MAXHEALTH's Q2 FY27 numbers came in strong, with revenue of Rs. 2,569.21 Cr (+20.31% YoY) and PAT growth of -15.64% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,569.21 Cr (+20.31% YoY) |
| PAT (Q2) | Rs. 414.45 Cr (-15.64% YoY) |
| EBITDA margin | 27.69% (+76 bps YoY) |
| EPS (Q2) | Rs. 4.26 (-15.64% YoY) |
Q2 FY27 delivered 20.31% YoY revenue growth with EBITDA margin expanding ~240 bps QoQ to 27.69%, reverting above the FY26 average after the Q1 pre-commissioning trough; the reported 15.64% PAT decline is a prior-year merger tax-credit base effect, with normalized PAT up 21.13%. Cash conversion was healthy (CFO 1.35x PAT) and FCF turned positive, though net debt rose Rs.432 Cr and receivables growth outpaced revenue. Management's >25% margin and 8,000-bed FY28 targets remain on track, with Gurgaon Sector-56 completion (April 2027) the key H2 catalyst.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely in-line to ahead, on a high base" | Rs.2,569.21 Cr, +20.31% YoY, +8.58% QoQ | Played out |
| Margins | "likely flat to compressing at the operating line" | P&L-derived margin 27.69% vs 25.29% Q1 FY27 — expanded | Contradicted |
| Finance costs | "a continuing headwind to PAT" | Rs.73.84 Cr, +36.94% YoY | Played out |
| Depreciation | rising | Rs.137.63 Cr, +27.32% YoY | Played out |
| PAT vs revenue gap | PAT growth to lag again | Reported PAT −15.64% YoY, but +21.13% vs the tax-normalized base (prior year had merger tax credits of Rs.149.16 Cr) — the gap was a base effect | Partially |
| Vector-borne season (muted YoY, per pre-call note) | muted YoY demand tailwind | Revenue +20.31% despite it | Played out |
| Tax rate ~26% | elevated | ETR 23.38% — favorable | Contradicted |
| Watch: margin back >25% | watch item | 27.69% statutory basis | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| 8,000 beds by FY'28 (from ~4,800) | prior earnings calls / Q1 FY27 presentation | 6,100+ beds at Sep 30, 2026; +85 (Noida) and +60 (Vaishali) beds approved | On Track |
| Sustain >25% EBITDA margins on expanded footprint | Q1 FY27 management commentary | Statutory P&L-derived EBITDA margin 27.69% (network Operating EBITDA not disclosed in the filing) — statutory basis | On Track |
| FY27: 645 bed additions; ~Rs.1,637 Cr capex outflow | Q4 FY26 concall | H1 PPE capex Rs.589.25 Cr; CWIP Rs.804.51 Cr; approvals added | On Track |
| Max Smart remaining 198 beds hand over in Q2 FY27 | Q1 FY27 presentation | Bed count unchanged at 6,100+ vs Jun 30; not verifiable from filing | Too Early |
| CGHS net benefit Rs.140 Cr p.a. post-GST; Rs.30–40 Cr residual to flow | Q4 FY26 / Q1 FY27 commentary | Not addressed in the filing | Too Early |
| Gurgaon Sector-56 (500 beds) by end of H2 FY27 | prior concall ("minor delay of a few months") | Filing revises cost to ~Rs.1,143 Cr, timeline April 2027 | On Track |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Occupancy % | 77 | 74 | >75 | >75 | >75 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.