Max Health Q2 Results: Significant Growth Amidst Expansion
Agencies Nifty’s newest entrant, Max Healthcare Institute, showcased impressive performance in its Q2 results. The company reported a remarkable 74% year-on-year (YoY) increase in consolidated net profit, reaching Rs 491 crore compared to Rs 282 crore during the same period last year. Here are the key highlights from their financial results:
– Revenue Growth: Max Healthcare’s revenue from operations for the quarter hit Rs 2,135 crore, marking a 25% YoY increase from Rs 1,707 crore in Q2 of the previous financial year.
– Sequential Performance: The profit after tax (PAT) saw a 60% rise sequentially, up from Rs 308 crore reported in Q1FY26. The topline exhibited a 5.3% quarter-on-quarter growth, compared to Rs 2,028 crore in Q1.
– Network Gross Revenue: For the quarter ending September 30, 2025, the network’s gross revenue reached Rs 2,692 crore, showing 21% YoY growth and 5% QoQ improvement, primarily driven by an increase in Occupied Bed Days (OBDs).
– International Patient Revenue: This segment generated Rs 231 crore, a 25% YoY and 11% QoQ increase, accounting for 9% of total hospital revenue.
– Operating EBITDA: Max Healthcare’s network operating EBITDA stood at Rs 694 crore, reflecting a 23% YoY increase, with EBITDA margin at 26.9%, slightly up from 26.6% in Q2 FY25 and 24.9% in Q1 FY26. EBITDA per bed in Q2FY26 was Rs 73.4 lakhs, compared to Rs 71.2 lakhs in Q2FY25.
– Overall PAT: The network PAT amounted to Rs 554 crore, a 59% YoY increase from Rs 349 crore in Q2FY25, inclusive of a favorable tax impact of Rs 149 crore due to the merger of CRL and JHL. Excluding this one-time impact, the PAT was Rs 406 crore, reflecting a 16% YoY growth.
– Cash from Operations: Free cash from operations reported was Rs 291 crore, down from Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26. An investment of Rs 456 crore was made towards ongoing expansions and facility upgrades, alongside a Rs 146 crore dividend distribution.
– Net Debt Position: At the close of the quarter, net debt increased to Rs 2,067 crore, compared to Rs 1,755 crore at the end of June 2025.
Max Health’s impressive Q2 results solidify its position in the Nifty Index following its recent inclusion, replacing prominent player Hero MotoCorp. With strong growth metrics and ongoing strategic expansions, Max Healthcare Institute is poised for continued success in the healthcare sector.