Max Healthcare Institute Limited — Investor Meet, 12-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Max Healthcare Q3 FY26: Gross revenue hit INR 2,608 Cr (+10% YoY), operating EBITDA INR 648 Cr (+4%), with margins at 26.1%. PAT stood at INR 344 Cr. Occupancy was 74%. Management noted Q3 faced seasonal softness and a temporary shift to institutional patients due to insurance disruptions, now resolved with annual increment agreements. Brownfield bed additions at Nanavati Max and Max Mohali are already margin-accretive. New projects like Dwarka expansion (260 beds) and a Pune hospital (450 beds) signal future growth. Anticipated CGHS revisions are set to add ~INR 140 Cr net impact, driving sustained financial improvement. Focus remains on ROCE and capacity ramp-up.