Max Healthcare Institute (543220) Q1 25/26 earnings summary

Executive summary

• Achieved 27% year-on-year revenue growth and 23% operating EBITDA growth, with 19 consecutive quarters of year-on-year growth.

• Approved lease for a new 130-bed hospital in Dehradun, focusing on advanced oncology, to be commissioned by 2028.

• Divestment of two hospitals in Bulandshahr for ₹40 crore to focus on super specialty care in larger cities.

• 160-bed new tower at Max Mohali completed, with trial runs on two floors; full commissioning expected in 3-4 months.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were approved, with statutory auditors issuing unmodified review reports.

Financial highlights

• Network gross revenue reached ₹2,574 crore, up 27% year-on-year and 6% sequentially.

• Operating EBITDA was ₹613 crore, up 23% year-on-year, with a margin of 24.9%.

• Profit after tax stood at ₹345 crore, up 17% year-on-year; free cash flow for the quarter was ₹389 crore.

• International patient revenue grew 32% year-on-year to ₹208 crore, representing 9% of hospital revenue.

• Consolidated revenue from operations rose to ₹202,757 lakhs, with consolidated net profit at ₹30,797 lakhs.

Outlook and guidance

• Ongoing expansion with ₹435 crore deployed for facility upgrades and ₹131 crore for land purchase at MSSH Vaishali.

• Plans to double bed capacity in 4-5 years through brownfield, asset-light, M&A, and greenfield strategies.

• New Dehradun hospital to add ~130 beds by 2028, addressing high occupancy at the existing facility and growing regional demand.

• Ongoing expansion projects across multiple locations, with several facilities expected to be commissioned within 24-30 months.

• Capacity expansion aligns with strategic focus on tertiary care in high-growth urban centers.