• Brownfield bed additions: Max Healthcare is expanding capacity across existing hubs to address high occupancy and ER wait times, adding 200 beds in Mohali, 280 beds at Nanavati in Mumbai, and 400 beds in Saket.
• Cluster expansion model: The company is replicating its NCR cluster strategy in East India, Lucknow, and other regions, which yields immediate margin accretion because brownfield projects leverage existing clinical and management overheads.
• ROCE investment target: Management prioritizes deploying incremental capital to achieve a 20% to 25% return on capital employed (ROCE) over maximizing ARPOB or EBITDA margins.
• Capacity and capex: The hospital network expanded from 3,500 beds in 2024 to approximately 6,500 beds by early 2026 and aims to exceed 10,000 beds over the next three years, backed by ₹4,000 to ₹5,000 crore in capex funded entirely via internal accruals.