Vitals Rising, Pulse Controlled: Max Healthcare’s Q1 FY26 Check-Up

What changed Revenue: ₹2,028 cr (+31% YoY, +6% QoQ) Demand stayed firm and scale improved. EBITDA: ₹523 cr (+35% YoY, +2% QoQ) → EBITDA margin ~25.8% Margins are higher than last year, but a touch softer than last quarter. Net Profit: ₹308 cr (+30% YoY, –3% QoQ) → PAT margin ~15.2% Profits grew faster than sales vs last year, but dipped a bit sequentially. EPS: ₹3.17 (+30% YoY, –3% QoQ) Why it matters Operating leverage at work (YoY): Costs didn’t rise as fast as sales, so profits outpaced revenue. Sequential cool-off (QoQ): Revenue rose more than EBITDA, so margins eased—often a mix of higher staff/consumable costs or case-mix effects. Quality signal: Margin expansion vs last year suggests pricing/efficiency tailwinds; holding most of that gain QoQ is the next test. What to watch next Occupancy & ARPOB: Are beds staying full and earnings per bed rising? Case mix & payor mix: More complex/international cases usually lift ARPOB—but can raise costs. New capacity ramp-up & cash conversion: Expansion pays only if collections and utilization keep pace. One-line takeaway: Max delivered strong YoY growth with healthier margins, even as QoQ profit cooled slightly—a steady quarter that keeps the uptrend intact if utilization and pricing hold.