Max Healthcare Institute management has disclosed that the company maintains agreements with insurance companies for annual price revisions, according to statements made during a recent conference call.

Insurance Partnership Agreements

The healthcare provider has established structured agreements with insurance companies that include provisions for annual price revisions. These arrangements indicate a systematic approach to managing pricing for healthcare services in coordination with insurance partners.

Management Communication

During the conference call, company management confirmed the existence of these pricing agreements, highlighting the structured nature of the company's relationships with insurance providers. The agreements appear to provide a framework for regular price adjustments on an annual basis.

Strategic Implications

The presence of annual price revision agreements with insurance companies suggests Max Healthcare has established mechanisms for periodic pricing adjustments. These structured arrangements may provide greater predictability in revenue management and pricing coordination with key insurance partners in the healthcare sector.

Max Healthcare Institute reported strong consolidated financial performance for Q3FY26, with profit after tax reaching ₹301 Cr compared to ₹239 Cr in Q3FY25, reflecting a growth of 26% year-on-year. The healthcare provider's revenue from operations stood at ₹2,068 Cr versus ₹1,868 Cr in the corresponding quarter of the previous year, marking an 11% YoY growth.

Financial Performance Shows Robust Growth

The company's consolidated financial results for the quarter ended December 31, 2025, demonstrated strong operational performance despite seasonal challenges. Total income reached ₹2,113 Cr compared to ₹1,902 Cr in Q3FY25, representing an 11% year-on-year increase. However, the quarter saw a decline compared to Q2FY26's ₹2,168 Cr due to seasonal factors.

Exceptional Items Impact Results

The quarter included exceptional items totaling ₹48 Cr, primarily comprising the impact of new Labour Codes notified by the Government of India. The incremental impact of ₹34 Cr consisted of gratuity provisions of ₹21 Cr, long-term compensated absences of ₹11 Cr, and other employee benefits of ₹2 Cr, arising due to changes in wage definition. Additionally, ₹14 Cr was provided for estimated stamp duty on the merger of subsidiaries.

Nine Months Performance

For the nine months ended December 31, 2025, the company reported consolidated revenue from operations of ₹6,231 Cr compared to ₹5,119 Cr in the corresponding period of the previous year, representing a 22% growth. Profit after tax for the nine-month period stood at ₹1,100 Cr versus ₹757 Cr in the previous year, marking a 45% increase.

Strategic Expansion Initiatives

The Board of Directors approved an amendment to the existing Services Agreement to extend arrangements to approximately 260 additional beds being constructed at the Max Super Speciality Hospital, Dwarka site. The proposed capacity addition will be undertaken within the next 24 months, with the company providing an interest-free refundable security deposit of approximately ₹25 Cr.

Pune Hospital Acquisition

On December 18, 2025, the company entered into a Share Purchase Agreement to acquire 100% equity stake in Yerawada Properties Private Limited for developing a 450-bed super-specialty hospital in Pune. The project involves an aggregate investment of up to ₹1,020 Cr, including ₹200 Cr payable to YPPL shareholders, with the hospital expected to be commissioned by 2030.

Earnings Call Recording Available

The company has made available the audio recording of its earnings call held on February 6, 2026, discussing the Q3FY26 financial results. The recording can be accessed on the company's website at www.maxhealthcare.in/financials#earnings-call , as informed to the stock exchanges under Regulation 30 of SEBI listing requirements.

Earnings Per Share Performance

Basic earnings per share for Q3FY26 stood at ₹3.10 compared to ₹2.46 in Q3FY25. For the nine-month period, basic EPS reached ₹11.32 versus ₹7.79 in the corresponding previous period. The company's paid-up equity share capital stood at ₹973 Cr as of December 31, 2025.