Financial Performance Overview

Max Healthcare Institute Limited reported its financial and operating results for the second quarter and half year ended September 30, 2026.

Q2 FY27 Financial Highlights:

  • Gross Revenue: ₹3,219 Cr, representing 20% YoY growth and 8% QoQ growth
  • Net Revenue: ₹3,055 Cr, representing 18% YoY growth and 8% QoQ growth
  • Operating EBITDA: ₹820 Cr, representing 18% YoY growth and 16% QoQ growth
  • Operating EBITDA Margin: 26.8% (vs 26.9% in Q2 FY26 and 24.8% in Q1 FY27)
  • PAT: ₹448 Cr, representing 10% YoY growth and 26% QoQ growth (normalized for one-time tax gain of ₹149 Cr in Q2 FY26)
  • PAT Margin: 14.7% (vs 15.7% in Q2 FY26)
  • Free Cash from Operations: ₹500 Cr (vs ₹291 Cr in Q2 FY26 and ₹397 Cr in Q1 FY27)
  • Net Debt: ₹2,369 Cr (vs ₹2,384 Cr at end of Jun'26 and ₹2,067 Cr at end of Sep'25)

H1 FY27 Financial Highlights:

  • Gross Revenue: ₹6,200 Cr, representing 18% YoY growth
  • Net Revenue: ₹5,890 Cr, representing 17% YoY growth
  • Operating EBITDA: ₹1,524 Cr, representing 17% YoY growth
  • Operating EBITDA Margin: 25.9% (same as H1 FY26)
  • PAT: ₹805 Cr, representing 7% YoY growth (normalized for one-time tax gain of ₹149 Cr in H1 FY26)
  • PAT Margin: 13.7% (vs 14.9% in H1 FY26)
  • Free Cash from Operations: ₹897 Cr (vs ₹679 Cr in H1 FY26)

Operational Metrics

Capacity and Utilization:

  • Operational Bed Capacity: 5,518 beds as of September 30, 2026 (increase of 758 beds, +16% YoY)
  • Bed Occupancy: 77% in Q2 FY27 (vs 77% in Q2 FY26 and 75% in Q1 FY27)
  • Occupied Bed Days: 4,189 in Q2 FY27 (13% YoY growth from 3,709 in Q2 FY26)
  • Average Length of Stay: 3.9 days (same as Q2 FY26 and Q1 FY27)

Patient Services and Revenue Metrics:

  • Patient Service Episodes: Over 31 lakh episodes (OP, IP and day care) delivered in Q2 FY27 (12% YoY growth)
  • ARPP (Average Revenue per IP Patient): ₹2.31 lakh in Q2 FY27 (8% YoY growth from ₹2.14 lakh in Q2 FY26)
  • Outpatient Consults: 11.4 lakh in Q2 FY27 (13% YoY growth)
  • International Patient Revenue: ₹307 Cr in Q2 FY27 (33% YoY growth, 25% QoQ growth), representing ~10% of hospital revenue
  • Digital Revenue: ₹1,099 Cr in Q2 FY27 (~34% of Gross Revenue), with website traffic growing 44% YoY to 114+ lakh sessions

Segment Performance:

  • Oncology Services: Share of IPD revenues dropped to 21% from 26% in Q2 FY26 due to discontinuation of select chemotherapy drugs for institutional patients
  • Excluding Oncology: Gross Revenue grew 25% YoY
  • Max Lab (Pathology): Revenue of ₹66 Cr in Q2 FY27 (24% YoY growth, 15% QoQ growth), services available across 63+ cities, offering 2,700+ tests
  • Max@Home: Revenue of ₹86 Cr in Q2 FY27 (37% YoY growth, 10% QoQ growth), driven by physio, rehab and pathology sample collection services

Strategic Initiatives and Expansion

Capacity Expansion:

  • The Board approved capital expenditure of ₹415 Cr for addition of 209 brownfield beds across existing hospitals:
  • 85 beds at MSSH, Noida
  • 60 beds at MSSH, Vaishali
  • 64 beds at BLK Max along with Multi-Level Car Parking tower

Acquisitions and Stake Increases:

  • Kalinga Hospital Limited: Company's shareholding increased from ~58.28% to ~66.34% consequent to rights issue and secondary purchase of 50,000 shares
  • KHL owns and operates a 250-bed hospital in Bhubaneswar, rebranded as Max Super Speciality Hospital, Bhubaneswar
  • KHL reported revenue of ~₹38 Cr and EBITDA of ~₹4 Cr in Q2 FY27 with 52% average occupancy
  • YPPL Acquisition: On June 30, 2026, acquired 100% of Class A equity shares representing 100% voting rights and ~50.2% economic interest
  • Preliminary municipal approval received for proposed 450-bed hospital in Pune on YPPL's land parcel

New Facilities and Upgrades:

  • MSSH Dwarka commenced services at new Oncology Block with Chemotherapy Day Care, Dialysis Centre, nuclear medicine and LINAC facilities
  • The commissioning will enable the main hospital to reach 318 beds in Q3 FY27
  • MSSH Vaishali brownfield expansion: ₹425 Cr approved for adding 202 beds to existing 387-bed capacity, commissioning targeted in Q4 FY30

Capital Allocation and Cash Flow

Cash Flow Utilization in Q2 FY27:

  • ₹292 Cr invested in ongoing expansion plans
  • ₹195 Cr disbursed towards dividend for FY26
  • ₹2 Cr received from exercise of ESOPs

Cash Flow Utilization in H1 FY27:

  • ₹386 Cr deployed towards acquisition of KHL and YPPL
  • ₹629 Cr invested in ongoing expansion plans
  • ₹195 Cr disbursed towards dividend
  • ₹5 Cr received from exercise of ESOPs

Clinical Excellence and Research

Clinical Milestones:

  • ~4,978 Liver Transplants, ~6,329 Kidney Transplants & ~2,348 Bone Marrow Transplants performed till date
  • MSSH Dehradun successfully performed its first liver transplant
  • MSSH Dwarka performed simultaneous living donor liver-kidney transplant on a patient from Cambodia

Research and Academics:

  • 123 scientific publications in high impact journals during Q2 FY27
  • 130 clinical trials and 25 grant studies ongoing
  • 900+ clinical research projects completed till date, ~155 ongoing
  • 610+ MBBS doctors in DNB programmes across 40+ specialities
  • 1,000+ new students enrolled in Online Courses

Corporate Social Responsibility

Free Treatment:

  • 55,296 OPD consultations and 1,738 IPD admissions provided to patients from economically weaker sections in Q2 FY27
  • Worth ~₹90 Cr at hospital tariff (+47% YoY)
  • For H1 FY27: 1,09,482 OPD consultations and 3,671 IPD admissions worth ~₹168 Cr (+36% YoY)

Management Commentary

Mr. Abhay Soi, Chairman and Managing Director, commented:

"We continue to deliver steady growth as we expand our bed capacity across multiple locations to meet India's growing need for quality healthcare. Higher occupancy levels across our network hospitals reflect this demand. We are witnessing a faster ramp-up in occupancy of newly added beds, indicating a robust demand and absorption of added capacity. Medical value travel is also witnessing strong growth, driven by the cost competitiveness of healthcare services in India, further strengthening the country's position as a leading global healthcare destination."

Network Overview

Max Healthcare operates 21 healthcare facilities (~6,200 beds) with significant presence in North India, including:

  • Tertiary and quaternary care hospitals in Delhi NCR (Saket - 3 hospitals, Patparganj, Vaishali, Rajendra Place, Dwarka, Noida, Shalimar Bagh)
  • Facilities in Lucknow, Mumbai, Nagpur, Mohali, Bathinda, Dehradun, and Bhubaneswar
  • Secondary care hospital in Gurgaon
  • Medical centres at Noida, Lajpat Nagar and Panchsheel Park in Delhi NCR, and one in Mohali, Punjab
  • Hospitals in Mohali and Bathinda under PPP arrangement with Government of Punjab