Max Healthcare Institute Ltd – Q2 FY26: ARPOB ₹77,000, PAT ₹491 Cr, EBITDA ₹575 Cr – The North Indian Hospital Don Who Prints Money in Scrubs

1. At a Glance

Max Healthcare is that one hospital chain in India which behaves like a Bollywood superstar—loves expansion, keeps buying properties, and somehow manages to look richer every year despite always “being busy.” With amarket cap of ₹1,14,945 crore, acurrent price of ₹1,181, and astock P/E of 81.6, Max is basically trading like a startup that discovered a cure for “premium valuation syndrome.” Yet, the last quarter’s numbers justify the swagger:Q2 FY26 revenue ₹2,135 crore,PAT ₹491 crore(up a spicy74.3%YoY), and an occupancy rate of77%, which is higher than most engineering colleges during placement season.

Their ARPOB, a.k.a. the “Average Revenue Per Occupied Bed,” sits at₹77,000, proving that North Indians may avoid gyms and cholesterol checks, but when they get sick, they go all-in. EBITDA per bed dropped slightly from FY24’s ₹74 lakh to₹71 lakhin H1 FY25, but Max compensated by acquiring hospitals faster than Zomato buys quick-commerce startups. Jaypee Healthcare? Bought. Alexis Nagpur? Bought. Sahara Hospital Lucknow? Bought. Greenfield Dwarka hospital? Of course. All this while debt climbed to₹3,275 crore, up from ₹913 crore in FY22—but hey, what’s expansion without a little leverage?

By the end of this article, you’ll either admire Max Healthcare’s empire-building game or fear that one day they’ll acquire your building and convert it into a 200-bed specialty center. Buckle up.

2. Introduction

Picture a hospital chain that behaves like a private equity fund—hungry, ambitious, and always scanning for distressed assets to pounce on. That’s Max Healthcare.

In a world where hospital chains fight for market share like cats in a sack, Max has built a fortress in North India. From Delhi NCR to Bathinda, Mohali to Mumbai, Dehradun to Bulandshahr—not even the Himalayan foothills are safe from their teal-colored branding.

This is a company that doesn’t expand—itproliferates. They don’t acquire—theyannex. When a 500-bed hospital sneezes, Max Healthcare shows up with a cheque and a term sheet.

But beneath this expansionist comedy lies a seriously efficient core:

• OPM of 27% TTMis the kind of margin you usually see in software companies, not hospitals dealing with aunties demanding “ek baar aur blood pressure check karwao beta.”
• Sales growth of 46% over 5 yearsshows they aren’t just adding beds—they’re filling them.
• PAT growth of 80.5% over 5 yearsproves they’re filling them with profitable patients, not “sir card swipe nahi ho raha” types.

And thanks to high FII ownership (51.8%), Max is also the “foreign investor favourite”—like the Virat Kohli of hospitals.

The question is:Are they building a medical empire… or are they one capex cycle away from needing an ICU themselves?

Let’s investigate.

3. Business Model – WTF Do They Even Do?

Max Healthcare runs hospitals, clinics, diagnostics, and increasingly, your entire life. Their business model is simple:You fall sick → they bill you → you complain → they bill you again → you recover → they buy another hospital.

Their operations span three big verticals:

1) Max Healthcare (Hospitals)

The bread, butter, butter chicken, and revenue generator of the empire.They provide everything from:

• Cardiac care
• Orthopedics
• Oncology
• Neurosciences
• Transplants
• Radiology
• Pathology
• Preventive health

Basically, if it can be cut, scanned, replaced, or stitched… they do it.

With22 healthcare facilitiesand5,000 beds, they’ve turned North India into their personal NHS, minus the free healthcare part.

2) Max@Home

For those who would rather stay on their sofa with Netflix than visit a hospital lobby. Services include:

• Physiotherapy
• Home lab tests
• Dialysis
• Medicine delivery
• Mother-child care

They do3,000+ transactions per day, proving India’s real economy runs on old people getting sugar tests done every morning.

3) Max Lab

The diagnostics arm working outside the hospital network.Stats from Q2 FY25:

• 475 partner-run