Max Healthcare Institute Limited has informed the Exchange regarding a press release dated May 21, 2026, titled "Max Healthcare Q4 revenue rises to ₹ 2,664 Cr, registeringgrowth of +10% YoY; Network Operating EBITDA rises to ₹ 682 Cr; Q4 PAT grows to ₹ 387 Cr".
MAXHEALTH · price
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On the reaction day the stock moved 6.7 pts less than Nifty 100 and 6.7 pts less than its Hospital peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Max Healthcare reported Q4 FY26 gross revenue of ₹2,664 Cr, up 10% YoY, driven by 8% growth in occupied bed days. Operating EBITDA stood at ₹682 Cr (margin 26.8% vs 27.2% in Q4 FY25), with PAT at ₹387 Cr (+3% YoY). For full year FY26, revenue grew 16% to ₹10,538 Cr and PAT jumped 22% to ₹1,631 Cr. The company commissioned ~20% brownfield capacity expansion across Mohali, Mumbai and Delhi, with 400-bed tower at Max Smart and 160-bed at Mohali fully operational. Acquisition of 58.28% stake in Kalinga Hospital (Bhubaneswar) was completed on May 18, 2026. Board approved ₹1,400 Cr investment for a 712-bed greenfield hospital in Lucknow, expected FY30. Net debt stood at ₹1,908 Cr with free cash from operations at ₹581 Cr in Q4.
Strong topline growth of 16% FY26 with 22% PAT growth demonstrates solid operational performance. EBITDA margin compression of ~60bps YoY reflects higher clinician hiring costs to support capacity expansion, which should normalize as new facilities ramp up. Expansion initiatives and new acquisitions position the company for continued growth.