Max Healthcare Institute earnings calls.

Max Healthcare delivered its 21st consecutive quarter of YoY growth with Q3 FY26Current 26 crore vs previous available quarter 27 crore. revenue of ₹2,608 croreCurrent reported value: ₹2,608 crore. No comparable prior figure is available in the source record. (+10Current 10 crore vs previous available quarter 21 crore.% YoY), though EBITDA grew only 4% to ₹648 croreCurrent ₹648 crore vs previous available quarter ₹694 crore. with margin compression of 120bps to 26.1%. The underperformance versus historical trends was attributed to: (1) cashless insurance service disruption with four insurers that has now been fully restored with an automatic annual increment mechanism; (2) CGHS pricing revisions on patented chemotherapy drugs resulting in discontinuation of low-margin drugs; (3) GST rate changes impacting both revenue and margins; and (4) pre-commissioning expenses for brownfield beds at Nanavati and Saket. Management expects a sequential recovery from Q4 with full CGHS tariff revision impact kicking in from April 2026. The network commissioned 116 brownfield beds (63 at Nanavati, 53 at Saket) with 91 currently occupied, all margin-accretive. The board approved an additional 260 beds at Max Dwarka (already at ~80% occupancy with 20% margins) taking total to 560 beds. Net debt stands at ₹2,166 crore with net debt/EBITDA below 1x. Key expansion projects remain on track: Max Shalimar (200 beds) awaiting occupancy certificate by February-end; Gurgaon (500 beds) expected H1 FY27. Looking ahead 2-3 years, operational beds should reach 6,000-6,500 by FY28. Risk: potential insurance pricing pressure from other insurers and uncertainty around CGHS oncology drug pricing negotiations.