Max Healthcare reported a strong Q2 FY26, with revenue soaring to ₹2,692 Cr, a 21% YoY increase. Network Operating EBITDA reached ₹694 Cr, up 23% YoY, while PAT grew by 59% YoY to ₹554 Cr. The results include a favorable tax impact of approximately ₹149 Cr. The company also announced bed capacity expansion and key clinical achievements.
Financial Performance
Max Healthcare reported gross revenue of ₹2,692 Cr in Q2 FY26, reflecting a growth of +21% YoY and +5% QoQ. Network Operating EBITDA stood at ₹694 Cr, a growth of +23% YoY. The operating margin was 26.9%. Network PAT was approximately ₹554 Cr, compared to ₹349 Cr in Q2 FY25, a growth of +59% YoY. Excluding a one-time tax impact, PAT stood at ₹406 Cr, an increase of +16% YoY.
Operational Highlights
EBITDA per bed was ₹73.4 lakhs. Bed occupancy for the quarter was at 77%. ARPOB for Q2 FY26 stood at ₹77.3k. International patient revenue was ₹231 Cr, reflecting a growth of +25% YoY.
Divestment and Bed Capacity
Jaypee Healthcare Limited (JHL) divested its hospitals located in Village Chitta and Anoopshahr effective September 18, 2025. The 160 bed brownfield tower has been commissioned at MSSH Mohali. The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.
H1 FY26 Performance
For the half year ended September 30, 2025, Network gross revenue stood at ₹5,266 Cr, representing a growth of +24%. The Network Operating EBITDA grew by +23% to ₹1,308 Cr. Network PAT stood at ₹899 Cr.
Key Ratios
Overall EBITDA per bed in Q2 FY26 stood at ₹73.4 lakhs. Max Lab reported revenue of ₹54 Cr during the quarter, growing +16% YoY. Max@Home gross revenue was ₹63 Cr, growing +20% YoY.
Clinical Update
3,989 Liver Transplants, 5,276 Kidney Transplants & 2,151 Bone Marrow Transplants performed till date.
Source: BSE