Max Healthcare Q3 Revenue Up 10% YoY to ₹2,608 Cr; PAT Grows 9% to ₹344 Cr
Max Healthcare reported Q3 FY26 revenue of ₹2,608 crore, up 10% YoY. PAT grew 9% YoY to ₹344 crore, after accounting for exceptional items. Network Operating EBITDA was ₹648 crore, up 4% YoY. The company is acquiring Yerawada Properties Pvt. Ltd. for a new 450-bed hospital in Pune, expected by 2030.
The results showcase solid financial growth and significant expansion initiatives, including a new hospital acquisition and bed capacity increases, which are material to the company's future performance.
The company reported year-on-year growth in revenue, EBITDA, and PAT, along with strategic expansion plans, indicating positive financial and operational performance.
Max Healthcare Institute Limited announced its financial and operating results for the third quarter and nine months ended December 31, 2025. The company reported a network gross revenue of ₹2,608 crore for Q3 FY26, a year-on-year growth of 10%, driven primarily by an increase in Occupied Bed Days (OBDs). International patient revenue also saw a growth of 14% YoY, contributing approximately 9% to the hospital revenue.
Network Operating EBITDA stood at ₹648 crore, a 4% YoY growth, with an EBITDA margin of 26.1%. This margin was impacted by pre-commissioning expenses for brownfield beds, a GST rate change, and the discontinuation of certain patented chemotherapy drugs for institutional patients. EBITDA per bed was ₹71.3 lakhs.
Profit After Tax (PAT) for the quarter was ₹344 crore, a 9% YoY growth. This figure accounts for two exceptional items aggregating to ₹55 crore, related to the impact of the Code on Wages, 2019, and a provision for stamp duty on the amalgamation of Crosslay Remedies Ltd (CRL) with Jaypee Healthcare Ltd (JHL).
Key operational highlights include a bed occupancy of 74% and a 7% YoY growth in OBDs. Average Revenue Per Occupied Bed (ARPOB) for Q3 FY26 was ₹77.9k, a 3% YoY growth. Max Lab reported a revenue of ₹47 crore, with a 13% YoY growth, and Max@Home saw a 23% YoY growth in revenue, reaching ₹68 crore.
The company has 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. Several brownfield expansion projects are underway, including 53 commissioned beds at MSSH Mohali, 63 at Nanavati Max, and an expected commissioning of a 400-bed tower at Max Smart by February end. The Board also approved the expansion of the MSSH Dwarka facility by 260 additional beds.
For the nine months ended December 2025, network gross revenue grew by 19% YoY to ₹7,874 crore, and Operating EBITDA grew by 16% YoY to ₹1,956 crore. Network PAT for the nine months stood at ₹1,244 crore, a 30% YoY growth.
Mr. Abhay Soi, Chairman and Managing Director, commented on the results, highlighting the company's steady performance, revenue and PAT growth, and the successful operationalization of new beds, which boosts confidence for future growth opportunities, including the entry into Pune.
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