Q4 2026 Max Healthcare Institute Ltd Earnings Call Transcript
Key Points
- Max Healthcare Institute Ltd (BOM:543220) reported its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10% and operating EBITDA by 8%.
- The company has rolled out more than 20% additional brownfield capacity across hospitals in Mohali, Nanavati, Mumbai, and Max Smart in Delhi, with plans to add another 10% capacity with a new 500-bed greenfield hospital in Gurgaon.
- Max Healthcare Institute Ltd (BOM:543220) completed the acquisition of a controlling stake in Kalinga Hospital Limited, marking its entry into Eastern India and providing a platform for future expansion.
- The company generated free cash flow of INR581 crores during the quarter, with INR328 crores deployed towards ongoing capacity expansion projects and facility upgrades.
- Max@Home and Max Lab reported strong revenue growth of 30% and 14% year-on-year, respectively, reflecting the company's successful diversification into home healthcare and diagnostic services.
- The discontinuation of select high-value chemotherapy drugs for institutional patients led to a drop in oncology inpatient revenue share from 26% to 21%.
- Average length of stay increased by 9% compared to the previous year, impacting average revenue per occupied bed.
- The network operating EBITDA margin slightly decreased to 26.8% from 27.2% in the previous year.
- The company faced delays in the commissioning of the Gurgaon hospital due to labor shortages and logistical challenges.
- The impact of the CGHS price revision on chemotherapy drugs led to a reduction in annual billing by INR200 crores, affecting the company's revenue.
Ladies and gentlemen, good day, and welcome to Max Healthcare Institute Limited earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Suresh Digawalekar from CDR India. Thank you, and over to you, sir.
Thank you, Nirav. Good morning, everyone, and thank you for joining us on Max Healthcare's Q4 and FY26 earnings conference call. We have with us Mr. Abhay Soi, Chairman and Managing Director; Mr. Yogesh Sareen, Senior Director and Chief Financial Officer; and Mr. Keshav Gupta, Senior Director, growth, M&A and Business Planning.
We will begin the call with opening remarks from the management following which we'll have a forum for an interactive Q&A sense. Before we begin, I would like to point out that statements made today may be forward-looking in nature, and a disclaimer to this effect has been included in the earnings presentation shared with you earlier.
I would now like to invite Abhay, to make his
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