Max Healthcare Q3 FY26: Revenue up 10%, EBITDA up 4% amid seasonal softness
Max Healthcare reported Q3 FY26 revenue of ₹2,608 crore, up 10% YoY, and operating EBITDA of ₹648 crore, up 4% YoY. The company commissioned new beds and announced expansion plans, including a 450-bed hospital in Pune by 2030. For 9M FY26, revenue grew 19% to ₹7,874 crore.
The results show continued growth and expansion plans, indicating positive momentum. However, the sequential dip in performance and the impact of external factors suggest a moderate impact rather than a significantly high one.
The company reported year-on-year growth in revenue and EBITDA, but sequential performance was impacted by external factors and seasonality. While growth is positive, the mixed performance and ongoing challenges temper the overall sentiment.
Max Healthcare Institute Limited announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported a 10% year-on-year increase in revenue, reaching ₹2,608 crore, and a 4% growth in operating EBITDA to ₹648 crore. This performance was achieved despite unanticipated seasonal softness and some external factors.
During the quarter, the company commissioned 63 brownfield beds at Nanavati Max and 53 at Max Mohali. The infrastructure for approximately 200 beds at Max Smart is also ready for commissioning, pending occupancy certificates expected by the end of February. Max Healthcare also announced plans to develop a 450-bed hospital in Pune by 2030 and approved the addition of 260 beds at Max Dwarka, increasing its capacity to 560 beds.
Revenue and EBITDA were sequentially impacted by a temporary shift towards institutional patients due to disruptions in cashless services with stand-alone health insurers, which have since been restored. The performance was also affected by the discontinuation of certain high-value patented chemotherapy drugs and a reduction in GST on drugs and consumables. Pre-commissioning expenses for brownfield bed additions and other non-recurring costs also influenced the results.
For the nine months ended December 2025, network gross revenue grew by 19% year-on-year to ₹7,874 crore. Overall network operating EBITDA grew by 16% year-on-year to ₹1,956 crore. The company generated ₹960 crore of free cash flow from operations during this period.
The company also provided an update on its expansion projects, including a 500-bed hospital in Sector-56, Gurgaon, expected by H1 FY'27, and a 100-bed hospital in Nagpur, expected within 24 months. Other projects include a 400-bed hospital in Zirakpur (FY'28), 200 beds at Max Vaishali, and 397 beds at Patparganj (FY'29).
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