Max Healthcare Institute Ltd.Strong Growth Amid Expansion

Max Healthcare delivered its 22nd consecutive quarter of year-on-year growth with Q4 FY26 network gross revenue reaching ₹2,664 crore, up 10% year-on-year.

Excluding oncology impacts from discontinued chemotherapy drugs, underlying revenue growth remained robust at 15% year-on-year. Network operating EBITDA grew 8% to ₹682 crore, with margins at 26.8% temporarily pressured by aggressive 30% capacity expansion. The company commissioned 20% brownfield capacity across Mohali, Nanavati, and Max Smart, maintaining strong occupancy above 75%. Full-year FY26 revenue grew 16% to ₹10,538 crore with profit after tax surging 22% to ₹1,631 crore.

Management approved a ₹1,400 crore investment for a 700-bed Lucknow greenfield hospital and completed the Kalinga Hospital acquisition, entering Eastern India. The 500-bed Gurugram greenfield facility will commission by end FY27, adding 10% capacity. Strong free cash flow generation of ₹581 crore and improving net debt position support the ambitious expansion pipeline totaling approximately 2,000 beds through FY29.