Max Healthcare Institute Limited reported a robust 16% year-on-year growth in revenue for the first quarter of FY27, reaching INR 2,982 crore. Operating EBITDA also saw a healthy increase of 15% to INR 704 crore. The company highlighted strong occupancy rates, strategic capacity expansions across multiple locations, and positive contributions from recent acquisitions. Updates were provided on ongoing projects, including new bed additions and renovations aimed at enhancing service offerings and operational efficiency.
Max Healthcare Reports Strong Q1 FY27 Performance
Max Healthcare Institute Limited has announced its financial results for the first quarter ended June 30, 2026 (Q1 FY27), demonstrating significant growth across key metrics. The company’s network revenue stood at INR 2,982 crore, a 16% increase year-on-year compared to INR 2,574 crore in Q1 FY26. On a quarter-on-quarter basis, revenue grew by 12%.
EBITDA and Margins
Network operating EBITDA for the quarter was INR 704 crore, reflecting a 15% year-on-year growth and a 3% increase quarter-on-quarter. The operating EBITDA margin was 24.8% for the quarter. The company noted that the margin was relatively muted due to recent commissioning of new brownfield capacities and the acquisition of Kalinga Hospital. Annualized EBITDA per bed for the Network was INR 71 lakh.
Occupancy and Revenue Drivers
Average occupancy for the Network remained strong at over 75%, despite a 13% increase in operational bed capacity year-on-year. Occupied Bed Days (OBDs) increased by 10% year-on-year. Average Revenue Per Occupied Bed (ARPOB) for the quarter stood at INR 81,900, growing by 5% both year-on-year and quarter-on-quarter. The discontinuation of certain high-value chemotherapy drugs affected the oncology segment, reducing its share of in-patient revenues to 22% from 26%. Excluding oncology, gross revenue grew by 20% and ARPOB by 9% year-on-year.
Expansion Projects and Acquisitions
Max Healthcare continues to execute its capacity expansion plans. At Max Smart, 50% of the 400-bed brownfield tower is operational, with the remaining 50% expected in the current quarter. At Nanavati Max, an additional 50 beds will be operationalized this quarter, and Phase 2 expansion has commenced. The integration of Max Bhubaneswar into the Network is proceeding as planned, contributing INR 19 crore in revenue and INR 2 crore in EBITDA in the post-acquisition period. The company also acquired the SPV for the Pune greenfield project. Board approval was granted for a capital expenditure of INR 425 crore for a new brownfield tower at Max Vaishali, adding 202 beds.
Strategic Initiatives
The company is strengthening its research and academic ecosystem with the establishment of a standalone Max Research Centre. Furthermore, Max Healthcare is embarking on the medical education business, having received in-principle approval. Max@Home reported revenue of INR 78 crore (32% YoY growth), and Max Lab reported revenue of INR 58 crore (20% YoY growth).
Future Outlook on Expansion
Several expansion projects are underway, including 100 beds at Max Lucknow (next two quarters), 500 beds at Sector 56 Gurgaon (phased commissioning by year-end), 250 beds at Bhubaneswar (renovation within 12 months), 100 beds at Nagpur (commissioning by FY28), and 400 beds at Zirakpur, Mohali (commissioning by FY28). Additional capacities are planned at Max Dwarka, Pitampura, Nanavati (Phase 2), and Pune, with commissioning timelines extending up to FY30.
Source: BSE
