India · Delayed Price · Currency is INR Max Healthcare Institute Earnings Call Transcripts
Fiscal Year 2026
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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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Q2 FY26 saw 21% revenue and 23% EBITDA growth, with strong performance from both existing and new units. Brownfield expansions, digital and international patient segments, and CGHS rate revisions are set to drive further growth, while cash flow and insurance issues have normalized.
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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, driven by acquisitions and brownfield expansion. Occupancy, ARPOB, and margins improved, with over 1,500 new beds planned for FY2026. Strong cash flow supports ongoing growth and selective acquisitions.
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Q3 saw 34% year-on-year revenue growth and 32% EBITDA growth, with strong performance from recent acquisitions and new units. Asset-light expansion and brownfield projects are set to drive further growth, while net debt remains low and free cash flow robust.
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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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Q1 FY25 saw 18% revenue growth and strong ramp-up of new hospitals, with ARPOB up 7% year-on-year. Expansion projects are largely on track, and profitability is expected to improve as integration and clinical mix enhancements progress.