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Revenue from operations rose 12.20% YoY to Rs 2,142.89 crore during the quarter. The company's network gross revenue stood at Rs 2,664 crore, registering a 10% YoY growth, primarily driven by higher occupied bed days (OBDs). International patient revenue increased 12% YoY to Rs 227 crore and contributed around 9% of hospital revenue. Network operating EBITDA came in at Rs 682 crore, up 8% YoY. EBITDA margin for the network stood at 26.8% compared with 27.2% in Q4 FY25 and 26.1% in Q3 FY26. The company said clinician costs increased nearly 230 basis points YoY and 120 basis points sequentially due to aggressive hiring of clinical talent to support future growth and ongoing capacity expansions. Overall EBITDA per bed stood at Rs 73.4 lakh compared with Rs 73.9 lakh in Q4 FY25 and Rs 71.3 lakh in Q3 FY26. Max Lab, the company's non-captive pathology business, reported revenue of Rs 52 crore during the quarter, reflecting growth of 14% YoY and 11% QoQ. The pathology network now operates across more than 60 cities and offers over 2,700 tests. Max@Home reported gross revenue of Rs 73 crore, up 30% YoY and 8% QoQ, driven by growth in physiotherapy, rehabilitation, nursing care, sample collection, and medicine delivery services. Network PAT stood at Rs 387 crore, compared with Rs 376 crore in Q4 FY25, registering growth of 3% YoY and 12% sequentially. Free cash flow from operations rose to Rs 581 crore in Q4 FY26 from Rs 422 crore in the year-ago quarter. During the quarter, the company deployed Rs 328 crore towards ongoing expansion plans and new unit upgrades. Net debt at the end of March 2026 stood at Rs 1,908 crore compared with Rs 2,166 crore at the end of December 2025. The company said nearly 20% additional brownfield capacity has been commissioned over the last six months, with another 10% capacity addition expected from the upcoming Gurugram facility later this year. A 400-bed brownfield tower at Max Smart Super Speciality Hospital was commissioned in April 2026. Currently, 156 beds have been handed over to operations, with the remaining beds expected to be progressively handed over during the next quarter. Additionally, a 160-bed brownfield tower at MSSH, Mohali has been fully commissioned and operationalized. Similarly, 116 beds out of the planned 280-bed brownfield tower at Nanavati Max have been operationalized, with the balance beds expected to become operational over the next three months. Max Healthcare also completed the acquisition of a 58.28% controlling stake in Kalinga Hospital on 18 May 2026, making it a subsidiary of the company. Kalinga Hospital operates a 250-bed facility spread across a prime 10-acre land parcel in the heart of Bhubaneswar, Odisha. Meanwhile, the board approved an investment of around Rs 1,400 crore for the construction of a 712-bed greenfield hospital at Shaheed Path in Lucknow. The facility is expected to be commissioned in FY30. Abhay Soi, chairman and managing director, Max Healthcare Institute, said, 'We are pleased to announce the phased commissioning and ramp-up of brownfield expansions across Mohali, Mumbai and Delhi, representing approximately 20% capacity addition. We also look forward to augmenting our capacity by another ~10% with the commissioning of the greenfield Gurgaon facility by the end of the year. We are also happy that the network has delivered its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10% and operating EBITDA grew by 8%. Further, we have completed the acquisition of a controlling stake in Kalinga Hospital, Bhubaneswar. The team has already begun integration and is working towards achieving significant operational upside. In parallel, work has commenced on the upgradation and expansion of the hospital, enabling us to extend high-quality healthcare services in a fast-growing region.' further, the company's board has recommended a final dividend of Rs 2 per equity share of face value Rs 10 each for FY26, subject to shareholders' approval at the forthcoming annual general meeting (AGM). If approved, the dividend will be paid or dispatched within 30 days from the conclusion of the AGM. Max Healthcare Institute (Max Healthcare) is one of India's largest healthcare organisations. The company operates 21 healthcare facilities (nearly 6,000 beds) with a significant presence in North India. In addition to the hospitals, Max Healthcare operates homecare and pathology businesses under brand names Max@Home and Max Lab, respectively. The scrip had added 1.42% to end at Rs 1091.55 on the BSE. Powered by Capital Market - Live

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