Max Healthcare Institute Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Max Healthcare Institute Ltd filed with BSE on 29 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Max Healthcare reported Q4 FY26 network gross revenue of INR 2,664 crore, up 10% year-on-year, with operating EBITDA of INR 682 crore, up 8%, and PAT of INR 387 crore. Management attributed part of the quarter's dynamics to a discontinuation of high-value chemotherapy drugs for institutional patients following a CGHS rate revision, which reduced oncology's share of in-patient revenue to 21% from 26% a year earlier. The company also completed the acquisition of a controlling stake in Kalinga Hospital in Bhubaneswar and announced Board approval for a new 700-bed greenfield hospital at Shaheed Path, Lucknow.
Numbers mentioned
Network gross revenue: INR 2,664 crore (Q4 FY26)
p. 3
“Network gross revenue stood at INR 2,664 crore compared to INR 2,429 crore in Q4 last year and INR 2,608 crore in the previous quarter.”
Abhay Soi, page 3 of the filed PDF · View the filing
Network operating EBITDA: INR 682 crore (Q4 FY26)
p. 4
“Network operating EBITDA stood at INR 682 crore, reflecting a growth of 8% year-on-year and 5% quarter-on-quarter.”
Abhay Soi, page 4 of the filed PDF · View the filing
Network operating EBITDA margin: 26.8% (Q4 FY26)
p. 4
“Network operating EBITDA margin was 26.8% for the quarter, compared to 27.2% in Q4 FY '25 and 26.1% in the trailing quarter.”
Abhay Soi, page 4 of the filed PDF · View the filing
Profit after Tax: INR 387 crore (Q4 FY26)
p. 4
“Profit after Tax (PAT) for the Network was INR 387 crore, against INR 376 crore in Q4 last year and INR 344 crore in the previous quarter.”
Abhay Soi, page 4 of the filed PDF · View the filing
Average Revenue Per Occupied Bed (ARPOB): INR 77,900 (Q4 FY26)
p. 3
“Average Revenue Per Occupied Bed (ARPOB) for the quarter stood at INR 77,900.”
Abhay Soi, page 3 of the filed PDF · View the filing
International patient revenue: INR 227 crore (Q4 FY26)
p. 3
“International patient revenue was INR 227 crore, registering a growth of 12% year-on-year and accounting for 9% of the revenue from hospitals.”
Abhay Soi, page 3 of the filed PDF · View the filing
Digital revenue: INR 838 crore (Q4 FY26)
p. 3
“Digital revenue from online marketing activities, web-based appointments and digital lead management was INR 838 crore, accounting for approximately”
Abhay Soi, page 3 of the filed PDF · View the filing
Net debt: INR 1,908 crore (Q4 FY26)
p. 4
“Net debt for the Network stood at INR 1,908 crore compared to INR 2,166 crore at the end of December '25, and the Net debt-to-EBITDA ratio continued”
Abhay Soi, page 4 of the filed PDF · View the filing
Free cash flow: INR 581 crore (Q4 FY26)
p. 4
“The Network generated free cash flows of INR 581 crore during the quarter.”
Abhay Soi, page 4 of the filed PDF · View the filing
Max@Home revenue: INR 73 crore (Q4 FY26)
p. 4
“Max@Home reported revenues of INR 73 crore, reflecting a 30% year-onyear growth.”
Abhay Soi, page 4 of the filed PDF · View the filing
Max Lab revenue: INR 52 crore (Q4 FY26)
p. 4
“Max Lab reported a revenue of INR 52 crore, reflecting 14% year-on-year growth.”
Abhay Soi, page 4 of the filed PDF · View the filing
Network gross revenue: INR 10,538 crore (FY26)
p. 5
“Network gross revenue stood at INR 10,538 crore, reflecting a growth of 16% year-on-year.”
Abhay Soi, page 5 of the filed PDF · View the filing
Network operating EBITDA: INR 2,638 crore (FY26)
p. 5
“Overall Network operating EBITDA grew by 14% year-on-year to INR 2,638 crore, translating to a margin of 26.2% and EBITDA per bed of INR 72 lakhs.”
Abhay Soi, page 5 of the filed PDF · View the filing
Profit after tax: INR 1,631 crore (FY26)
p. 5
“Profit after tax (PAT) for the Network increased to INR 1,631 crore compared to INR 1,336 crore in FY25, registering a growth of 22%.”
Abhay Soi, page 5 of the filed PDF · View the filing
Free cash from operations: INR 1,541 crore (FY26)
p. 5
“During the year, we generated INR 1,541 crore of free cash from operations after interest, tax, working capital changes and routine capex.”
Abhay Soi, page 5 of the filed PDF · View the filing
CGHS net benefit: INR 140 crore (annual)
p. 9
“After GST, it was INR140 crore.”
Abhay Soi, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Gurgaon (Sector-56) hospital commissioning — commissioning by end of fiscal year · FY27
stated firmly by Abhay Soi
p. 6
“Yes, we are expecting commissioning by the end of the year.”
Abhay Soi, page 6 of the filed PDF · View the filing
Max Lucknow bed capacity — 570 beds · next 2 quarters
stated firmly by Abhay Soi
p. 4
“Max Lucknow: The current capacity of the hospital stands at 426 beds, and we expect this to increase to 570 beds over the next 2 quarters.”
Abhay Soi, page 4 of the filed PDF · View the filing
Max Nagpur commissioning — 100 beds · FY28
stated firmly by Abhay Soi
p. 4
“Project work continues to be on track, and we expect commissioning by FY28.”
Abhay Soi, page 4 of the filed PDF · View the filing
Zirakpur, Mohali commissioning — 400 beds · FY28
stated firmly by Abhay Soi
p. 4
“Structural work is ongoing, and we are on schedule to commission the hospitals in FY28.”
Abhay Soi, page 4 of the filed PDF · View the filing
Max Patparganj commissioning — 400 beds · FY29
stated firmly by Abhay Soi
p. 5
“D-wall construction has started, and we expect commissioning by FY29.”
Abhay Soi, page 5 of the filed PDF · View the filing
Gurgaon greenfield breakeven — breakeven within the year · FY28
stated as an aspiration by Abhay Soi
p. 6
“So, I think in fiscal '28, we will be looking at breaking even within the year.”
Abhay Soi, page 6 of the filed PDF · View the filing
Doctor cost as percentage of revenue
stated as an aspiration by Abhay Soi
p. 10
“My belief is that marginally all of this percentages start coming down”
Abhay Soi, page 10 of the filed PDF · View the filing
Shaheed Path Lucknow hospital construction — 700-bed greenfield hospital · 3 years
stated firmly by Abhay Soi
p. 12
“It should take about 3 years to build it.”
Abhay Soi, page 12 of the filed PDF · View the filing
CGHS super specialty rate flow-through — this year
stated conditionally by Yogesh Sareen
p. 7
“That will be phased out over this year.”
Yogesh Sareen, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said beds are already contributing and operating leverage will improve as balance beds open, since costs are not linear.
Answered by Abhay Soi
Asked by Neha Manpuria: When will brownfield beds start contributing meaningfully to EBITDA?
p. 5
“So they are already contributing to EBITDA and it is not any form a negative contribution.”
Abhay Soi, page 5 of the filed PDF · View the filing
Management said the decline is largely permanent as the business was loss-making and other specialties will fill the gap.
Answered by Yogesh Sareen
Asked by Bansi Desai: Will the oncology share of revenue recover?
p. 7
“Basically, some of this is permanent because we know that we will not be able to do this kind of a business on the minus-margin basis.”
Yogesh Sareen, page 7 of the filed PDF · View the filing
Management said occupancy improved to around 64-65% with room to grow and revenue improved versus last quarter.
Answered by Yogesh Sareen
Asked by Damayanti Kerai: How is the Noida hospital ramping up?
p. 8
“So, the Noida has ramped up well now in this quarter. So the occupancies have been more than around 64-65%.”
Yogesh Sareen, page 8 of the filed PDF · View the filing
Management said Kalinga is already profitable with about INR 10 crore of annual EBITDA.
Answered by Abhay Soi
Asked by Karan Vora: What is the status of Kalinga Hospital profitability?
p. 10
“It is already profitable. I think there is about INR 10-odd crore of EBITDA.”
Abhay Soi, page 10 of the filed PDF · View the filing
Management cited labour shortages during elections and an LPG supply issue affecting worker meals as causes of delay.
Answered by Abhay Soi
Asked by Tushar Manudhane: Why has the Gurugram hospital commissioning timeline slipped?
p. 14
“One was a lot of labour went back during elections, particularly Bengal elections.”
Abhay Soi, page 14 of the filed PDF · View the filing
Management said it is an industry-wide phenomenon but Max is impacted most due to its oncology and institutional business mix.
Answered by Abhay Soi
Asked by Aditya Chheda: Is the chemo drug discontinuation specific to Max or industry-wide?
p. 14
“Firstly, this is an industry-wide phenomenon.”
Abhay Soi, page 14 of the filed PDF · View the filing
Management said oncology's share within CGHS business has fallen from about 50% to 40%.
Answered by Keshav Gupta
Asked by Abdulkader Puranwala: What proportion of CGHS revenue comes from oncology?
p. 15
“It used to be 50% as it is reduced to 40% now.”
Keshav Gupta, page 15 of the filed PDF · View the filing
Management said they do not know precisely but believe patients may be going to disorganized or smaller providers.
Answered by Abhay Soi
Asked by Lavanya: Where are patients going who are lost due to the chemo drug discontinuation?
p. 16
“Well, we do not exactly know. They go, perhaps, to the disorganized sectors or smaller nursing homes.”
Abhay Soi, page 16 of the filed PDF · View the filing
Risks flagged
Delays in construction due to pollution-related shutdowns and labour shortages
p. 9
“In the past, there have been delays because of GRAP 3. We have had delays because of shortage of manpower due to the LPG crisis.”
Abhay Soi, page 9 of the filed PDF · View the filing
Legal dispute over tree transplantation delaying forest approval
p. 9
“Forest approval was delayed because there was an issue with respect to Delhi tree transplantation where the Supreme Court had taken cognizance of.”
Abhay Soi, page 9 of the filed PDF · View the filing
Reduced revenue and OBDs from discontinuation of high-value chemotherapy drugs
p. 7
“Our OBDs have sort of come down by about 5% to 6% in oncology, which is related to this.”
Abhay Soi, page 7 of the filed PDF · View the filing
Doctor compensation costs rising due to competition among hospitals for clinical talent
p. 14
“But when that happens, you know your own clinicians tend to negotiate their compensations and it does go up from that standpoint.”
Abhay Soi, page 14 of the filed PDF · View the filing
Patient complaints and access issues due to CGHS/ECHS drug dispensing changes
p. 17
“So of course, a lot of patients are complaining because they are unable to access these drugs, at least Keytruda, and they have to move to other medicines.”
Abhay Soi, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.