By: IPP Bureau
Last updated : August 14, 2026 9:31 am
Network revenue climbs to Rs. 2,982 crore as hospital chain completes controlling stakes in Odisha and Pune facilities, with board also approving a foray into medical education
Max Healthcare Institute Ltd. (MHIL), one of the largest private-sector healthcare services companies in India, has announced its financial and operating results for the first quarter ended June 30, 2026.
Network gross revenue for the quarter stood at Rs. 2,982 crore, up 16% year-over-year, driven mainly by an increase in occupied bed days (OBDs). International patient revenue came in at Rs. 247 crore, up 18% YoY, accounting for approximately 9% of hospital revenue.
Network Operating EBITDA rose 15% YoY to Rs. 704 crore, with EBITDA margin at 24.8%, roughly in line with 24.9% in Q1 FY26 but down from 26.8% in Q4 FY26. Overall EBITDA per bed stood at Rs. 71.2 lakhs, compared to Rs. 68.5 lakhs a year earlier and Rs. 73.4 lakhs in the previous quarter.
Network PAT stood at Rs. 357 crore, up 3% YoY from Rs. 345 crore, with the modest growth attributed primarily to higher depreciation and finance costs following the commissioning of brownfield capacity expansions at MSSH Mohali, Nanavati-Max and Max Smart.
Max Lab, the company's non-captive pathology vertical, reported gross revenue of Rs. 58 crore, up 20% YoY and 11% quarter-over-quarter. The service is now available across more than 60 cities, offering over 2,700 tests.
Max@Home reported gross revenue of Rs. 78 crore, up 32% YoY and 7% QoQ, with growth driven by physiotherapy and rehabilitation, nursing care and attendant services, alongside sample collection and medicine delivery.
Free cash from operations stood at Rs. 397 crore, compared to Rs. 389 crore in Q1 FY26 and Rs. 581 crore in Q4 FY26. Of this, Rs. 386 crore was deployed toward the acquisitions of KHL and YPPL, while Rs. 337 crore was invested in ongoing expansion plans. The consolidation of KHL and YPPL added Rs. 153 crore to net debt, including amounts tied to a put option liability.
Net debt at the end of June 2026 stood at Rs. 2,384 crore, up from Rs. 1,908 crore at the end of March 2026.
Max Healthcare completed the acquisition of a controlling 58.28% stake in KHL on May 18, 2026, for approximately Rs. 298 crore. KHL operates a 250-bed multi-speciality hospital in Bhubaneswar, Odisha, situated on a 10-acre parcel in the city centre, with the acquisition funded through an external commercial borrowing.
On June 30, 2026, the company also acquired all outstanding Class A equity shares of YPPL, representing 100% of voting rights and approximately 50.22% of economic interest, with plans to progressively acquire the remaining Class B shares in line with milestones agreed under the share purchase agreement.
Abhay Soi, Chairman and Managing Director of Max Healthcare Institute Ltd., noted that revenue and EBITDA growth were in line with expectations, and with additional beds becoming operational during Q2 at the Saket complex and Nanavati-Max, Mumbai, alongside the ongoing integration of MSSH Bhubaneswar, the company is well positioned for a strong FY27 and sustained growth beyond.