Max Healthcare Q1 revenue rises 16% YoY to ₹2,982 Cr, with EBITDA at ₹704 Cr and PAT at ₹357 Cr.

Key Highlights of Q1 Performance

  • Gross Revenue stood at ₹ 2,982 Cr for Q1 FY27, a growth of 16% YoY

  • Network1 Operating EBITDA stood at ₹ 704 Cr in Q1 FY27, a growth of 15% YoY

  • Operating Margin2 stood at 24.8% compared to 24.9% in Q1 FY26 and 26.8% in Q4 FY26

  • Network PAT stood at ₹ 357 Cr, compared to ₹ 345 Cr in Q1 FY26 and ₹ 387 Cr in Q4 FY26

  • Free Cash from Operations3 was ₹ 397 Cr in Q1 FY27 compared with ₹ 389 Cr in Q1 FY26 and ₹ 581 Cr in Q4 FY26

  • EBITDA per bed4 was ₹ 71.2 lakhs compared to ₹ 68.5 lakhs in Q1 FY26 and ₹ 73.4 lakhs in Q4 FY26

  • Bed occupancy for the quarter was at 75%, with Occupied Bed Days (OBDs) up by 10% YoY. The operational bed capacity as at end of June’26 stood at 5,379, up by 630 beds (net) compared to June’25

  • ARPOB5 for Q1 FY27 stood at ₹ 81.9k compared to ₹ 78.0k in Q1 FY26 and ₹ 77.9k in Q4 FY26, representing a growth of 5% YoY

  • The Company completed the acquisition of a controlling stake (58.28%) in Kalinga Hospital Limited (KHL) on May 18, 2026. KHL operates a 250 beds multispeciality hospital in Bhubaneswar, Odisha, which is located on a 10 acre land parcel in the heart of the city

  • The Company on June 30, 2026 acquired all outstanding Class A equity shares of Yerawada Properties Private Limited (YPPL), representing 100% of voting rights and ~50.22% of the economic interest. Further, preliminary approval from local municipal corporation for the proposed 450 beds hospital in Pune on a prime piece of land owned by YPPL has been received and the building plans are under finalization

  • The Board approved a capital expenditure of ₹ 425 Cr for a brownfield tower at MSSH Vaishali. This will add 202 beds to the existing capacity of 387 beds

  • The Board granted an in-principle approval to foray into medical education and set-up medical colleges, in view of the proposed regulatory changes by National Medical Commission

  • Free treatment provided to 54,186 patients in OPD and 1,933 patients in IPD from the economically weaker sections by the Network Hospitals

Mr. Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd

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 first quarter ended June 30, 2026.

Network gross revenue was ₹ 2,982 Cr, reflecting a growth of 16% YoY, mainly driven by increase in OBDs. International patient revenue stood at ₹ 247 Cr reflecting a growth of 18% YoY and accounts for ~ 9% of the hospital revenue.

Network Operating EBITDA was ₹ 704 Cr, reflecting a growth of 15% YoY. EBITDA Margin for the Network stood at 24.8% compared to 24.9% in Q1 FY26 and 26.8% in Q4 FY26.

Overall EBITDA per bed stood at ₹ 71.2 lakhs compared to ₹ 68.5 lakhs in Q1 FY26 and ₹ 73.4 lakhs in Q4 FY26.

Max Lab (non-captive pathology vertical) reported a gross revenue of ₹ 58 Cr during the quarter, recording a growth of 20% YoY and 11% QoQ. Max Lab services are now available across 60+ cities and it offers a comprehensive range of over 2,700+ tests.

Max@Home reported a gross revenue of ₹ 78 Cr, reflecting a growth of 32% YoY and 7% QoQ, driven by physio & rehab, nursing care and attendants (Assistance Services) and sample collection & medicine delivery (Transactional Services).

Network PAT stood at ₹ 357 Cr compared to ₹ 345 Cr in Q1 FY26, reflecting a growth of 3% YoY. This is primarily due to increase in depreciation and finance costs consequent to commissioning of brownfield capacity expansion in MSSH Mohali, Nanavati-Max and Max Smart.

Free cash from operations1 stood at ₹ 397 Cr compared to ₹ 389 Cr in Q1 FY26 and ₹ 581 Cr in Q4 FY26. Of this, ₹ 386 Cr was deployed towards the acquisition of KHL and YPPL, while ₹ 337 Cr was invested in ongoing expansion plans. Consolidation of KHL and YPPL also added ₹ 153 Cr to net debt (including towards put option liability). Further, ₹ 3 Cr was received from the exercise of ESOPs. Net Debt2 at the end of June, 2026 stood at ₹ 2,384 Cr compared to ₹ 1,908 Cr at the end of March, 2026.

The Company completed the acquisition of a controlling stake (58.28%) in KHL on May 18, 2026 for ~₹ 298 Cr. KHL operates a 250 beds multi-speciality hospital in Bhubaneswar, Odisha, which is located on a 10 acre land parcel in the heart of the city. The acquisition was funded through an External Commercial Borrowing.

The Company on June 30, 2026 acquired all outstanding Class A equity shares of YPPL, representing 100% of voting rights and ~50.22% of the economic interest. The Company intends to acquire the Class B equity shares in YPPL progressively, in line with milestones agreed in the SPA. Further, preliminary approval from local municipal corporation for the proposed 450 beds hospital in Pune on a prime piece of land owned by YPPL has been received, and the building plans are under finalization.

MSSH Bhubaneswar (erstwhile Kalinga Hospital), a 250 beds NABH accredited multispeciality hospital, contributed ₹ 19 crore in revenue and ~₹ 2 crore in EBITDA during the post-acquisition period in Q1 FY27, with 50% occupancy and ARPOB of ₹ 35k. Prior to acquisition, the hospital generated revenue of ~₹ 154 crore in FY26. Integration into the Max Healthcare Network is progressing as planned, with key focus areas including clinician hiring, occupancy improvement, and payor mix enhancement, supported by operational and infrastructure upgrades to drive sustainable growth and profitability.

Currently, 202 beds in the brownfield tower of Max Smart Super Speciality Hospital have been operationalized. The remaining 198 beds will be handed over to Operations in the course of Q2 FY27, for a phased commissioning.

The Board approved a capital expenditure of ₹ 425 Cr for a brownfield tower at MSSH Vaishali. This will add 202 beds to the existing capacity of 387 beds. The building plans for the new tower have been approved and construction activities have commenced. The project is expected to be commissioned in Q4 FY30.

The Board granted an in-principle approval to foray into medical education and set-up medical colleges, in view of the proposed regulatory changes by National Medical Commission.Commenting on Q1 results, Mr. Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said:

“Q1 FY27 marks a strong start to the year, with the successful consummation of two strategic acquisitions and a robust increase in operational bed capacity. Revenue and EBITDA growth were in line with expectations. With additional beds becoming operational during Q2 at the Saket complex, Nanavati-Max, Mumbai and the integration of MSSH Bhubaneswar underway, the Company is well positioned for a strong FY27 and sustained growth thereafter.”

Clinical Update:

  • ~4,683 Liver Transplants, ~5,988 Kidney Transplants & ~2,289 Bone Marrow Transplants performed till date

  • A 52 year old patient with severe disease affecting three heart valves and a large ascending aortic aneurysm underwent a rare single stage 11-hour surgery at MSSH Mohali: two valves replaced, one repaired and the aorta reconstructed

  • At MSSH Vaishali, a 65 year old male with end stage liver disease underwent the first robotic-assisted living donor liver transplant in the region

Research and Academics:

  • Published 123 articles in high impact journals during Q1 FY27

  • 120 clinical trials and 25 grant studies are ongoing

  • 750+ clinical research projects completed till date, ~145 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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