MAXHEALTH Q1 FY27 Guidance vs Delivery (MAXHEALTH Management Mirror)

Sector 56 Gurgaon Hospital Phase Commissioning Shifted to End of FY27; Vaishali INR 425 Crore Expansion Approved

Management's capacity expansion timelines have evolved across recent quarters. In the Dec'25 Qtr concall, management guided the first phase of the 500-bed Sector 56 Gurgaon facility to commission by H1 FY27. In the Mar'26 Qtr concall, this timeline was revised to target commissioning by the end of the fiscal year (FY27), with management explicitly expecting break-even within FY28. This revised timeline was reaffirmed in the Jun'26 Qtr concall. For the Vaishali facility, management guided a 24-month construction timeline post-approvals in both the Dec'25 Qtr and Mar'26 Qtr concalls. In the Jun'26 Qtr concall, the Board formally approved a capital expenditure of INR 425 crore for a 202-bed addition at Vaishali, with commissioning now expected before FY30. Additionally, management initiated guidance in the Mar'26 Qtr concall for a INR 1,400 crore investment for a 700-bed greenfield hospital at Shaheed Path, Lucknow, expected to take 3 years to build.