Conference Call with Max Healthcare Institute Management and Analysts on Q3FY26 Performance and Outlook. Listen to the full earnings transcript.
Healthcare Facilities company Max Healthcare Institute announced Q3FY26 results Gross Revenue stood at Rs 2,608 crore for Q3FY26, a growth of +10% YoY. Network Operating EBITDA stood at Rs 648 crore in Q3FY26, a growth of +4% YoY. Operating Margin stood at 26.1% compared to 27.3% in Q3FY25 and 26.9% in Q2FY26. Network PAT stood at Rs 344 crore, compared to Rs 316 crore in Q3FY25 and Rs 554 crore in Q2FY26, reflecting a growth of +9% YoY. PAT is after expense of Rs 55 crore towards two exceptional items i.e. impact of Code on Wages, 2019 and provision for stamp duty on the amalgamation of Crosslay Remedies Ltd (CRL) with Jaypee Healthcare Ltd (JHL). Free Cash from Operations was Rs 281 crore in Q3FY26 compared with Rs 303 crore in Q3FY25 and Rs 291 crore in Q2FY26. EBITDA per bed4 was Rs 71.3 lakh compared to Rs 73.0 lakh in Q3FY25 and Rs 73.4 lakh in Q2FY26. Bed occupancy for the quarter was at 74%, with Occupied Bed Days (OBDs) up by +7% YoY. ARPOB 5 for Q3FY26 stood at Rs 77.9k compared to Rs 75.9k in Q3FY25 and Rs 77.3k in Q2FY26. Free treatment provided to 38,915 patients in OPD and 1,568 patients in IPD from the economically weaker sections by the Network Hospitals. The Company executed a Share Purchase Agreement for staggered acquisition of 100% equity stake in Yerawada Properties Pvt. Ltd. (YPPL) for developing a ~450 beds hospital, on a land parcel in prime location in Pune. 160 beds MSSH Mohali brownfield tower: 53 beds commissioned with current occupancy of 46 beds delivering an EBITDA margin of ~39%. Balance beds will be commissioned by February end. 280 beds Nanavati Max brownfield tower: 63 beds commissioned with current occupancy of 45 beds delivering an EBITDA margin of ~31%. Balance beds to be commissioned by March end. 400 beds Max Smart brownfield tower: expected commissioning by February end in a phased manner, upon receipt of regulatory approvals. The Board approved the brownfield expansion of the existing MSSH Dwarka facility to include 260 additional beds, to be constructed by the partner, taking the overall capacity to 560 beds. Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We are privileged to have treated over 40K patients free of cost in this quarter. We also continued our steady performance this quarter with Revenue and PAT growth of 10% and 9%, respectively. More importantly, we have operationalised new brownfield beds at Nanavati Max and MSSH Mohali, which have demonstrated accretive margins already. We expect a significant ramp up in our capacity in Q4 and in FY27. Encouraging performance in existing network hospitals and new capacity additions has boosted our confidence to further pursue growth opportunities, including our entry into Pune.” Result PDF