Max Healthcare Q2: sharp profit growth and strong operating metrics

's Q2FY26 results showed a consolidated net profit jump of 74% year-on-year to ₹491 crore, while revenue grew 25% to ₹2,135 crore, signaling healthy network expansion and higher throughput efficiency. Sequentially, PAT rose 60% and revenue was up 5.3%, with topline supported by increased Occupied Bed Days (OBDs) and stronger international patient flows, the latter rising 25% YoY to comprise 9% of hospital revenue.​ Key operating highlights EBITDA for the network was ₹694 crore, up 23% YoY, with a margin of 26.9% versus 26.6% last year and 24.9% in the previous quarter, underlining margin resilience in both new and existing units.​ EBITDA per bed reached ₹73.4 lakhs overall and ₹76.5 lakhs in established units, up 7% YoY, reflecting disciplined cost control and better payer mix.​ Free cash flow from operations was ₹291 crore, with ₹456 crore deployed towards expansion and upgrades, and ₹146 crore distributed as dividends, indicating active reinvestment and shareholder returns.​ One-off effects and outlook Profit was boosted by a favorable ₹149 crore tax impact from the merger of CRL and JHL, meaning underlying PAT ex-one-offs was ₹406 crore (+16% YoY). Net debt stood at ₹2,067 crore, up from ₹1,755 crore at June 2025, due to ongoing capex.​ Sector view Max Healthcare’s results reinforce the trend of organized hospital networks capturing higher growth via international patient revenues, operational leverage, and margin discipline through continuous capacity upgrades and cluster expansion. Near term, investors will monitor incremental bed additions, payer/segment mix adjustments, and further cash generation to underpin sustainable growth into FY26–FY27. No Recommendations Source: The Economic Times