Summary

Max Healthcare Institute Ltd. announced its financial and operating results for the third quarter and nine months ended December 31, 2025. The company reported a +10% YoY growth in network gross revenue, mainly driven by an increase in Occupied Bed Days (OBDs). International patient revenue stood at Rs. 230 Cr, reflecting a growth of +14% YoY. Network Operating EBITDA was Rs. 648 Cr, reflecting a growth of +4% YoY. EBITDA Margin for the Network stood at 26.1%. The company's Net Debt at the end of the quarter stood at Rs. 2,166 Cr.

Key Highlights

1. 1

   Gross Revenue stood at Rs. 2,608 Cr for Q3 FY26, a growth of +10% YoY

2. 2

   Network Operating EBITDA stood at Rs. 648 Cr in Q3 FY26, a growth of +4% YoY

3. 3

   Operating Margin stood at 26.1% compared to 27.3% in Q3 FY25 and 26.9% in Q2 FY26

4. 4

   Network PAT stood at Rs. 344 Cr, compared to Rs. 316 Cr in Q3 FY25 and Rs. 554 Cr in Q2 FY26

5. 5

   EBITDA per bed was Rs. 71.3 lakhs compared to Rs. 73.0 lakhs in Q3 FY25 and Rs. 73.4 lakhs in Q2 FY26

6. 6

   Bed occupancy for the quarter was at 74%, with Occupied Bed Days (OBDs) up by +7% YoY

7. 7

   ARPOB for Q3 FY26 stood at Rs. 77.9k compared to Rs. 75.9k in Q3 FY25 and Rs. 77.3k in Q2 FY26

8. 8

   Max Lab reported revenue of Rs. 47 Cr during the quarter, recording a growth of +13% YoY

9. 9

   Max@Home gross revenue was Rs. 68 Cr, reflecting a growth of +23% YoY and +7% QoQ