Max Healthcare Institute posted a mixed Q3FY26 performance, with revenue rising 9% year-on-year to ₹2,484 crore, compared with ₹2,281 crore last year. EBITDA grew 5% to ₹633 crore, while margins moderated to 25.5% from 26.4%.
Net profit increased 9% to ₹344 crore, supported by higher realisations, even as operating metrics softened sequentially.
On a quarter-on-quarter basis, revenue declined from ₹2,580 crore, EBITDA fell from ₹694 crore, and profit dropped sharply from ₹554 crore, reflecting seasonal softness and temporary disruptions.
Operating Metrics Under Pressure
Occupancy slipped to 74%, compared with 77% in the previous quarter and 75% a year ago. Average revenue per occupied bed (ARPOB) rose 3% YoY to ₹77,900, broadly flat QoQ, while EBITDA per bed (annualised) stood at ₹71.3 lakh.
International patient revenue increased 14% YoY to ₹230 crore, contributing around 9% of hospital revenues. Ancillary businesses remained strong, with Max@Home revenue up 23% YoY and Max Lab revenue rising 13%.
The company flagged temporary cashless disruptions, a higher PSU patient mix, and the discontinuation of certain patented chemotherapy drugs as factors impacting revenue and margins. The CGHS tariff hike is expected to be fully implemented by April 2026.
Expansion Pipeline
Operational beds increased to 4,853, up 387 YoY. During the quarter, Max Healthcare deployed ₹408 crore in capex, while net debt rose marginally to ₹2,166 crore.
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The company signed an SPA to acquire Yerawada Properties for a ~450-bed hospital in Pune, expected to be commissioned by 2030. Several brownfield expansions across Mohali, Nanavati Max, Dwarka and Max Smart Hospital are progressing, underpinning long-term capacity growth despite near-term operational pressures.
