Max Healthcare Institute Limited organized an earnings conference call on November 3, 2026, to discuss the company's financial results for the quarter and half year ended September 30, 2026 (Q2 & H1 FY27). The call was held after the earnings announcement and served as a post-results investor interaction.

The management participants included:

  • Mr. Abhay Soi, Chairman and Managing Director
  • Mr. Yogesh Sareen, Group Director and Chief Financial Officer
  • Mr. Keshav Gupta, Group Director – Growth, M&A and Business Planning

The transcript of the earnings call was made available on the company's website at www.maxhealthcare.in/financials#earnings-call.

The call included forward-looking statements with appropriate disclaimers, and management confirmed that the matter regarding drug price caps is sub judice in court.

Financial Highlights Discussed

Q2 FY27 Performance:

  • Average occupancy for the Network was 77% (similar to last year despite 14% increase in operational bed capacity)
  • Occupied bed days (OBDs) up 13% year-on-year and 7% quarter-on-quarter
  • Average revenue per patient (IP ARPP) stood at ₹2.31 lakhs, growing 8% year-on-year
  • Network gross revenue stood at ₹3,219 crore (20% YoY growth, 8% QoQ growth)
  • Oncology share of in-patient revenues dropped to 21% from 26% in Q2 FY26 due to discontinuation of select high-value chemotherapy drugs
  • Excluding oncology, gross revenue grew 25% and ARPP grew 11% year-on-year
  • International patient revenue was ₹307 crore (33% YoY growth, accounting for 10% of healthcare revenue)
  • Digital revenue was ₹1,099 crore (approximately 34% of overall revenue)
  • Website traffic crossed 1.14 crore sessions during the quarter (44% YoY growth)
  • Operating EBITDA stood at ₹820 crore (18% YoY growth, 16% QoQ growth)
  • Operating EBITDA margin was 26.8% (similar to Q2 FY26)
  • EBITDA per bed grew 4% YoY to ₹77 lakhs per annum
  • Profit after tax (PAT) was ₹448 crore (10% YoY growth, 26% QoQ growth)
  • Network generated free cash flow of ₹500 crore during the quarter
  • Net debt stood at ₹2,369 crore with net debt-to-EBITDA ratio below 1

Strategic Business Units Performance:

  • Max@Home reported revenue of ₹86 crore (37% YoY growth)
  • Max Lab reported revenue of ₹66 crore (24% YoY growth)

H1 FY27 Performance:

  • Total bed capacity was approximately 6,200 (20% YoY growth)
  • Network gross revenue stood at ₹6,200 crore (18% YoY growth)
  • Operating EBITDA stood at ₹1,524 crore (17% YoY growth)
  • Operating EBITDA margin was 25.9% (similar to H1 FY26)
  • Operating EBITDA per bed grew 4% YoY to ₹74 lakhs
  • Profit after tax (PAT) was ₹805 crore (7% YoY growth)
  • Generated ₹897 crore free cash flow from operations

Expansion Projects Update

The company provided detailed status updates on multiple expansion projects:

  • Balance 205 beds at Max Nanavati and Max Smart: To be opened post Diwali puja
  • 100 beds at Max Lucknow: To be commissioned over next 2 quarters
  • 500 beds at Sector-56, Gurgaon: Phase commissioning expected by end of FY27
  • 250 beds at Max Bhubaneswar: Renovation underway, phased completion over 12-15 months
  • 85 beds at Max Noida: Commissioning by December 2027
  • 100 beds at Max Nagpur: Commissioning by December 2027
  • 400 beds at Zirakpur, Mohali: Commissioning by December 2027
  • 200 beds at Pitampura: Commissioning in FY29
  • 400 beds at Patparganj: Commissioning by end of FY29
  • 260 beds at Max Dwarka: New brownfield tower commissioning by FY30
  • 271 beds at Nanavati-Max Phase 2: Commissioning by FY30
  • 450 beds at Pune: Commissioning by FY30 (IOD received)
  • 200 beds at Max Vaishali, Tower 3: Commissioning by FY30
  • 400 beds at Shaheed Path, Lucknow Phase 1: Awaiting formal environmental clearance, commissioning expected by FY30

The Board approved an investment of ₹415 crore towards addition of 209 brownfield beds at Max Noida, Max Vaishali and BLK-Max, along with a multi-level car park tower at BLK at cost of approximately ₹85 crore (part of the ₹415 crore).

Additional Notes

  • The document includes the full transcript of the earnings conference call with analyst Q&A
  • The company provided free treatment to over 57,000 patients from economically weaker sections worth ₹90 crore at hospital tariff (47% YoY growth)
  • Following the rights issue by Kalinga Hospital Limited, Max Healthcare's shareholding increased to 66%
  • The company de-empanelled certain hospitals from CGHS and other institutional schemes due to payment issues