Max Healthcare Q2 results: revenue up 20% to Rs 3,219 crore, network PAT up 10%
Max Healthcare Q2 results 2026: gross revenue rose 20% to Rs 3,219 crore and network PAT reached Rs 448 crore, up 10% on a normalised base.
The Max Healthcare Q2 results 2026 show gross revenue up 20% year on year to Rs 3,219 crore for the quarter ended 30 September 2026. Network profit after tax (PAT) rose 10% to Rs 448 crore. The company compares that with a Q2 FY26 base of Rs 406 crore, which it has normalised for a one-time tax gain. The board approved the results on 30 October 2026, and the company filed its press release with the NSE the same day.
Max Healthcare Q2 results: key numbers
| Measure (Rs crore) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Gross revenue | 3,219 | 2,692 | 20% |
| Net revenue | 3,055 | 2,580 | 18% |
| Operating EBITDA | 820 | 694 | 18% |
| Operating EBITDA margin | 26.8% | 26.9% | -0.1 pt |
| Network PAT | 448 | 406 (normalised) | 10% |
Operating EBITDA is operating profit before interest, tax, depreciation and amortisation. Net revenue is gross revenue after the deductions the company reports. Q1 FY27 PAT was Rs 357 crore, so profit rose from the previous quarter as well.
Why revenue and profit grew
The release points to more capacity and more patients. Operational beds reached 5,518 at the end of September, up 758 or 16% from a year earlier. Bed occupancy was 77%, and occupied bed days rose 13%. Average revenue per patient (ARPP) rose 8% to Rs 2.31 lakh.
One-time items
The Q2 FY26 base is normalised for a one-time tax gain of Rs 149 crore, so the 10% profit growth is measured against Rs 406 crore, not the unadjusted figure. Free cash from operations was Rs 500 crore in the quarter, of which Rs 292 crore went into ongoing expansion.
What to watch next
Investors will watch whether bed additions keep pace with occupancy, and how much cash goes into expansion in the next quarters. For more quarterly reports, see more results news.
Frequently asked questions
What is network PAT?
Network PAT is profit after tax for the company's network. The company defines the network as the company itself, its subsidiaries, managed hospitals and partner healthcare facilities, so it is not the same as the profit of the listed company alone.
This article is a summary for information only and is not investment advice. Figures are as reported by the sources above; please verify with the original filing or report before making any decision.
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