New Delhi: Max Healthcare reported a 16 per cent year on year (YoY) rise in gross revenue to Rs 2,982 crore in the first quarter ended June this year.
Network Operating ebitda stood at Rs 704 crore, representing a growth of 15 per cent YoY.
While network PAT grew 3 per cent YoY to Rs 357 crore, compared to Rs 345 crore in Q1 FY26. The healthcare major said, this is primarily due to increase in depreciation and finance costs consequent to commissioning of brownfield capacity expansion in MSSH Mohali, Nanavati-Max and Max Smart.
Overall ebitda per bed stood at Rs 71.2 lakhs compared to ₹ 68.5 lakhs in Q1 FY26 and ₹ 73.4 lakhs in Q4 FY26.
The healthcare major’s Max Lab (non-captive pathology vertical) reported a gross revenue of Rs 58 crore during the quarter, up 20 per cent YoY and 11% quarter on quarter (QoQ).
The vertical provides services across more than cities and it offers over 2,700 tests, Max said.
Its home care vertical, Max@home saw a 32 per cent YoY increase in gross revenue to Rs 78 crore. When compared QoQ, revenue increased 7 per cent, driven by physio & rehab, nursing care and attendants and sample collection & medicine delivery, Max said.
The company said its free cash for the quarter stood at Rs 397 crore compared to Rs 389 crore in Q1 FY26 and Rs 581 cr in Q4 FY26.
Out of this amount, it deployed Rs 386 crore towards the acquisition of Kalinga Hospital Limited (KHL) and Yerawada Properties Private Limited (YPPL).
Consolidation of KHL and YPPL also added Rs 153 crore to net debt (including towards put option liability), Max said.
Net Debtat the end of the quarter stood at Rs 2,384 crore compared to Rs 1,908 crore at the end of March, 2026.
Max said it completed the acquisition of a controlling stake of 58.28% in KHL, located in Bhubaneswar, Odisha on May 18, 2026 for a sum of close to Rs 298 crore.
The deal was funded through an external commercial borrowing and adds 250 beds to the healthcare major’s portfolio.
Renamed to MSSH Bhubaneswar, it contributed Rs 19 crore in revenue and close to Rs 2 crore in ebitda during the post-acquisition period in Q1 FY27, with 50% occupancy and ARPOB of Rs 35k.
Prior to acquisition, the hospital generated revenue of approximately Rs 154 crore in FY26.
The healthcare giant said it had received preliminary approval from local municipal corporation for the proposed 450 beds hospital in Pune on a prime piece of land owned by YPPL and the building plans are under finalization.
It also approved a capital expenditure of Rs 425 Cr for a brownfield tower at MSSH Vaishali, adding 202 beds to the existing capacity of 387 beds.
It added that the building plans for the new tower have been approved and construction activities have commenced, with the project expected to be commissioned in Q4 FY30.
Max Healthcare said it received an in-principle approval from its board to foray into medical education and set-up medical colleges, in view of the proposed regulatory changes by National Medical Commission.
