Max Healthcare Institute Limited — Q3 FY26 earnings call

Call held 6 Feb 2026

Management summary

Max Healthcare delivered its 21st consecutive quarter of YoY growth despite seasonal softness and temporary disruptions from insurance cashless services and regulatory changes. The company continued aggressive expansion with new bed additions and geographic diversification into Western India.

Highlights

  • 21st consecutive quarter of year-on-year growth in Q3

  • Revenue increased by 10% YoY to INR 2,608 crore

  • Operating EBITDA grew by 4% YoY to INR 648 crore

  • EBITDA margin at 26.1% vs 27.3% in Q3 FY25

  • Commissioned 63 brownfield beds at Nanavati Max

  • 53 brownfield beds commissioned at Max Mohali in Q2

  • Approved expansion in Pune with 450-bed hospital by 2030

  • Approved additional 260 beds at Max Dwarka

  • Digital revenue INR 803 crore (31% of overall revenue)

  • International patient revenue INR 230 crore (14% YoY growth)

Key financials

  1. Gross Revenue ₹2,608 Cr +10%YoY
  2. Operating EBITDA ₹648 Cr +4%YoY
  3. EBITDA Margin 26.1% -4.4%YoY
  4. PAT ₹344 Cr +8.9%YoY
  5. ARPOB ₹77,900 +3%YoY
  6. Occupied Bed Days Growth — +7%YoY
  7. Digital Revenue ₹803 Cr
  8. International Patient Revenue ₹230 Cr +14%YoY

What they filed

Q1 FY27: revenue up 16.7%, net profit up 4.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,707 1,868 1,910 2,028 2,135 +25%2,068 +11%2,143 +12%2,366 +17%
EBITDA451 499 512 523 575 +27%538 +8%606 +18%598 +14%
Net profit282 239 319 308 491 +74%301 +26%342 +7%323 +5%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • INR 2,608 crore crores Revenue
  • INR 803 crore (31% of total) crores Revenue
  • INR 230 crore (9% of hospital revenue) crores Revenue

Guidance & targets

Expansion

  • Pune Hospital Expansion · By 2030 · High confidence 450 beds
    expand our geographic presence in Western India to develop a 450-bed hospital on a prime piece of land in Pune by 2030

    — Abhay Soi

Capacity

  • Max Dwarka Expansion Capacity · Near-term · High confidence Additional 260 beds
    Board has approved the addition of another 260 beds at the existing site, taking the hospital's total capacity to 560 beds

    — Board Approval

Timing

  • Max Smart Occupancy Certificate Timing · Q4 FY26 · High confidence Expected by end of February
    we are currently awaiting the occupancy certificate, which is expected by the end of February

    — Management

Risks & concerns

  • Seasonal softness due to lack of vector-borne diseases

    medium

    excessive unanticipated seasonal softness due to lack of vector-borne diseases and transitory external factors

    Temporary impact, positioned for recovery

  • Insurance cashless services disruption

    medium

    temporary shift towards institutional patients following the disruption in cashless services with stand-alone health insurers, which was fully restored towards the end of the quarter

    Resolved by end of quarter

  • CGHS pricing and GST changes impact

    medium

    discontinuation of select high-value patented chemotherapy drugs in light of the revised CGHS pricing guidelines and by the reduction in GST on drugs and consumables

    Managing through diversification

1 min read 3 chapters

Detailed narrative

Sustained Growth Despite Headwinds

Max Healthcare achieved its 21st consecutive quarter of YoY growth with 10% revenue growth to INR 2,608 crore and 4% EBITDA growth despite seasonal softness, insurance service disruptions, and regulatory changes affecting chemotherapy drugs and GST rates.

Aggressive Capacity Expansion Strategy

Company commissioned 116 new beds across Nanavati Max (63) and Max Mohali (53) with margin-accretive ramp-up. Board approved major expansion plans including 450-bed Pune hospital by 2030 and additional 260 beds at Max Dwarka, reflecting strong growth confidence.

Digital and International Revenue Growth

Digital revenue reached INR 803 crore (31% of total) with 44% YoY growth in website traffic. International patient revenue grew 14% YoY to INR 230 crore, demonstrating successful diversification strategy beyond domestic markets.

This is an AI-generated summary of a publicly available earnings call transcript.
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