Max Healthcare plans ₹190 crore for 145 new Delhi-NCR beds

Max Healthcare Institute Limited plans to invest up to ₹190 crore to add about 145 beds at its Noida and Vaishali hospitals. The Delhi-NCR projects will be funded through internal accruals, with the Noida addition targeted within 15 months and the Vaishali addition within 24 months, after network utilisation exceeded 75% in Q2 FY'27.

What has Max Healthcare announced for Noida and Vaishali?

Max Healthcare has disclosed two capacity-expansion programmes involving combined capital expenditure of up to ₹190 crore and about 145 additional beds. The Noida redevelopment and clinical-capacity enhancement programme has an outlay of up to ₹93 crore for about 85 beds, while the Vaishali construction project has an outlay of up to ₹97 crore for about 60 beds.

Both projects are intended to cater to the healthcare needs of communities in Delhi-NCR, according to Max Healthcare's stated rationale. The company reported that its network had capacity of more than 6,100 beds as at September 30, 2026, and that network hospitals recorded capacity utilisation above 75% in Q2 FY'27.

How will Max Healthcare's Noida project change capacity?

Max Healthcare plans to add about 85 beds at Max Super Speciality Hospital, Sector-128, Noida, through a redevelopment and clinical-capacity enhancement programme. The hospital has existing capacity of about 400 beds, making the disclosed addition equivalent to about one-fifth of its current bed base.

The Noida project has proposed capital expenditure of up to ₹93 crore and is to be added and commissioned within 15 months. Max Healthcare identifies internal accruals as the funding mechanism, rather than disclosing a separate borrowing arrangement for this programme.

Noida represents the larger of the two projects by proposed bed count, supplying about 85 of the combined 145 beds. Its capex allocation of up to ₹93 crore is, however, ₹4 crore below the up-to ₹97 crore allocation disclosed for the Vaishali project.

What will Max Healthcare build at Vaishali?

Max Healthcare will construct two additional floors, the 10th and 11th floors, over the existing Block B at Max Super Speciality Hospital, Vaishali. The construction is expected to add about 60 beds to the hospital's existing capacity of about 387 beds.

The Vaishali project is scheduled to be added and commissioned within 24 months, nine months after the 15-month timetable given for Noida. Its proposed capital expenditure is up to ₹97 crore, and Max Healthcare says it will finance the construction through internal accruals.

The planned 60 beds make Vaishali the smaller expansion by capacity compared with the 85-bed Noida programme. Vaishali nevertheless has the higher individual capital-expenditure ceiling, at up to ₹97 crore versus up to ₹93 crore for Noida.

Why is Max Healthcare adding beds in Delhi-NCR?

Max Healthcare says both projects will cater to healthcare needs in Delhi-NCR. The plans follow network-hospital capacity utilisation above 75% in Q2 FY'27, while the Max Healthcare network had more than 6,100 beds as at September 30, 2026.

The two programmes would add about 145 beds to the disclosed network base, although Max Healthcare has not stated a post-expansion network-capacity target. It has instead provided hospital-level starting capacities of about 400 beds at Noida and about 387 beds at Vaishali, along with separate commissioning periods of 15 and 24 months.

The announcement does not provide hospital-specific capacity-utilisation figures for Noida or Vaishali. The available utilisation measure is network-wide, at above 75% in Q2 FY'27, compared with the two hospitals' combined existing capacity of about 787 beds.

How will Max Healthcare fund the ₹190 crore expansion?

Max Healthcare states that both the up-to ₹93 crore Noida programme and the up-to ₹97 crore Vaishali programme will be financed through internal accruals. The disclosure therefore identifies funding for the full up-to ₹190 crore planned expenditure without assigning external financing to either hospital.

In its standalone cash-flow statement for the half-year ended September 30, 2026, Max Healthcare reported net cash generated from operating activities of ₹325.53 crore. That was ₹36.63 crore higher than ₹288.90 crore reported in the half-year ended September 30, 2025.

The same standalone statement reported net cash used in investing activities of ₹642.85 crore in the half-year ended September 30, 2026, compared with ₹235.84 crore a year earlier. Purchases of property, plant and equipment were ₹187.48 crore, versus ₹160.91 crore in the comparable 2025 half-year, while cash and cash equivalents stood at ₹332.75 crore on September 30, 2026.

Conclusion

Max Healthcare's two Delhi-NCR programmes combine redevelopment and clinical-capacity enhancement at Noida with construction of two floors above Vaishali's Block B. Together, they are designed to add about 145 beds to a network of more than 6,100 beds, following reported network utilisation above 75% in Q2 FY'27 and with capex capped at ₹190 crore.

The next disclosed milestones are commissioning of the about 85-bed Noida addition within 15 months and the about 60-bed Vaishali addition within 24 months. Max Healthcare has identified internal accruals as the funding route for both projects, but has not specified individual commissioning dates or a revised network-capacity target after completion.