Max Healthcare to Add 9,500 Beds by 2028

New Delhi, August 14, 2025 — Max Healthcare plans to expand to 9,500 beds by 2028. The network will add capacity through quick brownfield blocks and select greenfield sites. Chairman and MD Abhay Soi said the first ~1,000 beds come online in the next 60 days. Record Q1 results are funding the push.

Why Max is Expanding Now

Demand is rising across metros. Beds per 1,000 people in India remain low. Meanwhile, non-communicable diseases are growing fast. Therefore, more tertiary and quaternary care is needed. Max believes scale plus clinical depth can meet that need while holding outcomes steady.

Q1 Performance Sets the Pace

In Q1 FY26, revenue rose 27% to ₹2,574 crore. Net profit increased 17% to ₹345 crore. Moreover, occupied bed days were up 26%. Hospital EBITDA reached ₹613 crore with a 24.9% margin. Occupancy climbed to 76%, helped by oncology, cardiac sciences, neurosciences, and transplants. International business grew 32% to ₹208 crore and now forms ~9% of hospital revenue. Consequently, cash flows improved and risk reduced.

Where New Beds Will Come From

First, Max commissioned a 160-bed tower in Mohali. Next, it signed a 130-bed lease in Dehradun. At the same time, it agreed to sell two small units in Bulandshahr and Anoopshahr for ₹40 crore. These exits free capital for large hubs. Additionally, capacity at Max Smart and Nanavati-Max will ramp in phases.

Execution: The Critical Test

New beds can hurt margins if they sit idle. Therefore, Max plans staggered handovers, early clinician hiring, and analytics-led scheduling. Even a 2–3 percentage-point swing in occupancy can move profits. Thus, the rollout will track utilisation week by week. Importantly, clinical governance audits will continue as volumes rise.

What Patients Can Expect

Near term, brownfield blocks will add ICU, day-care, and recovery beds. Over time, larger campuses will offer hybrid operating rooms, advanced imaging, and integrated cancer pathways. In addition, international second opinions and digital follow-ups will expand. As a result, wait times for planned cardiac and ortho surgeries should fall.

Investor Lens

Three signals matter: 76% occupancy, 32% growth in international patients, and ~25% EBITDA margin. If utilisation ramps on schedule, the move to ~9,500 beds by 2028 can compound earnings through operating leverage and a richer specialty mix. Nevertheless, project timing and clinician staffing remain key risks.

Bottom Line

http://Max HealthcareMax Healthcare is building scale with focus. More beds, broader specialties, and faster access should help major Indian cities. Provided execution stays tight, the network could grow without diluting outcomes. Overall, the next 12–18 months will reveal how quickly the strategy converts to sustained performance.