Max Health Q2 Results: Nifty’s latest entrant reports 74% YoY jump in cons PAT to Rs 491 crore, revenue grows 25%

Nifty’s latest addition, Max Healthcare Institute, on Friday reported a 74% year-on-year growth in its September quarter consolidated net profit at Rs 491 crore, compared to Rs 282 crore posted in the year-ago period. The company’s revenue from operations in the quarter under review stood at Rs 2,135 crore, up 25% over Rs 1,707 crore in the corresponding quarter of the last financial year.

The company’s profit after tax (PAT) jumped 60% on a sequential basis compared to Rs 308 crore reported in Q1FY26. Meanwhile, the topline grew 5.3% on a quarter-on-quarter basis versus Rs 2,028 crore in the April-June quarter of FY26.

For the quarter ended September 30, 2025, the network gross revenue was at Rs 2,692 crore, reflecting a growth of 21% YoY and +5% QoQ. YoY growth was mainly driven by increase in Occupied Bed Days (OBDs). International patient revenue stood at Rs 231 crore reflecting a growth of 25% YoY and 11% QoQ and accounted for 9% of the hospital revenue.

The network operating EBITDA, or Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), in Q2FY26 was Rs 694 crore, reflecting a growth of 23% YoY. EBITDA margin for the network stood at 26.9% compared to 26.6% in Q2 FY25 and 24.9% in Q1 FY26. EBITDA margin for existing units was 27.5%.

Overall EBITDA per bed in Q2FY26 stood at Rs 73.4 lakhs, compared to Rs 71.2 lakhs in Q2FY25 and Rs 68.5 lakhs in Q1FY26. EBITDA per bed for existing units stood at Rs 76.5 lakhs, up 7% YoY.

Also Read: Tata Motors PV Q2 Results: Cons PAT zooms multifold to Rs 76,170 cr on one-time gain, but revenue falls 13% YoYIn its filing to the exchanges, Max said that the network PAT stood at Rs 554 cr in Q2FY26, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of 59% YoY. This includes favourable tax impact of Rs 149 crore, arising from the merger of CRL and JHL. Excluding this one-time impact, PAT during the quarter stood at Rs 406 crore, +16% YoY.Free cash from operations stood at Rs 291 crore versus Rs 464 crore in Q2FY25 and ₹389 crore in Q1FY26. An amount of Rs 456 cr was deployed towards ongoing expansion plans and upgradation of facilities at newer units. In addition, Rs 146 cr was distributed as dividend.

Net Debt at the end of the quarter stood at Rs 2,067 crore compared to Rs 1,755 crore at the end of June 2025.

Max Health entered Nifty as part of the September rejig, replacing auto major Hero MotoCorp.

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