Max Healthcare reports FY26 net revenue of ₹10,065 crore
Max Healthcare Institute Limited reported a net revenue of ₹10,065 crore for FY26, a 16% year-on-year growth, driven by strong operational performance and acquisitions. Profit after tax increased 22% to ₹1,631 crore, while operating EBITDA rose 14% to ₹2,638 crore, maintaining a margin of 26.2%. The company plans to add 4,000 beds over the next 3-4 years and recently commissioned new towers in Mohali, Mumbai, and Saket.
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Max Healthcare Institute Limited has reported a net revenue of ₹10,065 crore for the financial year 2026, marking a 16% year-on-year growth. The company disclosed its operational and financial performance for FY26 in an investor presentation filed with the stock exchanges. The presentation was made in connection with the upcoming UBS Asian Investment Conference 2026, scheduled for May 27 and 28, 2026, in Hong Kong.
Financial Performance
For the year ended March 31, 2026, Max Healthcare recorded a profit after tax of ₹1,631 crore. The network's operating EBITDA stood at ₹2,638 crore, with an EBITDA margin of 26.2%. The company reported a pre-tax return on capital employed (ROCE) of 27.7% for FY26.
| Metric | FY26 (₹ Cr) | YoY Growth |
|---|---|---|
| Net Revenue | 10,065 | 16% |
| Operating EBITDA | 2,638 | 14% |
| Profit After Tax | 1,631 | 22% |
Operational Highlights
Max Healthcare maintained its position as India's second-largest hospital chain by revenue and EBITDA. The company operates a network of 21 healthcare facilities comprising over 6,000 beds. During FY26, the hospital chain performed approximately 52,900 cardiac procedures, 15,000 neurosurgeries, and 42,800 oncology surgeries.
The average revenue per occupied bed (ARPOB) for FY26 was ₹78,000, while occupancy levels stood at 75%. The company added approximately 1,300 beds across different geographies in the last 18 months, including acquisitions in Lucknow, Nagpur, and Noida.
Expansion Strategy
The company outlined a strategy to expand bed capacity by 8,400+ beds, with approximately 4,000 beds expected to be added in the next 3-4 years. Key expansion projects include the newly commissioned Max Mohali Tower 2, Nanavati-Max Tower 2 (Phase 1), and Max Smart Tower 2. The company is also developing greenfield hospitals in Gurgaon and Lucknow.
Conference Details
Max Healthcare's Chairman and Managing Director, Abhay Soi, is scheduled to attend the UBS Asian Investment Conference 2026. The event will be held in a physical format at the Four Seasons Hotel in Hong Kong, allowing for one-on-one and group interactions with investors.
Historical Stock Returns for Max Healthcare Institute
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.28% | +4.79% | -2.46% | -6.94% | -14.71% | +296.49% |
How will the planned capital expenditure for the 4,000 new beds impact the company's free cash flow and debt levels over the next three years?
What is the projected timeline for the newly acquired facilities in Lucknow, Nagpur, and Noida to reach the network's average occupancy level of 75%?
Can the company sustain the 22% growth in Profit After Tax as it integrates greenfield projects in Gurgaon and Lucknow?
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