Max Healthcare Q4 Revenue Up 10% YoY to ₹2,664 Cr; PAT Grows 3% to ₹387 Cr
Max Healthcare reported Q4 FY26 revenue of ₹2,664 Cr, up 10% YoY, and PAT of ₹387 Cr, up 3% YoY. The company acquired a controlling stake in Kalinga Hospital Ltd. for an undisclosed amount and approved a ₹1,400 Cr investment for a new greenfield hospital in Lucknow. Capacity expansions are ongoing with phased commissioning of brownfield projects.
The announcement includes strong financial results, a significant acquisition, and substantial investments in future capacity, which are material events for the company.
The company reported positive year-on-year growth in revenue and EBITDA, along with significant capacity expansions and a strategic acquisition.
Max Healthcare Institute Limited (MHIL) announced its financial and operating results for the fourth quarter and financial year ended March 31, 2026.
The company reported a network gross revenue of ₹2,664 crore for Q4 FY26, a year-on-year growth of 10%, primarily driven by an increase in Occupied Bed Days (OBDs). International patient revenue contributed ₹227 crore, a 12% YoY increase, accounting for approximately 9% of hospital revenue.
Network Operating EBITDA stood at ₹682 crore, an 8% YoY growth, with an EBITDA margin of 26.8% (compared to 27.2% in Q4 FY25 and 26.1% in Q3 FY26). Clinician costs increased by approximately 230 basis points YoY and 120 basis points QoQ due to aggressive hiring of clinical talent. EBITDA per bed was ₹73.4 lakhs.
Profit After Tax (PAT) for the network was ₹387 crore, a 3% YoY growth from ₹376 crore in Q4 FY25. Free cash from operations was ₹581 crore. Net Debt at the end of March 2026 was ₹1,908 crore.
Max Lab reported revenue of ₹52 crore, a 14% YoY growth, and Max@Home reported a gross revenue of ₹73 crore, a 30% YoY growth.
In terms of capacity expansion, approximately 20% additional brownfield capacity has been rolled out over the last six months, with another 10% expected by year-end. The 400-bed brownfield tower at Max Smart Super Speciality Hospital was commissioned in April 2026, and a 160-bed brownfield tower at MSSH, Mohali, has been fully operationalized. Additionally, 116 beds of a 280-bed brownfield tower at Nanavati-Max have been operationalized.
The company also announced the acquisition of a controlling stake (58.28%) in Kalinga Hospital Ltd. (KHL) on May 18, 2026, making it a subsidiary. KHL operates a 250-bed hospital in Bhubaneswar.
Furthermore, the Board has approved an investment of approximately ₹1,400 crore for the construction of a 712-bed greenfield hospital at Shaheed Path, Lucknow, expected to be commissioned in FY30. The company also executed a SPA for the staggered acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) to develop a ~450-bed hospital, also expected to be commissioned in 2030.
For the financial year ended March 31, 2026, Network gross revenue stood at ₹10,538 crore, a 16% YoY growth. Network Operating EBITDA was ₹2,638 crore, up 14% YoY. Network PAT after exceptional items stood at ₹1,631 crore, a 22% YoY growth.
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