Conference Call with Max Healthcare Institute Management and Analysts on Q2FY26 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Facilities company Max Healthcare Institute announced Q2FY26 results Gross Revenue stood at Rs 2,692 crore, a growth of +21% YoY and +5% QoQ. Network Operating EBITDA stood at Rs 694 crore, a growth of +23% YoY. Operating Margin was 26.9% compared to 26.6% in Q2FY25 and 24.9% in Q1FY26. Network PAT was Rs 554 crore, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of +59% YoY. This includes favourable tax impact of ~Rs 149 crore, arising from accounting of merger of two WoS i.e croreosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this one-time impact, PAT stood at Rs 406 crore, +16% YoY. Free Cash from Operations was Rs 291 crore in Q2FY26 compared with Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26. EBITDA per bed was Rs 73.4 lakh compared to Rs 71.2 lakh in Q2FY25 and Rs 68.5 lakh in Q1FY26. Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by +19% YoY. ARPOB for Q2FY26 stood at Rs 77.3k compared to Rs 76.2k in Q2FY25 and Rs 78.0k in Q1FY26. Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals. Pursuant to the binding term sheet executed in July 2025, 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. 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. The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali. The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week. Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon. On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients”. Result PDF
