Max Healthcare Institute543220Quarterly results

Q2 FY27: revenue up 20% YoY to ₹ 3,219 Cr, PAT up 10% YoY to ₹ 448 Cr

Q2 FY27: revenue ₹ 3,219 Cr (+20% YoY), PAT ₹ 448 Cr (+10% YoY).

By ScoutQuest · Fri 30 Oct 2026, 2:56 PM IST · 2 min read

Gross revenue ₹ 3,219 Cr in Q2 FY27, up 20% YoY from ₹ 2,692 Cr and up 8% QoQ from ₹ 2,982 Cr.
Net revenue ₹ 3,055 Cr versus ₹ 2,580 Cr a year earlier, up 18% YoY.
Operating EBITDA ₹ 820 Cr, up 18% YoY. Margin was 26.8%, against 26.9% in Sep'25 and 24.8% in Jun'26.
PAT ₹ 448 Cr, up 10% YoY from ₹ 406 Cr (a base normalised for a one-time tax gain of ₹ 149 Cr) and up 26% QoQ from ₹ 357 Cr.

Operational bed capacity stood at 5,518 at end-Sep'26, up 758 beds (+16% YoY).
Bed occupancy for the quarter was 77%, with occupied bed days up 13% YoY.
Over 31 lakh episodes of patient services (OP, IP and day care) were delivered, up 12% YoY.
ARPP was ₹ 2.31 lakh versus ₹ 2.14 lakh in Q2 FY26 and ₹ 2.30 lakh in Q1 FY27, a growth of 8% YoY.
International patient revenue was ₹ 307 Cr, up 33% YoY, about 10% of hospital revenue.
Max Lab gross revenue ₹ 66 Cr (+24% YoY, +15% QoQ); Max@Home gross revenue ₹ 86 Cr (+37% YoY, +10% QoQ).

The Board approved capital expenditure of ₹ 415 Cr for addition of 209 brownfield beds: 85 beds at MSSH, Noida, 60 beds at MSSH, Vaishali and 64 beds at BLK Max along with a multi-level car parking tower.
MSSH, Dwarka has commenced services at a new Oncology Block covering chemotherapy day care, dialysis, LINAC, PET-CT and pathology. The company expects the main hospital to reach a total bed capacity of 318 beds during Q3 FY27.
Consequent to a rights issue by Kalinga Hospital Limited and a secondary purchase of 50,000 shares, the Company's shareholding in KHL increased from ~58.28% to ~66.34%.

Free cash from operations was ₹ 500 Cr, against ₹ 291 Cr in Q2 FY26 and ₹ 397 Cr in Q1 FY27. Of this, ₹ 292 Cr went into ongoing expansion and ₹ 195 Cr was disbursed towards dividend for FY'26, with ₹ 2 Cr received from exercise of ESOPs.
Net debt was ₹ 2,369 Cr at end-Sep'26, compared with ₹ 2,384 Cr at end-Jun'26.

These numbers are presented on a Network basis, which includes the Company, its subsidiaries, managed hospitals and partner healthcare facilities, so they differ from the standalone or consolidated financials of the Company.
The release describes the financial information as unaudited and based on management accounts.
Management commentary points to steady growth, higher occupancy across network hospitals and a faster ramp-up in occupancy of newly added beds.

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