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Max Healthcare Institute Q2 FY27 results: net profit down 15.6% to ₹414.45 crore, revenue up 20.3%
Max Healthcare Institute Limited reported consolidated revenue of ₹2,569 crore for Q2 FY27, up 20.3% from ₹2,135 crore a year earlier, with EBITDA of ₹711.49 crore and a margin of 27.7%. Profit after tax was ₹414.45 crore, lower than ₹491.30 crore in Q2 FY26, as tax moved from a credit of ₹45.27 crore to a charge of ₹126.47 crore. Against the previous quarter, revenue rose 8.6% and PAT rose 28.3%.
Key points
- Consolidated revenue was ₹2,569 crore in Q2 FY27, up 20.3% year on year and 8.6% from Q1 FY27.
- EBITDA was ₹711.49 crore, up 23.7% from ₹575.15 crore, with margin at 27.7% against 26.9% a year earlier.
- Profit after tax was ₹414.45 crore, down 15.6% from ₹491.30 crore, and basic EPS was ₹4.26 against ₹5.05.
- For H1 FY27, revenue was ₹4,935.38 crore, up 18.6%, while PAT was ₹737.41 crore, down 7.7%.
- Total assets stood at ₹18,722.12 crore on 30 September 2026, with borrowings of ₹3,795.03 crore and cash of ₹556.71 crore.
How did Max Healthcare Institute perform in Q2 FY27?
Max Healthcare Institute reported consolidated revenue of ₹2,569 crore for Q2 FY27, the July–September 2026 quarter, against ₹2,135 crore in Q2 FY26 and ₹2,366 crore in Q1 FY27. EBITDA rose to ₹711.49 crore from ₹575.15 crore a year earlier and ₹598.45 crore in the previous quarter, with the margin at 27.7% against 26.9% and 25.3% respectively. On a standalone basis, revenue was ₹841.97 crore and PAT was ₹168.33 crore.
Profit before tax was ₹540.92 crore, up from ₹446.03 crore in Q2 FY26 and ₹436.31 crore in Q1 FY27. PAT was ₹414.45 crore against ₹491.30 crore a year earlier, a fall of 15.6%, and basic EPS was ₹4.26 against ₹5.05, down 15.6%. Against Q1 FY27, PAT rose 28.3% and EPS rose 28.3% to ₹4.26 from ₹3.32. The PAT margin was 16.1%, 6.9 percentage points below the year-ago quarter and 2.5 percentage points above the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,569 | 2,366 | 2,135 | +20.3% | +8.6% |
| Other income | 40.90 | 40.52 | 32.90 | +24.3% | +0.9% |
| Total expenses | 2,069 | 1,970 | 1,722 | +20.1% | +5.0% |
| EBITDA | 711.49 | 598.45 | 575.15 | +23.7% | +18.9% |
| EBITDA margin | 27.7% | 25.3% | 26.9% | +0.8 pp | +2.4 pp |
| Profit before tax | 540.92 | 436.31 | 446.03 | +21.3% | +24.0% |
| Tax | 126.47 | 113.35 | −45.27 | +11.6% | |
| Net profit | 414.45 | 322.96 | 491.30 | −15.6% | +28.3% |
| EPS (₹) | 4.26 | 3.32 | 5.05 | −15.6% | +28.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Max Healthcare Institute's costs and profit?
Total expenses rose to ₹2,069 crore from ₹1,722 crore in Q2 FY26, a rise of 20.1%, and other expenses were higher by ₹185.99 crore at 24.6%. Employee cost increased by ₹60.99 crore, finance costs by ₹19.92 crore and depreciation by ₹29.53 crore. There was no exceptional item in either quarter.
Other income was ₹40.90 crore, up ₹8 crore from ₹32.90 crore in Q2 FY26. The main change below the profit line was tax, which moved from a credit of ₹45.27 crore to a charge of ₹126.47 crore, a difference of ₹171.74 crore. Against Q1 FY27, other expenses rose ₹76.94 crore, employee cost ₹11.13 crore, finance costs ₹2.84 crore and depreciation ₹5.97 crore, while tax was higher by ₹13.12 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 399.31 | 338.32 | +60.99 | +18.0% |
| Finance costs | 73.84 | 53.92 | +19.92 | +36.9% |
| Depreciation | 137.63 | 108.10 | +29.53 | +27.3% |
| Other expenses | 943.10 | 757.11 | +185.99 | +24.6% |
| Total expenses | 2,069 | 1,722 | +346.85 | +20.1% |
| Other income | 40.90 | 32.90 | +8 | +24.3% |
| Tax | 126.47 | −45.27 | +171.74 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹4,935.38 crore against ₹4,163.04 crore in H1 FY26, a rise of 18.6%, and total income was ₹5,016.8 crore against ₹4,232.45 crore, up 18.5%. Profit before tax was ₹977.23 crore, up 15.4% from ₹846.46 crore.
PAT for the first half was ₹737.41 crore against ₹799.27 crore in H1 FY26, a fall of 7.7%, and EPS was ₹7.58 against ₹8.22, down 7.8%. On the network basis disclosed in the company presentation, gross revenue for the half year was ₹6,200 Cr, up 18%, and network PAT was ₹805 Cr, up 7%, with cash from operations for the network at ₹897 Cr.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,935 | 4,163 | +18.6% |
| Profit before tax | 977.23 | 846.46 | +15.4% |
| Net profit | 737.41 | 799.27 | −7.7% |
| EPS (₹) | 7.58 | 8.22 | −7.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
On the consolidated balance sheet as of 30 September 2026, total assets were ₹18,722.12 crore against ₹17,230.94 crore at 31 March 2026, and total equity was ₹11,533.13 crore against ₹10,746.63 crore. Borrowings were ₹3,795.03 crore compared with ₹3,478.36 crore, while cash fell to ₹556.71 crore from ₹665.8 crore. Inventories were ₹131.81 crore against ₹114.28 crore, trade receivables ₹1,243.36 crore against ₹969.75 crore, and trade payables ₹997.08 crore against ₹859.04 crore.
For H1 FY27, operating cash flow was ₹994.95 crore against ₹817.59 crore in H1 FY26. Investing cash flow was a net outflow of ₹987.51 crore against ₹966.04 crore, financing cash flow a net outflow of ₹116.58 crore against ₹35.32 crore, and capital expenditure was ₹589.25 crore against ₹858.9 crore. The company reported net debt of ₹2,369 Cr at the end of September 2026 against ₹2,384 Cr at the end of June 2026.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 18,722 | 17,231 |
| Total equity | 11,533 | 10,747 |
| Borrowings | 3,795 | 3,478 |
| Cash and equivalents | 556.71 | 665.80 |
| Inventories | 131.81 | 114.28 |
| Trade receivables | 1,243 | 969.75 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 994.95 | 817.59 |
| Cash from investing | −987.51 | −966.04 |
| Cash from financing | −116.58 | −35.32 |
| Capital expenditure | 589.25 | 858.90 |
Source: Company's results filing (XBRL).
How has Max Healthcare Institute done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, and the quarterly series moved from ₹1,868.31 crore in Q3 FY25 to a low of ₹1,909.74 crore in Q4 FY25 before reaching ₹2,569.21 crore in Q2 FY27, the highest in the period shown. The latest reading was above the ₹2,366.17 crore recorded in Q1 FY27.
PAT has been less steady, moving from ₹238.8 crore in Q3 FY25 to a peak of ₹491.3 crore in Q2 FY26 and a low of ₹300.92 crore in Q3 FY26, before recovering to ₹414.45 crore in Q2 FY27 from ₹322.96 crore in Q1 FY27. The EBITDA margin ranged from 25.3% in Q1 FY27 to 28.3% in Q4 FY26 and stood at 27.7% in the latest quarter.
What else did the company announce?
Alongside the results, the board approved capital expenditure of ~₹93 Crore for redevelopment and clinical capacity enhancement at Max Super Speciality Hospital, Sector-128, Noida, and ~₹97 Crore for additional floors over the existing tower at Max Super Speciality Hospital, Vaishali. The company also approved capital expenditure of ₹415 Cr for 209 brownfield beds across existing hospitals.
The board approved the appointment of Dr. Dharmender Kumar as Director and Chief – Public Affairs, with effect from 1 November 2026. It also revised the project cost of the proposed ~525 bedded hospital at Sector-56, Gurugram to ~₹1,143 Crore and the completion timeline to April 2027. A separate filing said an NCLT matter involving Kalinga Hospital was adjourned to 30 October 2026.
How did Max Healthcare Institute shares react?
The stock traded in the market after the filing appeared. From the price at the time of the filing it was up 0.5% after five minutes, 0.4% after 15 minutes and 0.1% after 30 minutes. On the reaction day it closed 0.8% above the previous close of ₹853.0, and by the next day's close the stock was up 3.5% from its pre-results close.
The Hospital sector's other stocks had a median move of -0.1% on the reaction day and -0.2% by the next day's close, so Max Healthcare's move was 0.9 percentage points and 3.6 percentage points above the sector median on those closes. The Nifty 100 rose 0.3% on the reaction day and 2.0% by the next day's close.
Earlier results-day moves were mixed: the stock was up 0.6% on 13 August 2026, down 6.4% on 21 May 2026 and up 1.5% on 5 February 2026. Other reactions included up moves of 1.8% on 14 November 2025, 0.4% on 13 August 2025, 2.5% on 30 January 2025 and 3.0% on 5 November 2024, and a fall of 1.4% on 20 May 2025.
| After the filing | Stock | Hospital median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | +0.4% | |
| 30 minutes | +0.1% | |
| Reaction day | +0.8% | −0.1% |
| Next day | +3.5% | −0.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | +0.6% |
| 21 May 2026 | −6.4% |
| 5 February 2026 | +1.5% |
| 14 November 2025 | +1.8% |
| 13 August 2025 | +0.4% |
| 20 May 2025 | −1.4% |
| 30 January 2025 | +2.5% |
| 5 November 2024 | +3.0% |
Source: MarketPing price-reaction measurement.
How did other Hospital companies do?
Thirteen other Hospital companies had filed results for this quarter by 4 November 2026. The median revenue growth among them was 23.2%, compared with revenue growth of 20.3% at Max Healthcare. Eight of those peers grew revenue faster than Max Healthcare and five grew slower. Of the 11 peers with profit compared, nine reported higher profit.
| Max Healthcare Institute revenue growth (YoY) | +20.3% |
|---|---|
| Median of 13 other Hospital companies | +23.2% |
| Companies with slower revenue growth than Max Healthcare Institute | 5 of 13 |
| Companies with faster revenue growth than Max Healthcare Institute | 8 of 13 |
| Companies whose net profit rose | 9 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Max Healthcare Institute's revenue in Q2 FY27?
Revenue from operations was ₹2,569 crore, up 20.3% from ₹2,135 crore in Q2 FY26 (consolidated).
Did Max Healthcare Institute make a profit in Q2 FY27?
Yes. Net profit was ₹414.45 crore, against a net profit of ₹491.30 crore in Q2 FY26.
What was Max Healthcare Institute's EPS in Q2 FY27?
Basic earnings per share were ₹4.26, against ₹5.05 in Q2 FY26.
How did Max Healthcare Institute shares react to the Q2 FY27 results?
On the reaction day the stock moved +0.8% from the previous close; the median Hospital stock moved −0.1%.
When did Max Healthcare Institute announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Financial Results (BSE, 23 October 2026) · PDF
- Results - Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Meeting Held On October 30, 2026 (BSE, 30 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Press Release / Media Release (BSE, 30 October 2026) · PDF
- Presentation On Earnings Update (BSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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