Mumbai: Max Healthcare reported a 20 per cent year-on-year (YoY) rise in gross revenue to Rs 3,219 crore in the second quarter ended June this year.
While network profit after tax stood at Rs 448 crore, representing a growth of 10 per cent YoY.
Operational bed capacity at end of September stood at 5,518, up by 758 beds and 16 per cent YoY compared to Sep 2025. Bed occupancy for the quarter was at 77 per cent, with Occupied Bed Days (OBDs) up by 13 per cent YoY.
ARPP for Q2 FY27 stood at Rs 2.31 lakh compared to Rs 2.14 lakh in Q2 FY26 and Rs 2.30 lakh in Q1 FY27, representing a growth of 8 per cent YoY
The healthcare major’s Max Lab (non-captive pathology vertical) reported a gross revenue of Rs 66 crore during the quarter, up 24 per cent YoY and 15 per cent quarter on quarter (QoQ). The vertical provides services across more than 63 cities and it offers over 2,700 tests, Max said.
Its home care vertical, Max@home saw a 37 per cent YoY increase in gross revenue to Rs 86 crore. When compared QoQ, revenue increased 10 per cent, driven by physio & rehab, nursing care and attendants and sample collection & medicine delivery.
Free cash for the quarter stood at Rs 500 crore compared to Rs 291 crore in Q2 FY26 and Rs 397 crore in Q1 FY27. Of this, Rs 292 Cr was invested in ongoing expansion plans and Rs 195 Cr was disbursed towards dividend.
The healthcare major informed that MSSH Dwarka has commenced services at the Oncology BlocK and will enable the main hospital to reach a total bed capacity of 318 beds in the course of Q3 FY27.
Max also increased its shareholding in Kalinga Hospital Limited (KHL) from ~58.28% to ~66.34% as on September 7, 2026 after a rights issue. KHL owns and operates a 250 beds hospital in Bhubaneswar.
The company has approved capital expenditure of Rs 415 Cr for addition of 209 brownfield beds across existing hospitals to augment capacity. This includes 85 beds at MSSH, Noida and 60 beds at MSSH, Vaishali. At BLK Max, 64 beds will be added along with a Multi-Level Car Parking tower to support the increased patient and visitor footfall, Max said.
For the half year ended September 2026, total bed capacity stood at 6,184 beds, an increase of 20 per cent YoY. While network gross revenue stood at Rs 6,200 crore, representing a growth of 18 per cent over the corresponding period last year, mainly driven by increase in OBDs.
Network PAT stood at Rs 805 crore, up 7 per cent, compared to Rs 750 Cr in corresponding year last fiscal on a like to like basis.
Cash from operations for the network during the half year ended September was Rs 897 crore while net debt stood at Rs 2,369 crore.
Abhay Soi, Chairman and Managing Director, Max Healthcare said: “We continue to deliver steady growth as we expand our bed capacity across multiple locations to meet India’s growing need for quality healthcare. Higher occupancy levels across our network hospitals reflect this demand. We are witnessing a faster ramp-up in occupancy of newly added beds, indicating a robust demand and absorption of added capacity. Medical value travel is also witnessing strong growth, driven by the cost competitiveness of healthcare services in India, further strengthening the country’s position as a leading global healthcare destination.”
