The company maintains a strong competitive position with 20 consecutive quarters of consistent revenue and EBITDA growth (21% and 23% year-on-year respectively in Q2). Digital revenue represents approximately 30% of overall revenue, and international patient revenue grew robustly at 25% year-on-year, highlighting successful digital and global expansion strategies.
Cyborg Score Rationale
The company demonstrates strong operational momentum with 20 consecutive quarters of growth, 27.5% EBITDA margins (up 90 bps YoY), and improving per-bed economics. However, average network occupancy slightly declined to 77% from 79% year-on-year, indicating some market headwinds.
Top Insights
20 consecutive quarters of revenue and EBITDA growth (21% and 23% YoY in Q2)
Brownfield expansion underway at Max Mohali, Nanavati-Max, and Max Smart with commissioning of new capacities expected to drive operating leverage
Digital revenue at 30% of total and international patient revenue growth of 25% YoY demonstrates diversified revenue streams
Existing unit EBITDA margins improved to 27.5% (up 90 bps YoY) with EBITDA per bed at ₹7.6 million (7% YoY growth)
Named Competitors
Apollo Hospitals — India's largest integrated healthcare provider with pan-India presence
Fortis Healthcare — Multi-specialty hospital chain with significant presence in North and South India
Manipal Hospitals — Large healthcare network with focus on tertiary care across India
Recent Developments
(February 2026) Board approved ₹1,020 Cr acquisition of Yerawada Properties for new Pune hospital
(January 2026) Macquarie raised target price to ₹825 (Underperform); Goldman Sachs issued Buy with ₹1,325 target
(December 2025) Plans announced for over ₹1,000 Cr investment in new Pune hospital
(February 2026) Q3 FY26 financial results presented with ₹300.92 Cr net profit (26% YoY growth)
Open the full interactive Max Healthcare Institute Limited report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.