Max Healthcare Q2 FY26 profit up 59%, revenue +21%

Q2 FY26 numbers: profit jumps, revenue growth stays strong

Max Healthcare Institute reported a 59% year-on-year rise in net profit to ₹554 crore in Q2 FY26. Net revenue increased 21% year-on-year to ₹2,580 crore for the same quarter, compared with Q2 FY25. The company attributed the revenue increase to higher occupied bed days (OBDs). International patient revenue stood at ₹231 crore, up 25% year-on-year. International revenue accounted for nearly 9% of hospital revenue in the quarter. The update adds to a broader run of growth the company has highlighted across recent quarters.

What drove Q2 FY26 performance: OBD-led growth and overseas mix

The company said the quarter’s revenue growth was driven by an increase in OBDs. A larger base of occupied bed days generally supports hospital revenue through higher throughput and better utilisation. Max Healthcare also reported a higher contribution from international patients, with ₹231 crore of international patient revenue. The 25% year-on-year growth in this line item was reported even as the company has previously flagged volatility in patient footfall from certain regions in earlier disclosures. With international revenue at nearly 9% of hospital revenue, the mix remained meaningful but not dominant.

Cash deployment: capex-heavy quarter alongside dividends

Max Healthcare said ₹456 crore was deployed towards ongoing expansion plans and upgradation of facilities at newer units. Alongside investments, the company distributed ₹146 crore as dividend. The combination of capex and shareholder payout is notable in a capital-intensive hospital expansion cycle, where commissioning and ramp-up periods can affect cash flows. The company’s disclosures framed the spending as part of planned growth and facility upgrades.

Debt position: net debt rises versus June 2025

Net debt at the end of the quarter stood at ₹2,067 crore. This compares with ₹1,755 crore at the end of June 2025, as disclosed by the company. Separately, the provided financial highlights also reference net debt of ₹1,576 crore (period not stated within the highlight line), indicating net debt has been reported at different points across the year. Investors typically track net debt closely for hospital chains given long gestation projects and ongoing brownfield additions.

Q4 FY25 snapshot: PAT ₹376 crore, gross revenue ₹2,429 crore

For Q4 FY25 (quarter ended March 31, 2025), the company reported profit after tax (PAT) of ₹376 crore, a 21% year-on-year increase versus ₹311 crore in Q4 FY24, as per the company statement cited in news reports. Network gross revenue was reported at ₹2,429 crore, up 29% year-on-year from ₹1,888 crore. The quarter’s bed occupancy was reported at 75%, with OBDs up 30% year-on-year. Average revenue per occupied bed was reported at ₹77,100 in Q4 FY25 compared with ₹76,800 in Q4 FY24.

International patient revenue: ₹202 crore in Q4 FY25, near 9% share

For Q4 FY25, international patient revenue was reported at ₹202 crore, up 28% year-on-year, and comprising nearly 9% of hospital revenue. This provides context for the Q2 FY26 disclosure where international patient revenue was reported at ₹231 crore and nearly 9% of hospital revenue. Taken together, the figures indicate that international business remains a visible component of the revenue mix in the periods cited.

FY25 performance highlights: ₹9,065 crore gross revenue, EBITDA margin 26.8%

The provided highlights stated FY gross revenue of ₹9,065 crore, up 26% year-on-year. Operating EBITDA was reported at ₹2,319 crore, up 22% year-on-year, with an EBITDA margin of 26.8%. The same highlight line also referenced free cash flow generation of ₹1,447 crore during the full year. These figures were presented alongside quarter metrics such as revenue, EBITDA, and PAT for Q4.

Expansion and strategic actions: beds, towers, and a new Delhi project

Max Healthcare has outlined multiple expansion initiatives in the supplied text. It cited plans to commence operations at three new brownfield towers at its Saket, Nanavati, and Mohali hospitals in the next three months (as per the quoted management statement). The company also spoke of adding 1,500 beds to capacity in the current financial year. Another disclosure referenced a long-term service agreement to establish a 200-bed hospital in Pitampura, Delhi, in association with Bharat Prakritik Chikitsa Mission. Separately, it mentioned acquisition of land adjoining the Vaishali facility to enable a brownfield expansion from 387 beds to 527 beds within the next 30 months.

Stock move and investor focus areas

Following the Q4 FY25 earnings updates cited, Max Healthcare shares were reported as closing 1.45% lower at ₹1,170 on the NSE. Another cited update reported the stock ending at ₹1,165.30 on the BSE after a 1.84% decline. Beyond the one-day move, the operational and balance sheet points investors are likely to track from the disclosed data include OBD growth, occupancy levels, international patient revenue contribution, and the pace of capex-funded capacity additions.

Key numbers table

Why this matters: utilisation-led growth alongside a rising debt line

The Q2 FY26 update points to a familiar operating driver for hospital businesses: higher OBDs supporting revenue growth. The international patient revenue disclosures, with nearly 9% share in both Q2 FY26 and Q4 FY25, show the business remains diversified but still largely domestic-led. The quarter also reflects active capital allocation, with ₹456 crore deployed into expansion and upgrades, alongside a ₹146 crore dividend distribution. At the same time, net debt rising to ₹2,067 crore versus ₹1,755 crore at end-June 2025 highlights the balance-sheet impact of ongoing investments. The next set of operating updates around brownfield tower commissioning and bed additions will provide additional evidence on how quickly new capacity ramps.

Conclusion

Max Healthcare’s Q2 FY26 print combined profit growth of 59% with net revenue growth of 21%, supported by higher OBDs and a 25% rise in international patient revenue to ₹231 crore. The company also disclosed substantial spending on expansion and upgrades and reported net debt of ₹2,067 crore at quarter end. In parallel, FY25 and Q4 FY25 disclosures in the provided material highlighted continued growth in gross revenue, EBITDA, and occupancy-led metrics, alongside near-term plans to commence operations at three brownfield towers and add 1,500 beds in the current financial year.