Max Healthcare Institute Ltd. reported a strong finish to the financial year 2026, with Q4 gross revenue reaching ₹2,664 crore, a 10% increase year-on-year. The company’s Q4 PAT grew to ₹387 crore, while Network Operating EBITDA rose by 8% to ₹682 crore. The growth was primarily driven by an increase in occupied bed days and significant capacity expansion through new brownfield developments across key regions.
Financial Performance Overview
For the fourth quarter ended March 31, 2026, Max Healthcare delivered robust financial results. The network achieved a gross revenue of ₹2,664 crore, marking a 10% growth year-on-year. The Operating EBITDA for the quarter stood at ₹682 crore, an 8% increase over the previous year, while Profit After Tax (PAT) rose to ₹387 crore, representing a 3% year-on-year growth and a 12% increase quarter-on-quarter.
Strategic Expansion and Capacity Growth
Max Healthcare continues its aggressive capacity expansion strategy. The company has commissioned nearly 20% additional brownfield capacity over the last six months. Key highlights include the commissioning of a 400-bed tower at Max Smart Super Speciality Hospital, the operationalization of a 160-bed tower at MSSH, Mohali, and the phased opening of a 280-bed tower at Nanavati-Max. Furthermore, the company acquired a 58.28% controlling stake in Kalinga Hospital Ltd. in Bhubaneswar, adding 250 beds to its network.
Future Growth Initiatives
The company remains focused on future growth with a significant pipeline. The Board has approved an investment of ~₹1,400 crore to construct a 712-bed greenfield hospital at Shaheed Path, Lucknow. Additionally, the network reported strong performance from its non-hospital verticals, with Max Lab revenue growing by 14% year-on-year and Max@Home revenue surging by 30% year-on-year. These initiatives, supported by ₹1,541 crore in cash from operations during FY26, position the company for sustained long-term growth.
Operational Highlights
The network’s operational metrics remain strong, with bed occupancy at 75% for the quarter. Total operational bed capacity reached 4,966 beds by the end of March 2026. The company also maintained its commitment to clinical excellence, performing thousands of specialized procedures, including liver, kidney, and bone marrow transplants, while continuing to advance its research and academic partnerships with prestigious global institutions.
Source: BSE
