Max Healthcare reported a 10% YoY increase in revenue to ₹2,608 Cr for Q3 FY26. Network Operating EBITDA grew by +4% YoY to ₹648 Cr, while PAT increased by +9% YoY to ₹344 Cr. The company is expanding capacity with brownfield projects and has executed an agreement for a new hospital in Pune.
Financial Performance
Max Healthcare announced its financial results for Q3 FY26, highlighting the following key achievements:
- Gross Revenue: ₹2,608 Cr, a 10% increase year-over-year.
- Network Operating EBITDA: ₹648 Cr, representing a 4% year-over-year growth.
- Network PAT: ₹344 Cr, a 9% increase compared to Q3 FY25.
The revenue growth was mainly driven by an increase in Occupied Bed Days (OBDs). International patient revenue stood at ₹230 Cr, accounting for approximately 9% of hospital revenue.
Operational Highlights
Key operational details from the report include:
- Occupancy: 74% for the quarter, with Occupied Bed Days (OBDs) up by 7% YoY.
- ARPOB: Stood at ₹77.9k for Q3 FY26.
- Digital Revenue: Contributed approximately 31% of the Gross Revenue.
- Max Lab Revenue: ₹47 Cr, reflecting a growth of +13% YoY.
- Max@Home Revenue: ₹68 Cr, indicating a growth of +23% YoY.
Capacity Expansion and Developments
Max Healthcare is actively expanding its capacity through several brownfield projects:
- MSSH Mohali: 53 beds commissioned (out of 160), with current occupancy delivering an EBITDA margin of approximately 39%.
- Nanavati Max: 63 beds commissioned (out of 280), delivering an EBITDA margin of approximately 31%.
- Max Smart: Expecting commissioning of a new brownfield tower with 400 beds by February end.
The company also executed a Share Purchase Agreement for the acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) to develop a ~450 beds hospital in Pune, expected to be commissioned in 2030.
Exceptional Items
The Q3 FY26 results included exceptional items aggregating to ₹55 Cr, relating to the impact of the Code on Wages, 2019, and provision for stamp duty on the amalgamation of CRL with JHL.
Source: BSE
