MAX HEALTHCARE Results Analysis

Operating Revenue for Q2FY26 is Rs. 2,135 Crs., 25% growth YoY, Total Income is Rs. 2,168 Crs., 24% growth YoY, EBITDA is Rs. 575 Crs., 27.7% growth YoY, EBITDA Margin is 26.93% improved by 55 Basis points YoY, PBT Rs. 446 Crs., 19.4% growth YoY, PAT Rs. 491 Crs. 74.3% growth YoY (includes INR 149 crore favorable one-time tax impact from subsidiary merger). On QoQ basis Op. Revenue is up by 5.3%, Total Income is up by 5%, EBITDA is up by 10%, EBITDA Margin also improved by 114 basis points, PBT is up by 11.4% and PAT is also up by 59.5%. CGHS repricing is material: Effective Oct 13; “favourable impact of over INR 200 crore once fully implemented,” with “pretty much 85%” EBITDA flow-through. Full benefit expected to “start tinkering in from FY27.” ARPOB: INR 77,300, +1% y/y, ARPOB diluted by higher contribution from new units (Dwarka/Lucknow/Nagpur) and Dwarka’s institutional scale-up.