Max Healthcare Institute delivered robust financial results for Q4 FY26, with consolidated net profit rising 3% year-on-year to ₹387 crore compared to ₹344 crore in the corresponding quarter last year. According to Business Standard, revenue from operations increased 9% YoY to ₹2,541 crore from ₹2,326 crore in Q4 FY25. The company's network gross revenue for the full financial year FY26 stood at ₹10,538 crore, while network PAT after exceptional items reached ₹1,631 crore in FY26, up 22% from ₹1,336 crore in FY25. As per Business Standard, CMD Abhay Soi noted that the network delivered its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10%.
The company's network operating EBITDA came in at ₹682 crore, up 8% YoY, with EBITDA margin for the network at 26.8% compared with 27.2% in Q4 FY25 and 26.1% in Q3 FY26. According to Business Standard, the operating margin slipped to 26.8% in Q4FY26, down from 27.2% a year earlier, attributed to a 230-basis-point YoY rise in clinician costs due to aggressive hiring of clinical talent to support future growth and capacity expansions. Bed occupancy for the quarter was at 75%, with occupied bed days (OBDs) up by 8% YoY. EBITDA per bed stood at ₹73.4 lakh, compared with ₹73.9 lakh in Q4 FY25 and ₹71.3 lakh in Q3 FY26. ARPOB (average revenue per occupied bed) for Q4 FY26 stood at ₹77,900 compared to ₹77,100 in Q4 FY25, showing flat growth year-on-year.
According to Business Standard, international patient revenue increased 12% YoY to ₹227 crore and contributed around 9% of hospital revenue. The company's non-captive pathology business Max Lab reported revenue of ₹52 crore, reflecting growth of 14% YoY and 11% QoQ, with the pathology network now operating across more than 60 cities and offering over 2,700 tests. Max@Home reported gross revenue of ₹73 crore, up 30% YoY and 8% QoQ, driven by growth in physiotherapy, rehabilitation, nursing care, sample collection, and medicine delivery services. The rise in revenue was aided by an 8% YoY increase in occupied bed days (OBDs) and strong international patient demand.
As reported by Business Standard, the company has commenced phased commissioning and ramp-up of brownfield expansions across Mohali, Mumbai and Delhi, representing approximately 20% capacity addition. A 400-bed brownfield tower at Max Smart Super Speciality Hospital was commissioned in April 2026, with 156 beds operational and the remaining to be added in the next quarter. The company also completed a 160-bed brownfield tower at Mohali and 116 beds out of 280 at Nanavati Max have been operationalised. The board approved an investment of around ₹1,400 crore for the construction of a 712-bed greenfield hospital at Shaheed Path in Lucknow, with the facility expected to be commissioned in FY30. The new hospital in Lucknow will be spread across 5 acres and will be the company's second hospital in the city. The company also completed the acquisition of a controlling stake in Kalinga Hospital, Bhubaneswar during the quarter.
According to Business Standard, free cash flow from operations rose to ₹581 crore in Q4 FY26 from ₹422 crore in the year-ago quarter, with ₹6 crore coming in from ESOP exercises. Net debt at the end of March 2026 stood at ₹1,908 crore compared with ₹2,166 crore at the end of December 2025. During the quarter, the company deployed ₹328 crore towards ongoing expansion plans and new unit upgrades. Cash from operations for FY26 stood at ₹1,541 crore, with the company's board recommending a final dividend of ₹2 per equity share for FY26, subject to shareholders approval at the forthcoming annual general meeting. Max Healthcare's share ended the day's trade at ₹1,091.55 apiece on the BSE, up ₹15.25 or 1.42% following the results announcement after market hours.
