94% probability Max Healthcare reports network gross revenue of at least Rs 2,850 crore in Q2 FY2027. Q1 delivered Rs 2,982 crore, up 16% year-on-year and 12% sequentially, with operating EBITDA of Rs 704 crore. The threshold sits below Q1, and it names the network line explicitly.
Max Healthcare Q1 FY2027 network gross revenue reached Rs 2,982 crore, up 16% year-on-year and 12% quarter-on-quarter. Operating EBITDA was Rs 704 crore, up 15% year-on-year and 3% sequentially, with the margin compressing to 24.8% from 26.8%, driven by newly commissioned brownfield capacity and the integration of Kalinga Hospital Limited, acquired in May 2026. Separate reporting for the same quarter cites revenue up 17% to Rs 2,366 crore, which is the consolidated reported line rather than the network line. Source: Max Healthcare Q1 FY2027 results.
We lock a binary: Max Healthcare's reported NETWORK GROSS REVENUE for Q2 FY2027 is Rs 2,850 crore or higher. Confidence 94%.
Q1 FY2027 network gross revenue was Rs 2,982 crore, up 16% year-on-year and 12% sequentially. Our threshold is 4.4% below that already-delivered quarter, in a business adding capacity rather than shedding it.
Max Healthcare publishes network gross revenue, which captures the full patient revenue across the hospital network including managed and partner facilities, and a consolidated reported revenue line that is materially smaller. For Q1 FY2027 those figures were Rs 2,982 crore and roughly Rs 2,366 crore. Both are correct. They measure different things.
A threshold of Rs 2,850 crore is comfortably below one and far above the other, so a criterion that failed to name the line would be unscoreable the moment the results landed. This is the P-147 failure mode, where CrowdStrike's SUBSCRIPTION revenue arrived at exactly our threshold while total revenue did not, and only an explicit metric name kept that lock honest. The scoring criterion below names the network line and states that the threshold does not transfer to the consolidated line.
On the substance, Q2 in India covers July to September, the monsoon quarter, which is seasonally supportive for hospital occupancy through vector-borne and respiratory admissions. Capacity is also rising: brownfield beds have been commissioned and Kalinga Hospital was acquired in May 2026, so Q2 carries a fuller contribution from both than Q1 did. Those additions compressed the EBITDA margin to 24.8% from 26.8%, but margin is not what we are locking. Revenue is, and new beds add revenue before they add margin.
The residual 6% covers integration accounting, any change in how the network line is presented, and the ordinary possibility that a strong Q1 was partly pull-forward.
RAOSCAFF locks P-233 on 2026-08-29, before the Q2 FY2027 release. Scored against the network gross revenue figure published in the company's Q2 FY2027 results.
Two published revenue lines for one quarter, Rs 2,982 crore and Rs 2,366 crore. Naming the line is the whole difference between a scoreable lock and a coin flip at resolution.