Max Healthcare Q2 revenue rises to ₹ 3,219 Cr, registering growth of 20% YoY Q2 PAT stood at ₹ 448 Cr, growth of 10% YoY

Key Highlights of Q2 Performance

  • Gross Revenue stood at ₹ 3,219 Cr, a growth of 20% YoY

  • Network(1) PAT stood at ₹ 448 Cr, compared to ₹ 406 Cr(2) in Q2 FY26 and ₹ 357 Cr in Q1 FY27, registering a growth of 10% YoY

  • Operational bed capacity at end of Sep’26 stood at 5,518, up by 758 beds (+16% YoY) compared to Sep’25

  • Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by 13% YoY

  • During the quarter over 31 lakh episodes of patient services delivered (OP, IP and day care) across the Network, reflecting a growth of 12% YoY

  • Free treatment provided to 55,296 patients in OPD and 1,738 patients in IPD from the economically weaker sections by the Network Hospitals

  • ARPP(3) for Q2 FY27 stood at ₹ 2.31 lakh compared to ₹ 2.14 lakh in Q2 FY26 and ₹ 2.30 lakh in Q1 FY27, representing a growth of 8% YoY

  • Free Cash from Operations(4) was ₹ 500 Cr in Q2 FY27 compared with ₹ 291 Cr in Q2 FY26 and ₹ 397 Cr in Q1 FY27. Of this, ₹ 292 Cr was invested in ongoing expansion and ₹ 195 Cr was disbursed towards dividend for FY ’26. Further, ₹ 2 Cr was received from the exercise of ESOPs

  • Net Debt at end of Sep ‘26 stood at ₹ 2,369 Cr compared to ₹ 2,384 Cr at end of Jun ‘26

  • MSSH, Dwarka has commenced services at new Oncology Block, which consists of Chemotherapy Day Care, Dialysis Centre, nuclear medicine and LINAC facilities

  • Consequent to a rights issue by Kalinga Hospital Limited (KHL) in Sep 2026, which owns and operates a 250 beds hospital in Bhubaneswar and secondary purchase of 50,000 shares, the Company’s shareholding in KHL has increased from ~58.28% to ~66.34%

  • The Board has approved capital expenditure of ₹ 415 Cr for addition of 209 brownfield beds across existing hospitals. This includes 85 beds at MSSH, Noida, 60 beds at MSSH, Vaishali and 64 beds at BLK Max

Max Healthcare Institute Ltd. (MHIL, ‘the Company’), one of the largest private sector healthcare services companies in India, announced its financial and operating results for the second quarter and half year ended September 30, 2026.

Network gross revenue was ₹ 3,219 Cr, reflecting a growth of 20% YoY and 8% QoQ, mainly driven by increase in OBDs. International patient revenue stood at ₹ 307 Cr, reflecting a growth of 33% YoY and accounting for ~ 10% of the hospital revenue.

Max Lab (non-captive pathology vertical) reported a gross revenue of ₹ 66 Cr during the quarter, recording a growth of 24% YoY and 15% QoQ. Max Lab services are now available across 63+ cities, and it offers a comprehensive range of over 2,700+ tests.

Max@Home reported a gross revenue of ₹ 86 Cr, reflecting a growth of 37% YoY and 10% QoQ, driven by physio, rehab and pathology sample collection service lines.

Network PAT stood at ₹ 448 Cr compared to ₹ 406 Cr in Q2 FY26 and ₹ 357 Cr in Q1 FY27, reflecting a growth of 10% YoY on a like to like basis.

Free cash from operations(1) stood at ₹ 500 Cr compared to ₹ 291 Cr in Q2 FY26 and ₹ 397 Cr in Q1 FY27. Of this, ₹ 292 Cr was invested in ongoing expansion plans and ₹ 195 Cr was disbursed towards dividend. Further, ₹ 2 Cr was received from the exercise of ESOPs Net Debt(2) at end of Sep ‘26 stood at ₹ 2,369 Cr compared to ₹ 2,384 Cr at end of Jun ‘26.

MSSH Dwarka has commenced services at the Oncology Block. The facility comprises of Chemotherapy Day Care Unit, Dialysis Centre, LINAC, PET-CT and Pathology Lab. The commissioning of Oncology Block will enable the main hospital to reach a total bed capacity of 318 beds in the course of Q3 FY27

Consequent to a rights issue by KHL, which owns and operates a 250 beds hospital in Bhubaneswar and secondary purchase of 50,000 shares, the Company’s shareholding in KHL has increased from ~58.28% to ~66.34% as on September 7, 2026.

The Board approved capital expenditure of ₹ 415 Cr for addition of 209 brownfield beds across existing hospitals to augment capacity. This includes 85 beds at MSSH, Noida and 60 beds at MSSH, Vaishali. At BLK Max, 64 beds will be added along with a Multi-Level Car Parking tower to support the increased patient and visitor footfall.

Half year ended September 30, 2026

For the half year ended September 2026, total bed capacity stood at 6,184 beds, an increase of 20% YoY. Network gross revenue stood at ₹ 6,200 Cr, representing a growth of 18% over the corresponding period last fiscal, mainly driven by increase in OBDs.

Network PAT stood at ₹ 805 Cr, up 7%, compared to ₹ 750 Cr in corresponding year last fiscal on a like to like basis. Cash from operations for the Network during half year ended Sep ‘26 was ₹ 897 Cr. Net Debt stood at ₹ 2,369 Cr.. Commenting on Q2 results, Mr. Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said:

“We continue to deliver steady growth as we expand our bed capacity across multiple locations to meet India’s growing need for quality healthcare. Higher occupancy levels across our network hospitals reflect this demand. We are witnessing a faster ramp-up in occupancy of newly added beds, indicating a robust demand and absorption of added capacity. Medical value travel is also witnessing strong growth, driven by the cost competitiveness of healthcare services in India, further strengthening the country’s position as a leading global healthcare destination.”

Financial and Operational Highlights (Overall Basis):

Clinical Update:

  • ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date

  • ·At MSSH, Dwarka, a 63-years-old patient from Cambodia with HBV-related cirrhosis, hepatocellular carcinoma and end-stage renal disease successfully underwent a simultaneous living donor liver-kidney transplant

  • MSSH, Dehradun successfully performed its first liver transplant in a 46 years old patient, marking a significant milestone in establishing advanced transplant services in the region

Research and Academics:

  • Published 123 articles in high impact journals during Q2 FY27

  • 130 clinical trials and 25 grant studies are ongoing

  • 900+ clinical research projects completed till date, ~155 ongoing

  • 610+ MBBS doctors in DNB programmes across 40+ specialities

  • 1,000+ new students enrolled in the Online Courses for various e-learning courses

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