Max Healthcare Q4 results: Cons PAT grows 7% YoY to Rs 342 crore, revenue rises 12%

Max Healthcare Institute reported a consolidated net profit of Rs 342 crore in the March-ended quarter versus Rs 319 crore in the year ago period, showing a 7% uptick.

The company's revenue from operations in Q4FY26 was up 12% to Rs 2,143 crore versus Rs 1,910 crore posted in the corresponding quarter of the previous financial year.

The profit after tax (PAT) grew 14% on a sequential basis compared to Rs 301 crore in Q3FY26 while the topline rose nearly 4% versus Rs 2,068 crore in the October-December quarter of FY26.


The company's board recommended a final dividend of Rs 2 per equity share out of the profits of the financial year 2025-26. The payment is subject to approval of the members of the company and will be paid within 30 days from the conclusion of the forthcoming Annual General Meeting (AGM).

The hospital chain said its network PAT stood at Rs 387 crore, compared to Rs 376 crore in Q4FY25, reflecting a growth of 3% YoY and 12% QoQ. For the full financial year, it stood at Rs 1,631 crore, gaining by 22% over Rs 1,336 crore in FY26.

Max Healthcare operates 21 healthcare facilities which includes tertiary and quaternary care hospitals located at Saket (3 hospitals), Patparganj, Vaishali, Rajendra Place, Dwarka, Noida and Shalimar Bagh in Delhi NCR and one each in Lucknow, Mumbai, Nagpur, Mohali, Bathinda, Dehradun, and Bhubaneswar.

Network gross revenue was Rs 2,664 crore, reflecting a growth of 10% YoY, mainly driven by increase in OBDs. International patient revenue stood at Rs 227 crore reflecting a growth of 12% YoY and accounts for 9% of the hospital revenue. Network operating EBITDA stood at Rs 682 crore, reflecting a growth of 8% YoY while EBITDA margin for the network stood at 26.8% compared to 27.2% in Q4FY25 and 26.1% in Q3FY26. The clinician costs were up by 230 bps YoY and 120 bps QoQ, consequent to an aggressive approach towards hiring of clinical talent to support future growth and capacity expansions. Overall EBITDA per bed was Rs 73.4 lakhs compared to Rs 73.9 lakhs in Q4FY25 and Rs 71.3 lakhs in Q3FY26.

Max Lab (non-captive pathology vertical) reported revenue of Rs 52 crore during the quarter, recording a growth of +14% YoY and +11% QoQ while Max@Home reported a gross revenue of Rs 73 crore, reflecting a growth of +30% YoY and +8% QoQ, driven by physio & rehab, nursing care and attendants (Assistance Services) and sample collection and medicine delivery (Transactional Services).

Free cash from operations1 was Rs 581 crore in Q4FY26 versus Rs 422 crore in Q4FY25 and Rs 281 crore in Q3FY26. Net Debt at the end of March, 2026 stood at Rs 1,908 crore compared to Rs 2,166 crore at the end of December, 2025.

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