Press Release - Max Healthcare Q4 revenue rises to Rs. 2,664 Cr, registering growth of +10% YoY; Network operating EBITDA rises to Rs. 682 Cr; Q4 PAT grows to 387 Cr
MAXHEALTH · price
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Max Healthcare reported Q4 FY26 gross revenue of Rs 2,664 Cr, up 10% YoY, driven by 8% growth in Occupied Bed Days. Network Operating EBITDA stood at Rs 682 Cr with margin of 26.8%, slightly down from 27.2% in Q4 FY25. PAT grew 3% YoY to Rs 387 Cr. For full year FY26, revenue was Rs 10,538 Cr (up 16%) and PAT was Rs 1,631 Cr (up 22% YoY). The company completed acquisition of 58.28% stake in Kalinga Hospital (Bhubaneswar), commissioned 160-bed Mohali expansion and 116 beds at Nanavati-Max, with 156 beds of 400-bed Smart Super Speciality tower commissioned in April 2026. Board approved Rs 1,400 Cr investment for a 712-bed greenfield hospital in Lucknow.
Strong operational performance with 22 consecutive quarters of YoY growth demonstrates business resilience. Margin compression of ~60 bps YoY due to higher clinician costs (up 230 bps) for future expansion hiring is a near-term headwind but positions the company for capacity ramp-up. Healthy free cash flow of Rs 581 Cr in Q4 and net debt reduction to Rs 1,908 Cr provides balance sheet flexibility for growth investments.