Guidance ledger · Q4 FY26

Max Healthcare Institute Ltd MAXHEALTH

4 revisions on record · 2 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↓ lowered Sector-56 Gurgaon commissioning timing Q3 FY26 → Q4 FY26

~~H1 FY27 / first half (Q3FY26)~~ → End of H2 FY27 (slipped due to labor + LPG)

“we are expecting commissioning by the end of the year”

↑ raised Max Lucknow Gomti Nagar capacity Q3 FY26 → Q4 FY26

~~~500 beds by end FY26 (Q3FY26)~~ → 570 beds in next 2 quarters (Q4FY26)

“we expect this to increase to 570 beds over the next 2 quarters”

↓ lowered Oncology share of in-patient revenue (steady-state) Q3 FY26 → Q4 FY26

~~Implicit 25-26% historical norm~~ → 21-22% structural new normal

“we do not expect the share of oncology come back to 25 -26% as it was earlier”

↑ raised New Lucknow greenfield (Shaheed Path) Q3 FY26 → Q4 FY26

~~Land bank disclosed; no capex commitment~~ → INR 1,400 crore / 700 beds / 3-year build approved

“the Board has approved an investment of INR 1,400 crore for the construction o f a 700 -bed greenfield hospital at Shaheed Path, Lucknow”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.