Max Healthcare Q1 FY27 Revenue at ₹2,982 Cr, Up 16% YoY; PAT ₹357 Cr
Max Healthcare Institute Ltd. reported Q1 FY27 gross revenue of ₹2,982 Cr, up 16% YoY. Network Operating EBITDA rose 15% YoY to ₹704 Cr, with PAT at ₹357 Cr. The company completed the acquisition of Kalinga Hospital for ~₹298 Cr and acquired Yerawada Properties Private Limited. Capital expenditure of ₹425 Cr was approved for a new tower at MSSH Vaishali.
The financial results show robust growth, and the company has made significant strategic moves with acquisitions and planned capital expenditure, which are expected to have a substantial impact on its future performance and market position.
The company reported strong year-on-year growth in revenue and EBITDA, successfully completed strategic acquisitions, and announced significant capital expenditure plans, indicating positive business momentum.
Max Healthcare Institute Limited (MHIL) announced its financial and operating results for the first quarter ended June 30, 2026.
Gross revenue for the network reached ₹2,982 crore, marking a year-on-year growth of 16%, driven primarily by an increase in occupied bed days. Excluding the impact of the discontinuation of select chemotherapy drugs, gross revenue grew by 20% YoY. International patient revenue stood at ₹247 crore, an 18% increase YoY, contributing approximately 9% of the hospital revenue.
Network Operating EBITDA was reported at ₹704 crore, a 15% increase year-on-year. The EBITDA margin for the network was 24.8%, slightly down from 24.9% in Q1 FY26, attributed to the recent commissioning of new brownfield capacity and the acquisition of Kalinga Hospital Limited (KHL). EBITDA per bed (annualised) increased by 4% YoY to ₹71.2 lakhs. Network Profit After Tax (PAT) was ₹357 crore, a 3% increase from ₹345 crore in Q1 FY26.
Free cash from operations stood at ₹397 crore. Of this, ₹386 crore was deployed towards the acquisition of KHL and Yerawada Properties Private Limited (YPPL). Net debt at the end of June 2026 was ₹2,384 crore.
The company completed the acquisition of a controlling stake (58.28%) in Kalinga Hospital Limited (KHL) on May 18, 2026, for approximately ₹298 crore. KHL operates a 250-bed multi-speciality hospital in Bhubaneswar, Odisha. On June 30, 2026, MHIL acquired all outstanding Class A equity shares of Yerawada Properties Private Limited (YPPL), representing 100% voting rights and approximately 50.22% economic interest, with plans for a 450-bed hospital in Pune.
Additionally, 202 beds in the brownfield tower of Max Smart Super Speciality Hospital have been operationalized, with the remaining 198 beds to be commissioned in Q2 FY27. The Board approved a capital expenditure of ₹425 crore for a brownfield tower at MSSH Vaishali, expected to add 202 beds and be commissioned in Q4 FY30. The Board also granted in-principle approval to foray into medical education and set up medical colleges.
Commenting on the results, Mr. Abhay Soi, Chairman and Managing Director, stated that Q1 FY27 marks a strong start with successful acquisitions and a robust increase in operational bed capacity, positioning the company for sustained growth.
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