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Max Healthcare Institute Ltd. 17 Nov 2025 12:15 PM
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Q2FY26 Quarterly Result Announced for Max Healthcare Institute Ltd.

Healthcare Facilities company Max Healthcare Institute announced Q2FY26 results

  • Gross Revenue stood at Rs 2,692 crore, a growth of 21% YoY and 5% QoQ.
  • Network Operating EBITDA stood at Rs 694 crore, a growth of 23% YoY.
  • Operating Margin was 26.9% compared to 26.6% in Q2FY25 and 24.9% in Q1FY26.
  • Network PAT was Rs 554 crore, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of 59% YoY. This includes favourable tax impact of ~Rs 149 crore, arising from accounting of merger of two WoS i.e croreosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this one-time impact, PAT stood at Rs 406 crore, 16% YoY.
  • Free Cash from Operations was Rs 291 crore in Q2FY26 compared with Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26.
  • EBITDA per bed was Rs 73.4 lakh compared to Rs 71.2 lakh in Q2FY25 and Rs 68.5 lakh in Q1FY26.
  • Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by 19% YoY.
  • ARPOB for Q2FY26 stood at Rs 77.3k compared to Rs 76.2k in Q2FY25 and Rs 78.0k in Q1FY26.
  • Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals.
  • Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025.
  • Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024.
  • The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
  • The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.

Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.

On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients”.

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Healthcare Facilities company Fortis Healthcare announced Q2FY26 results

  • Consolidated Revenues at Rs 2,331 crore, up 17.3% YoY.
  • Operating EBITDA Margin at 23.9% vs 21.9% in Q2FY25.
  • Profit after Tax at Rs 329 crore, up 70.3% YoY.
  • Hospital Business Revenues at Rs 1,974 crore, up 19.3% YoY.
  • Operating EBITDA margin at 22.9% vs 21.4% in Q2FY25.

Ashutosh Raghuvanshi, MD & CEO, Fortis Healthcare said: “We have maintained a healthy growth momentum across both our hospital and diagnostics businesses. In the hospital segment, key specialties such as Oncology and Renal Sciences grew by 29% and 22%, respectively, compared to the same period last year. Our growth and expansion strategy is accelerating on multiple fronts. The company recently entered into a lease agreement for a ~200-bedded multi-specialty hospital in Greater Noida, a facility that we had previously been managing under an O&M arrangement. This expands our presence in Delhi NCR to ~2,100 beds. The integration of Gleneagles units under the O&M arrangement with Fortis is progressing well and we have also made our foray in Lucknow with an O&M arrangement for a 550 bedded super specialty hospital to be constructed by the Ekana Group.”

“In the diagnostics business, we continue to witness a buoyant recovery in both revenue and EBITDA margin and expect this positive momentum to continue going forward.”

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Holding Companies company Bajaj Holdings & Investment announced Q2FY26 results

  • BHIL's consolidated profit after tax increased to Rs 1,559 crore in Q2FY26 v/s Rs 1,436 crore in Q2FY25.
  • BHIL's standalone profit after tax increased to Rs 2,181 crore in Q2FY26 v/s Rs 1,051 crore in Q2FY25
  • An interim dividend of Rs 65 per equity share (650%) was declared on 16 September 2025 and paid on 14 October 2025, amounting to Rs 723 crore.

Result PDF

Finance company Bajaj Finance announced Q2FY26 results

Consolidated Financial Highlights

  • Number of new loans booked in Q2FY26 was 12.17 million as against 9.69 million in Q2FY25, a growth of 26%.
  • Customer franchise stood at 110.64 million as of 30 September 2025, compared to 92.09 million as of 30 September 2024, a growth of 20%. Customer franchise grew by 4.13 million in Q2FY26.
  • Assets under management (AUM) grew by 24% to Rs 462,261 crore as of 30 September 2025 from Rs 373,924 crore as of 30 September 2024. AUM grew by Rs 20,811 crore in Q2FY26.
  • Net interest income increased by 22% in Q2FY26 to Rs 10,785 crore from Rs 8,838 crore in Q2FY25.
  • Net total income increased by 20% in Q2FY26 to Rs 13,170 crore from Rs 10,946 crore in Q2FY25.
  • Operating expenses to net total income for Q2FY26 was 32.6% as against 33.2% in Q2FY25
  • Pre-provisioning operating profit increased by 21% in Q2FY26 to Rs 8,874 crore from Rs 7,307 crore in Q2FY25.
  • Loan losses and provisions increased by 19% in Q2FY26 to Rs 2,269 crore from Rs 1,909 crore in Q2FY25.
  • Annualised loan losses and provisions to average assets under finance for Q2FY26 was 2.05%.
  • Profit before tax increased by 22% in Q2FY26 to Rs 6,608 crore from Rs 5,401 crore in Q2FY25.
  • Profit after tax increased by 23% in Q2FY26 to Rs 4,948 crore from Rs 4,014 crore in Q2FY25.
  • Gross NPA and Net NPA as of 30 September 2025 stood at 1.24% and 0.60% respectively, as against 1.06% and 0.46% as of 30 September 2024. The provisioning coverage ratio on stage 3 assets was 52%.
  • Capital adequacy ratio (CRAR) (including Tier-II capital) as of 30 September 2025 was 21.23%. The Tier-I capital was 20.54%.

Standalone Financial Highlights

  • Assets under management grew by 23% to Rs 338,121 crore as of 30 September 2025 from Rs 275,043 crore as of 30 September 2024.
  • Net interest income increased by 21% in Q2FY26 to Rs 9,725 crore from Rs 8,054 crore in Q2FY25.
  • Net total income increased by 20% in Q2FY26 to Rs 11,942 crore from Rs 9,947 crore in Q2FY25.
  • Operating expenses to net total income for Q2FY26 was 33.7% as against 34.2% in Q2FY25.
  • Pre-provisioning operating profit increased by 21% in Q2FY26 to Rs 7,921 crore from Rs 6,550 crore in Q2FY25.
  • Loan losses and provisions increased by 17% in Q2FY26 to Rs 2,218 crore from Rs 1903 crore in Q2FY25.
  • Profit before exceptional gain and tax increased by 23% in Q2FY26 to Rs 5,703 crore from Rs 4,647 crore in Q2FY25. In Q2FY25, the Company had an exceptional gain of Rs 2,544 crore on account of sale of equity shares of BHFL pursuant to IPO of BHFL.
  • Profit after tax excluding exceptional gain and tax thereon increased by 24% in Q2FY26 to Rs 4,251 crore from Rs 3,433 crore in Q2FY25. In Q2FY25, the Company had an exceptional gain (net of tax) of Rs 2,181 crore on account of sale of equity shares of BHFL pursuant to IPO of BHFL.
  • Gross NPA and Net NPA as of 30 September 2025 stood at 1.59% and 0.77% respectively, as against 1.33% and 0.58% as of 30 September 2024. The Company has provisioning coverage ratio of 52% on stage 3 assets.

Result PDF

Pharmaceuticals company Torrent Pharmaceuticals announced Q2FY26 results

  • Revenue at Rs 3,302 crore against 2,889 crore during Q2FY25, up by 14% YoY.
  • Op. EBITDA at Rs 1,083 crore against 939 crore during Q2FY25, up by 15% YoY.
  • Op. EBITDA margin at 32.8%; Gross Margin: 76%.
  • Net Profit after tax at Rs 591 crore against 453 crore during Q2FY25, up by 30% YoY.

Result PDF

Agrochemicals company UPL announced Q2FY26 results

  • Revenue growth driven by higher volume and supported by favorable Fx:
    • Platforms: strong performance in UPL Corp ( 12%) and Advanta ( 26%), driven by volumes; SUPERFORM steady vs LY, while UPL SAS declined by 10% due to unfavorable weather
    • Regions: led by North America ( 63%), and supported by Latin America ( 13%).
  • Contribution margin ( 420 bps vs LY) led by improved mix, higher capacity utilization and lower input cost, driving EBITDA margin ( 410 bps); EBITDA growth and accroreetion acroreoss all platforms.
  • Profit after Tax and Minority Interest (PATMI) at Rs 553 crore, up by ~Rs 1,000 crore vs LY; Operational PATMI improved by ~Rs 845 crore, up from (Rs 434 crore) in LY to Rs 411 crore.
  • Net working capital: 118 days (vs 123 days LY) at Rs 15,463 crore (Sep‘25).
  • Net debt at Rs 23,802 crore (USD 2,681 million) in Sep‘25, reduced by Rs 3,729 crore (USD 605 million) vs LY (adjusted for perpetual bonds, lower by ~Rs 7,100 crore / ~USD 1.0 billion); significant de-gearing vs LY.
  • Successful integration of post-harvest business (DECCO) with Advanta.
  • USD 200 million (Rs 1,685 crore) balance from final call on Rights Issue received in Sep’25.
  • Rating upgraded from “negative” to “stable” by all three global agencies (S&P, Fitch, Moody’s).

Jai Shroff, Chairman & Group CEO, UPL, said: "We are pleased to report a strong first half, with a superior Q2 building on the momentum from previous quarter. Our deep relationships in key markets and diversified customer base continue to drive sustainable growth. UPL’s backward-integrated manufacturing and innovation-led R&D pipeline are strengthening quality and resilience acroreoss the business. We remain focused on unlocking value through our strategically built platforms and are actively evaluating opportunities, including restructuring, strategic fund-raising, and potential liquidity events. With disciplined execution and robust new product pipeline, we are optimistic for FY26 and confident in our outlook.”

Bikash Prasad, Group CFO, UPL, said: "Q2 has been a standout quarter, underscoring our operational excellence and financial discipline acroreoss platforms. We delivered broad-based EBITDA growth, reduced net debt, lowered finance costs through effective capital management, and improved our gearing, resulting in a strong PATMI, positively reflecting on our commitment to long-term value croreeation. Our Q2 results are a testimony to our relentless efforts on improving the quality of earnings, and efficient risk management.

With a strong H1 behind us and a favourable outlook for H2, we are pleased to upgrade our FY26 EBITDA guidance to 12–16% growth over last year, reaffirming our focus on sustained growth for our shareholders.”

Mike Frank, Chief Executive Officer, UPL Corp, said: “We delivered a strong quarter, giving us positive momentum as we enter the larger second half of our year. Our performance was driven by both North America and Latin American regions. Product wise, we saw good growth in our herbicide and fungicide portfolios.

I am also pleased to share that our contribution and EBITDA margins expanded significantly through our continued focus on improving efficiencies, cost optimisation and innovation. With positive outlook for rest of the year, we remain confident and committed to delivering long-term value for all our stakeholders.”

Bhupen Dubey, Chief Executive Officer, Advanta, said: “I am proud to share that Advanta continues to deliver marketleading strong, consistent results quarter after quarter. We are amongst the fastest-growing seeds companies globally and now rank in the top 10 players worldwide by scale. Additionally, our robust margins reflect our unwavering focus on the quality of our business and the strength of our technology.”

Result PDF

Internet Software & Services company One97 Communications announced Q2FY26 results

Financial Highlights:

  • Operating revenue grew by 24% YoY (up 27% YoY after excluding revenue from entertainment business in previous period) to Rs 2,061 crore, led by increase in subscription merchants, higher payments GMV, and growth in distribution of financial services
  • Contribution profit at Rs 1,207 crore (up 35% YoY), with a contribution margin of 59% (up 5 percentage points YoY), driven by improved net payment revenue, higher share of distribution of financial services revenue, and reduction in DLG expenses
  • EBITDA improved to Rs 142 crore (margin of 7%), on account of revenue growth and operating leverage
  • PAT improved to Rs 211 crore (before one-time charge for full impairment of Rs 190 crore loan to our JV, First Games Technology Pvt. Ltd). Reported PAT is at Rs 21 crore
  • Cash balance of Rs 13,068 crore, providing capital flexibility to expand business

Business Highlights:

  • Net payment revenue was up 28% YoY to Rs 594 crore, led by growth in high quality subscription merchants and increase in payment processing margins
  • Distribution of financial services revenue increased by 63% YoY to Rs 611 crore, driven by growth in merchant loan distribution
  • Consolidated leadership in merchant payments; merchant device subscriptions at 1.37 crore
  • Consistent gain in consumer market share over the past few months due to product improvement and addition of AI features

Result PDF

Airlines company InterGlobe Aviation announced Q2FY26 results

  • Capacity increased by 7.8% to 41.2 billion.
  • Passengers increased by 3.6% to 28.8 million.
  • Yield increased by 3.2% to Rs 4.69 and load factor was flat at 82.5%.
  • Revenue from Operations increased by 9.3% to Rs 185,553 million.
  • Reduction in fuel CASK by 16.3% to Rs 1.45.
  • CASK ex fuel ex fx increased by 3.9% to Rs 3.01.
  • EBITDAR excluding forex impact of Rs 38,003 million (20.5% EBITDAR margin), compared to EBITDAR excluding forex impact of Rs 26,668 million (15.7% EBITDAR margin).
  • EBITDAR of Rs 11,143 million (6.0% EBITDAR margin), compared to EBITDAR of Rs 24,340 million (14.3% EBITDAR margin).
  • Net profit excluding forex impact amounted to Rs 1,039 million compared to net loss excluding forex of Rs 7,539 million.
  • Net loss of Rs 25,821 million, compared to net loss of Rs 9,867 million.

Pieter Elbers, CEO, said: “Our optimized capacity deployment has enabled us to deliver a 10% growth in topline revenue and excluding impact of currency movement, an operational profit of 104 crore rupees as compared to an operational loss last year. As India’s aviation sector continues to grow and mature, we recognize the importance of structurally optimizing capacity during seasonally weaker periods to sustain profitability. The quarter also had a very strong Operational Performance as IndiGo continues to lead the On Time Performance charts, Customer appreciation, and expansion of the network.

The year began with significant external challenges across the industry, but we saw stabilization in July and a strong recovery through August and September. Looking ahead, we have scaled up our operational plans for the second half to meet demand and continue driving growth. With that we have nudged up our capacity guidance for full financial year 2026 to early teens growth”

Result PDF

Telecom Services company Bharti Airtel announced Q2FY26 results

  • Overall customer base stands at ~624 million across 15 countries.
  • Total revenues at Rs 52,145 crore, up 25.7% YoY.
  • EBITDA at Rs 29,919 crore, up 35.9% YoY; EBITDA margin at 57.4%.
  • EBITDAaL at Rs 26,600 crore, up 42.0%YoY; EBITDAaL margin at 51.0%.
  • EBIT at Rs 16,669 crore, up 51.6% YoY; EBIT margin at 32.0%.
  • Net Income (before exceptional items) at Rs 6,792 crore.
  • Capex for the quarter at Rs 11,362 crore.

Gopal Vittal, Vice- Chairman & MD, said: We delivered another quarter of solid performance, achieving a consolidated revenue of Rs 52,145 crore growing 5.4% sequentially and underscoring the strength of our portfolio. Our India revenue, including Passive Infrastructure Services, increased by 2.9%. Africa delivered another quarter of standout performance with constant currency revenue growth of 7.1%.

India Mobile business delivered 2.6% revenue growth, adding 5.1 million smartphone customers, maintaining an industry-leading ARPU of ?256 led by continued premiumization of portfolio and a steadfast focus on quality customers. The Postpaid segment recorded one of the highest quarterly net additions of ~1 million.

Our Homes business sustained strong momentum with 951K net customer additions and sequential revenue growth of 8.5%. IPTV services continue to gain strong traction, driving our connected homes priority. Airtel Business reported strong results with 4.3% sequential revenue growth. We saw multiple deal wins across Connectivity, IOT and security business.

Our solid balance sheet is a reflection of disciplined capital allocation, continued deleveraging and sustained operational excellence.

Result PDF

Heavy Electrical Equipment company Hitachi Energy India announced Q2FY26 results

  • Orders totaled Rs 2,217.1 crore, up 13.6% YoY.
  • Revenue: Rs 1,915.2 crore compared to Rs 1,553.8 crore during Q2FY25, change 23.3%.
  • EBITDA: Rs 291.6 crore compared to Rs 126.3 crore during Q2FY25, change 130.5%.
  • EBITDA Margin: 15.2% for Q2FY26.
  • PBT: Rs 352.9 crore compared to Rs 70.6 crore during Q2FY25, change 399.8%.
  • PAT: Rs 264.4 crore compared to Rs 52.3 crore during Q2FY25, change 405.6%.

N Venu, Managing Director & CEO, Hitachi Energy India, said: "The country has successfully built-up its non-fossil fuel energy installed base, to 50 percent of its electricity generation capacity. This notable milestone brings with it the challenges of seamlessly integrating intermittent, distributed energy into the national grid. It is essential that we enhance the resilience, reliability, and intelligence of the whole energy ecosystem to e?ectively deploy the expanding capacity. This shifts the focus to advanced grid technologies, digitalization, and integrated solutions, which is reflected in our operations and financial performance."

Result PDF

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