Max Healthcare Q1 FY27: Strong Revenue Growth, Expansion Sets the Stage for the Next Leg 📊🏥

Max Healthcare Institute Ltd. (MAXHEALTH) delivered a strong start to FY27, with revenue growth remaining robust and operating performance broadly healthy. 📌 Q1 FY27 Key Highlights 🔹 Gross Revenue: ₹2,982 Cr | +16% YoY 🔹 Net Revenue: ₹2,835 Cr | +15% YoY 🔹 Operating EBITDA: ₹704 Cr | +15% YoY 🔹 EBITDA Margin: 24.8% vs 24.9% YoY 🔹 PAT: ₹357 Cr | +3% YoY 🔹 Free Cash from Operations: ₹397 Cr 🔹 ARPOB: ₹81.9K | +5% YoY 🔹 Occupancy: 75% 🔹 Occupied Bed Days: +10% YoY 🚀 Growth Drivers Max Healthcare added 630 net beds over the last 12 months, taking operational capacity to 5,379 beds as of June 2026. Additional brownfield capacity is expected to come online, supporting future revenue growth. The company also completed the acquisition of 58.28% of Kalinga Hospital and acquired Class A shares of Yerawada Properties, supporting its expansion into Bhubaneswar and Pune. International patient revenue grew 18% YoY to ₹247 Cr, while Max Lab and Max@Home continued to grow strongly. ⚠️ What Investors Should Watch PAT growth of 3% was considerably slower than revenue and EBITDA growth, mainly because of higher depreciation and finance costs following capacity expansion. Net debt increased to ₹2,384 Cr from ₹1,908 Cr in March 2026, reflecting acquisitions and ongoing expansion. 🔍 Our View Operationally positive. Revenue, EBITDA, patient volumes and ARPOB all moved in the right direction. The near-term margin pressure and higher debt need monitoring, but the increasing bed capacity, acquisitions and strong cash generation provide multiple avenues for long-term growth. 📈 Investor Takeaway: Positive for long-term growth; monitor debt, margins and occupancy during the expansion phase. Disclaimer: This content is for educational purposes only and is not investment advice. Please conduct your own research or consult a SEBI-registered investment professional before making investment decisions. $MAXHEALTH