Earnings Review
Max Health Q1 PAT up on healthy sales growth but misses view
This story was originally published at 16:16 IST on 13 August 2026
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--Max Health Apr-Jun consol net profit INR 3.22 bln
--Analysts saw Max Health Apr-Jun consol net profit at INR 3.95 bln
--Max Health Apr-Jun consol revenue INR 23.66 bln
--Analysts saw Max Health Apr-Jun consol revenue at INR 27.20 bln
--Max Health Apr-Jun consol PAT INR 3.22 bln vs INR 3.08 bln year ago
--Max Health Apr-Jun consol revenue INR 23.66 bln vs INR 20.28 bln yr ago
--Max Health Q1 network consol operating EBITDA INR 7.04 bln, up 15% on year
--Max Health Apr-Jun network consol operating margin 24.8% vs 24.9% year ago
--Max Health Q1 avg revenue per occupied bed INR 81,900 vs INR 78,000 yr ago
--Max Health OKs capex of INR 4.25 bln for hospital expansion at Vaishali
--Max Health gets in-principle nod from board to set up medical colleges
By Gunjan Rajput
NEW DELHI – Max Healthcare Ltd. reported a modest rise in consolidated net profit for the June quarter, supported by healthy growth in revenue from operations and higher other income. However, the growth in total expenses was slightly more than the rise in top line, limiting the growth in the bottom line. This marked the sixth consecutive quarter of year-on-year growth in net profit, although the pace of growth was the slowest in this period. Revenue growth extended for at least the 24th consecutive quarter, according to data available with Informist.
The healthcare company posted a net profit of INR 3.22 billion, up nearly 5% from INR 3.08 billion a year ago. Analysts had estimated the consolidated bottom line at INR 3.95 billion. The company's consolidated revenue rose nearly 17% on year to INR 23.66 billion from INR 20.28 billion, but fell short of analysts' consensus estimate of INR 27.20 billion.
Max Healthcare's other income rose nearly 11% on year to INR 405 million and total income increased nearly 17% on year to INR 24.07 billion. The company's total expenses grew more than 18% on year to INR 19.70 billion for the three months. Expenses tied to purchase of drugs, consumables, and implants, which account for 27% of the total expenditure, increased almost 15% on year to INR 5.21 billion, and expenses related to professional and consultancy fees grew nearly 23% on year to INR 5.23 billion. Other expenses of the company rose over 16% on year to INR 3.43 billion.
The company's network gross revenue rose 16% on year to INR 29.82 billion, mainly driven by a 10% increase in occupied bed days. The network's consolidated operating earnings before interest, tax, depreciation, and amortisation increased 15% to INR 7.04 billion and the EBITDA margin was broadly stable at 24.8%, against 24.9% a year ago.
The hospital chain's average revenue per occupied bed rose 5% on year to INR 81,900, while average occupancy stood at 75%. Revenue from international patients increased 18% on year to INR 2.47 billion and accounted for around 9% of the hospital revenue.
The company said its operational bed capacity stood at 5,379 at the end of June, with 630 beds net added over the last 12 months. The company said 198 beds in the brownfield tower of Max Smart Super Speciality Hospital would be handed over to operations in the ongoing quarter, to be commissioned in phases.
"With additional beds becoming operational during Q2 (September quarter) at the Saket complex, Nanavati-Max, Mumbai and the integration of MSSH Bhubaneswar underway, the company is well positioned for a strong FY27 and sustained growth thereafter," Chairman and Managing Director Abhay Soi said in the investor presentation.
The board has approved INR 4.25 billion in capital expenditure for a brownfield tower at Max Super Speciality Hospital, Vaishali, which will add 202 beds to the existing 387-bed capacity. "The building plans for the new tower have been approved and construction activities have commenced. The project is expected to be commissioned in Q4 FY30," the company said in its investor presentation.
Max Healthcare's pathology business Max Lab reported gross revenue of INR 580 million, up 20% year-over-year and 11% sequentially for the three months. The business now operates across more than 60 cities and offers over 2,700 tests.
Max@Home reported gross revenue of INR 780 million, up 32% year-over-year and 7% quarter-over-quarter. The growth was driven by physiotherapy and rehabilitation, nursing care, and attendants under assistance services, along with sample collection and medicine delivery under transactional services.
Max Healthcare's board has also granted in-principle approval to set up medical colleges, in view of proposed regulatory changes by the National Medical Commission.
The company announced its June quarter results during market hours. On Thursday, shares of the company ended at INR 1,013.30 on the National Stock Exchange, up 0.6%. End
Edited by Avishek Dutta
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