Max Healthcare Institute Ltd on Tuesday released its fiscal fourth quarter earnings report with profit at Rs 319.00 crore. This was 26.82 per cent higher than Rs 251.54 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1909.74 crore, reporting a growth of 34.21 per cent as against Rs 1422.90 crore recorded during the fourth quarter of previous financial year.
According to the regulatory filing released by the company, network gross revenue stood at Rs 2,429 crore, reflecting a growth of 29 per cent YoY, driven by increase in Occupied Bed Days (OBDs). The share of revenue from new units stood at 15 per cent as compared to 2 per cent in Q4FY24. While the bed occupancy for the quarter stood at 75 per cent, Occupied Bed Days (OBDs) was up by around 30 per cent YoY.
Network operating EBITDA stood at Rs 632 crore, reflecting a growth of 26 per cent on-year and EBITDA margin for the network stood at 27.2 per cent compared to 28.0 per cent in Q4FY24. Excluding Max Dwarka – a 303 bedded greenfield hospital which started its operations in July 2024, the EBITDA margin was 28.1 per cent. Overall EBITDA per bed was Rs 73.9 lakh compared to Rs 76.0 lakh in Q4FY24.
For the full year, the network gross revenue stood at Rs 9,065 crore, representing a growth of 26 per cent over the corresponding period last fiscal, mainly driven by increase in OBDs. The network operating EBITDA grew by 22 per cent over the year ended Mar’24, and stood at Rs 2,319 crore. The operating margin for FY25 was 26.8 per cent, including new units vs 27.8 per cent in last year. Cash from operations for the Network during the year ended Mar’25 was Rs 1,447 crore.
Performance across business vertical
During the quarter, Max Lab (non-captive pathology vertical) reported revenue of Rs 46 crore, recording a growth of 19 per cent YoY. Max Lab services are now available across 50+ cities.
Max@Home reported gross revenue at Rs 56 crore, posting a growth of 22 per cent YoY, driven by physio & rehab, attendant and critical care segments.
Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd, said, “We are proud to report the 18th consecutive quarter of year-on-year growth in both Revenue and Operating EBITDA — a testament to the strength of our operating model, the trust of our patients, and the relentless efforts of our teams.”
“Notably, we completed the acquisition of land adjoining MSSH, Vaishali, paving the way for a brownfield expansion in this very busy hospital. As we look ahead, we are excited about commencing the operations at our 3 new brownfield towers in Saket, Nanavati and Mohali hospitals in the next 3 months and adding 1,500 beds to the capacity in the current financial year, which will further reinforce our leadership in quality healthcare delivery across geographies that we operate in,” he added.
Dividend announcement
The company board recommended a final dividend of Rs 1.5 per equity share (15 per cent of face value of Rs 10 each), out of the profits of the financial year 2024-25, which shall be paid/ dispatched within 30 days from the conclusion of the forthcoming Annual General Meeting (AGM).
Capex announcement and expansion plans
Max Healthcare said that Rs 390 crore were deployed towards ongoing expansion plans and upgradation of facilities at New Units. Net Debt at the end of the quarter stood at Rs 1,576 crore.
On March 12, 2025, the company executed a Long-term Service Agreement with the Bharat Prakritik Chikitsa Mission for the establishment of a 200 beds hospital in Pitampura, North-West Delhi. Construction of the hospital is expected to be completed within the next 3 to 4 years.
Max Super Specialty Hospital, Vaishali (MSSH, Vaishali), on May 16, 2025 executed a Sale Deed for the purchase of a land parcel of nearly one acre, along with the building thereon. The property adjoins the existing hospital premises and will enable brownfield expansion of the hospital’s capacity from 387 beds to 527 beds, within the next 30 months.
Consequent to approval of Scheme of Amalgamation by the Boards of two WoS i.e. Crosslay Remedies Limited and Jaypee Healthcare Limited on March 21, 2025, a joint application has been filed with NCLT, Chandigarh Bench on May 7, 2025 seeking its approval for the merger, with an appointed date of October 5, 2024. The merger, once approved, will unlock synergies, reduce operational costs, optimise cash flows and enhance the financial position of the merged entity.