India's Max Healthcare posts quarterly profit jump on overseas, outpatient growth

Max Healthcare Institute

05/02/2026 09:09

BENGALURU, Feb 5  (Reuters) - India's Max Healthcare Institute MAXE.NS posted a jump in third-quarter profit on Thursday, supported by growth in international and outpatient consultations.

The hospital operator's consolidated net profit rose 26% to 3.01 billion rupees ($33.36 million), compared with 2.39 billion rupees in the year-ago period.

Results included a one‑time charge of 482 million rupees linked to changes in India's labour codes, implemented last November as part of government efforts to simplify regulations, boost worker protections and encourage investment.

Max Healthcare's revenue climbed 10.7% to 20.68 billion rupees, from 18.68 billion rupees last year.

KEY CONTEXT

Max Healthcare's international patient revenue grew 14.4% in the reported quarter, accounting for nearly 9% of total sales.

Overseas patients typically pay a premium for treatment at Indian hospitals, while high‑volume outpatient procedures contribute to margin gains.

Max Healthcare has been expanding capacity primarily by adding beds to existing facilities rather than building new hospitals, limiting capital expenditure pressures.

India's central government revised medical procedure rates effective October 2025, raising prices for key treatments by 5%-30%. The company expects more than 2 billion rupees in additional revenue by fiscal year 2027, with 85%-90% of that flowing through to EBITDA, Max Healthcare said in an interview with CNBC in November.

PEER COMPARISON

Valuation (next 12 months)
Estimates (next 12 months)
Analysts' sentiment
RIC
PE
EV/EBITDA
Revenue growth
profit growth
Mean rating
# of analysts
Stock to price target
Div yield (%)
Max Healthcare Institute Ltd
MAXE.NS
44.18
28.57
24.27
25.60
BUY
21
0.75
0.16
Apollo Hospitals Enterprise Ltd
APLH.NS
43.50
23.42
23.32
27.11
BUY
25
0.79
0.27
Fortis Healthcare Ltd
FOHE.NS
46.03
25.80
16.29
30.73
BUY
15
0.79
0.12
Narayana Hrudayalaya Ltd
NARY.NS
31.55
19.04
36.19
25.12
BUY
8
0.88
0.26

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 90.2200 Indian rupees

MAXE.NS chart Q3 https://fingfx.thomsonreuters.com/gfx/mkt/zgpoygrgopd/MAXE.NS%20cht.png

 (Reporting by Abhirami G in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((abhirami.g@thomsonreuters.com))