Max Healthcare Institute Limited reported steady growth in the March quarter of FY26, supported by higher patient volumes, strong occupancy levels, and ongoing hospital expansion projects.
The company’s gross revenue increased 10% year-on-year (YoY) to ₹2,664 crore in Q4FY26. Growth was mainly driven by a rise in occupied bed days (OBDs), while international patient revenue grew 12% YoY to ₹227 crore and contributed around 9% of hospital revenue.
Network operating EBITDA rose 8% YoY to ₹682 crore during the quarter. Operating margin stood at 26.8%, slightly lower than 27.2% in Q4FY25, mainly due to higher spending on hiring doctors and clinical talent to support future expansion.
Net profit (PAT) increased 3% YoY to ₹387 crore, while free cash flow from operations improved sharply to ₹581 crore compared to ₹422 crore in the year-ago quarter.
Bed occupancy remained healthy at 75%, while EBITDA per bed stood at ₹73.4 lakh. Average revenue per occupied bed (ARPOB) remained stable at ₹77,900.
The company’s diagnostic business, Max Lab, reported revenue of ₹52 crore, up 14% YoY. Max Lab now operates in more than 60 cities and offers over 2,700 tests.
Max@Home, which provides healthcare services at home, recorded revenue of ₹73 crore, registering 30% YoY growth. The segment benefited from strong demand for nursing care, physiotherapy, rehabilitation, medicine delivery, and sample collection services.
Max Healthcare continued expanding its hospital network during the quarter.
The company said around 20% additional brownfield capacity has already been rolled out over the last six months, while another 10% capacity addition is expected later this year with the launch of its Gurugram facility.
Max Healthcare completed the acquisition of a 58.28% stake in Kalinga Hospital in Bhubaneswar on May 18, 2026. The hospital has 250 beds and is spread across a 10-acre land parcel in Odisha.
The board has also approved an investment of around ₹1,400 crore to build a 712-bed greenfield hospital in Lucknow. The facility is expected to start operations by FY30 and will become the company’s second hospital in the city.
For the full financial year FY26, Max Healthcare reported:
The company also highlighted that it has now delivered 22 consecutive quarters of year-on-year growth.
Chairman and Managing Director Abhay Soi said the company is seeing strong momentum from its ongoing expansion projects and expects further operating leverage as new facilities ramp up operations.
He also added that integration work has already started at Kalinga Hospital, where the company plans to improve operations and expand healthcare services in the region.
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Max Healthcare Institute share price (NSE: MAXHEALTH ) ended higher on Wednesday, with the stock closing at ₹1,093.15, up 1.62 per cent or ₹17.45 on the NSE. During the trading session, the stock touched an intraday high of ₹1,111 and a low of ₹1,079.05. The company’s market capitalisation stood at around ₹1.07 lakh crore. Max Healthcare has a price-to-earnings (P/E) ratio of 75.24 and offers a dividend yield of 0.14 per cent, with a quarterly dividend amount of ₹0.38 per share. The stock’s 52-week high stands at ₹1,314.30, while the 52-week low is ₹903.00.
Max Healthcare delivered a stable Q4FY26 performance with double-digit revenue growth, strong cash generation, and healthy occupancy levels. The company continues to focus on expansion through new hospital projects, brownfield capacity additions, and acquisitions.
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Published on: May 21, 2026, 5:34 PM IST
Kusum Kumari
Kusum Kumari is a Content Writer with 4 years of experience in simplifying financial market concepts. Currently crafting insightful content at Angel One, She specialise in breaking down complex topics into easy-to-understand pieces, blending expertise in market fundamentals and technical analysis.
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