Max Healthcare Institute Ltd

Q4 FY26Healthcare Services

Max Healthcare Institute Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,060

Market cap₹1.0L Cr

P/E68.2

Updated23 Sept 2026

Read5 min read

The short version

Phased commissioning of 20% additional brownfield capacity across Mohali, Nanavati, and Max Smart hospitals, with beds becoming operational over next 2-3 months, driving revenue growth. Max Healthcare has added over 20% additional brownfield capacity recently, with phased commissioning completing in the next 2-3 months, expected to significantly enhance operating leverage as beds ramp up.

From Max Healthcare Institute Ltd's Q4 FY26 earnings-call transcript · updated 23 Sept 2026.

Revenue & Sales Performance

Phased commissioning of 20% additional brownfield capacity across Mohali, Nanavati, and Max Smart hospitals, with beds becoming operational over next 2-3 months, driving revenue growth.
Expected addition of 10% capacity with commissioning of 500-bed greenfield hospital in Gurgaon during FY27, contributing to revenue expansion.
Ongoing expansion projects such as Max Lucknow (from 426 to 570 beds in next 2 quarters), Max Gurgaon (500 beds, commissioning expected this year), Nagpur (100 beds by FY28), and Zirakpur Mohali (400 beds by FY28) will support future volume growth.
Oncology share expected to stabilize at 21-22%, with other specialties compensating for revenue; overall ARPOB growth expected at 6-7% if no OBD growth.

2 more points management made on revenue & sales performance

Profitability & Margins

Max Healthcare has added over 20% additional brownfield capacity recently, with phased commissioning completing in the next 2-3 months, expected to significantly enhance operating leverage as beds ramp up.
A new 500-bed greenfield hospital in Gurgaon is targeted for commissioning by FY27-end, adding around 10% capacity and expected to break even within 1 year of operation.
The acquisition of Kalinga Hospital adds 250 beds, already EBITDA positive (~INR 10 crore), with growth planned through expansion.
The Network's full-year FY26 revenue grew 16% YoY to INR 10,538 crore, operating EBITDA by 14% YoY to INR 2,638 crore (26.2% margin), and PAT rose 22% to INR 1,631 crore.
Operating EBITDA per bed stands at INR 72 lakhs, with trends indicating margins will improve with operating leverage and capacity ramp-up.

2 more points management made on profitability & margins

See what Max Healthcare Institute Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Board approved INR 1,400 crore investment to build a 700-bed greenfield hospital at Shaheed Path, Lucknow, expected over about 3 years.
Phased capacity expansion ongoing:
Gomti Nagar Lucknow increasing capacity from current 426 beds to 570 beds within two quarters.
Plans to add another 200-300 beds at Gomti Nagar over the next decade, potentially reaching ~2,000 beds.
Upcoming hospital expansions include:
500 beds at Sector 56 Gurgaon, commissioning targeted by end of current year.
100 beds at Max Nagpur, expected commissioning by FY28.
400 beds at Zirakpur, Mohali, on schedule for FY28.
260 beds at Max Dwarka, expected completion in 24 months.
200 beds at Max Vaishali, awaiting building plan approvals.
400 beds at Max Patparganj, commissioning expected by FY29.

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

5x potential

1Health X Platform₹919 Cr

Rev 1Mar 1

2Chandan Healthca₹590 Cr

Rev 1Mar 3

3₹66.2K Cr

Rev 2Mar 1

4₹1.8K Cr

Rev 2Mar 2

5₹649 Cr

Rev 2Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Based on the provided pages of the Max Healthcare Institute Limited Q4 & FY '26 Earnings Call transcript, there is no explicit mention of any current or future fundraising plans through debt or equity. Key points related to financing include: - Net debt for the Network stood at INR 1,908 crore as of Q4 FY '26, with a Net debt-to-EBITDA ratio below 1. - INR 1,541 crore of free cash from operations was generated during the year. - INR 1,627 crore was deployed towards ongoing expansion projects and facility upgrades, funded presumably from internal resources and existing financing.

2 more points management made on fundraising & capital structure

See what Max Healthcare Institute Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The company is undertaking multiple expansion projects, with phased commissioning planned over the next 2-3 years.
Key ongoing projects:
Max Lucknow capacity increasing from 426 to 570 beds over next 2 quarters.
500 beds at Sector 56 Gurgaon, expected commissioning by end of FY '27.
100 beds at Max Nagpur, commissioning expected by FY '28.
400 beds at Zirakpur, Mohali, commissioning expected by FY '28.
260 beds at Max Dwarka, building plans underway; 24 months to complete.
200 beds at Max Vaishali pending building plan approvals; 24 months post approval to complete.
400 beds at Max Patparganj with construction started, commissioning expected by FY '29.

2 more points management made on order book & pipeline

Max Healthcare Institute Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1K Cr, net profit ₹342 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Max Healthcare's management said in earlier quarters

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Frequently Asked Questions

What were Max Healthcare Institute Ltd Q4 FY26 results?

What is Max Healthcare Institute Ltd share price analysis?

Max Healthcare Institute Ltd currently shows a neutral. The stock trades at a P/E of 68.2 with a market cap of ₹102,129 Cr. Investors should review the full earnings analysis for detailed insights.

Is Max Healthcare Institute Ltd planning capital expenditure?

Board approved INR 1,400 crore investment to build a 700-bed greenfield hospital at Shaheed Path, Lucknow, expected over about 3 years.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.