Max Healthcare Institute

Max Healthcare Institute (543220) investor relations material

Max Healthcare Institute Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 25/26 earnings summary22 May, 2026

Executive summary

Achieved 22nd consecutive quarter of year-on-year growth, with FY26 gross revenue up 16% to ₹10,538 crore and operating EBITDA up 14% to ₹2,638 crore; PAT after exceptional items rose 22% to ₹1,631 crore.
Phased commissioning of over 20% additional brownfield capacity across multiple hospitals, including a 400-bed Max Smart tower and 160-bed Mohali tower; all beds to be operational in 2–3 months.
Acquisition of a 58.28% stake in Kalinga Hospital completed in May 2026, marking entry into Eastern India.
Board approved INR 1,400 crore investment for a new 700–712-bed greenfield hospital in Lucknow, with commissioning expected by FY30.
Final dividend of ₹2 per equity share recommended, subject to shareholder approval.

Financial highlights

Q4 FY26 gross revenue: ₹2,664 crore, up 10% year-on-year and 2% quarter-on-quarter; operating EBITDA: ₹682 crore, up 8% year-on-year and 5% quarter-on-quarter; EBITDA margin: 26.8%.
FY26 profit after tax: ₹1,631 crore, up 22% year-over-year; consolidated net profit: ₹1,44,241 lakhs.
Free cash flow in Q4: ₹581 crore; net debt at FY26 end: ₹1,908 crore; cash from operations: ₹1,541 crore.
Pre-tax ROCE: 21.8% in FY26; consolidated basic EPS: ₹14.83 in FY26.
Network operating EBITDA margin: 26.2% for FY26; annualized EBITDA per bed: ₹73 lakh in Q4.

Outlook and guidance

Focus on scaling newly commissioned capacities, integrating Kalinga Hospital, and progressing expansion projects including Gurgaon and Lucknow.
Additional 10% bed capacity to be added with Gurugram facility later in 2026; Lucknow hospital to be commissioned by FY30.
450-bed hospital in Pune and further brownfield/asset-light expansions planned.
No major regulatory delays anticipated; some minor delays due to labor and supply issues.

Tax benefit from CRL and JHL amalgamation

Lucknow hospital expansion cost and capacity

Kalinga Hospitals acquisition stake and cost

Oncology impact of chemo drug discontinuation

Factors delaying Gurgaon project commissioning

Rationale for Lucknow multi-locational strategy

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