Max Healthcare Q1 FY27 Revenue at ₹2,982 Cr, Up 16% YoY; PAT at ₹357 Cr
Max Healthcare reported Q1 FY27 revenue of ₹2,982 Cr, up 16% YoY. Network Operating EBITDA was ₹704 Cr (up 15% YoY), and PAT was ₹357 Cr (up 3% YoY). The company completed the acquisition of Kalinga Hospital for ~₹298 Cr and acquired Yerawada Properties. Board approved ₹425 Cr capex for MSSH Vaishali.
The results include significant financial growth, strategic acquisitions, and substantial capital expenditure approvals, which are material events for the company's future performance and market position.
The company reported strong year-over-year growth in revenue and EBITDA, along with strategic acquisitions and capacity expansion plans, indicating positive business momentum.
Max Healthcare Institute Limited announced its financial and operating results for the first quarter ended June 30, 2026. The company reported a network gross revenue of ₹2,982 Cr, a 16% year-over-year increase, driven by a rise in Occupied Bed Days (OBDs). International patient revenue stood at ₹247 Cr, growing 18% YoY and accounting for approximately 9% of hospital revenue.
Network Operating EBITDA was ₹704 Cr, a 15% YoY growth, with an EBITDA margin of 24.8%, slightly down from 24.9% in Q1 FY26. EBITDA per bed was ₹71.2 lakhs, a 4% YoY increase. Profit After Tax (PAT) for the network was ₹357 Cr, a 3% YoY growth from ₹345 Cr in Q1 FY26. Free cash from operations was ₹397 Cr, with ₹386 Cr deployed towards acquisitions and ₹337 Cr invested in expansion plans. Net debt increased to ₹2,384 Cr from ₹1,908 Cr at the end of March 2026.
The company completed the acquisition of a controlling stake (58.28%) in Kalinga Hospital Limited (KHL) on May 18, 2026, for approximately ₹298 Cr. KHL operates a 250-bed multi-speciality hospital in Bhubaneswar. Additionally, on June 30, 2026, Max Healthcare acquired all outstanding Class A equity shares of Yerawada Properties Private Limited (YPPL), representing 100% voting rights and ~50.22% economic interest, with plans for a 450-bed hospital in Pune. A capital expenditure of ₹425 Cr was approved for a new brownfield tower at MSSH Vaishali, expected to add 202 beds and be commissioned in Q4 FY30.
The Board also granted in-principle approval to enter the medical education sector by setting up medical colleges. Max Lab reported revenue of ₹58 Cr, a 20% YoY growth, and Max@Home revenue was ₹78 Cr, a 32% YoY growth. Free treatment was provided to 54,186 OPD and 1,933 IPD patients from economically weaker sections.
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