Q2 2026 Max Healthcare Institute Ltd Earnings Call Transcript
Key Points
- Max Healthcare Institute Ltd (BOM:543220) reported a strong revenue growth of 21% year-on-year for the second quarter, with operating EBITDA increasing by 23%.
- The company has maintained a consistent growth trajectory for 20 consecutive quarters, showcasing the strength of its core operations.
- Significant expansion efforts are underway, with new brownfield projects adding substantial bed capacity across multiple locations, including Mohali, Nanavati Max, and Max Smart.
- Digital revenue from online marketing activities accounted for approximately 30% of the overall revenue, indicating a successful digital strategy.
- International patient revenue saw a robust growth of 25% year-on-year, highlighting the company's expanding global footprint.
- Average occupancy for the network slightly decreased to 77% compared to 79% in the same quarter last year.
- There was a temporary issue with insurance renewals, leading to a stoppage of cashless facilities, although this has been resolved.
- The company's net debt increased to INR2,067 crores from INR1,755 crores at the end of June 2025, reflecting ongoing expansion costs.
- Cash flow from operations was impacted by a buildup of accounts receivable in the institutional segment.
- The profit growth after tax, excluding one-time impacts, was 16% year-on-year, which lagged behind the revenue and EBITDA growth rates.
Good day, and welcome to Max Healthcare Institute Limited earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Suraj Digawalekar from CDR India. Thank you, and over to you, Suraj.
Thank you, Michel. Good morning, everyone, and thank you for joining us on Max Healthcare Q2 and H1 FY26 earnings conference call. We have with us Mr. Abhay Soi, Chairman and Managing Director; Mr. Yogesh Sareen, Senior Director and Chief Financial Officer; and Mr. Keshav Gupta, Senior Director, Growth, M&A and Business Planning. We will begin the call with opening remarks from the management, following which, we will have the forum portion for an introductive Q&A session.
Before we begin, I would like to point out that some statements made in today's discussion may be forward-looking in (inaudible) and a disclaimer to this effect has been included in the earnings presentation earlier.
I would now like to invite
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