Max Healthcare Q1 FY27 Revenue Up 15% YoY

Operational network of 21 healthcare facilities with 6,100+ beds as of June 30, 2026.
Q1 FY27 occupancy details not specified in the presentation.
Performed 30,000+ complex procedures including 1,100+ transplants, 13,500+ cardiac procedures, 7,500+ neuro surgeries, 6,000+ ortho surgeries, and 8,000+ oncology procedures in Q1 FY27 (annualized).
Key drivers of operational performance: Recent acquisitions (Lucknow, Nagpur, Noida, Bhubaneswar), brownfield expansions, hiring of senior clinical teams, deployment of 18 robotic systems, and infrastructure augmentation.

Cardiac: +12% YoY growth in Q1 FY27
Ortho: +25% YoY growth in Q1 FY27
Renal: +18% YoY growth in Q1 FY27
Neuro: +31% YoY growth in Q1 FY27
Gastro: +26% YoY growth in Q1 FY27
Explanation of significant changes: Growth driven by strong demand across key specialties and expanded clinical capabilities.

Q1 FY27 Performance:

Revenue: ₹2,835 Cr (Net Revenue)
EBITDA: ₹704 Cr (Operating EBITDA)
PAT: ₹357 Cr
EPS: Not specified
Margins: Operating EBITDA margin 24.8%, PAT margin 12.6%
YoY comparison: Revenue growth 15%, Operating EBITDA growth 15%, PAT growth 3%
Drivers of financial performance: Higher revenue growth, structural cost initiatives, merger synergies, and contributions from recent acquisitions
Comparison to market estimates: Not available
Key Risks: Raw material price hikes not specified; regulatory risks include provisions for doubtful debts on overdue receivables

Q1 FY27 Gross Revenue from Network Hospitals:

North: ₹2,128 Cr (71% of total)
West: ₹668 Cr (22% of total)
East: ₹129 Cr (4% of total)
Central: ₹57 Cr (2% of total)
Domestic vs Export: Not specified
Regional Breakdown: Delhi NCR and Mumbai represent key metro markets with higher ARPOB

As of March 2026:

Shareholders' Equity: ₹12,088 Cr
Gross Debt: ₹2,924 Cr
Net Debt/Equity: Not specified
Reserves: Included in Shareholders' Equity
Current Assets/Liabilities: Net Current & Non-Current Liabilities of ₹(1,463) Cr
Working Capital/Leverage Metrics: Trade Receivables DSO of 87 days at March 2026 end
Financial Health Insights: Strong cash flow generation, minimally leveraged balance sheet with cash & bank balance of ₹1,122 Cr

Capital Expenditure: Ongoing brownfield projects at Max Mohali, Nanavati-Max and Max Lucknow
Free Cash Flow: Not specified
Operating Cash Flow: Not specified
Net Debt Movement: Not specified
Investment Rationale: Focus on capacity expansion with ~4,000 beds being added in next 3-4 years at estimated capex of ₹3,500-4,000 Cr

Investments in Innovation: AI-enabled Radiomics project with IIT Bombay (2 patents applied), metabolic disease biobank with ~22,000 samples, oncology biobank
Expected impact on growth: Not quantified
Strategic Rationale: Expanding into high-growth markets, reducing operational costs, enhancing clinical outcomes
3,400+ research publications in indexed journals over last 11 years
750+ clinical research projects completed, ~145 ongoing
US$2.2 Mn in research grants from leading organizations

Macro/Industry Trends: Low bed density in India, higher per capita income in metro cities, rising insurance penetration
Impact on Company: Metro-centric positioning helps capture higher ARPOB and medical value travel opportunities
Medical tourism advantage: Significant cost advantage vs other countries (e.g., heart bypass costs 27.7x more in US)

Strategic Outlook: To be the most well-regarded healthcare provider in India committed to highest standards of clinical excellence and patient care
FY Guidance: Not specified
Market Share Targets: Not specified
Risks and Opportunities: Management highlighted uncertainties including general market conditions, macro-economic, governmental and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments

Environment: ISO 14001 certification for 14 hospitals, ~1.13 Lakh GJ renewable energy used in FY26, 100 kWh solar capacity added in FY26, 54% water recycled in FY26
Social: Great Place to Work® certified for 4 consecutive years, USD 8.5 Mn spent on employee wellbeing in FY26, 35+ training hours per employee in FY26, ~360K needy patients treated free of charge in FY26
Governance: Recognized "Next Leader" by IiAS among top 20 companies in S&P BSE 100 Index for 2 consecutive years, ESG & Sustainability Committee formed
CSR: USD 2.5 Mn CSR spend in FY26, medical scholarships to 245 students, partnerships with APNALAYA and SNEHA for community development

#CompanyName: Max Healthcare