India · Delayed Price · Currency is INR Max Healthcare Institute Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA grew strongly year-over-year, supported by capacity expansion and digital initiatives. Oncology revenue declined due to policy-driven drug discontinuation, but other specialties and international business offset the impact. Expansion projects and integration of new assets remain on track.
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Q3 FY26 saw 10% revenue and 4% EBITDA growth year-over-year, despite seasonal and regulatory headwinds. Expansion projects and insurance contract resolutions position the network for sustained growth, with major capacity additions and margin accretive beds expected to drive future performance.
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Revenue and EBITDA grew 21% and 23% year-on-year in Q2 FY26, with strong performance from existing and new units. Major brownfield expansions, digital and international patient growth, and CGHS rate hikes are set to drive further gains. Net debt rose due to expansion and dividends.
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Revenue grew 27% year-on-year and operating EBITDA rose 23%, driven by acquisitions and capacity expansion. Occupancy and RPOB improved, with oncology and digital segments showing strong growth. Net debt increased due to ongoing expansion projects.
Fiscal Year 2025
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Revenue and EBITDA grew 26% and 22% year-on-year, respectively, driven by acquisitions and expansion. Brownfield projects are set to add 1,500 beds, with higher margins expected, while free cash flow and balance sheet strength support further growth.
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Q3 saw 34% year-on-year revenue growth and 32% EBITDA growth, with strong performance from recent acquisitions and asset-light expansions. Occupancy and ARPOB remained robust, while free cash flow and margins improved. Expansion projects are on track, supporting a positive outlook.
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Q2 and H1 FY25 saw robust revenue and EBITDA growth, driven by successful integration of new hospitals and strong performance in both core and ancillary segments. Major expansions and the Jaypee Hospital acquisition are set to further boost capacity and profitability.
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Strong Q1 FY25 performance with 18% revenue growth and robust ramp-up in new hospitals. Expansion projects remain on track, with high occupancy and ARPOB growth driven by clinical mix improvements. Margin impacted by one-time costs and visa-related OPD decline, but outlook remains positive.