Max Healthcare Institute delivered a strong financial performance in Q3, reporting growth across key metrics including revenue, profitability and EBITDA, though results came in below analyst expectations on the profit front.

Revenue Growth Drives Performance

The healthcare provider posted robust revenue growth during the quarter, with total revenue reaching ₹21.00 billion compared to ₹18.60 billion in the corresponding quarter of the previous year. This represents a solid year-on-year revenue growth of 12.90%, demonstrating the company's ability to expand its business operations and patient volumes.

EBITDA Performance Shows Mixed Results

Max Healthcare Institute reported EBITDA of ₹5.40 billion for Q3, representing an increase from ₹5.00 billion in the same quarter of the previous year. However, the EBITDA margin compressed to 26.00% compared to 26.72% in the year-ago period, indicating some pressure on operational efficiency despite absolute growth in earnings.

Profitability Shows Strong Momentum

Max Healthcare Institute reported consolidated net profit of ₹3.00 billion for Q3, marking significant improvement from ₹2.40 billion in the same quarter of the previous fiscal year. This translates to a substantial year-on-year profit growth of 25.00%, indicating strong operational performance despite margin pressures.

Market Expectations vs Actual Results

Despite the positive revenue and profit growth, the company's performance fell short of market expectations on the profitability front. Analyst estimates had projected consolidated net profit of ₹3.90 billion for the quarter, meaning actual results were ₹0.90 billion below projections. This variance suggests that while Max Healthcare continues to demonstrate solid growth fundamentals, the pace of profit expansion may not have matched the aggressive growth expectations set by market analysts for the healthcare sector.

Max Healthcare Institute Limited has announced the grant of 2,84,520 stock options to eligible employees under its Employee Stock Option Scheme 2022. The company's Nomination and Remuneration Committee (NRC) approved this grant during its meeting held on February 4, 2026.

Grant Details and Structure

The stock option grant is structured in two distinct tranches with different exercise prices and quantities:

Vesting and Exercise Terms

The granted stock options operate under specific vesting and exercise parameters designed to align employee interests with long-term company performance:

The vesting is subject to fulfillment of pre-vesting conditions as determined by the NRC, ensuring that options vest based on performance and tenure criteria.

Regulatory Compliance and Disclosure

The grant has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The NRC meeting commenced at 10:15 AM IST and concluded at 10:40 AM IST on February 4, 2026.

Max Healthcare Institute Limited has communicated this development to both major stock exchanges:

• NSE (National Stock Exchange): Symbol MAXHEALTH
• BSE (Bombay Stock Exchange): Scrip Code 543220

The company has also made the disclosure available on its official website at www.maxhealthcare.in , ensuring transparency and accessibility for all stakeholders.

ESOP Scheme Framework

The Max Healthcare Institute Limited Employee Stock Option Scheme 2022 (MHIL ESOP – 2022) serves as the governing framework for these grants. The scheme is administered and implemented by the Nomination and Remuneration Committee, which determines the terms and conditions for option grants, vesting schedules, and exercise parameters.

This employee stock option grant represents Max Healthcare's commitment to employee retention and motivation through equity participation, allowing eligible employees to benefit from the company's long-term growth and performance.