Max Healthcare Institute (543220) Q4 24/25 earnings summary

Executive summary

• Achieved 26% year-on-year revenue growth and 22% EBITDA growth for FY2025, driven by acquisitions, disciplined execution, and digital expansion.

• Q4 FY25 gross revenue rose 29% YoY to INR 2,429 Cr, with operating EBITDA up 26% YoY to INR 632 Cr; PAT increased 21% YoY to INR 376 Cr.

• Major acquisitions included Jaypee Healthcare and new hospital launches in Dwarka; brownfield and greenfield expansions underway.

• Recognized among top 20 S&P BSE 100 companies and for corporate governance excellence.

• Audited standalone and consolidated financial results for FY25 and Q4 FY25 approved, with unmodified auditor's opinion from Deloitte Haskins & Sells.

Financial highlights

• FY2025 network gross revenue reached INR 9,065 crore, up 26% year-on-year; new units contributed INR 938 crore.

• Network operating EBITDA grew 22% year-on-year to INR 2,319 crore, with a margin of 26.8%.

• Q4 network gross revenue was INR 2,429 crore, up 29% year-on-year and 2% sequentially.

• Profit after tax (excluding exceptional items) was INR 3.76 billion in Q4, up 21% year-on-year.

• Free cash flow for FY2025 was INR 1,447 crore; net debt at year-end was INR 1,576 crore.

Outlook and guidance

• Plans to double bed capacity in 4-5 years via brownfield, greenfield, and asset-light models.

• Expect to commission three new brownfield towers and a greenfield facility in Gurgaon by year-end, adding ~1,500 beds.

• Expansion projects in Nagpur and Ghaziabad to add significant bed capacity over the next 30 months.

• Proposed merger of Crosslay Remedies Limited and Jaypee Healthcare Limited to unlock synergies and optimize cash flows.

• Long-term service agreement signed for a new 200-bed hospital in Delhi, expected to be operational in 3-4 years.