Max Healthcare Institute Limited has informed the Exchange regarding Presentation on Earnings Update for the quarter and financial year ended March 31, 2025
MAXHEALTH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Max Healthcare reported its 18th straight quarter of year-on-year growth in both revenue and operating EBITDA. Q4 FY25 gross revenue rose 29% YoY to INR 2,429 Cr, driven by a 30% jump in occupied bed days, while operating EBITDA grew 26% to INR 632 Cr and profit after tax climbed 21% to INR 376 Cr. However, EBITDA margin slipped to 27.2% in Q4 (from 28.0% a year ago) and to 26.8% for the full year (from 27.8%), largely due to new units ramping up. For FY25, revenue rose 26% to INR 9,065 Cr and operating EBITDA grew 22% to INR 2,319 Cr. Net debt stood at INR 1,576 Cr, up from a net cash position of INR 22 Cr a year earlier, mainly due to the Jaypee Healthcare acquisition. The company also announced new projects including a 200-bed hospital in Pitampura, a brownfield expansion at Vaishali (387 to 527 beds), a 500-bed Thane hospital, and a 400-bed Zirakpur facility, with 1,500 beds targeted to be added in FY26.
Strong topline growth and consistent profitability are positives for shareholders, but the slight margin compression and a sharp rise in net debt (from net cash to INR 1,576 Cr) are watchpoints. The aggressive expansion pipeline and new unit ramp-up could pressure margins in the near term but support long-term growth.