Max Health Q2 results: Nifty’s newest entrant reports 74% YoY increase in cons PAT to Rs 491 crore, revenue grows 25%

Nifty’s latest addition Max Healthcare Institute on Friday reported 74% year-on-year growth in consolidated net profit in the September quarter at Rs 491 crore, compared to Rs 282 crore in the same period a year ago. The company’s revenue from operations in the quarter under review was Rs 2,135 crore, up 25% from Rs 1,707 crore in the corresponding quarter of the last fiscal.The company’s profit after tax (PAT) rose 60% on a sequential basis, compared to Rs 308 crore reported in Q1FY26. Meanwhile, revenue grew 5.3% quarter-on-quarter, compared to Rs 2,028 crore in the April-June quarter of FY26.

For the quarter ended September 30, 2025, the network’s gross revenues stood at Rs 2,692 crore, reflecting a growth of 21% YoY and +5% QoQ. The year-over-year growth was primarily driven by the increase in occupied bed days (OBDs). International patient revenues stood at Rs 231 crore, reflecting growth of 25% year-on-year and 11% quarter-on-quarter, and accounted for 9% of hospital revenues.The network’s operating EBITDA, or earnings before interest, taxes, depreciation and amortization (EBITDA), stood at Rs 694 crore in Q2FY26, reflecting a 23% year-on-year growth. Network EBITDA margin was 26.9%, compared to 26.6% in the second quarter of FY25 and 24.9% in the first quarter of FY26. The EBITDA margin for existing units was 27.5%.

Total EBITDA per bed stood at Rs 73.4 lakhs in Q2FY26, 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 multiple to Rs 76,170 cr on one-time gain, but revenue declines 13% YoY. In its filing to the stock exchanges, Max said its 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 a favorable 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 flow 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 for ongoing expansion plans and facility upgrades at newer units. In addition, Rs 146 cr was paid as dividend.

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

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

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