capital limits of '21,000 lakhs in aggregate).

d) First charge on the entire intangible assets of the Company, including but not limited to goodwill and uncalled
capital, intellectual property.

e) First charge/mortgage/assignment, as the case may be, of: (i) all the rights, title, interest, benefits, claims and
demands whatsoever of the Company in the project document, duly acknowledged and consented to by the
relevant counter-parties to such project documents, all as amended, varied or supplemented from time to
time (ii) subject to applicable Law, all the rights, title, interest, benefits, claims and demands whatsoever of the
Company in the clearance, and (iii) all the rights, title, interest, benefits, claims and demands whatsoever of the
Company in any letter of credit guarantee, performance bond, corporate guarantee, bank guarantee provided
by any party to the project document, (iv) all the right, title, interest, benefits claims and demands whatsoever of
the Company under all insurance contracts.

(ii) '2,194 lakhs (March 31, 2025: '2,195 lakhs) from IDFC First Bank Limited repayable in 23 quarterly installments from

August, 2022 is secured by way of:

(a) First pari-passu charge on Land and Building of Max Saket hospital and Max Shalimar Bagh hospital with other
term lenders.

(b) First pari-passu charge on entire intangible assets of MHIL with other term lenders.

(c) First pari-passu charge on entire movable fixed assets of MHIL (except equipment/vehicle finance by specific
loans) with other term lenders.

(d) Second pari-passu charge on entire current assets of MHIL with other term lenders (working capital lenders
have first charge on the entire current assets for their working capital limits of '21,000 lakhs).

(iii) '1,481 lakhs (March 31, 2025: '1,718 lakhs) from Indusind Bank Limited repayable in 150 monthly installments from
June, 2019 is secured by way of:

(a) First pari-passu charge on the entire current assets subject to the first prior charge of working capital facility
lenders to the extent of '21,000 lakhs.

(b) First pari-passu charge on the moveable fixed asset (excluding vehicles specifically charged to lenders who
have financed those assets) including medical equipment (except medical equipment specifically charged to
lenders who have financed those assets), movable plant and machinery, spares etc. of the borrower with other
term lenders.

(c) First pari-passu charge on the non-current asset of the borrower but not limited to goodwill and uncalled capital,
intellectual property of the borrower with other term lenders.

(iv) '1,957 lakhs (March 31, 2025: 2,569 lakhs) from Axis Bank Limited repayable in 17 equal quarterly installments from
April 1, 2024 till April 01, 2028 and one balance last installment on July 01, 2028 is secured as mentioned below by
way of:

(a) First pari-passu charge over the movable fixed assets of the Company (except vehicle financed by banks/
NBFCs).

(b) Second pari-passu charge on current assets of the Company.

(v) '24,106 lakhs (March 31, 2025: 11,758 lakhs) from Axis Bank Limited repayable in 42 structured quarterly installments
from August 2026 is secured as mentioned below by way of:

(a) Exclusive charge on the Land and Building of hospital facility in Sector -56, Gurgaon in the name of the
Company.

(b) First pari-passu charge over entire movable fixed assets (except vehicles and equipments financed) of the
Company.

(vi) '3,462 lakhs (March 31, 2025: Nil) from Axis Bank Limited repayable in 26 structured quarterly installments from
March 2027 is secured as mentioned below by way of:

(a) Exclusive charge on the land and building of hospital facility in Sector -56, Gurgaon in the name of the Company.

(b) First pari-passu charge on movable fixed assets of the Company, (except vehicles and equipment already
financed by bank/NBFCs).

(vii) '4,013 lakhs (March 31, 2025: Nil) from Bajaj Finance Limited repayable in 24 equal quarterly installments post 1 year
moratorium from January 2027 is secured by way of exclusive charge on non-agricultural land parcel situated in Medi
City, New Chandigarh.

21.02 Vehicle loan:

'5 lakhs (March 31, 2025: '124 lakhs) of vehicle loans are repayable over one to five years and are secured by way of

hypothecation of respective vehicles. These loans carry an interest rate of 7.90% per annum (March 31, 2025: 7.25% per

annum to 12.01% per annum).

21.03 Loans from related parties:

(a) 9.25% p.a. (March 31, 2025: 9.75% p.a.) interest bearing unsecured term loan of '10,850 lakhs (March 31, 2025:
'11,250 lakhs) availed from Hometrail Buildtech Private Limited for general corporate purpose, capital expenditure
and repayment of existing debts, is repayable over the period ranging from five to fifteen years. The Company has
the right to prepay the facility amount at any time during the loan tenure, without any additional cost or charges.

(b) 9.25% p.a. (March 31, 2025: 9.75% p.a.) interest bearing unsecured term loan of ' Nil (March 31, 2025: '1,000 lakhs)
availed from ALPS Hospital Limited for general corporate purpose, capital expenditure and repayment of existing

debts, was repayable over the period of ten years. The Company has the right to prepay the facility amount at any
time during the loan tenure, without any additional cost or charges.

21.04 Cash credit from banks:

The cash credits are secured by way of first pari-passu charge on all current assets of the Company. These are repayable
on demand and carry an interest rate ranging from 7.10% per annum to 8.10% per annum (March 31, 2025: 8.35% per annum
to 9.00% per annum).

Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

21.05 The loan facilities are subject to certain financial and non- financial covenants. The primary covenants include debt
service coverage ratio, fixed assets coverage ratio, ratio of net debt to EBITDA and ratio of debt to net worth are required
to be complied with. The Company has complied with the covenants as per the terms of the respective loan agreements.

Notes:

(a) Claims against the Company not acknowledged as debts represent the cases that are pending with various Consumer
Disputes Redressal Commissions/Courts. The management based on legal advice expects that the ultimate resolution
of these matters will not have a material adverse effect on the Company’s financial position and results of operations.
In addition, the Company has taken professional indemnity insurance policy for claims pending against the Company
to secure the Company from any financial implication in case of claims adjudicated against the Company.

(b) The Company is contesting the demands of VAT and GST on various issues, i.e., disallowance of ITC, non-payment
of tax on certain income. The management, including its tax advisors, believe that it has all the necessary data sets,
reconciliations and its tax position is likely to be upheld in the appellate process. The management believes that the
ultimate outcome of these proceedings will not have a material adverse effect on the Company’s financial position
and results of operations.

(c) The Company has ongoing disputes with the Income Tax Authorities relating to the tax treatment of certain expenses
claimed as deductions and other similar matters pertaining to various assessment years. The Company has filed
appeals before the Commissioner of Income Tax (Appeals) against the respective assessment orders. Based on
management’s assessment, supported by prevailing favourable judicial precedents and prior tax assessments, the
Company expects a favourable outcome in these matters. Accordingly, no provision has been made in the financial
statements in respect of these disputes.

(b) The Company has committed to provide financial and operational support to Eqova Healthcare Private Limited,
subsidiary of the Company in order to meet its future financial obligation.

(c) For commitment towards purchase of shares of subsidiary - Eqova Healthcare Private Limited, refer to note 11.02.

34.03 Other commitment

(a) The Company has no other commitments other than those in the nature of its routine business operations for purchase/
sales as per the normal operating cycle of Company, including obligations under other long term agreements towards
medical and management services with healthcare service providers.

(b) The Company does not have any long term commitments or non-cancellable contractual commitments/contracts,
including derivative contracts for which there are any material foreseeable losses.

(c) Guarantees are given by the Company to the lenders, on behalf of subsidiaries/Silo’s of the Company. These are not
considered as prejudicial to the interest of the Company as it provides opportunities to the Company to increase the
depth and width of its offering leading to growth in revenue & improvement in profitability. The Company does not
expect any default by such subsidiaries of the Company and other healthcare service providers and accordingly no
liability is likely to arise on the Company.

35.02 Defined benefit obligations:

(i) Gratuity

The Company has a defined benefit gratuity plan, whereunder, every employee who has completed five years or more
of service is entitled to a gratuity on cessation of employment @ 15 days of last drawn basic salary for each completed
year of service upto a ceiling limit of '20 lakhs. The Company has funded part of the gratuity liability by way of a
policy with the Life Insurance Corporation of India.

(j) Risk exposure: The defined benefit plan is exposed to a number of risks, the most significant of which are
detailed below: -

- Change in discount rates: A decrease in discount yield will increase plan liabilities.

- Salary growth risk: An increase in the salary of the plan participants will increase the plan liabilities.

- Mortality rate: The gratuity plan obligations are to provide benefits to employees on retirement and thus
increase in pre-retirement life expectancy will result in an increase in plan liabilities.

(k) The weighted average duration of the defined benefit plan obligation at the end of reporting period is 5 Years
(March 31, 2025: 5 years).

(l) The plan assets are maintained with Life Insurance Corporation of India (‘LIC’).

(m) The Company expects an increase of '1,143 lakhs (March 31, 2025: '966 lakhs) to the plan liability during the
next financial year.

(n) The estimated rate of escalation in salary considered for actuarial valuation is after taking into account inflation,
seniority, promotion and other relevant factors including demand and supply in the employment market. The
above information is as certified by the actuary.

(o) Discount rate is based on the prevailing market yields of Indian Government securities as at the Balance Sheet
date for the estimated term of the obligations.

(p) The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the financial
year.

(ii) Employer sponsored service benefits

During the year ended March 31, 2026, the Company introduced a defined benefit plan titled Employer Sponsored
Service Benefit (ESSB). ESSB is a non-statutory retirement benefit for the employees of the Company.

The plan reflects the Company’s commitment to valuing long-serving employees, fostering retention, and supporting
their financial well-being upon retirement or separation. The ESSB operates in addition to, and is independent of, the
existing Gratuity plan.

(h) The estimated rate of escalation in salary considered for actuarial valuation is after taking into account inflation,
seniority, promotion and other relevant factors including demand and supply in the employment market. The
above information is as certified by the actuary.

(i) Discount rate is based on the prevailing market yields of Indian Government securities as at the Balance Sheet
date for the estimated term of the obligations.

(j) The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined
benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the financial
year.

(k) Risk exposure: The defined benefit plan is exposed to a number of risks, the most significant of which are
detailed below

- Change in discount rates: A decrease in discount yield will increase plan liabilities.

- Salary growth risk: An increase in the salary of the plan participants will increase the plan liabilities.

- Mortality rate: The ESSB obligations are to provide benefits to employees on retirement and thus increase
in pre-retirement life expectancy will result in an increase in plan liabilities.

(iii) Compensated absences

The Company pays leave encashment benefits to employees as and when claimed, subject to the policies of the
Company. The liability towards compensated absences based on actuarial valuation using the projected accrued
benefit method amounted to as follows:

35.03 Provident Fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other
than the contribution payable to the regional PF Commissioner. The Company recognize contribution payable to provident
fund scheme as an expenditure, when an employee renders related service.

35.04 Share based payment plans
Equity settled plans

The Nomination and Remuneration Committee of Board of Directors of the Company (“NRC”) approved the grant (including
options lapsed and granted again) of 67,86,904 and 1,01,93,117 Employee stock options under the MHIL ESOP 2020
scheme and MHIL ESOP 2022 scheme respectively to the eligible employees of the Company and its subsidiaries. These
options will vest subject to requirements of the SEBI SBEB Regulations and the respective MHIL ESOPs scheme.

ESOPs granted under the MHIL ESOP 2020 scheme were to be vested after 1st and 2nd year from the date of grant at
exercise price of '10 per share and ESOPs granted under the MHIL ESOP 2022 scheme shall vest between 3rd to 5th year
from the date of grant at exercise price of '350 to 900 per share.

The vesting of options under the Scheme are subject to the satisfaction of both service and performance conditions. The
performance conditions comprise individual performance parameters and organisational performance metrics (referred
as ‘Org.’ below), as determined by the Nomination and Remuneration Committee from time to time. The extent of vesting
is based on the achievement of the prescribed performance criteria during the vesting period

The movement in the number of stock options and the related weighted average exercise prices are given in the table
below:

35.08 Fair value hierarchy

The fair value hierarchy is based on inputs used in valuation techniques that are either observable or unobservable and
consists of three levels. The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments:

Level 1: I nputs are quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e.derived from prices).

Level 3: I nputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or
in part using a valuation model based on assumptions that are neither supported by prices from observable
current market transactions in the same instrument nor are they based on available market data.

35.06 Segment reporting

The Company’s business activity primarily falls within a single reportable business segment and geographical segment
namely ‘Medical and Healthcare Services’ and ‘India’ respectively.

There are no external customers from which revenue is 10% or more of the Company’s revenue.

35.07 Financial instruments

The comparison of carrying value and fair value of financial instruments by categories that are not measured at fair value
are as follows:

The Company assessed that the carrying value of all financial assets and financial liabilities approximates to their fair
value.

The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions
were used to estimate the fair values:

Long-term fixed-rate and variable-rate receivables are evaluated by the Company based on parameters such as interest
rates and individual creditworthiness of the customer. Based on this evaluation, allowances are taken into account for the
expected credit losses of these receivables.

The fair value of unquoted instruments, loans from banks and other financial liabilities as well as other non-current financial
liabilities are estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk
and remaining maturities.

There has been no change in the valuation methodology for Level 3 inputs during the year. There were no transfers
between Level 1, Level 2 and Level 3 during the year.

The Company considers that the carrying amounts of financial assets and financial liabilities recognised in the financial
statements at amortized cost will reasonably approximate their fair values.

35.09 Financial risk management objectives and policies

The Company has instituted a risk management framework which besides other, seeks to minimize potential adverse
effects on the Company’s financial performance. Financial risk management is carried out by a the corporate finance
department under policies approved by the Audit Committee and Risk Management Committee from time to time. The
corporate finance department, evaluates and hedges financial risks e.g. forward covers for foreign currency risk exposures.
The Audit Committee and Risk Management Committee oversee the financial risk management and had approved written
policies covering specific areas, such as foreign exchange risk, credit risk, use of derivative financial instruments and non¬
derivative financial instruments, and investment of excess liquidity etc.

The Company is exposed to capital risk, liquidity risk, credit risk and market risk. These risks are managed pro-actively by
the senior management of the Company, duly supported by various functionaries and Committees.

a) Capital risk

The Company’s objective, when managing capital is to safeguard its ability to continue as a going concern in order to
provide returns to its shareholders and benefits for other stakeholders and to provide for sufficient capital expansion.
The capital structure of the Company consists of equity and debt, which includes the borrowings disclosed in notes 21
and 22, cash and cash equivalents disclosed in note 17 and equity as disclosed in the statement of financial position.
The Company uses the Debt to Equity as well as Net Debt to EBITDA ratio to measure the funding versus raising of
additional share capital requirement. Debt to Equity ratio is calculated as debt divided by the Shareholder’s Fund
and for calculating Net Debt to EBITDA, Net Debt is divided by the Normalized EBITDA for continued operations. Net
Debt is calculated as long term and short term borrowings (including current maturities) as shown in the note 21 and
22 less net cash and cash equivalents. Normalized EBITDA is defined as earnings before interest, tax, depreciation
and amortization for continued and discontinued operations. In order to maintain or adjust the capital structure, the
Company may issue new shares or sell assets to reduce debt or raise debt and review decision on distributions to
the shareholders. The Debt to Equity ratio of the Company as at March 31, 2026 and March 31, 2025 stood at 0.09
and 0.07 respectively and net debt to EBITDA ratio of the Company as at March 31, 2026 and March 31, 2025 stood
at 0.31 and 0.20 respectively.

The Audit Committee, the Risk Management Committee and the senior management review the status vis a vis
approved maximum limit of debt, based on lower of ratio of Debt: Equity of 2:1 and Net Debt to EBITDA ratio of 4:1.

b) Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its financial obligations as they become due. The
Company employs prudent liquidity risk management practices which inter alia means maintaining sufficient cash
and marketable securities and the availability of funding through an adequate amount of committed credit facilities.
Given the nature of the underlying businesses, the corporate finance maintains flexibility in funding by maintaining
availability under committed credit lines and this way liquidity risk is mitigated by the availability of funds to cover
future commitments. Cash flow forecasts are prepared not only for the entities but the Group as a whole and the
utilized borrowing facilities are monitored on a periodic basis and there is adequate focus on good management
practices whereby the collections are managed efficiently. The Company while borrowing funds for large capital
project, negotiates the repayment schedule in such a manner that these match with the generation of cash on such
investment.

The table below represents the maturity profile of Company’s financial liabilities at the end of March 31, 2026 and
March 31, 2025 based on contractual undiscounted payments:

c) Credit risk

Credit risk is the risk of financial loss arising from a counterparty’s failure to meet its contractual obligations.
Credit risk encompasses both the direct risk of default and the risk of deterioration in creditworthiness, as well
as concentration risk. The Company manages credit risk by continuously monitoring the creditworthiness of its
customers and establishing appropriate credit limits, which are approved in accordance with the Company’s credit
approval framework. The Company is exposed to credit risk arising from its operating activities, primarily trade
receivables, and from its financing activities, including deposits with banks, foreign exchange transactions and other
financial instruments.

(i) Trade receivables

Customer credit risk is managed by each business unit in accordance with the Company’s established policy,
procedures and control relating to customer credit risk management. Management evaluates credit risk relating
to customers on an ongoing basis. Receivable control management department assessed the credit quality of
the customer, taking into account its financial position, past experience and other factors. The Company provides
credit to individuals on an exceptional basis only. An impairment analysis is performed at each reporting date on
an individual basis. Trade receivables comprise a widespread customer base and a large part of these relates
to State and Central Government bodies and institutions (both public and private). A large segment of the
Company’s customers settle their bill in cash or using major credit cards on discharge date as far as possible.
Further, a fairly large proportion of the customers are discharged post confirmation of third party administrator
of the insurance companies, with whom the Company has a written contract. Further the Company provides for
allowance for deductions based on empirical evidence whereby the receivables from various counterparties
are marked down at the time of recognition of revenue. The management does not expect any significant loss
from non-performance by counterparties on credit granted during the period under review that has not been
provided for.

d) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks,
such as equity price risk and commodity price risk. Financial instruments affected by market risks include loans and
borrowings, deposits, investments and foreign currency receivables and payables. The sensitivity analysis in the
following sections relate to the position as at March 31 2026. The analysis excludes the impact of movements in
market variables on the carrying values of employee benefits provisions, provisions, and the non-financial assets and
liabilities. The sensitivity of the relevant profit and loss item is the effect of the assumed changes in the respective
market risks. This is based on the financial assets and financial liabilities held as of March 31, 2026.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign
exchange rates relates primarily to the Company’s operating activities (when revenue or expense is denominated
in foreign currency). Foreign currency exchange rate exposure is partly balanced by purchasing of goods
from the respective countries. The Company evaluates exchange rate exposure arising from foreign currency
transactions and follows established risk management policies.

Foreign currency risk sensitivity

Based on all other variables remaining constant, the following tables demonstrate the sensitivity to a reasonably
possible change in foreign exchange rates as well as the impact of foreign exchange sensitivity on the profit
and loss of the Company as a result of changes in the fair value of its monetary assets and liabilities. Unhedged
foreign currency exposures recognized by the Company are as under:

(ii) Financial instruments and cash deposit

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department
in accordance with the Company’s policy. Investments of surplus funds are made in bank deposits and other
risk free securities. All balances with banks and financial institutions are subject to low credit risk due to good
credit ratings assigned by international and domestic credit rating agencies. Further, the Company reviews the
creditworthiness of the counter-parties (on the basis of its ratings, credit spreads and financial strength) of all the
above assets on an ongoing basis, and if required, takes necessary mitigation measures.

1% appreciation/depreciation of the respective foreign currencies with respect to functional currency of
the Company would result in decrease/increase in the Company’s net profit/(loss) and equity before tax by
approximately '21 lakhs and '20 lakhs for financial assets and financial liabilities respectively for the year ended
March 31, 2025.

As at March 31, 2026 and March 31, 2025, the Company has no derivative financial instruments such as foreign
currency forward contracts to mitigate the risk of changes in exchange rate on foreign currency exposures. The
counterparty for these contracts is generally a bank or a financial institution.

arrangements that were originally entered into between unrelated parties. These arrangements were negotiated
on an arm’s length basis and executed in the ordinary course of business.

The terms and conditions governing these arrangements continue to remain unchanged, except for
modifications, if any, undertaken with the consent of the relevant third parties. The disclosures under Related
Party Transactions are made in the interest of transparency and good corporate governance.

e) The above transactions with related parties are exclusive of taxes.

Notes:

(i) As the future liability for gratuity and compensated absences is provided on an actuarial basis for the Company as a
whole, the amount pertaining to the directors/KMPs has not been ascertained separately and, therefore, not included
in above mentioned managerial remuneration. Managerial remuneration mentioned above also does not include
accrual recorded towards employee share based payments but includes benefit value on account of ESOP exercise
during the reporting year.

(ii) The voluntary liquidation of MHC Global Healthcare (Nigeria) Limited (“MHC Nigeria”), a wholly owned subsidiary of
the Company, has been initiated under the applicable laws of Nigeria w.e.f January 29, 2026. It may be noted that
it is not a material subsidiary of the Company and its voluntary liquidation does not have any material impact on the
standalone financials of the Company. Refer note 11.03 for further details.

(iii) Pine Labs Private Limited was a related party up to June 5, 2025, on account of a common Director with the
Company. Upon its conversion into a public limited company, and as the common Director’s shareholding was below
the prescribed threshold, it ceased to be a related party with effect from June 6, 2025. Accordingly, the transactions
disclosed above pertain only to the period upto June 5, 2025.

(iv) Terms and conditions of transactions with related parties:-

a) The transactions with related parties are made on terms equivalent to those that prevail in arm’s length
transactions and approved by the Audit Committee.

b) The income/expense from sales to and purchases from related parties are made on arm’s length basis.
Outstanding balances at the year end are unsecured and interest free.

c) The Company has given corporate guarantees of '1,67,229 lakhs (March 31, 2025: '1,67,567 lakhs) on behalf of
the related parties [refer note 35.20 (c)]

d) Transactions with deemed separate entities (“Silos”), namely Dr B.L Kapur Memorial Hospital, Dr. Balabhai
Nanavati Hospital and Max Hospital Dwarka, disclosed under Related Party Transactions, stem from commercial

35.12 Capital management

The Company’s objective while managing capital is to safeguard its ability to continue as a going concern and thereby
provide returns to shareholders, create value for stakeholders, support business stability and growth, ensure compliance
with covenants and restrictions imposed by lenders and applicable laws and regulations, and maintain an optimal and
efficient capital structure that minimises the cost of capital. The primary objective of the Company’s capital management is
to maintain a strong and stable capital structure, with a focus on total equity, while preserving the confidence of investors,
creditors and customers and supporting the future development of its business activities In order to maintain or adjust
the capital structure, the Company may among other things, declare dividends, return capital to shareholders, issue new
shares or undertake other capital management initiatives, as appropriate

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and its
business requirements. The Company monitors its capital using a gearing ratio calculated as follows:

35.14 Impairment assessment of loans and other recoverable amounts from healthcare service providers

(a) I mpairment assessment of loans and other recoverable amounts from healthcare service providers with whom
the Company has long term medical service agreement

The Company has loans and other recoverables aggregating to '1,09,903 lakhs (March 31, 2025: '68,324 lakhs)
from healthcare service providers, i.e., Devki Devi Foundation, Balaji Medical and Diagnostic Research Centre and
Gujarmal Modi Hospital & Research Centre for Medical Sciences with whom the Company have long term medical
services and pathology service agreement (‘Service Agreements’). Amounts recoverable include the following:

The recovery of these balances depends on the future cash flows and earning capacity of these healthcare service
providers. Management has carried out an assessment and have concluded that the amounts are fully recoverable
and no impairment in the value of the amount is necessitated.

(b) I mpairment assessment of loans and other recoverable amounts from controlled entity (‘Silo’) with whom the
Company has long term Operation and Management Agreement

The Company has loans and other recoverables aggregating to '49,315 lakhs (March 31, 2025: '38,873 lakhs) from
Dr. B.L Kapur Memorial Hospital, Dr. Balabhai Nanavati Hospital and Max Hospital Dwarka, with whom the Company
has long term Operation and Management (‘O&M’) Agreement. Under terms of O&M agreement, the Company is
eligible for fixed and variable management fees from the Hospital for managing the hospital activities as per terms of
the agreement. Amounts recoverable include the following:

Out of the total contribution, '425 lakhs (March 31, 2025: '615 lakhs) was paid to Max Healthcare foundation. Also refer
note 35.10.

35.16 The Company does not have any transactions with struck off Companies under section 248 of Companies Act, 2013 or
section 560 of Companies Act, 1956.

35.17 The Board of Directors of ALPS Hospital Limited (‘ALPS’/‘Transferor’) and Max Hospitals and Allied Services Limited
(‘MHASL’/‘Transferee’) wholly owned subsidiaries of the Company, engaged in providing healthcare services, at their
respective meetings held on May 16, 2022, approved the Scheme of Amalgamation (‘Scheme’). Following this, a petition
was filed before the Hon’ble National Company Law Tribunal (‘NCLT’) under the provisions of sections 230 to 232 of the
Companies Act, 2013, along with the applicable rules. Hon’ble NCLT vide its order dated February 25, 2025, approved
the said Scheme with the appointed date of April 1, 2024. The merger has become effective on March 28, 2025 from the
appointed date.

35.18 (i) On November 21, 2025, the Government of India notified four Labour Codes consolidating 29 existing labour laws,

pursuant to which the Ministry of Labour & Employment issued draft Central Rules and FAQs. Based on the best
information available as at the reporting date and in accordance with the guidance issued by the Institute of Chartered
Accountants of India, the Company has assessed the incremental financial impact arising from the notified Labour
Codes. Considering the materiality of the impact and its regulatory-driven, non-recurring nature, the incremental
impact has been presented as impact of new Labour Codes under exceptional Items in the Statement of Profit and
Loss for the year ended March 31, 2026. The incremental impact consisting of gratuity of '903 lakhs, long-term
compensated absences of '615 lakhs, and other employee benefits of '46 lakhs primarily arise due to the change in
wage definition. The Company continues to monitor the developments with regard to formal notification of Central
and State Rules and any further clarifications by the Government on the matter.

(ii) The Company acquired a 63.65% stake in Jaypee Healthcare Limited (‘JHL’) on October 4, 2024, and the remaining
36.35% stake was acquired on November 11, 2024, for an aggregate consideration of approximately '62,470 lakhs.
Further, the Company provided a short-term loan to JHL to settle the dues of its financial creditors. The Hon’ble
NCLAT on October 17, 2024, ordered the closure of the Corporate Insolvency Resolution Process against JHL.

Additionally, an amount of '7,363 lakhs was paid to the Yamuna Expressway Industrial Development Authority by the
Company to seek permission for Change in Shareholding in JHL, which has been disclosed as ‘Exceptional Item’.

35.19 The liquidator appointed pursuant to the scheme of voluntary liquidation, approved by the shareholders of ET Planners
Private Limited (‘ET Planners’), a step-down wholly owned subsidiary of the Company, distributed the entire business
undertaking of ET Planners to ALPS Hospital Limited (‘ALPS’), its immediate holding company, on October 18, 2024, on
a going-concern basis. Further, ET Planners stands dissolved as per the order passed by the Hon’ble National Company
Law Tribunal, New Delhi Bench, Court - VI (“NCLT”) on March 25, 2026.

Guarantee amount is computed based on sanctioned working capital limits and outstanding term loan/LC amount payable
as on March 31, 2026.

35.21 The Board of Directors of Crosslay Remedies Limited (‘CRL’/‘Transferor’) and Jaypee Healthcare Limited (‘JHL’/‘Transferee’)
wholly owned subsidiaries of the Company, engaged in providing healthcare services, at their respective meetings held
on March 21, 2025, approved the Scheme of Amalgamation (the ‘Scheme’). Following this, a petition was filed before
the Hon’ble National Company Law Tribunal (‘NCLT’) under the provisions of Sections 230 to 232 of the Companies Act,
2013, along with the applicable rules. Hon’ble NCLT vide its order dated November 7, 2025, approved the said Scheme
and the same has become effective on December 15, 2025 with effect from appointed date October 4, 2024

35.22 (i) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other

sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of such
Ultimate Beneficiaries.

(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any
person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in
writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the such Ultimate Beneficiaries.

35.23 Acquisition of Yerawada Properties Private Limited

On December 18, 2025, the Company entered into a Share Purchase Agreement to acquire 100% equity stake in Yerawada
Properties Private Limited (“YPPL”), Pune, in a step-up manner. In the first tranche, upon completion of certain conditions
precedent, the Company will acquire all the Class A Equity Shares, which carry 100% of the voting rights and represent
approximately 50.22% of the economic interest in YPPL.

YPPL owns a 1.68-acre parcel of land located in central Pune. The Company proposes to develop a ~450-bed super¬
speciality hospital on the said land, with an aggregate investment of up to '1,02,000 lakhs, including '20,000 lakhs
payable to the shareholders of YPPL.

35.24 Acquisition of Kalinga Hospital Ltd

On April 8, 2026, the Company executed a Share Purchase Agreement for the acquisition of a controlling stake in Kalinga
Hospital Ltd (“KHL”), which owns and operates “Kalinga Hospital”, a 250-bed NABH-accredited multi-specialty hospital
located in Bhubaneswar, Odisha. On May 18, 2026, MHIL acquired a 58.28% equity stake in KHL for an aggregate cash
consideration of '29,797 lakhs. The Company also secured an External Commercial Borrowing to finance the acquisition.
The proposed acquisition is expected to strengthen the Company’s footprint and expand its presence in Eastern India.

35.25 The Company was not required to transfer any amount to Investor Education and Protection Fund during the year.

35.26 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company has not accepted any deposit or amount which are deemed to be deposits.

(v) The Company has not entered into any non cash transaction with its directors or person connected with its directors.

(vi) The Company has no transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961 (such as, search or survey)
or any other relevant provisions of the Income-tax Act, 1961.

(vii) The Company has not been declared as wilful defaulter by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the
Reserve Bank of India.

35.27 The figures have been rounded off to the nearest lakhs. The figure ‘0’ wherever stated represents value less than
'50,000/-.