Max Healthcare reported a 10% year-over-year increase in revenue for Q3 FY26, reaching ₹2,608 Cr. Network Operating EBITDA grew by 4% YoY to ₹648 Cr, while PAT increased by 9% to ₹344 Cr. The company is expanding bed capacity at several facilities, and international patient revenue accounts for approximately 9% of the total hospital revenue.
Financial Performance
Max Healthcare’s Q3 FY26 gross revenue reached ₹2,608 Cr, representing a 10% increase compared to the same quarter in the previous year. Network Operating EBITDA stood at ₹648 Cr, a 4% increase YoY. Network PAT grew by 9% YoY to ₹344 Cr. The operating margin stood at 26.1%.
Operational Highlights
Bed occupancy for the quarter was at 74%, with Occupied Bed Days (OBDs) up by 7% YoY. ARPOB for Q3 FY26 stood at ₹77.9k. The company provided free treatment to 38,915 OPD patients and 1,568 IPD patients from economically weaker sections. International patient revenue accounted for approximately 9% of hospital revenue.
Expansion and Developments
The company executed a Share Purchase Agreement for acquiring a 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) to develop a ~450 bed hospital in Pune. Expansion projects are underway at MSSH Mohali, Nanavati Max, and Max Smart facilities. The Board approved expanding the MSSH Dwarka facility by 260 additional beds.
Nine-Month Performance
For the nine months ended December 2025, the Network gross revenue was ₹7,874 Cr, a 19% increase. Network Operating EBITDA grew by 16% to ₹1,956 Cr. Network PAT, after exceptional items, stood at ₹1,244 Cr, a 30% increase YoY.
Max Lab and Max@Home
Max Lab reported revenue of ₹47 Cr, a 13% increase YoY. Max@Home reported revenue of ₹68 Cr, a 23% increase YoY.
Source: BSE
