Max Healthcare reported a robust Q2 performance with revenue soaring to ₹2,692 Cr, a 21% YoY increase. Network Operating EBITDA grew to ₹694 Cr, up 23% YoY, while PAT jumped by 59% YoY to ₹554 Cr. The company also announced capacity expansion plans and ongoing clinical advancements in transplants and research.
Financial Performance
In Q2 FY26, Max Healthcare’s gross revenue reached ₹2,692 Cr, reflecting a 21% YoY growth. Network Operating EBITDA stood at ₹694 Cr, a 23% YoY increase. The operating margin was 26.9%. Network PAT was ₹554 Cr, compared to ₹349 Cr in Q2 FY25, up 59% YoY, which included a favorable tax impact of approximately ₹149 Cr.
Operational Metrics
EBITDA per bed was ₹73.4 lakhs. Bed occupancy for the quarter stood at 77%. ARPOB for Q2 FY26 was ₹77.3k. Digital revenue from online marketing activities reached ₹803 Cr, approximately 30% of the Gross Revenue. Max Lab reported revenue of ₹54 Cr and Max@Home revenue was ₹63 Cr.
Capacity Expansion and Divestment
The operational bed capacity at the end of September 2025 was 4,760. Max Healthcare divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr, effective September 18, 2025. A 160-bed brownfield tower was commissioned at MSSH Mohali.
H1 FY26 Performance
For the half-year ended September 2025, the Network gross revenue was ₹5,266 Cr, representing a growth of 24%. Network Operating EBITDA grew by 23% to ₹1,308 Cr. Network PAT stood at ₹899 Cr, including the ₹149 Cr one-time tax impact.
Clinical Updates and Research
Max Healthcare performed 3,989 liver transplants, 5,276 kidney transplants, and 2,151 bone marrow transplants to date. There are over 670+ clinical research projects completed till date. Additionally, there were 88 scientific publications in high-impact factor journals during Q2 FY26.
Source: BSE
