Max Healthcare Q2 Revenue Up 20% YoY to ₹3,219 Cr; PAT Grows 10% to ₹448 Cr
Max Healthcare reported Q2 FY27 revenue of ₹3,219 Cr, up 20% YoY, and PAT of ₹448 Cr, up 10% YoY. Operational bed capacity increased to 5,518 beds. The company approved ₹415 Cr capex for 209 new beds. Shareholding in Kalinga Hospital increased to 66.34%. Free cash from operations was ₹500 Cr.
The announcement details robust financial growth, strategic investments in capacity expansion, and an increase in shareholding in a key subsidiary, all of which have a significant impact on the company's future prospects.
The company reported strong year-on-year growth in revenue and PAT, alongside significant operational and expansion developments, indicating positive financial and business performance.
Max Healthcare Institute Limited announced its financial and operating results for the second quarter and half-year ended September 30, 2026. The company reported a network gross revenue of ₹3,219 crore for Q2 FY27, marking a 20% year-on-year (YoY) growth and an 8% quarter-on-quarter (QoQ) increase, primarily driven by higher occupied bed days (OBDs). International patient revenue stood at ₹307 crore, a 33% YoY growth, contributing approximately 10% to the hospital revenue.
Max Lab, the non-captive pathology vertical, reported a gross revenue of ₹66 crore, a 24% YoY and 15% QoQ growth, with services available in over 63 cities and offering more than 2,700 tests. Max@Home reported a gross revenue of ₹86 crore, a 37% YoY and 10% QoQ growth, driven by physiotherapy, rehabilitation, and pathology sample collection services.
Network Profit After Tax (PAT) for the quarter was ₹448 crore, compared to ₹406 crore in Q2 FY26 (normalized for a one-time tax gain of ₹149 crore) and ₹357 crore in Q1 FY27, representing a 10% YoY and 26% QoQ growth. The PAT margin for the quarter was 14.7% on net revenue. Free cash from operations stood at ₹500 crore, of which ₹292 crore was invested in expansion plans and ₹195 crore was disbursed towards dividend for FY'26. Net Debt at the end of September 2026 was ₹2,369 crore.
Operational highlights include an increase in operational bed capacity to 5,518 beds, a 16% YoY increase. Bed occupancy for the quarter was 77%, with OBDs up by 13% YoY. Over 31 lakh episodes of patient services were delivered across the network, reflecting a 12% YoY growth. The company also provided free treatment to 55,296 OPD and 1,738 IPD patients from economically weaker sections.
Key developments include the commencement of services at the Oncology Block at MSSH, Dwarka, and an increase in the company's shareholding in Kalinga Hospital Limited (KHL) from approximately 58.28% to 66.34% following a rights issue. The Board has approved a capital expenditure of ₹415 crore for the addition of 209 brownfield beds across existing hospitals.
For the half-year ended September 30, 2026, network gross revenue was ₹6,200 crore, an 18% YoY growth, and network PAT was ₹805 crore, a 7% YoY growth. Mr. Abhay Soi, Chairman and Managing Director, commented on the steady growth, expanding bed capacity, and the strong demand for quality healthcare services.
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