Max Healthcare Institute (543220) Q3 25/26 earnings summary

Executive summary

• Achieved 21st consecutive quarter of year-on-year growth in Q3, with strong occupancy and successful ramp-up of new brownfield beds at multiple sites.

• Acquired 100% stake in Yerawada Properties Pvt. Ltd. for a 450-bed hospital in Pune, commissioning in 2030, expanding Western India presence.

• Amalgamation of Crosslay Remedies Ltd and Jaypee Healthcare Ltd completed, enhancing operational structure.

• Divested two hospitals in Bulandshahr to focus on super specialty care in larger cities.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved, with auditors issuing unmodified reports.

Financial highlights

• Q3 FY26 gross revenue: ₹2,608 Cr (+10% YoY); 9M ended Dec'25: ₹7,874 Cr (+19% YoY).

• Q3 FY26 operating EBITDA: ₹648 Cr (+4% YoY); margin at 26.1%; 9M ended Dec'25: ₹1,956 Cr (+16% YoY).

• Q3 FY26 PAT after exceptional items: ₹344 Cr (+9% YoY); 9M ended Dec'25: ₹1,244 Cr (+30% YoY).

• Digital revenue in Q3 FY26: ₹803 Cr (~31% of gross revenue), with 44% YoY growth in website traffic.

• International patient revenue in Q3 FY26: ₹230 Cr (+14% YoY), ~9% of hospital revenue.

Outlook and guidance

• Upward revision of CGHS tariff expected to be fully implemented by April 2026, with full impact of CGHS/ECHS rate revisions and GST changes to be realized from Q1 FY27.

• Brownfield and greenfield expansions, including Pune, Gurgaon, and Lucknow, to double bed capacity in 4-5 years.

• Board approved extension of the services agreement for Max Dwarka, with ~260 additional beds to be added within 24 months.

• Margin-accretive incremental capacity coming online positions the network for sustained growth.

• Focus on digital revenue growth, asset-light models, and M&A for future expansion.