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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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Pharmaceuticals company Alkem Laboratories announced Q2FY26 results

  • Total Revenue from Operations was Rs 40,010 million, with YoY growth of 17.2%.
    • India sales were Rs 27,660 million, YoY growth of 12.4%.
    • International sales were Rs 11,890 million, with YoY growth of 29.5%.
  • Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) were Rs 9,208 million, resulting in an EBITDA margin of 23.0% vs 22.0% in Q2FY25. EBITDA grew by 22.3% YoY.
  • R&D expenses for Q2FY26 were Rs 1,302 million, or 3.3% of total revenue from operations, vs Rs 1,465 million in Q2FY25 at 4.3% of total revenue from operations.
  • Profit before tax was Rs 8,958 million, YoY growth of 14.8%.
  • Net Profit (after Minority Interest) was Rs 7,651 million, YoY growth of 11.1%.
  • According to IQVIA (SSA) data, for Q2FY26:
    • In the Acute segment, Alkem became the number one company in IPM this quarter.
    • The Company registered a growth of 6.4% YoY in-line with the Indian Pharmaceutical Market (IPM), which also grew by 6.4%.

Vikas Gupta, CEO, Alkem, said: “Q2FY26 has been another strong quarter for us, marked by robust growth across India, the US, and key international markets. We also saw healthy traction in new product launches across markets. The GST revision is a positive step, and we adapted swiftly to ensure a seamless transition. Our improved gross margins and operating leverage have contributed to a stronger EBITDA profile. As we look ahead, we remain focused on accelerating growth and continue to strengthen our presence in key markets.”

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Pharmaceuticals company Ipca Laboratories announced Q2FY26 results

  • Consolidated Net total Income up 9% at Rs 2,584.36 crore.
  • Consolidated EBITDA margin (before forex (gain)/loss, other income and exceptional items) @ 21.68% in Q2FY26 as against @ 19.10% in Q2FY25.
  • Consolidated Net Profit at Rs 282.57 crore (after exceptional items) up 23%.
  • Exports Income up 7% at Rs 813.65 crore.
  • Indian formulations income up 8% at Rs 1018.90 crore.

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Biotechnology company Biocon announced Q2FY26 results

  • Operating Revenue for Q2FY26 grew 20% YoY to Rs 4,296 crore.
  • Core EBITDA at Rs 1,218 crore, grew 23% with core operating margins of 28%.
  • Net R&D investments for the quarter were Rs 251 crore, representing 7% of revenue ex-Syngene.
  • EBITDA for the quarter at Rs 928 crore, grew by 29 % with an EBITDA margin of 21%.
  • Profit Before Tax before exceptional items stood at Rs 183 crore, an increase of 153%.
  • Net Profit for the quarter, before exceptional items, stood at Rs 92 crore with a growth of 579%.
  • Reported Net Profit for the quarter stood at Rs 85 crore, up 428%.

Kiran Mazumdar-Shaw, Chairperson, Biocon Group, said: “Business performance in Q2FY26 remained strong, with operating revenue up 20% year-onyear to Rs 4,296 crore, driven by robust growth in Biosimilars, improved momentum in Generics, and a steady contribution from the CRDMO segment. EBITDA grew 29% to Rs 928 crore, while Profit before Tax (PBT), excluding exceptional items, surged 153% to Rs 183 crore.

“With the Board approval of the settlement of structured debt obligations, we will strengthen our balance sheet, enhance financial flexibility, and improve profitability.

“Our partnership with the State of California through Civica Inc. under the CalRx initiative, marks a landmark step in expanding affordable insulin access in the U.S., with potential to extend to other states.

“With a resilient foundation, differentiated portfolio, and clear strategy, we are well positioned to sustain growth and deliver long-term value to our stakeholders.”

Siddharth Mittal, CEO & Managing Director, Biocon, said: “The Generics business continued its steady performance in Q2 with a growth of 24% driven primarily by an uptick in recently launched products in the U.S. and EU, as well as growth in the generic formulations base business, and the API business.

“A key highlight of this quarter was the inauguration of Biocon’s first OSD manufacturing facility in the United States, a significant step towards expanding access to our vertically integrated portfolio for patients in the region. We commenced filings for Semaglutide (gOzempic) in various markets, including Canada and Brazil.”

Shreehas Tambe, CEO & Managing Director, Biocon Biologics, said: “Biocon Biologics delivered a strong performance in Q2 FY26, achieving 25% year-on-year revenue growth and an over 40% increase in EBITDA. Sequentially, revenues grew 11%, driven by market share expansion in key therapy areas and successful new product launches. In the U.S., we continue to expand access to biosimilars by leveraging the strength of our commercial platform. In FY26, we launched four biosimilars across key global markets and remain on track for the bDenosumab launch.”

Peter Bains, CEO & Managing Director, Syngene International, said: “Our Q2 results reflect strong underlying revenue growth in research services, which has offset the expected inventory correction in biologics manufacturing. We continue to maintain our annual guidance for FY26.

“We are also building a GMP bioconjugation suite at our Bengaluru biologics facility, which will enable end-to-end manufacturing of Antibody Drug Conjugates (ADCs), positioning us among a select group of CRDMOs offering comprehensive ADC services.”

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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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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.

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Pharmaceuticals company Lupin announced Q2FY26 results

  • Gross Profit was Rs 50,066 million compared to Rs 38,071 million in Q2FY25, with a gross margin of 73.3%.
  • Personnel cost was 16.2% of sales at Rs 11,056 million compared to Rs 10,075 million in Q2FY25.
  • Manufacturing and other expenses were 29.0% of sales at Rs 19,796 million compared to Rs 16,670 million in Q2FY25.
  • PBT at Rs 20,070 million at 29.4%, up 90.3% YoY from Rs 10,549 million in Q2FY25.
  • Investment in R&D for the quarter was Rs 5,091 million (7.5% of sales).

Nilesh Gupta, Managing Director, Lupin, said: “We are delighted to present one of our strongest performances ever in this second quarter of FY26. We continue to see robust growth in revenues and EBITDA led by strong performance across the board, in the U.S., emerging markets, other developed markets and in India, supported by higher operational efficiencies and sustained investments. We intend to leverage the performance of H1 to deliver a strong FY26”

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Pharmaceuticals company Mankind Pharma announced Q2FY26 results

  • Revenue from Operations at Rs 3,697 crore, up by 20.8% YoY.
    • Domestic revenue at Rs 3,184 crore, up 14.5%, Exports at Rs 513 crore, up 82.6% YoY.
  • Reported EBITDA margin of 25.0% and PAT margin of 14.1%.
  • Diluted EPS of Rs 12.4 down by 24.2% YoY (FV Re.1).

Rajeev Juneja, Vice Chairman & Managing Director, said: “Mankind’s revenue increased by 20.8% supported by outperformance in Chronic and BSV consolidation, partially impacted by GST disruption.

While chronic continued an outperformance led by 1.3x and 1.2x in Cardiac and Antidiabetes respectively, OTC was impacted due to heavy rains along with GST 2.0 and we expect growth recovery in H2.

BSV growth initiatives progressing well - with double digit sequential growth led by mandate brands.

We remain confident of delivering sustainable long-term growth led by four key pillars - steady base business, fast growing specialty chronic, high potential OTC business, and super specialty BSV portfolio.”

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Pharmaceuticals company Zydus Lifesciences announced Q2FY26 results

  • Revenue from operations at Rs 61,232 million, up 17% over last year.
  • Research & Development (R&D) investments for the quarter stood at Rs 4,820 million (7.9% of revenues).
  • EBITDA for the quarter was Rs 20,158 million, up 38% YoY. EBITDA margin for the quarter stood at 32.9%, which is an improvementof 500 bps on a YoY basis.
  • Net Profit for the quarter was Rs 12,586 million, up 38% YoY.
  • Capex (organic) for the quarter was Rs 4,911 million.

Sharvil Patel, Managing Director, Zydus Lifesciences, said: Our strong performance this quarter reaffirms the power of our diversified business model and our execution capabilities across geographies and verticals. We delivered robust revenue growth and industry-leading profitability, aided by consistent outperformance in our US and India formulations businesses, sustained high growth in International Markets as well as strategic acquisitions in Wellness and MedTech. These results reflect our commitment to sustainable growth and global expansion, anchored in quality, compliance, and patient-centric innovation.

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Pharmaceuticals company Piramal Pharma announced Q2FY26 results

  • Revenue from Operations: Rs 2,044 crore compared to Rs 2,242 crore during Q2FY25, change -9%.
  • EBITDA: Rs 224 crore compared to Rs 403 crore during Q2FY25, change -44%.
  • EBITDA Margin: 11% for Q2FY26.
  • PAT: Rs -99 crore compared to Rs 23 crore during Q2FY25.

Nandini Piramal, Chairperson, Piramal Pharma,  said: “YoY growth in the CDMO Business was primarily impacted by inventory destocking in one large on-patent commercial product. Inconsistent recovery in US biopharma funding along with uncertainties on global trade policies led to adverse impact on order inflows and customer decision making during H1FY26. However, in the months of September and October 2025, we have seen a significant pick up in biopharma funding, which if sustains, should lend impetus to increased RFPs and orders going forward. Also, we are seeing strong customer interest for onshore offerings which bodes well for the investments we have made in our overseas sites. In our CHG business we further strengthened our leadership position in the US Sevoflurane market, while simultaneously working to obtain regulatory approvals for ex-US markets from our India plant. Our consumer business delivered healthy mid-teen growth, seamlessly collaborating with various stakeholders for smooth transition to new GST rates changes.”

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