Max Healthcare Institute Ltd
NSE:MAXHEALTH

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Max Healthcare Institute Ltd
NSE:MAXHEALTH
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Price: 1 066.9 INR -0.94%
Market Cap: 1T INR

Max Healthcare Institute Ltd
Investor Relations

Max Healthcare Institute Ltd., a prominent player in the Indian healthcare landscape, has woven its narrative by consistently providing top-tier healthcare services across the country. Founded as a partnership between Max India Limited and the renowned healthcare provider, Life Healthcare of South Africa, Max Healthcare has expanded its reach with a network of multispecialty hospitals, catering to various medical needs. The company prides itself on delivering holistic and patient-centric care, offering a wide array of services ranging from complex surgeries and emergency care to preventive health services and diagnostics. This comprehensive approach ensures that Max Healthcare not only addresses immediate health needs but also emphasizes long-term wellness, thus fortifying its reputation as a reliable healthcare provider.

Financially, Max Healthcare Institute thrives on its diversified revenue streams. These streams are primarily built on inpatient and outpatient services, where it capitalizes on its state-of-the-art infrastructure and advanced medical technology to attract patients. Additionally, Max Healthcare leverages its brand to engage in partnerships, collaborations, and clinical research, thereby generating ancillary revenue. The company also benefits from health awareness programs and corporate health tie-ups, which feed a steady flow of patients into its facilities. Through these strategic efforts, Max Healthcare has established a robust framework that supports its profitability while continuing to expand its footprint in the increasingly competitive healthcare industry in India.

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MAXHEALTH
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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 17, 2025
AI Summary
Q2 2026

Strong Growth: Max Healthcare delivered 21% year-on-year revenue growth and 23% EBITDA growth for Q2 FY26, marking 20 consecutive quarters of consistent growth.

Margin Expansion: Network operating EBITDA margin reached 26.9%, up by 90 basis points YoY and 200 bps sequentially; existing units saw margins of 27.5%.

Profit Boosted by One-Time Gain: PAT surged to INR 554 crores (including a one-time tax benefit of INR 149 crores from a merger); underlying PAT growth was 16% YoY.

Capacity Expansion: Several brownfield projects were commissioned or are close to commissioning, adding significant new bed capacity to the network.

CGHS Tariff Increase: Full implementation of revised government healthcare rates is expected to add over INR 200 crores in additional revenue, with most benefits realized from FY27.

International Patient Growth: International patient revenue grew by 25% YoY, driven almost entirely by volume increases; international ARPOB is about 30% higher than domestic.

Resolution of Insurance Issues: Disputes with key insurance companies were resolved, and cashless facilities are reinstated; future insurance negotiations are ongoing but expected to follow historical trends.

Digital & Asset-Light Segments: Digital revenue accounted for 30% of total, and asset-light businesses like Max@Home and Max Lab posted strong double-digit revenue growth.

Key Financials
Revenue
INR 2,692 crores
Operating EBITDA
INR 694 crores
Operating EBITDA Margin
26.9%
Profit After Tax
INR 554 crores
Profit After Tax (ex-one-time)
INR 406 crores
Free Cash Flow
INR 291 crores
Net Debt
INR 2,067 crores
Average Occupancy
77%
Average Revenue Per Occupied Bed (ARPOB)
INR 77,300
International Patient Revenue
INR 231 crores
Digital Revenue
INR 803 crores
EBITDA Per Bed (Annualized)
INR 73 lakhs (network), INR 76 lakhs (existing units)
Max@Home Revenue
INR 63 crores
Max Lab Revenue
INR 54 crores
Occupancy (Noida)
62%
Occupancy (Dwarka)
81%+
EBITDA Margin (Noida)
18%
EBITDA Margin (Dwarka)
15%
Network Gross Revenue (H1 FY26)
INR 5,266 crores
Operating EBITDA (H1 FY26)
INR 1,308 crores
Operating EBITDA Margin (H1 FY26)
25.9%
Free Cash Flow (H1 FY26)
INR 679 crores
CapEx (H1 FY26)
INR 900 crores
Doctor Attrition Rate
1% to 1.5%
Other Earnings Calls

Management

Mr. Abhay Soi
Chairman & MD
No Bio Available
Mr. Yogesh Kumar Sareen
Senior Director & CFO
No Bio Available
Mr. Dhiraj Aroraa
Senior VP, Company Secretary & Compliance Officer
No Bio Available
Dr. Mradul Kaushik
Member of Group Medical Advisory Council, Sr. Director of Ops. & Planning, COO of Cluster 1
No Bio Available
Mr. Prashant Singh
Director of Information Technology & Chief Information Officer
No Bio Available
Mr. Gagan Palta
General Counsel & Director
No Bio Available
Mr. Anas Abdul Wajid
Senior Director and Chief Sales & Marketing Officer
No Bio Available
Mr. Umesh Gupta
Member of Group Medical Advisory Council, Senior Director - HR & Chief People Officer
No Bio Available
Dr. Sandeep Budhiraja
Member of Group Medical Advisory Council & Group Medical Director
No Bio Available
Dr. Sanjiv K. S. Marya
Member of Group Medical Advisory Council, Chairman & Chief Surgeon of Orthopedics &Joint Replacement
No Bio Available

Contacts

Address
5th & 6th Floor, Tower-A, DLF Centre Court,, DLF City Phase-V Sector-42, Golf Course Road
Contacts