Max Healthcare Institute Limited has informed the Exchange about Transcript of Earnings Call held on August 14, 2025
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Max Healthcare reported a strong Q1 FY26 with network revenue of Rs. 2,574 crores, up 27% year-on-year, and operating EBITDA of Rs. 613 crores, up 23% year-on-year. This marks the 19th consecutive quarter of year-on-year growth. Network occupancy stood at 76% with existing units above 78%, and ARPOB at Rs. 78,000. The company is expanding aggressively with around 1,000 brownfield and 500 greenfield beds in the pipeline, including a new 160-bed Mohali tower and a 130-bed Dehradun facility approved by the Board. International patient revenue grew 32% YoY to Rs. 208 crores, and digital revenue contributed 29% of total revenue. Net debt stood at Rs. 1,755 crores, with management guiding for an additional Rs. 400-500 crores of debt by FY26 end, keeping net debt-to-EBITDA below 1.0x. PAT was Rs. 345 crores, up 17% YoY.
Strong operational performance with consistent growth and aggressive capacity expansion should support investor confidence. Margin expansion is expected as new brownfield beds start generating revenue and payor mix improves at newer units, though net debt will rise modestly to fund expansion. Shareholders should benefit from improving EBITDA per bed rather than headline margin percentage.