Max Healthcare Q3 FY26 Revenue Up 10% YoY to ₹2,608 Cr; PAT Grows 9% YoY to ₹344 Cr
Max Healthcare Institute Limited reported Q3 FY26 revenue of ₹2,608 crore, up 10% YoY. Network Operating EBITDA grew 4% YoY to ₹648 crore, and PAT increased 9% YoY to ₹344 crore. The company is acquiring Yerawada Properties Pvt. Ltd. for a new Pune hospital, expected by 2030. Brownfield expansions are progressing at multiple sites.
The results include significant financial metrics (revenue, EBITDA, PAT growth), major expansion announcements (acquisition, new hospital development, brownfield expansions), and operational highlights, all of which are material for investors.
The company reported year-over-year growth in revenue and PAT, along with strategic expansion plans and continued free treatment initiatives, indicating positive financial and operational performance.
Max Healthcare Institute Limited announced its financial and operating results for the third quarter ended December 31, 2025. The company reported a network gross revenue of ₹2,608 crore, marking a 10% year-over-year growth, primarily driven by an increase in Occupied Bed Days (OBDs). International patient revenue contributed ₹230 crore, a 14% YoY increase and approximately 9% of hospital revenue.
Network Operating EBITDA stood at ₹648 crore, a 4% YoY growth, with an EBITDA margin of 26.1%, compared to 27.3% in Q3 FY25. This margin was impacted by pre-commissioning expenses for brownfield beds, GST rate changes, and the discontinuation of certain patented chemotherapy drugs for institutional patients.
Network PAT, after accounting for exceptional items totaling ₹55 crore related to the impact of the Code on Wages, 2019 and stamp duty provision for the amalgamation of Crosslay Remedies Ltd (CRL) with Jaypee Healthcare Ltd (JHL), was ₹344 crore, a 9% YoY growth. Free cash from operations was ₹281 crore.
In terms of expansion, the company executed a Share Purchase Agreement for the staggered acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) to develop a ~450-bed hospital in Pune, expected to be commissioned in 2030. Additionally, brownfield expansions are underway at MSSH Mohali (160 beds, 53 commissioned), Nanavati Max (280 beds, 63 commissioned), and Max Smart (400 beds, expected by February end). The Board also approved the expansion of the MSSH Dwarka facility by 260 additional beds.
Max Lab reported revenue of ₹47 crore, a 13% YoY growth, and Max@Home generated ₹68 crore in revenue, a 23% YoY growth. The company also highlighted treating 38,915 OPD and 1,568 IPD patients from economically weaker sections through free treatment.
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