Max Healthcare receives ₹55 crore GST demand from Delhi authorities

Max Healthcare Institute Ltd on Tuesday (December 30, 2025) said it received an order from the Office of the GST Officer, Department of Trade and Taxes, GNCT of Delhi, regarding alleged excess availment of Input Tax Credit.

The order mentions a GST demand of ₹33.66 crore, interest of ₹18.18 crore, and a penalty of ₹3.37 crore, bringing the total financial implication to approximately ₹55.20 crore.

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The company is currently in the process of seeking rectification of the order. In case of an unfavourable outcome, Max Healthcare may file an appeal before the appropriate authority. The management has clarified that the final outcome of the proceedings may impact financials depending on the resolution.

Second Quarter Results

Max Healthcare Institute reported a net profit of ₹491 crore for the September quarter, up 74.3% from ₹282 crore in the same period last year. Revenue for the quarter increased 25% year-on-year to ₹2,135 crore from ₹1,707 crore in Q2 FY25. The year-on-year growth was primarily driven by an increase in outpatient department (OBD) visits

EBITDA rose 17.5% to ₹575 crore, compared with ₹451 crore a year earlier. EBITDA margin improved slightly to 26.9% from 26.4% in the corresponding quarter. International patient revenue stood at ₹231 crore, up 25% YoY and 11% QoQ, accounting for approximately 9% of total hospital revenue.

Also Read: Max Healthcare Q1 Results: Shares off highs as earnings come below estimate

Overall EBITDA per bed for Q2 FY26 was ₹73.4 lakh, compared with ₹71.2 lakh in Q2 FY25 and ₹68.5 lakh in Q1 FY26. EBITDA per bed for existing units was ₹76.5 lakh, representing a 7% YoY increase.

Shares of Max Healthcare Institute Ltd ended at ₹1,046.60, down by ₹17.50, or 1.64%, on the BSE.