ArdorComm Media News Network
November 2, 2026
Max Healthcare reported a 20 per cent year-on-year (YoY) increase in gross revenue to ₹3,219 crore for the second quarter of FY27. The healthcare provider recorded a network profit after tax (PAT) of ₹448 crore, registering a 10 per cent growth compared with the corresponding quarter of the previous financial year.
As of September 2026, the company’s operational bed capacity reached 5,518, marking an addition of 758 beds and a 16 per cent increase over September 2025. Bed occupancy during the quarter stood at 77 per cent, while Occupied Bed Days (OBDs) increased by 13 per cent YoY.
Average Revenue Per Patient (ARPP) for Q2 FY27 was ₹2.31 lakh, compared with ₹2.14 lakh in the year-ago quarter and ₹2.30 lakh in Q1 FY27, reflecting an annual growth of 8 per cent.
The company’s non-captive pathology business, Max Lab, generated gross revenue of ₹66 crore during the quarter, registering a 24 per cent YoY and 15 per cent quarter-on-quarter (QoQ) increase. Operating across more than 63 cities, the vertical offers over 2,700 diagnostic tests.
Max Healthcare’s home care division, Max@home, also recorded strong growth, with gross revenue increasing 37 per cent YoY to ₹86 crore. Revenue grew 10 per cent sequentially, supported by demand for physiotherapy and rehabilitation, nursing services, attendants, sample collection and medicine delivery.
Free cash generation during the quarter stood at ₹500 crore, compared with ₹291 crore in Q2 FY26 and ₹397 crore in Q1 FY27. The company invested ₹292 crore in ongoing expansion projects and distributed ₹195 crore towards dividends.
On the infrastructure front, Max Super Speciality Hospital (MSSH), Dwarka, has commenced operations at its Oncology Block. The development is expected to take the hospital’s overall capacity to 318 beds during Q3 FY27.
The company also strengthened its stake in Kalinga Hospital Limited (KHL), increasing its shareholding from approximately 58.28 per cent to 66.34 per cent following a rights issue on September 7, 2026. KHL operates a 250-bed hospital in Bhubaneswar.
Additionally, Max Healthcare has approved a capital expenditure of ₹415 crore for adding 209 beds across its existing hospitals. The planned expansion includes 85 beds at MSSH, Noida, 60 beds at MSSH, Vaishali and 64 beds at BLK-Max Hospital. The BLK-Max expansion will also include a multi-level car parking facility to accommodate the growing number of patients and visitors.
For the six months ended September 2026, the company’s total bed capacity stood at 6,184, representing a 20 per cent YoY increase. Network gross revenue for the period reached ₹6,200 crore, up 18 per cent from the corresponding period last year, primarily driven by higher Occupied Bed Days.
Network PAT for the first half of FY27 increased 7 per cent to ₹805 crore, compared with ₹750 crore in the corresponding period of the previous financial year on a like-for-like basis. Cash generated from operations during the six-month period amounted to ₹897 crore, while net debt stood at ₹2,369 crore.
Commenting on the performance, Abhay Soi, Chairman and Managing Director of Max Healthcare, said the company continued to register steady growth while expanding bed capacity across multiple locations to address India’s increasing demand for quality healthcare.
He highlighted that higher occupancy across network hospitals and the faster utilisation of newly added beds reflected strong demand for the company’s services. He also noted growing momentum in medical value travel, supported by India’s cost-competitive healthcare offerings, which is further enhancing the country’s position as a global healthcare destination.
Source: Economic Times