SMC Global Securities Limited

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6️⃣Expansion Plans: Different Roads 🚧 Apollo Adding 4,372 beds ₹7,603 Cr Capex Nationwide (greenfield + brownfield) 🏙️ Max Adding ~3,900 beds ₹5,827 Cr Capex Focus: Delhi, Gurgaon, Mumbai, Lucknow 👉 Apollo is going wide. Max is going deep — but in profitable metros

🔷 Apollo is India’s broadest, boldest healthcare ecosystem play. 🔷 Max is a precision-led, high-margin hospital machine. Investors betting on scale + tech = Apollo 📈 Investors betting on premium + performance = Max If you Liked this showdown? Retweet & bookmark to refer

4️⃣ARPOB (Avg. Revenue per Occupied Bed) 💰 Apollo (Pan-India): ₹60,588/day 💰 Max (Metro-focused): ₹74,000+/day (blended) Max is the clear winner in generating revenues from their beds

2️⃣Occupancy & Efficiency: Who runs tighter? 🔷Apollo – Occupancy: 68% – ALOS (Avg stay): 3.32 days 🔷Max – Occupancy: ~74% – ALOS: 4.2 days 👉Shorter stays = faster bed churn = higher revenue per bed. 👉Max’s asset-light + metro-first strategy gives it a tighter ship

India’s ₹31 lakh crore healthcare market has two giants fighting for dominance But one of them is: – More profitable – More efficient – More digital Let’s break down Apollo vs Max across 8 dimensions🧵 (Bookmark this 🔖) https://t.co/9XTPv3xzhg

3️⃣Profitability Snapshot (FY25): 🔷Apollo – Revenue: ₹21,794 Cr – EBITDA: ₹3,022 Cr (13.9%) – PAT: ₹1,446 Cr – ROCE: 27.5% 🔷Max – Revenue: ₹8,667 Cr – EBITDA: ₹2,319 Cr (26.8%) – PAT: ₹1,336 Cr – ROCE: 35% 👉 Max makes almost same profit with 40% of Apollo’s revenue.

7️⃣Capital Structure & Strength 🔷Apollo 🔹Gross Debt: ₹2,830 Cr 🔹Net Debt: negative (₹-109 Cr) 🔹Cash: ₹2,262 Cr 🔷Max 🔹Gross Debt: ₹2,492 Cr 🔹Net Debt: ₹1,576 Cr 🔹Cash: ₹1,011 Cr Backed by GIC, Capital Group, Blackrock, Fidelity, HDFC MF 👉 Both are strong. Max

1️⃣Scale & Reach: Pan-India vs Metro-Centric 🔷Apollo Hospitals – 45 owned + 6 managed hospitals – 8,025 beds – Present in India, Bahrain, Bangladesh 🔷Max Healthcare – 22 hospitals – 5,100+ beds (77% in metros) – Stronghold in NCR, Mumbai, Lucknow 👉 Max is smaller, but