Max Healthcare Q2 FY27: revenue +20% YoY, consolidated PAT -16% on tax base (adj. flat)

Max Healthcare's consolidated revenue rose 20.3% YoY to ₹2,569.21 Cr (+8.6% QoQ) in Q2 FY27, while consolidated PAT (profit for the period) came in at ₹414.45 Cr, down 15.6% YoY but up 28.3% QoQ. The YoY profit decline is a base-effect artefact rather than an operating miss: Q2 FY26 tax expense included a one-off ₹79.39 Cr current-tax reversal credit booked on the Crosslay Remedies (formerly Jaypee Healthcare) merger, which lifted that quarter's reported PAT to ₹491.30 Cr. Stripping that one-off out, adjusted YoY PAT growth is roughly flat (~+0.6%), a materially different read from the -15.6% headline.

Operating margin actually expanded both YoY and QoQ — OPM rose to 27.69% from 26.93% a year ago and 25.29% last quarter — so the underlying business got more profitable at the EBITDA line even as reported net profit margin fell to 15.88% from 22.66% YoY (13.42% in Q1 FY27), the gap being almost entirely the tax-line swing described above, not cost pressure. This runs counter to the prior concall's caution that near-term EBITDA would stay muted as new beds at Max Smart, Nanavati and Sector-56 Gurgaon absorb fixed costs before ramping — margins held up better than that framing implied, even as the company confirmed network-wide capacity utilisation stayed high at >75% across 6,100+ beds.

The stock went into the print at ₹867.4, down 11.7% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Dr. Dharmender Kumar appointed Director & Chief-Public Affairs effective Nov 1, 2026; 95,000 fresh ESOP options granted and 66,462 shares allotted under the existing scheme this quarter

Part of the topline growth is inorganic: Kalinga Hospital (acquired, 58.28% then raised to 66.34% via rights issue, consolidated from May 18, 2026) and Yerawada Properties (YPPL, from June 30, 2026) are in the Q2 FY27 base but were absent or partial in the year-ago quarter, so like-for-like organic growth is lower than the 20.3% headline — the filing does not break out the split. Alongside results, the Board approved fresh capex of ~₹93 Cr for Max Super Speciality Hospital Noida (+85 beds) and ~₹97 Cr for Vaishali (+60 beds), and revised the cost of the 525-bed Sector-56 Gurgaon greenfield project upward to ~₹1,143 Cr with completion pushed out to April 2027 (from the original schedule), citing façade, atrium and interior fit-out changes. No separate management press release was available to cross-check tone against the numbers, and no broker consensus for this specific quarter was found in search (results were announced same-day), so vs-street is left unresolved.