The growth in revenue was driven by an increase in OBDs. International patient revenue stood at Rs 231 crore, reflecting a growth of 25% YoY, and accounted for nearly 9% of the hospital revenue.
Bed occupancy for the quarter was at 77%, with occupied bed days (OBDs) up by 19% YoY. ARPOB for Q2 FY26 stood at Rs 77.3 thousand compared to Rs 76.2 thousand in Q2 FY25 and Rs 78.0 thousand in Q1 FY26.
Network operating EBITDA in Q2 FY26 was Rs 694 crore, reflecting a growth of 23% YoY. EBITDA margin for the Network stood at 26.9% compared to 26.6% in Q2 FY25 and 24.9% in Q1 FY26. EBITDA margin for existing units was 27.5%.
Overall EBITDA per bed in Q2 FY26 stood at Rs 73.4 lakhs compared to Rs 71.2 lakhs in Q2 FY25 and Rs 68.5 lakhs in Q1 FY26. EBITDA per bed for existing units stood at Rs 76.5 lakhs, up 7% YoY.
Max Lab (non-captive pathology vertical) reported revenue of Rs 54 crore during the quarter, recording a growth of 16% YoY. Max Lab services now has presence across 60-plus cities and it offers a comprehensive range of over 2,700 tests.
Max@Home gross revenue in Q2 FY26 was Rs 63 crore, reflecting a growth of 20% YoY, driven by physio & rehab, critical care (assistance services), medicine delivery (transactional services) and medical rooms.
The company recorded a favourable tax impact of Rs 149 crore, arising from the merger of Crosslay Remedies (CRL) and Jaypee Healthcare (JHL). Excluding this one-time impact, PAT during the quarter stood at Rs 406 crore, up 16% YoY.
Free cash from operations was Rs 291 crore versus Rs 464 crore in Q2 FY25 and Rs 389 crore in Q1 FY26.
An amount of Rs 456 crore was deployed towards ongoing expansion plans and upgradation of facilities at newer units. In addition, Rs 146 crore was distributed as dividend. Net debt at the end of the quarter stood at Rs 2,067 crore compared to Rs 1,755 crore at the end of June 2025.
Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective 18 September 2025.
The NCLT Chandigarh Bench approved scheme of amalgamation of JHL and CRL, both wholly owned subsidiaries of the company, with an appointed date of 05 October 2024.
The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.
Abhay Soi, chairman and managing director, Max Healthcare Institute, said: We continued our strong performance this quarter with revenue and operating EBITDA growth of 21% and 23%, respectively.
Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.
On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients.
Max Healthcare Institute (Max Healthcare) is one of India's largest healthcare organizations. The company operates 20 healthcare facilities (nearly 5,200 beds) with a significant presence in North India. In addition to the hospitals, Max Healthcare operates homecare and pathology businesses under brand names Max@Home and Max Lab, respectively.
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