Revenue for the quarter rose 9% year-on-year to ₹2,541 crore from ₹2,326 crore. EBITDA increased 8% year-on-year to ₹682 crore from ₹632 crore a year earlier. EBITDA margin expanded to 26.8% in the March quarter from 27.2% in the year-ago period.
International patient revenue rose 12% year-on-year to ₹227 crore and accounted for around 9% of hospital revenue. Clinician costs rose around 230 basis points year-on-year and 120 basis points sequentially due to higher clinical talent hiring linked to future capacity expansion. EBITDA per bed stood at ₹73.4 lakh, compared with ₹73.9 lakh in Q4 FY25 and ₹71.3 lakh in Q3 FY26.
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Max Lab reported revenue of ₹52 crore, up 14% year-on-year and 11% sequentially, while Max@Home posted ₹73 crore in revenue, up 30% year-on-year and 8% quarter-on-quarter. Free cash flow from operations stood at ₹581 crore in Q4 FY26, compared with ₹422 crore in Q4 FY25 and ₹281 crore in Q3 FY26.
The company deployed ₹328 crore towards expansion and upgradation, while ₹6 crore came in from ESOP exercises. Net debt stood at ₹1,908 crore as of March 2026, compared with ₹2,166 crore in December 2025. The company said phased commissioning of nearly 20% additional brownfield capacity has been completed over the last six months, with another 10% capacity expected from the upcoming Gurugram facility later this year.
A 400-bed brownfield tower at Max Smart Super Speciality Hospital was commissioned in April 2026, with 156 beds operational and the remaining to be added in the next quarter. A 160-bed brownfield tower at Mohali has been fully commissioned, while 116 beds out of 280 at Nanavati Max have been operationalised.
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The board approved an investment of around ₹1,400 crore for a 712-bed greenfield hospital at Shaheed Path, Lucknow, spread across 5 acres, expected to be commissioned in FY30.
For FY26, network gross revenue stood at ₹10,538 crore, up 16% year-on-year. Operating EBITDA rose 14% to ₹2,638 crore, while margin stood at 26.2% versus 26.8% in the previous year. Network PAT after exceptional items stood at ₹1,631 crore, up 22% year-on-year. Cash from operations for FY26 stood at ₹1,541 crore, with net debt at ₹1,908 crore.
The board recommended a final dividend of ₹2 per equity share of ₹10 each, subject to shareholder approval at the upcoming AGM, payable within 30 days of the meeting.
Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd, said, “We are pleased to announce the phased commissioning and ramp-up of brownfield expansions across Mohali, Mumbai and Delhi, representing approximately 20% capacity addition. We also look forward to augmenting our capacity by another 10% with the commissioning of the greenfield Gurgaon facility by the end of the year.
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We are also happy that the Network has delivered its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10% and operating EBITDA growing by 8%. Further, we have completed the acquisition of a controlling stake in Kalinga Hospital, Bhubaneswar.”
Shares of Max Healthcare Institute Ltd ended at ₹1,091.55, up by ₹15.25, or 1.42%, on the BSE.
