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Max Healthcare Institute (543220) investor relations material
Max Healthcare Institute Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Nov, 2025
Executive summary
Network revenue grew 21% year-on-year in Q2 FY26, with operating EBITDA up 23%, marking 20 consecutive quarters of growth.
Divestment of Jaypee hospitals in Bulandshahr completed in September 2025 to focus on super specialty care in larger cities.
NCLT approved the merger of JHL and CRL, both wholly owned subsidiaries, effective October 2024, resulting in a one-time INR 149 crore tax benefit.
Brownfield expansions advanced, with new towers at Mohali and Nanavati Max commissioned or nearing completion.
Board approved a lease for a new 130-bed hospital in Dehradun, scheduled for 2028.
Financial highlights
Q2 FY26 gross revenue: INR 2,692 crore (up 21% YoY, 5% QoQ); H1: INR 5,266 crore (up 24% YoY).
Q2 FY26 operating EBITDA: INR 694 crore (up 23% YoY, 13% QoQ), margin 26.9%; H1 EBITDA: INR 1,308 crore (margin 25.9%).
Q2 FY26 PAT: INR 554 crore (includes INR 149 crore one-time tax benefit); adjusted PAT: INR 406 crore (up 16% YoY).
Free cash flow in Q2: INR 291 crore; net debt at end of Q2: INR 2,067 crore, up from INR 1,755 crore in June 2025.
ROCE for Q2 FY26: 23.2% (existing units: 26.1%, excluding CWIP: 32.2%).
Outlook and guidance
CGHS and related government rate revisions to drive incremental revenue and EBITDA, with 85-90% flow-through expected.
Plans to double bed capacity in 4–5 years through brownfield, greenfield, and asset-light expansions.
CapEx for H2 expected to be around INR 1,100 crore, higher than H1.
Focus on high-ROCE projects, digital platforms, and capital-light adjacencies.
CRL-JHL merger: future tax strategy impact?
JHL goodwill redetermination: financial impact?
JHL hospital divestment: strategic alignment?
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Next Max Healthcare Institute earnings date
Q3 202630 Jan, 2026
Next Max Healthcare Institute earnings date
Q3 202630 Jan, 2026
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Frequently asked questions
Max Healthcare Institute Limited is an India-based company engaged in the provision of healthcare services. The company operates a network of hospitals and healthcare facilities offering a wide range of medical services, including primary care, secondary care, and tertiary care across various specialties such as oncology, cardiology, neurology, and orthopedics. It also provides diagnostic services, telemedicine, and preventive health programs. The company is headquartered in New Delhi, India, and its shares are listed on the National Stock Exchange of India.
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