Max Healthcare Q1 Revenue Reaches ₹2,982 Cr; Network Operating EBITDA Rises 15% YoY

Max Healthcare Q1 Revenue Reaches ₹2,982 Cr; Network Operating EBITDA Rises 15% YoY​

Max Healthcare Institute Limited (MHIL) announced its financial and operational results for the first quarter of FY27, ended June 30, 2026. The company reported Gross Revenue of ₹2,982 Cr, marking a 16% year-over-year (YoY) growth, while Network Operating EBITDA stood at ₹704 Cr, reflecting a 15% YoY increase.

The results reflect the combination of organic growth and significant strategic acquisitions across the network.

Financial Performance Snapshot​

The financial health of the company showed steady improvement across core metrics in Q1 FY27. Key performance indicators for the network are detailed below:

Operational and Clinical Highlights​

Operationally, the network reported an average bed occupancy rate of 75%, with Occupied Bed Days (OBDs) showing a 10% increase YoY. The Average Revenue per Occupied Bed (ARPOB) for Q1 FY27 stood at ₹81.9k, up from ₹78.0k in Q1 FY26, reflecting a 5% growth.

The operational bed capacity stands at 5,379 beds as of the end of June 2026, representing a net addition of 630 beds compared to June 2025. EBITDA per bed (annualized) was ₹71.2 lakhs, up from ₹68.5 lakhs in Q1 FY26 and ₹73.4 lakhs in Q4 FY26.

In terms of services and research, the network registered approximately 4,683 Liver Transplants, 5,988 Kidney Transplants, and 2,289 Bone Marrow Transplants completed to date. The company also published 123 articles in high impact journals during Q1 FY27.

Strategic Acquisitions and Expansion Plans​

The quarter saw several key transactions aimed at expanding the network footprint and assets:

• Kalinga Hospital Limited (KHL) Acquisition: A controlling stake (58.28%) in Kalinga Hospital Limited was acquired on May 18, 2026, for approximately ₹298 Cr. KHL operates a 250-bed multispeciality hospital located in Bhubaneswar, Odisha.
• Yerawada Properties Private Limited (YPPL): On June 30, 2026, the company acquired all outstanding Class A equity shares of YPPL, holding 100% of voting rights and approximately 50.22% of the economic interest. Preliminary approval from a local municipal corporation for a proposed 450-bed hospital in Pune, planned on land owned by YPPL, has been received, and building plans are currently under finalization.
• Capital Expenditure: The Board approved a capital expenditure of ₹425 Cr for a brownfield tower at MSSH Vaishali. This expansion will add 202 beds to the existing capacity of 387 beds, with construction activities having commenced and is expected commissioning in Q4 FY30.
• Medical Education: The Board granted an in-principle approval to foray into medical education and set up medical colleges, a move informed by proposed regulatory changes from the National Medical Commission.

Ancillary Business Performance​

Subsidiaries Max Lab and Max@Home reported strong performance:

• Max Lab: Gross revenue stood at ₹58 Cr, posting a 20% YoY growth and 11% QoQ increase. Max Lab services are now available across more than 60 cities and offer over 2,700 tests.
• Max@Home: Gross revenue reached ₹78 Cr, reflecting a 32% YoY growth and 7% QoQ rise. This growth is attributed to physio & rehab, nursing care and attendants services, as well as transactional services like sample collection and medicine delivery.

Financial Position Update​

Free cash from operations was reported at ₹397 Cr for Q1 FY27, compared to ₹389 Cr in Q1 FY26 and ₹581 Cr in Q4 FY26. Of this figure, ₹386 Cr was deployed toward the acquisitions of KHL and YPPL, while ₹337 Cr was invested in ongoing expansion plans.

Net Debt at the end of June 2026 stood at ₹2,384 Cr, up from ₹1,908 Cr recorded in March 2026.

MAXHEALTH Stock Price Movement​

Max Healthcare Institute Limited shares slipped slightly today, settling at ₹1000.9 after shedding ₹6.60, which accounted for a 0.66% decline. The stock saw total trading activity of 1.15 million shares in the post-market session.