Shares of Max Healthcare Institute dropped over 7% to hit an intraday low of ₹1,011.3 on the National Stock Exchange (NSE) amid an overall upbeat market. According to reports from Business Standard, at around 11:10 AM, the stock was trading at ₹1,024.60, down 6.1% compared to the previous session's close of ₹1,091. The NSE Nifty50 index was quoting at 23,771 levels, up by 116.30 points or 0.49%, highlighting the stock's underperformance against broader market trends. As per latest reports, the stock is trading 4.4% lower at ₹1,042.6 and has turned negative on a year-to-date basis after Friday's fall.
Max Healthcare reported consolidated revenue from operations of ₹2,541 crore in the March 2026 quarter, representing a 10% increase from ₹2,326 crore in the year-ago period. However, this fell short of street expectations of ₹2,700 crore, with the company's topline growth of 10% missing the anticipated 14% growth rate. The company's net profit for Q4FY26 stood at ₹387 crore, up 3% from ₹376 crore in Q4FY25, though this was lower than market expectations of ₹416.9 crore. The profit margin contracted to 26.8% from 27.2% in the year-ago period, but was higher than street estimates of 25.2%. According to the latest company statement, gross revenue in Q4 stood at ₹2,664 crore, showing the same 10% growth as reported earlier.
According to exchange filings reported by Business Standard, the company's EBITDA grew 8% year-on-year to ₹682 crore from ₹682 crore in the corresponding quarter of the previous fiscal. However, EBITDA margin slipped to 26.8% from 27.2% in the year-ago period, indicating margin pressure despite revenue growth. The company reported EBITDA per bed of ₹73.4 lakh in Q4FY26, compared to ₹73.9 lakh in Q4FY25 and ₹71.3 lakh in Q3FY26. Bed occupancy for the quarter stood at 75%, while occupied bed days increased 8% year-on-year. The margin contraction was attributed to clinician costs increasing by 230 basis points, leading to lower overall margins. As per the latest company data, ARPOB (average revenue per occupied bed) for Q4 FY26 stood at ₹77,900 compared to ₹77,100 in Q4 FY25, showing marginal improvement.
The company's diversified portfolio showed mixed results across segments. Max Labs revenue increased 14% to ₹52 crore from ₹46 crore in the previous year, with margins expanding to 17% from 14% last year and 13% sequentially. Max@Home revenue was up 30% to ₹73 crore from ₹56 crore in the fourth quarter last year and ₹68 crore in the previous quarter. However, the share of the oncology division dropped to 21% from 26% last year and 24% sequentially due to the discontinuation of select chemotherapy drugs for institutional patients**.
As reported by Business Standard, during the last six months, about 20% additional brownfield capacity has been commissioned in phases, with a further 10% expected by year-end. This includes a 400-bed brownfield tower at Max Smart Super Speciality Hospital commissioned in April 2026, a 160-bed tower at MSSH Mohali now fully operational, and a 280-bed tower at Nanavati-Max where 116 beds are operational with the remaining expected within three months. The company also acquired a 58.28% controlling stake in Kalinga Hospital on May 18, 2026, making it a subsidiary, which operates a 250-bed facility on a 10-acre land parcel in Bhubaneswar, Odisha. According to the latest company statement, the network has commenced phased commissioning and ramp-up of brownfield expansions across Mohali, Mumbai and Delhi, representing approximately 20% capacity addition.
For the financial year ended March 31, 2026, the network gross revenue stood at ₹10,538 crore while network PAT after exceptional items stood at ₹1,631 crore, compared to ₹1,336 crore in FY25, up 22%. As per the company statement, the board of directors has recommended a final dividend of ₹2 per equity share of face value of ₹10 for 2025-26. CMD Abhay Soi highlighted that the network delivered its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10%. The stock has a market capitalisation of ₹99,957 crore with a 52-week high of ₹1,314 and 52-week low of ₹903. On a year-to-date basis, Max Healthcare shares have gained over 4%, compared with a 9.5% decline in the benchmark Nifty50 index during the same period.
