Mumbai: Max Healthcare Institute Ltd. announced on October 30, 2026, its financial and operating results for the second quarter and half year ended September 30, 2026.
Quarterly Financials
The company reported a profit after tax (PAT) of ₹448 crore for Q2 FY27, a 10% increase from ₹406 crore in Q2 FY26. Gross revenue stood at ₹3,219 crore, up 20% year-on-year.
Operating EBITDA for the quarter was ₹820 crore, an 18% increase from ₹694 crore in Q2 FY26. The operating EBITDA margin was 26.8% in Q2 FY27.
Free cash from operations for Q2 FY27 was ₹500 crore, significantly higher than ₹291 crore in Q2 FY26. Of this, ₹292 crore was invested in expansion plans and ₹195 crore was distributed as dividends.
Half-Year Performance
For the half year ended September 30, 2026, network gross revenue was ₹6,200 crore, an 18% growth over the corresponding period last fiscal. Network PAT for the half year stood at ₹805 crore, a 7% increase from ₹750 crore in the prior year.
Cash from operations for the Network during the half year was ₹897 crore. Net Debt at the end of September 2026 was ₹2,369 crore.
Operational Highlights
Operational bed capacity stood at 5,518 beds as of September 2026, an increase of 758 beds (16%) compared to September 2025. Bed occupancy for the quarter was 77%, with occupied bed days up 13% year-on-year.
During the quarter, over 31 lakh patient service episodes were delivered across the network, marking a 12% growth. Average revenue per patient (ARPP) for Q2 FY27 was ₹2.31 lakh, an 8% increase from ₹2.14 lakh in Q2 FY26.
Expansion Initiatives
The board approved a capital expenditure of ₹415 crore for adding 209 brownfield beds across existing hospitals. This includes 85 beds at MSSH, Noida; 60 beds at MSSH, Vaishali; and 64 beds at BLK Max.
MSSH, Dwarka, commenced services at its new Oncology Block, which includes chemotherapy day care, dialysis, nuclear medicine, and LINAC facilities. This will increase the hospital's total bed capacity to 318 beds by Q3 FY27.
Kalinga Hospital Acquisition
Max Healthcare’s shareholding in Kalinga Hospital Limited (KHL) increased from approximately 58.28% to 66.34% following a rights issue in September 2026 and a secondary purchase of 50,000 shares. KHL operates a 250-bed hospital in Bhubaneswar.
Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said the company continues to deliver steady growth by expanding bed capacity across multiple locations to meet India’s healthcare needs. Soi noted higher occupancy levels and a faster ramp-up of newly added beds, indicating strong demand and absorption of capacity.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
