Max Healthcare Institute Ltd

Q2 FY26Healthcare Services

Max Healthcare Institute Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,000

Market cap₹98.2K Cr

P/E65.6

Updated23 Aug 2026

Read5 min read

The short version

Network gross revenue grew 24% YoY to INR 5,266 crore in the recent quarter, indicating strong ongoing growth. Max Healthcare expects continued strong growth momentum in FY26, with Q2 revenue up 21% YoY and operating EBITDA up 23% YoY, marking 20 consecutive quarters of growth.

From Max Healthcare Institute Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Network gross revenue grew 24% YoY to INR 5,266 crore in the recent quarter, indicating strong ongoing growth.
Existing units delivered 17% like-for-like revenue growth, reflecting healthy organic expansion.
New units contributed INR 278 crore, supporting incremental growth.
International patient revenue grew 25% YoY, largely volume-driven, contributing to diversification.
Max Lab and Max@Home segments posted 16-20% revenue growth, indicating asset-light divisions also scaling well.
Expansion projects underway with capacity additions (e.g., Lucknow to 550 beds, Saket 550 beds, Mohali 400 beds) expected to drive future volume and revenue growth.
Brownfield expansions (Nanavati, Max Smart) expected to deliver immediate positive EBITDA, supporting margin expansion.

2 more points management made on revenue & sales performance

Profitability & Margins

Max Healthcare expects continued strong growth momentum in FY26, with Q2 revenue up 21% YoY and operating EBITDA up 23% YoY, marking 20 consecutive quarters of growth.
Existing units delivered 14% revenue growth and 19% EBITDA growth, indicating stable core operations.
Brownfield expansions (Nanavati & Max Smart) are expected to ramp up rapidly with immediate EBITDA contribution and higher margins.
New bed additions, especially brownfield expansions, will see operating leverage and margin expansion once fully commissioned.
International patient revenue grew 25% YoY, driven mainly by volume growth, supporting top-line expansion.
ARPOB growth for existing hospitals is around 7% YoY, with balance from new hospitals influencing the blended figure.

2 more points management made on profitability & margins

See what Max Healthcare Institute Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Network capex spent in H1 FY26 was around INR 900 crore; expected to be higher in H2 at approx. INR 1,100 crore.
Ongoing expansion projects and facility upgrades incurred INR 891 crore investment in H1.
Land purchase for brownfield expansion at Max Vaishali cost INR 131 crore.
Various ongoing and planned projects with bed capacity and timelines:
Max Lucknow expansion from 413 to 550 beds by FY26-end.
501 beds at Sector 56 Gurgaon progressing.
100 beds at Max Nagpur to complete within 24 months after environmental approvals.
397 beds at Patparganj expected by FY28.
550 beds at Max Vikrant (Saket) targeted within 40 months post commissioning Max Smart beds.
400 beds at Zirakpur, Mohali expected by end of 2027.
140 beds at Max Vaishali with demolition completed, approvals pending.

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

5x potential

1Health X Platform₹919 Cr

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2Chandan Healthca₹590 Cr

Rev 1Mar 3

3₹66.2K Cr

Rev 2Mar 1

4₹1.8K Cr

Rev 2Mar 2

5₹649 Cr

Rev 2Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript does not explicitly mention any current or planned fundraising through debt or equity.
The company has taken borrowings recently to fund acquisitions (e.g., Jaypee for ~INR 2,000 crore), but no new fundraising initiatives are outlined.
The net debt for the network stands at INR 2,067 crore as of the latest quarter, up from INR 1,755 crore in June 2025, primarily due to ongoing expansions and acquisitions.
There is ongoing capital expenditure on expansion projects (around INR 1,100 crore expected in second half of the year).

2 more points management made on fundraising & capital structure

See what Max Healthcare Institute Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The document does not explicitly mention a current or expected order book or pending orders in a conventional business or construction sense.
However, ongoing expansion projects and capacities under development can be considered as part of pending operational capacities or projects:
Max Lucknow capacity to increase from 413 to 550 beds by end of FY 2026.
501 beds at Sector 56, Gurgaon under progress.
100 beds at Max Nagpur awaiting clearance; expected to complete in 24 months post-approval.
397 beds at Patparganj expected completion by FY 2028.
550 beds at Max Vikrant (Saket) expected in 40 months after commissioning of Max Smart.
400 beds at Zirakpur, Mohali expected completion by end of calendar year 2027.
140 beds at Max Vaishali project in demolition and approvals phase; 24 months post-approval.
500 beds at Thane expected delivery in 42 months.

2 more points management made on order book & pipeline

Max Healthcare Institute Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1K Cr, net profit ₹342 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Max Healthcare's management said in earlier quarters

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Frequently Asked Questions

What were Max Healthcare Institute Ltd Q2 FY26 results?

What is Max Healthcare Institute Ltd share price analysis?

Max Healthcare Institute Ltd currently shows a neutral. The stock trades at a P/E of 65.6 with a market cap of ₹98,161 Cr. Investors should review the full earnings analysis for detailed insights.

Is Max Healthcare Institute Ltd planning capital expenditure?

Network capex spent in H1 FY26 was around INR 900 crore; expected to be higher in H2 at approx.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.