Max Healthcare Institute Limited Earnings Summary — Q1 FY2027
Max Healthcare Reports Steady Q1 Growth with Strategic Expansion in Odisha and Pune
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹2,366 Cr is 16.7% higher year-on-year.
- Revenue has compounded at 25.4% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹323 Cr is 4.9% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 11.7% annualised across the period.
- Operating margin stands at 25.3% in Q1 FY2027.
- Operating margin compressed by 50 bps year-on-year.
- Over the last two years operating margin has expanded by 18 bps.
- PBT margin is 18.4%.
- Expenses grew 17.5% against revenue growth of 16.7%.
- Operating profit of ₹598 Cr is 14.4% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 69/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 2,366 | 2,143 | 2,068 | 2,135 | 2,028 | 1,910 | 1,868 | 1,707 | 1,543 | 1,423 |
| Expenses | Improving | 1,768 | 1,536 | 1,529 | 1,560 | 1,505 | 1,398 | 1,369 | 1,257 | 1,156 | 1,041 |
| Operating Profit | Improving | 598 | 606 | 538 | 575 | 523 | 512 | 499 | 451 | 387 | 382 |
| Operating Margin | Stable | 25.3% | 28.3% | 26.0% | 26.9% | 25.8% | 26.8% | 26.7% | 26.4% | 25.1% | 26.8% |
| Other Income | Volatile | 41 | 48 | -3 | 33 | 37 | 47 | -40 | 41 | 35 | 45 |
| Interest | Strong Uptrend | 71 | 67 | 60 | 54 | 55 | 55 | 52 | 34 | 24 | 21 |
| Depreciation | Improving | 132 | 123 | 111 | 108 | 104 | 101 | 98 | 84 | 77 | 70 |
| Profit Before Tax | Improving | 436 | 465 | 365 | 446 | 400 | 403 | 309 | 374 | 321 | 336 |
| Tax | Volatile | 113 | 122 | 64 | -45 | 92 | 84 | 70 | 92 | 85 | 84 |
| Net Profit | Improving | 323 | 342 | 301 | 491 | 308 | 319 | 239 | 282 | 236 | 252 |
| Net Margin | Stable | 13.7% | 16.0% | 14.6% | 23.0% | 15.2% | 16.7% | 12.8% | 16.5% | 15.3% | 17.7% |
Key Takeaways
- Revenue grew 16.7% YoY to ₹2,366 Cr, supported by organic growth and new acquisitions.
- Completed acquisition of 58.28% stake in Kalinga Hospital (Bhubaneswar) for ₹298 Cr in May 2026.
- Acquired 100% voting rights in Yerawada Properties (Pune) for ₹88 Cr to secure a 1.68-acre land parcel.
- Board approved ₹425 Cr expansion for MSSH Vaishali to add ~250 beds by November 2029.
- Network capacity utilization remained strong at over 75% for the quarter.
- Reported a marginal decrease in sequential profit primarily due to higher finance costs and operational expenses.
- Board approved in-principle exploring the setup of medical colleges under new NMC regulations.
Management Guidance
Management is focused on brownfield expansion and strategic acquisitions to drive growth, as evidenced by the new ₹425 Cr commitment for the Vaishali facility and the exploration of medical education institutions to complement hospital operations.
Sentiment Shift
Stable
While sequential margins saw pressure due to acquisition-related costs and finance charges, the strong YoY revenue growth and aggressive capacity expansion roadmap reinforce a growth-oriented outlook.
Outlook
The company is aggressively scaling its footprint through both land acquisitions for greenfield projects (Pune) and hospital acquisitions (Odisha). The network is operating at high utilization (>75%), necessitating the announced brownfield expansions to sustain growth momentum through 2029.
From the Annual Report (Key Quotes)
“Specifically, Capacity Utilization Network Hospitals in Q-1, FY’27 was >75%.”
“Approved capital expenditure of ~₹425 Crore towards the construction of an additional hospital block viz. ‘Tower 3’... part of the expansion plan of Max Super Speciality Hospital, Vaishali.”
“The acquisition [Kalinga Hospital] has been accounted for as a business combination... financial results for the quarter include those of KHL from May 18, 2026 and hence are not comparable with previous periods.”
Official Quarterly Documents
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This summary is AI-generated from Max Healthcare Institute Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.