Max Healthcare Q2 FY26 Revenue Soars 21% YoY to ₹2,692 Cr; PAT up 59%
Max Healthcare reported Q2 FY26 revenue of ₹2,692 Cr, up 21% YoY, and PAT of ₹554 Cr, up 59% YoY. Operational EBITDA grew 23%. Company divested two hospitals and commissioned new bed capacities.
The announcement details robust financial results, strategic divestments, and significant capacity expansions, which are key drivers for future growth and market positioning. The approval of the subsidiary merger also streamlines operations, indicating a high impact on the company's long-term outlook.
The company demonstrated strong financial performance with significant year-on-year growth in revenue, operating EBITDA, and PAT. Operational metrics like bed occupancy and ARPOB also showed positive trends. The management's commentary expresses confidence in continued growth from new capacities.
Max Healthcare Institute Ltd. announced robust financial and operating results for the second quarter and half year ended September 30, 2025. * For Q2 FY26, gross revenue stood at ₹2,692 crore, marking a 21% year-on-year (YoY) growth and 5% quarter-on-quarter (QoQ) growth, primarily driven by a 19% YoY increase in Occupied Bed Days (OBDs). * Network Operating EBITDA grew by 23% YoY to ₹694 crore, with an operating margin of 26.9%. * Network Profit After Tax (PAT) surged by 59% YoY to ₹554 crore. This includes a favorable one-time tax impact of approximately ₹149 crore from the merger of Crosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this impact, PAT grew by 16% YoY to ₹406 crore. * Free cash from operations was ₹291 crore, with ₹456 crore deployed for expansion and upgradation, and ₹146 crore distributed as dividend. * Operational highlights include a bed occupancy of 77% and Average Revenue Per Occupied Bed (ARPOB) of ₹77.3k. Max Lab reported ₹54 crore revenue (+16% YoY) and Max@Home reported ₹63 crore revenue (+20% YoY). * The company divested its hospitals in Village Chitta and Anoopshahr, District Bulandshahr, effective September 18, 2025, to focus on super-specialty care. * The Hon’ble NCLT Chandigarh Bench approved the scheme of amalgamation of JHL and CRL, both wholly-owned subsidiaries, with an appointed date of October 5, 2024. * A 160-bed brownfield tower at MSSH Mohali has been commissioned, and a 268-bed brownfield tower at Nanavati-Max, Mumbai, is scheduled for commissioning next week. * For H1 FY26, gross revenue was ₹5,266 crore (+24% YoY), Operating EBITDA was ₹1,308 crore (+23% YoY), and PAT was ₹899 crore (+40% YoY, or +17% YoY excluding one-time tax impact). * Mr. Abhay Soi, Chairman and Managing Director, stated, “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.”
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Max Healthcare Institute Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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