Financial Article: Max Healthcare Q2 FY26 Results

Max Healthcare delivered a strong financial performance in Q2 FY26, supported by higher patient volumes, improved efficiency and expanding capacity. The company’s **gross revenue rose 21% YoY to ₹2,692 crore**, driven primarily by a **19% increase in Occupied Bed Days (OBDs)** and steady ARPOB at ₹77.3k. Sequentially, revenue improved by 5%. Profitability strengthened as **Network Operating EBITDA grew 23% YoY to ₹694 crore**, with margins expanding to **26.9%**. EBITDA per bed increased to **₹73.4 lakh**, signaling strong operating leverage. Newly integrated units, including the Jaypee Noida network, reported **₹144 crore revenue** and **₹23 crore EBITDA**, reflecting early stabilization and margin improvement. Net profit surged **59% YoY to ₹554 crore**, supported by a **one-time tax gain of ₹149 crore** arising from the merger of CRL and JHL. Adjusted PAT stood at **₹406 crore**, up 16% YoY. Free cash flow moderated to ₹291 crore due to **₹456 crore expansion capex** and **₹146 crore dividend payout**. Operational metrics remained healthy with **77% occupancy**, rising international patient revenue (₹231 crore, +25% YoY), and expanding digital channels contributing ~30% of revenue. The newly commissioned **160-bed Mohali tower** and the upcoming **268-bed Nanavati-Max expansion** are expected to further enhance growth. **Overall, Max Healthcare continues to demonstrate strong execution, improving financial resilience and long-term growth visibility.** This report is for informational purposes only and not investment advice. For more updates, analysis, and result summaries — **Follow us for fast financial insights.