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Max Healthcare Institute
Max Healthcare Institute (543220) investor relations material
Max Healthcare Institute Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary6 Feb, 2026
Executive summary
Achieved 21st consecutive quarter of year-on-year growth in Q3, with strong occupancy and successful ramp-up of new brownfield beds at multiple sites.
Acquired 100% stake in Yerawada Properties Pvt. Ltd. for a 450-bed hospital in Pune, commissioning in 2030, expanding Western India presence.
Amalgamation of Crosslay Remedies Ltd and Jaypee Healthcare Ltd completed, enhancing operational structure.
Divested two hospitals in Bulandshahr to focus on super specialty care in larger cities.
Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved, with auditors issuing unmodified reports.
Financial highlights
Q3 FY26 gross revenue: ₹2,608 Cr (+10% YoY); 9M ended Dec'25: ₹7,874 Cr (+19% YoY).
Q3 FY26 operating EBITDA: ₹648 Cr (+4% YoY); margin at 26.1%; 9M ended Dec'25: ₹1,956 Cr (+16% YoY).
Q3 FY26 PAT after exceptional items: ₹344 Cr (+9% YoY); 9M ended Dec'25: ₹1,244 Cr (+30% YoY).
Digital revenue in Q3 FY26: ₹803 Cr (~31% of gross revenue), with 44% YoY growth in website traffic.
International patient revenue in Q3 FY26: ₹230 Cr (+14% YoY), ~9% of hospital revenue.
Outlook and guidance
Upward revision of CGHS tariff expected to be fully implemented by April 2026, with full impact of CGHS/ECHS rate revisions and GST changes to be realized from Q1 FY27.
Brownfield and greenfield expansions, including Pune, Gurgaon, and Lucknow, to double bed capacity in 4-5 years.
Board approved extension of the services agreement for Max Dwarka, with ~260 additional beds to be added within 24 months.
Margin-accretive incremental capacity coming online positions the network for sustained growth.
Focus on digital revenue growth, asset-light models, and M&A for future expansion.
Ongoing net impact of CGHS/GST changes?
Greenfield impanelment & breakeven strategy?
Market impact of new capacity & clinician costs?
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Raising capital for global EV and AI expansion, with regulatory and dilution risks highlighted.
Next Max Healthcare Institute earnings date
Q4 25/2619 May, 2026
Max Healthcare Institute
Next Max Healthcare Institute earnings date
Q4 25/2619 May, 2026
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Frequently asked questions
Max Healthcare Institute Limited is an India-based company engaged in the provision of healthcare services. The company operates a network of hospitals and healthcare facilities offering a wide range of medical services, including primary care, secondary care, and tertiary care across various specialties such as oncology, cardiology, neurology, and orthopedics. It also provides diagnostic services, telemedicine, and preventive health programs. The company is headquartered in New Delhi, India, and its shares are listed on the National Stock Exchange of India.
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