News ArticleMax Healthcare Q2 FY27 Revenue Rises 20% to ₹3,219 Crore; PAT Increases 10% to ₹448 Crore
Operational bed capacity grows 16% YoY to 5,518 beds; network delivers 31 lakh patient episodes in quarter
Max Healthcare Institute Ltd. posted a 20% year-on-year increase in Q2 FY27 gross revenue to ₹3,219 crore and a 10% rise in PAT to ₹448 crore. The company expanded operational bed capacity by 16% year-on-year to 5,518 beds, and its network delivered over 31 lakh patient episodes, reflecting 12% growth. Free cash from operations increased to ₹500 crore, supporting expansion plans including a ₹415 crore investment to add 209 beds across hospitals.
Max Healthcare Institute Limited
General / Other
Max Healthcare Institute Limited reported a 20% year-on-year increase in gross revenue to ₹3,219 crore for the second quarter ended September 30, 2026, alongside a 10% rise in profit after tax to ₹448 crore. Operational bed capacity expanded by 16% year-on-year to 5,518 beds, supporting increased patient service volume.
The network’s patient occupancy rate was 77% for the quarter, with occupied bed days rising by 13% year-on-year. Over 31 lakh episodes of patient services including outpatient, inpatient and day care were delivered, representing 12% growth compared to the previous year.
Max Lab, the company’s non-captive pathology vertical, recorded ₹66 crore in gross revenue, growing 24% year-on-year. Max@Home services revenue rose 37% year-on-year to ₹86 crore, bolstered by physiotherapy, rehabilitation and pathology collection services.
Free cash flow from operations reached ₹500 crore in the quarter, up from ₹291 crore a year ago. Of this, ₹292 crore was allocated to ongoing capital expansion while ₹195 crore was paid out as dividends for FY 2026.
Net debt stood at ₹2,369 crore as of September 30, 2026, nearly unchanged from the previous quarter. The company’s Board approved ₹415 crore in capital expenditure to add 209 inpatient beds across existing hospital facilities including MSSH Noida, Vaishali, and BLK Max.
The oncology block at MSSH Dwarka began operations during the quarter, adding chemotherapy, dialysis, nuclear medicine and LINAC facilities, with total beds expected to reach 318 in Q3 FY27. The company’s shareholding in Kalinga Hospital Limited increased from approximately 58% to 66% following a recent rights issue and share purchase.
Highlights
- Q2 FY27 gross revenue: ₹3,219 crore, 20% YoY growth
- Q2 FY27 PAT: ₹448 crore, 10% YoY growth
- Operational bed capacity: 5,518 beds, up 16% YoY
- Patient episodes in quarter: 31 lakh, up 12% YoY
- Bed occupancy rate: 77%, occupied bed days +13% YoY
- Free cash flow from operations: ₹500 crore, up from ₹291 crore YoY, supporting expansion and dividends payment of ₹195 crore for FY26 - Capital expenditure approved: ₹415 crore for 209 new beds across network hospitals (MSSH Noida, Vaishal
Key Data Snapshot
What happened
- Max Healthcare reported a 20% year-on-year increase in gross revenue to ₹3,219 crore for Q2 FY27.
- Profit after tax for the quarter rose 10% year-on-year to ₹448 crore.
- Operational inpatient bed capacity grew 16% year-on-year to 5,518 beds as of September 30, 2026.
- Patient service episodes across outpatient, inpatient, and day care increased 12% year-on-year to over 31 lakh.
- Bed occupancy rate for the quarter was 77%, with occupied bed days up 13% year-on-year.
Key details
- Max Lab pathology vertical posted 24% year-on-year gross revenue growth to ₹66 crore for the quarter.
- Max@Home revenue increased 37% year-on-year to ₹86 crore driven by physiotherapy, rehabilitation and pathology sample collection.
- Network free cash flow from operations rose to ₹500 crore from ₹291 crore in Q2 FY26, with ₹292 crore reinvested in expansion and ₹195 crore paid as dividends for FY26.
- Net debt was stable at ₹2,369 crore at quarter end compared to ₹2,384 crore at end of June 2026.
- Board approved ₹415 crore capital expenditure to add 209 brownfield beds including 85 beds at MSSH Noida and 64 beds at BLK Max.
Operational performance
- MSSH Dwarka commenced services in new Oncology Block featuring Chemotherapy Day Care, Dialysis Centre, LINAC and nuclear medicine facilities, raising total bed capacity there to 318.
- The company’s shareholding in Kalinga Hospital Limited increased from ~58.28% to ~66.34% after a rights issue and secondary share purchase.
- International patient revenue grew 33% year-on-year to ₹307 crore, representing about 10% of hospital revenue.
Financial performance
- For the half year ended September 30, 2026, network gross revenue was ₹6,200 crore, an 18% year-on-year growth.
- Half year profit after tax (PAT) increased 7% year-on-year to ₹805 crore for the same period.
- Cash from operations for the half year stood at ₹897 crore.
- Operating EBITDA margin for Q2 was 26.8%, in line with prior periods.
Highlights
- Q2 FY27 gross revenue: ₹3,219 crore, 20% YoY growth
- Q2 FY27 PAT: ₹448 crore, 10% YoY growth
- Operational bed capacity: 5,518 beds, up 16% YoY
- Patient episodes in quarter: 31 lakh, up 12% YoY
- Bed occupancy rate: 77%, occupied bed days +13% YoY
- Free cash flow from operations: ₹500 crore, up from ₹291 crore YoY, supporting expansion and dividends payment of ₹195 crore for FY26 - Capital expenditure approved: ₹415 crore for 209 new beds across network hospitals (MSSH Noida, Vaishal
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Company’s shareholding in Kalinga Hospital Limited increased to ~66.34% as on September 7, 2026 after rights issue and secondary purchases
Source Information
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