Max Healthcare Institute Ltd., one of India’s largest private healthcare service providers, announced robust financial results for the fourth quarter and the fiscal year ending March 31, 2026. The company reported a gross revenue of ₹2,664 crore for Q4 FY26, marking a 10% year-on-year increase, primarily driven by a rise in Occupied Bed Days (OBDs). International patient revenue reached ₹227 crore, reflecting a 12% growth and accounting for approximately 9% of the hospital’s revenue.
The Network Operating EBITDA for the quarter stood at ₹682 crore, an 8% increase from the previous year. The EBITDA margin was recorded at 26.8%, slightly down from 27.2% in Q4 FY25 but up from 26.1% in Q3 FY26. The increase in clinician costs, up by approximately 230 basis points year-on-year, was attributed to aggressive hiring to support future growth and capacity expansions.
Net Profit After Tax (PAT) for the quarter was ₹387 crore, a 3% increase from ₹376 crore in Q4 FY25 and a 12% rise from ₹344 crore in Q3 FY26. The company generated free cash from operations amounting to ₹581 crore, significantly higher than ₹422 crore in the same quarter last year.
Max Healthcare also reported progress in its expansion projects. A 400-bed brownfield tower at Max Smart Super Speciality Hospital was commissioned in April 2026, and a 160-bed tower at MSSH, Mohali has been fully operationalized. Additionally, 116 beds of a planned 280-bed tower at Nanavati-Max have been operationalized, with the remaining beds expected to become operational in the next three months.
The company completed the acquisition of a 58.28% controlling stake in Kalinga Hospital Ltd. (KHL) on May 18, 2026, making it a subsidiary. KHL operates a 250-bed hospital in Bhubaneswar, Odisha. Furthermore, the Board approved an investment of approximately ₹1,400 crore for constructing a 712-bed greenfield hospital in Lucknow, expected to be operational by FY30.
For the full fiscal year, Max Healthcare reported a gross revenue of ₹10,538 crore, a 16% increase from the previous year. The Network Operating EBITDA for FY26 was ₹2,638 crore, up 14% from FY25, with a net PAT of ₹1,631 crore, reflecting a 22% year-on-year growth.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).