Highlights

• Edelweiss, Ambit Capital, Jefferies, Prabhudas Lilladher, Centrum Broking and Motilal Oswal Securities have issued buy ratings on Max Healthcare Institute Ltd.
• Max Healthcare recorded gross revenue of ₹ 2,692 crore in Q2, marking 21% year-on-year growth.
• Network Operating EBITDA rose to ₹ 694 crore, an increase of 23% YoY.
• Profit after tax increased to ₹ 554 crore, up 59% YoY including a favourable one-time tax impact.
• The company continued expansion of brownfield capacity in Mohali and Mumbai.

Max Healthcare Institute Ltd. (NSE:MAXHEALTH) has secured favourable backing from several prominent brokerages, with Edelweiss, Ambit Capital, Jefferies, Prabhudas Lilladher, Centrum Broking and Motilal Oswal Securities each issuing buy ratings on the company. These ratings coincide with the release of the company’s results for the second quarter, and half year ended 30 September 2025, which show continued operational growth and financial strengthening across its network.

Q2 Revenue and Earnings Show Positive Momentum

Max Healthcare delivered an encouraging financial performance in the second quarter of FY26, reporting gross revenue of ₹ 2,692 crore, representing year-on-year growth of 21% and quarter-on-quarter growth of 5%. The company attributed the rise primarily to an increase in occupied bed days, which grew 19% over the prior year period.

Network Operating EBITDA for the quarter reached ₹ 694 crore, increasing 23% year-on-year. Operating margin for the network stood at 26.9%, improving from both Q2 FY25 and Q1 FY26. The company also reported EBITDA per bed of ₹ 73.4 lakh, reflecting growth from previous quarters.

Profit after tax rose significantly to ₹ 554 crore, up 59% year-on-year. This figure included a favourable tax impact resulting from the merger of two wholly owned subsidiaries. Excluding the one-time adjustment, PAT for the quarter totalled ₹ 406 crore, marking a 16% year-on-year increase.

Operational Developments Across Network and Subsidiaries

The company continued to expand operational capacity through major brownfield developments. A 160-bed tower, including a radiation oncology program, has been commissioned at MSSH Mohali. Additionally, the 268-bed brownfield tower at Nanavati-Max in Mumbai is scheduled for commissioning in the coming week.

International patient revenue for the quarter was recorded at ₹ 231 crore, growing 25% year-on-year. Ancillary businesses also demonstrated consistent performance. Max Lab, the company’s diagnostics arm, achieved revenue of ₹ 54 crore, while Max@Home delivered ₹ 63 crore in gross revenue, supported by physiotherapy, rehabilitation and home-based medical services.

The company completed the divestment of its hospitals in Village Chitta and Anoopshahr through its subsidiary JHL, enabling a sharper strategic focus on super-specialty services in larger metropolitan areas. The approved merger of JHL and CRL resulted in adjustments to current and deferred tax assets as part of a common-control business combination.

Half-Year Performance Reinforces Growth Outlook

For the six-month period ended September 2025, network revenue increased to ₹ 5,266 crore, up 24% year-on-year. Network Operating EBITDA rose 23% to ₹ 1,308 crore, while PAT for the half year stood at ₹ 899 crore, including the Q2 one-off tax benefit. Excluding this adjustment, PAT stood at ₹ 750 crore, increasing 17% compared to the previous year.

The company reported cash from operations of ₹ 679 crore and net debt of ₹ 2,067 crore at the end of the period. 

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