BENGALURU, Feb 5 (Reuters) – India’s Max Healthcare Institute 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 Estimates Analysts’
(next 12 (next 12 sentiment
months) months)
RIC PE EV/E Revenu profit Mean # of Stoc Div
BITD e growth rati anal k to yiel
A growth ng ysts pric d
e (%)
targ
et
Max MAXE 44.1 28.5 24.27 25.60 BUY 21 0.75 0.16
Healthcar .NS 8 7
e
Institute
Ltd
Apollo APLH 43.5 23.4 23.32 27.11 BUY 25 0.79 0.27
Hospitals .NS 0 2
Enterpris
e Ltd
Fortis FOHE 46.0 25.8 16.29 30.73 BUY 15 0.79 0.12
Healthcar .NS 3 0
e Ltd
Narayana NARY 31.5 19.0 36.19 25.12 BUY 8 0.88 0.26
Hrudayala .NS 5 4
ya Ltd
OCTOBER-DECEMBER STOCK PERFORMANCE
— All data from LSEG
— $1 = 90.2200 Indian rupees
(Reporting by Abhirami G in Bengaluru; Editing by Sherry Jacob-Phillips)
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