Max Healthcare Q1 FY 2026-27 Results: Revenue Rises 16%; PAT Up 4.9%

Max Healthcare Institute reported a strong rise in revenue for Q1 FY27. The rise was supported by the acquisition of Kalinga Hospital and continued growth across its existing network. Gross revenue increased 16% year-on-year to ₹2,982 crore, while consolidated profit rose 4.9% to ₹322.96 crore.

Profit growth was slower than revenue growth as higher depreciation and finance costs followed the commissioning of new capacity and the Kalinga Hospital acquisition.

Following the Q1 FY27 results, Max Healthcare shares fell and ended 14 August 2026 at a 0.23% low.

Max Healthcare Q1 FY27 Results: Key Highlights

Revenue Growth Remains Strong

Net revenue grew 15% to ₹2,835 crore, while operating EBITDA rose 15% to ₹704 crore. The EBITDA margin was broadly stable at 24.8%.

Excluding oncology revenue, gross revenue growth was stronger at 20% year-on-year. The company said oncology revenue declined following the discontinuation of select chemotherapy drugs for institutional patients.

Higher overheads also affected margins, including ₹195 crore related to new units such as Kalinga Hospital.

Other businesses continued to expand:

• Max@Home: Revenue rose 32% YoY to ₹78 crore.

• Max Lab: Revenue increased 20% YoY to ₹58 crore.

• MSSH Bhubaneswar: Contributed ₹19 crore revenue and around ₹2 crore EBITDA after the acquisition.

Expansion And Acquisitions Drive Capital Deployment

Max Healthcare generated ₹397 crore in free cash from operations during the quarter. It deployed ₹386 crore towards the acquisitions of Kalinga Hospital and Yerawada Properties Private Limited.

The board has also approved ₹425 crore of capital expenditure for a new tower at Max Super Speciality Hospital, Vaishali. The project will add around 202 beds to the existing 387-bed facility and is targeted for commissioning by Q4 FY30.

Meanwhile, 202 beds from the brownfield expansion at Max Smart Super Speciality Hospital have become operational, with another 198 beds expected to be handed over in Q2 FY27.

Management Changes

The company announced changes to its senior management team.

• Ajay Vij will become Director – Chief Supply Chain & Procurement Officer from 14 August.

• Pawan Kumar Marella will join as Senior Director – Chief Experience & Brand Officer from 17 August.

• Dr. N. Venkatesan will leave the senior management team on 31 August to pursue other opportunities.

With revenue growth remaining strong and new capacity coming online, the near-term focus will be on ramping up acquired and expanded facilities while absorbing the higher depreciation and financing costs associated with the expansion cycle.

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