Presentation on earnings update for the fourth quarter and financial year ended March 31, 2026
MAXHEALTH · price
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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 rose to ₹682 Cr (up 8%) with margin at 26.8% vs 27.2% in Q4 FY25. PAT grew to ₹387 Cr (up 3% YoY). Full-year FY26 revenue stood at ₹10,538 Cr (+16%) and PAT at ₹1,631 Cr (+22%). Clinician costs increased ~230 bps YoY due to aggressive hiring for capacity expansion. The company commissioned ~20% additional brownfield capacity in the last six months, including 400-bed tower at Max Smart (April 2026), 160-bed Mohali tower (fully operational), and 116 of 280 beds at Nanavati-Max. Board approved ₹1,400 Cr investment for a 712-bed greenfield hospital in Lucknow (FY30). Acquisition of 58.28% controlling stake in Kalinga Hospital, Bhubaneswar was consummated on May 18, 2026. Free cash from operations was ₹581 Cr and net debt reduced to ₹1,908 Cr from ₹2,166 Cr in December 2025.
Strong revenue growth and cash generation are positives, but margin pressure from rising clinician costs and near-term expansion ramp-up costs may limit near-term PAT margin expansion. The aggressive capacity expansion and acquisition strategy position the company for long-term growth.