Max Healthcare Institute Ltd reported a 15.6% year-on-year decline in consolidated net profit to ₹414.45 crore for Q2 FY27, compared to ₹491.3 crore in the same period last year. According to Business Standard, the decline was primarily attributed to higher operating expenses and tax burden. The company's revenue from operations grew 16.8% YoY to ₹2,569 crore, up from ₹2,135 crore in Q2 FY26, driven by increased occupied bed days and strong international patient demand. Operating expenses rose 20% YoY to ₹2,069 crore, including expenses on employee benefits, drug procurement, and finance costs. Tax expenses surged to ₹126.47 crore in the September quarter, compared to a ₹45.27 crore tax credit in the same quarter last year.
The healthcare provider's international operations showed strong momentum with international patient revenue reaching ₹307 crore, marking a 33% increase and accounting for approximately 10% of total hospital revenue. As reported by Business Standard, this growth reflects the company's successful positioning in the medical value travel segment, benefiting from India's cost-competitive healthcare services. The company witnessed strong growth in medical value travel during the quarter, contributing significantly to the overall revenue growth. If three partner healthcare facilities in New Delhi are included, the company's total revenue stands at ₹3,046 crore, with net profit at ₹448 crore, according to the company's investor presentation.
Max Healthcare delivered over 31 lakh patient service episodes across the network during the quarter, marking a 12% growth. The company achieved a 13% YoY increase in occupied bed days (OBDs) and reported an 8% increase in average revenue per patient (ARPP) to ₹2.31 lakh per patient, up from ₹2.14 lakh recorded in the same quarter last year. Bed occupancy for the quarter was 77%, with occupied bed days up 13% year-on-year, demonstrating strong operational efficiency. The company noted that three partner healthcare facilities in New Delhi – Max Balaji Hospital, Max Smart Super Speciality Hospital, and Max Saket Super Speciality Hospital – are not included in the listed entity's consolidated financial statements.
The expansion initiatives include 85 beds at MSSH, Noida, 60 beds at MSSH, Vaishali, and 64 beds at BLK Max along with a multi-level car parking tower. As reported by Business Standard, total bed capacity increased 20% year-on-year to 6,184 beds for the half-year period ended September. The company is witnessing faster ramp-up in occupancy of newly added beds, indicating robust demand and effective capacity absorption. MSSH, Dwarka, commenced services at its new Oncology Block, which includes chemotherapy day care, dialysis, nuclear medicine, and LINAC facilities, increasing the hospital's total bed capacity to 318 beds by Q3 FY27. Max Healthcare's operational bed capacity stood at 5,518 beds at the end of September 2026, up 16%, or 758 beds, from a year earlier.
Max Healthcare's shares ended the day's trade at ₹860 apiece on the BSE, up 1% on an intraday basis following the results announcement after market hours. Commenting on the results, Abhay Soi, chairman and managing director at Max Healthcare, stated that the company is witnessing faster ramp-up in occupancy of newly added beds, indicating robust demand and absorption of added capacity. "We continue to deliver steady growth as we expand our bed capacity across multiple locations to meet India's growing need for quality healthcare. Higher occupancy levels across our network hospitals reflect this demand," Soi added. The company's cash from operations for the Network during the half year was ₹897 crore, demonstrating strong operational cash generation despite the profit decline.
