~1,500 beds to be commissioned in FY26
Approximately 1,000 brownfield beds and 500 greenfield beds expected to come on stream during FY26, with trial runs already initiated at Max Muti's new 160-bed brownfield tower.
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Max Healthcare Institute · forward-looking guidance across the available source record.
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What management said would happen.
expansion
Dehradun 130-bed hospital by end-2028
Board approved agreement to lease a build-to-suit 130-bed hospital in Dehradun, located 100m from existing 220-bed facility, focusing on advanced oncology including radiation therapy.
Net debt to increase by Rs 400-500 crore by FY26-end
Net debt expected to increase by Rs 400-500 crore by end of FY26 due to funds tied up for ongoing expansion projects, with total debt for project purposes rising accordingly.
Oncology bunkers operational in Q3 FY26
Oncology bunkers at both Lucknow and Dehradun facilities expected to be commissioned in Q3 FY26, which will enable radiation oncology services at these locations.
CGHS Price Revision Impact: Rs 200 crore revenue benefit in FY27
The CGHS revision (including ECHS and linked accounts) is partially implemented as of October 13th. The super-specialty category rates are pending portal updates expected by end of November 2025. Full benefit of approximately Rs 200 crore will flow through in FY27 with ~85-90% operating profit conversion.
Brownfield EBITDA: Margin-accretive from day one
Management clarified that brownfield expansions at Nanavati and Max Smart will have near-immediate EBITDA contribution unlike greenfield projects. The operating leverage from recently added 30% capacity should drive margin expansion going forward.
ARPOB Growth: 6-7% like-for-like sustainable
Existing units have historically delivered 6-7% ARPOB growth and this trajectory is expected to continue. The Q2 overall network ARPOB of 3% was suppressed by new hospital additions (which start at higher ARPOB but drag average as they scale).
H2 Capex Intensity: Slightly higher than H1
H1 capex was approximately Rs 900 crore. Management indicated H2 capex would be 'a bit higher' as expansion projects at Vaishali (500 beds), Greater Noida (400 beds), and other sites continue. Full-year capex guidance was not quantified.
Capacity Expansion to 6,000-6,500 beds by FY28
Network operational beds currently ~4,600 expected to grow to 6,000-6,500 by FY28 through brownfield and greenfield projects including new hospitals in Pune (450 beds), Dehradun (100 beds), and expanded facilities at existing locations.
CGHS Tariff Revision Full Impact from April 2026
Net positive impact of approximately ₹200 crore annually from CGHS/ECHS tariff revisions, partially offset by ₹80 crore from discontinued oncology drugs and ₹60 crore from GST changes, resulting in ₹140 crore net sustained impact. Full effect expected from Q1 FY27.
Max Shalimar Commissioning by February 2026
200-bed facility at Max Shalimar with operation theaters and OPDs ready, awaiting occupancy certificate expected by end of February 2026.
Gurgaon Phase 1 Commissioning H1 FY27
500-bed hospital at Sector 56, Gurgaon expected to commission first phase by end of H1 FY27, with pace of construction normalized post-monsoon disruptions.