Max Healthcare Institute Limited has informed the Exchange about Transcript of Earnings Call held on February 6, 2026

Max Healthcare reported its 21st consecutive quarter of year-on-year growth for Q3 FY26. Network revenue rose 10% YoY to INR 2,608 crore, while operating EBITDA grew 4% YoY to INR 648 crore. However, EBITDA margin slipped to 26.1% from 27.3% a year ago, hit by a temporary shift to lower-paying institutional patients during the stand-alone health insurer cashless disruption, pre-commissioning expenses for new brownfield beds, GST rate changes on drugs, and discontinuation of select high-margin oncology drugs under revised CGHS pricing. New brownfield beds at Nanavati Max and Max Mohali are ramping up well, delivering 39% and 30% margins respectively, and a 200-bed facility at Max Smart awaits an occupancy certificate. Management highlighted a net sustained positive impact of around INR 140 crore from the CGHS rate revision (after netting out a INR 60 crore GST drag and INR 80 crore oncology drug impact), with full benefits expected from April 2026. The company also announced a 450-bed hospital in Pune by 2030 and an additional 260 beds at Max Dwarka, while net debt stood at INR 2,166 crore with net debt-to-EBITDA below 1x.