Max Healthcare Reports Q4 FY26 Revenue of ₹ 2,664 Cr, EBITDA Rises to ₹ 682 Cr

Max Healthcare Reports Q4 FY26 Revenue of ₹ 2,664 Cr, EBITDA Rises to ₹ 682 Cr​

Max Healthcare Institute Limited announced its financial and operational results for the fourth quarter (Q4) and the full financial year (FY) ended March 31, 2026. The company reported that its Network gross revenue reached ₹ 2,664 Cr, marking a growth of +10% year-on-year (YoY).

During the quarter, the Network Operating EBITDA stood at ₹ 682 Cr, reflecting an 8% YoY growth. Furthermore, the Network PAT increased to ₹ 387 Cr, showing a 3% YoY growth.

Key Financial Highlights (Q4 FY26)​

The financial performance metrics for Q4 FY26 compared to previous periods are detailed below:


The Operating Margin for the Network remained at 26.8% in Q4 FY26, compared to 27.2% in Q4 FY25 and 26.1% in Q3 FY26. The overall EBITDA per bed was ₹ 73.4 lakhs, down slightly from ₹ 73.9 lakhs in Q4 FY25.

Full Year FY26 Performance​

For the financial year ended March 31, 2026, the Network gross revenue recorded ₹ 10,538 Cr, representing a 16% growth compared to the corresponding period in the last fiscal year. The Network Operating EBITDA for FY26 stood at ₹ 2,638 Cr, up 14% over the twelve-month period ended March 31, 2025.

The Network PAT stood at ₹ 1,631 Cr for FY26, showing a 22% growth YoY, compared to ₹ 1,336 Cr in FY25. Cash from operations for the Network during the twelve months ended March 2026 was ₹ 1,541 Cr.

Operational Expansion and Strategic Growth​

The company announced significant capacity expansion and strategic acquisitions.

• Capacity Build-out: The phased commissioning of approximately 20% additional brownfield capacity has been completed over the last six months, with an additional 10% addition expected by year-end.
• Brownfield Commissions: Key operational milestones include commissioning a 400-bed brownfield tower at Max Smart Super Speciality Hospital in April 2026 (with 156 beds operational and the balance expected next quarter), and fully operationalizing a 160-bed brownfield tower at MSSH, Mohali. Similarly, 116 beds out of the planned 280-bed brownfield tower at Nanavati-Max have become operational, with the remaining capacity expected within the next three months.
• Acquisition: Max Healthcare consummated the acquisition of a controlling stake of 58.28% in Kalinga Hospital Ltd. (KHL) on May 18, 2026, making it a subsidiary. KHL operates a 250-bed hospital in Bhubaneswar, Odisha.
• Future Investment: The Board has approved an investment of approximately ₹ 1,400 Cr for constructing a 712-bed greenfield hospital at Shaheed Path, Lucknow. This facility will be the company's second hospital in the city.

Revenue Streams from Specialized Verticals​

The company also reported strong performance from its auxiliary businesses:

• Max Lab: The non-captive pathology vertical reported revenue of ₹ 52 Cr, showing a 14% YoY growth and 11% quarter-over-quarter (QoQ) growth. Max Lab services are now available across more than 60 cities and offer over 2,700 tests.
• Max@Home: Max@Home reported a gross revenue of ₹ 73 Cr, reflecting a 30% YoY growth and 8% QoQ growth. This growth was driven by Assistance Services (physio & rehab, nursing care, and attendants) and Transactional Services (sample collection and medicine delivery).

Operational and Clinical Achievements​

On an operational front, the Network recorded that bed occupancy for the quarter was at 75%, with Occupied Bed Days (OBDs) increasing by 8% YoY. The Average Revenue per Occupied Bed (ARPOB) for Q4 FY26 was ₹ 77.9k.

In terms of specialized medical care, notable achievements include:

• Transplants: A total of 4,458 Liver Transplants, 5,748 Kidney Transplants, and 2,248 Bone Marrow Transplants have been performed to date.
• Advanced Treatments: The company successfully conducted several complex procedures, including a robotic peritoneal vaginoplasty at Max Smart for a patient with MRKH syndrome, and a bilateral arm transplant at Nanavati-Max for a patient who lost both arms in an accident.

Furthermore, the institution recorded 160 scientific publications in high impact journals during Q4 FY26. Academic reach was further expanded with the signing of an MoU with Columbia University USA, bringing the total number of partnerships to 23 with national and global academic and industry partners.

MAXHEALTH Stock Price Movement​

Today, Max Healthcare Institute Limited shares edged higher, settling at ₹1091.1, marking a 1.62% gain. The stock traded on a robust volume of 2.76 million shares throughout the session.