Max Healthcare Institute Ltd. (MHIL) reported strong Q1 FY26 results with network gross revenue at ₹2,574 crore, up 27% YoY and 6% QoQ, led by higher outpatient volumes. International patient revenue grew 32% YoY to ₹208 crore, making up ~9% of total hospital revenue.
Network EBITDA reached ₹613 crore (+23% YoY), with a margin of 24.9%. EBITDA per bed stood at ₹68.5 lakh, while existing units posted 26.2% margin.
Max Lab revenue rose 19% YoY to ₹48 crore, now present in 55+ cities with 2,700+ tests. Max@Home posted ₹60 crore revenue (+22% YoY), driven by physiotherapy, rehab, and critical care.
PAT increased 17% YoY to ₹345 crore. Free cash from operations was ₹389 crore, with ₹435 crore invested in expansion and ₹131 crore in land acquisition for Max Super Speciality Hospital, Vaishali. Net debt closed at ₹1,755 crore.
On the expansion front, the Board approved a lease for a new ~130-bed hospital in Dehradun, located ~100 meters from the existing 220-bed facility, targeting advanced oncology services and scheduled for commissioning in 2028. Jaypee Healthcare, a WoS of the Company, signed a binding term sheet to divest Chitta (Bulandshahr) and Anoopshahr hospitals to Manush Aushadi and Anusandan Ltd. for ₹40 crore, in line with its focus on super-specialty care in larger cities. These hospitals had combined Q1 revenue of ~₹5 crore with EBITDA loss of ~₹1 crore. Additionally, a new ~160-bed tower at Max Mohali is complete, with trial runs started on two of eight clinical floors.
