Transcript of Earnings Call held on May 22, 2026
MAXHEALTH · price
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Max Healthcare delivered its 22nd consecutive quarter of YoY growth with Q4 gross revenue of INR 2,664 crore (up 10%) and operating EBITDA of INR 682 crore (up 8%), with EBITDA margin at 26.8%. Full-year FY26 revenue was INR 10,538 crore (16% growth) and PAT grew 22% to INR 1,631 crore. The company commissioned 20%+ brownfield capacity across Mohali, Nanavati, and Max Smart, with 500-bed Gurgaon greenfield targeted by end of FY27. It completed acquisition of Kalinga Hospital in Bhubaneswar (INR 10 crore annual EBITDA) and approved INR 1,400 crore investment for a 700-bed Lucknow greenfield. CGHS rate revision provides ~INR 140 crore annual net benefit, partially offset by INR 200 crore annual impact from discontinuing high-value chemotherapy drugs for institutional patients. Net debt improved to INR 1,908 crore with net debt/EBITDA below 1.
Strong execution with multi-year expansion pipeline across 7 projects (1,560+ beds across Gurgaon, Nagpur, Mohali, Dwarka, Vaishali, Patparganj) positions the company for sustained growth. Kalinga acquisition marks entry into Eastern India. Margin pressure from onc care discontinuation is being offset by CGHS rate benefits and other specialty growth.