Max Healthcare Q2 Results | Profit jumps 74% on higher outpatient, international patient revenue

Max Healthcare Institute Ltd on Friday (November 14) reported a net profit of ₹491 crore for the September quarter, up 74.3% from ₹282 crore in the same period last year. Revenue for the quarter increased 25% year-on-year to ₹2,135 crore from ₹1,707 crore in Q2 FY25. The year-on-year growth was primarily driven by an increase in outpatient department (OBD) visits

EBITDA rose 17.5% to ₹575 crore, compared with ₹451 crore a year earlier. EBITDA margin improved slightly to 26.9% from 26.4% in the corresponding quarter. International patient revenue stood at ₹231 crore, up 25% YoY and 11% QoQ, accounting for approximately 9% of total hospital revenue.

Overall EBITDA per bed for Q2 FY26 was ₹73.4 lakh, compared with ₹71.2 lakh in Q2 FY25 and ₹68.5 lakh in Q1 FY26. EBITDA per bed for existing units was ₹76.5 lakh, representing a 7% YoY increase.

Max Lab, the company’s non-captive pathology vertical, reported revenue of ₹54 crore, growing 16% YoY and 11% QoQ. Max Lab services are now available in over 60 cities and offer a comprehensive range of more than 2,700 tests.

Also Read: Max Healthcare expects 25-30% growth in international patient revenue to continue

Max@Home, the company’s home healthcare segment, generated gross revenue of ₹63 crore in Q2 FY26, up 20% YoY and 6% QoQ, driven by physio and rehab, critical care, medicine delivery, and medical room services.

Free cash flow from operations was ₹291 crore, compared with ₹464 crore in Q2 FY25 and ₹389 crore in Q1 FY26. The company deployed ₹456 crore towards ongoing expansion and facility upgrades at newer units and distributed ₹146 crore as dividends. Net debt at the end of the quarter was ₹2,067 crore, up from ₹1,755 crore at the end of June 2025.

Pursuant to a binding term sheet executed in July 2025, JHL, a wholly owned subsidiary, divested hospitals located in Village Chitta and Anoopshahr, District Bulandshahr, effective September 18, 2025, to focus on super specialty care in larger cities.

The NCLT Chandigarh Bench approved the scheme of amalgamation of JHL and CRL, both wholly owned subsidiaries, with an appointed date of October 5, 2024. The merger, accounted as a business combination under IND AS 103, resulted in a reversal of current tax of approximately ₹79 crore and recognition of deferred tax assets of ₹70 crore.

Also Read: Max Healthcare share price: Analyst upgrades stock to buy, sees 18% upside

The 160-bed brownfield tower, including an additional radiation oncology program, has been commissioned at MSSH Mohali. The 268-bed brownfield tower at Nanavati-Max, Mumbai, is scheduled for commissioning next week.

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