Q3 2026 Max Healthcare Institute Ltd Earnings Call Transcript
Key Points
- Max Healthcare Institute Ltd (BOM:543220) reported its 21st consecutive quarter of year-on-year growth, with a 10% increase in revenue.
- The company successfully commissioned new brownfield beds at Nanavati Max and Max Mohali, which are already EBITDA and margin accretive.
- Digital revenue accounted for approximately 31% of overall revenue, reflecting strong growth in online marketing activities.
- International patient revenue grew by 14% year-on-year, contributing 9% to the hospital revenue.
- The company generated free cash flows of INR281 crore during the quarter, indicating strong cash management.
- Operating EBITDA growth was only 4%, impacted by a temporary shift towards institutional patients and disruption in cashless services.
- The discontinuation of select high-value patented chemotherapy drugs affected revenue and margins.
- Average occupancy for the network decreased to 74% from 75% in the same quarter last year.
- The company faced pre-commissioning expenses related to brownfield bed additions and other nonrecurring costs.
- Net debt increased to INR2,166 crore from INR2,067 crore at the end of September 2025, indicating rising financial leverage.
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. Suraj from CDR India. Thank you, and over to you, Mr. Suraj.
Thank you. Good morning, everyone, and thank you for joining us on Max Healthcare's Q3 and nine month 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 will have the forum open for an interactive Q&A session.
Before we begin, I would like to point out that some statements made in today's discussion may be forward-looking in nature and a disclaimer to this effect has included in the earnings presentation shared with you earlier.
I would now like to invite Abhay to
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