Max Healthcare reports strong growth, plans major expansion

Max Healthcare, India's largest hospital chain by market capitalization, detailed its impressive H1 FY26 performance, including a 24% year-on-year increase in Net Revenue to ₹5,039 Cr and a 23% rise in Operating EBITDA to ₹1,308 Cr. Profit after tax surged by 40% to ₹899 Cr. The company achieved a 70% occupancy rate in H1 FY26 and a strong ARPOB of ₹78,000.

The company is strategically expanding its capacity by over 8,300 beds, with approximately 4,800 beds to be added within the next 3-4 years through brownfield and asset-light models. Key ongoing projects include Nanavati-Max (268 beds in Phase I), Max Smart (400 beds), Max Vikrant (550 beds), Max Gurugram (501 beds), Max Nirogi (397 beds), and Vaishali Tower 3 (200 beds). Max Healthcare also highlighted its Max Lab and Max@Home ventures, which continue to drive growth in the non-captive pathology and homecare segments, with Max Lab reporting 21% YoY digital revenue growth and over 1.3 million active partners.

MHIL's management emphasized its strong cash generation from operations (₹679 Cr in H1 FY26) and a low net debt of ₹2,067 Cr as of September 30, 2025, providing ample headroom for future growth and M&A opportunities.