Summary

Max Healthcare Institute Ltd. announced its financial and operating results for the second quarter and half year ended September 30, 2025. The Network gross revenue was Rs. 2,692 Cr, reflecting a growth of +21% YoY and +5% QoQ. Network Operating EBITDA in Q2 FY26 was Rs. 694 Cr, reflecting a growth of +23% YoY. Network PAT stood at Rs. 554 Cr in Q2 FY26, compared to Rs. 349 Cr in Q2 FY25 and Rs. 345 Cr in Q1 FY26, reflecting a growth of +59% YoY.

Key Highlights

1. 1

   Gross Revenue stood at Rs. 2,692 Cr, a growth of +21% YoY and +5% QoQ

2. 2

   Network Operating EBITDA stood at Rs. 694 Cr, a growth of +23% YoY

3. 3

   Operating Margin’ was 26.9% compared to 26.6% in Q2 FY25 and 24.9% in Q1 FY26

4. 4

   Network PAT was Rs. 554 Cr, compared to Rs. 349 Cr in Q2 FY25 and Rs. 345 Cr in Q1 FY26, reflecting a growth of +59% YoY

5. 5

   Free Cash from Operations was Rs. 291 Cr in Q2 FY26 compared with Rs. 464 Cr in Q2 FY25 and Rs. 389 Cr in Q1 FY26

6. 6

   EBITDA per bed was Rs. 73.4 lakhs compared to Rs. 71.2 lakhs in Q2 FY25 and Rs. 68.5 lakhs in Q1 FY26

7. 7

   Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by +19% YoY

8. 8

   ARPOB for Q2 FY26 stood at Rs. 77.3k compared to Rs. 76.2k in Q2 FY25 and Rs. 78.0k in Q1 FY26

9. 9

   Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals

10. 10

    JHL, a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025

11. 11

    Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024

12. 12

    The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali

13. 13

    The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week