Max Healthcare Reports ₹2982 Cr Revenue, Profit Rises 3% in Q1 FY27
Max Healthcare's Q1 FY27 revenue surged 16% to ₹2,982 crore, with a 3% rise in profit to ₹357 crore, driven by expansions and strategic acquisitions.
Max Healthcare has announced a significant financial performance for the first quarter of the fiscal year 2027, reporting a 16% year-on-year increase in gross revenue to ₹2,982 crore. The company's net profit also saw a modest rise of 3% to ₹357 crore, compared to ₹345 crore in the same period last year.
Revenue and Profit Growth
The healthcare group's operating earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₹704 crore, marking a 15% increase from the previous year. The EBITDA per bed improved to ₹71.2 lakh from ₹68.5 lakh in the first quarter of FY26, although it saw a slight decline from ₹73.4 lakh in the previous quarter.
The growth in profit was partially offset by increased depreciation and finance costs, a consequence of the recent commissioning of brownfield capacity expansions at MSSH Mohali, Nanavati-Max, and Max Smart hospitals.
Expansion and Acquisitions
Max Healthcare's strategic moves included the acquisition of Kalinga Hospital Limited (KHL) and Yerawada Properties Private Limited (YPPL), which together added ₹153 crore to the company's net debt. The acquisition of a controlling 58.28% stake in KHL, completed on May 18, 2026, was valued at nearly ₹298 crore and funded through external commercial borrowing. This acquisition brought an additional 250 beds to the company's portfolio.
Renamed MSSH Bhubaneswar, the newly acquired hospital contributed ₹19 crore in revenue and approximately ₹2 crore in EBITDA during the post-acquisition period, with an occupancy rate of 50% and an average revenue per occupied bed (ARPOB) of ₹35,000.
Pathology and Home Care Services
Max Lab, the non-captive pathology vertical, reported a 20% increase in gross revenue to ₹58 crore, offering services across multiple cities with over 2,700 tests. Meanwhile, Max@home, the home care vertical, experienced a 32% rise in revenue to ₹78 crore, driven by growth in physiotherapy, rehabilitation, nursing care, and medicine delivery services.
The company's free cash flow stood at ₹397 crore, with substantial investments directed towards the acquisitions and future expansions, including a proposed 450-bed hospital in Pune and a new 202-bed tower at MSSH Vaishali, expected to be completed by Q4 FY30.
Future Plans
Max Healthcare is also exploring opportunities in medical education, with the board granting in-principle approval to establish medical colleges, aligning with anticipated regulatory changes by the National Medical Commission.