Max Healthcare Institute Ltd

Q4 FY25Healthcare Services

Max Healthcare Institute Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹1,000

Market cap₹98.2K Cr

P/E65.6

Updated23 Aug 2026

Read4 min read

The short version

Max Healthcare expects strong growth driven by recent acquisitions (Lucknow, Nagpur, Jaypee Noida) and new facilities (Dwarka, brownfield expansions). Strong earnings and EBITDA growth expected driven by capacity expansion and acquisitions.

From Max Healthcare Institute Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Max Healthcare expects strong growth driven by recent acquisitions (Lucknow, Nagpur, Jaypee Noida) and new facilities (Dwarka, brownfield expansions).
FY '25 revenue saw a 26% YoY growth and 22% growth in EBITDA.
New brownfield expansions adding around 1,500 beds in FY '26 are expected to ramp up quickly, improving occupancy and margins.
Greenfield projects like Gurgaon will take longer to mature but contribute incremental revenue over time.
Average Revenue Per Occupied Bed (ARPOB) is growing (~7% YoY growth in existing hospitals).
Increased institutional and international business will contribute, though international patients may not move the needle significantly at new locations initially.

2 more points management made on revenue & sales performance

Profitability & Margins

Strong earnings and EBITDA growth expected driven by capacity expansion and acquisitions.
Brownfield expansions (~1,400-1,500 beds in FY26) to deliver higher EBITDA margins due to lower incremental fixed costs.
Newly acquired units (Lucknow, Nagpur, Noida) showing robust revenue and EBITDA growth, with further margin expansion potential as capacity and specialties ramp up.
Greenfield facilities like Dwarka achieved record EBITDA breakeven within 6 months; similar trajectory expected for Gurgaon facility.
Network-wide EBITDA margin was 27.2% this quarter; Existing units margin at 28.5%, with scope for improvement from expansions.
Management confident of continued strong cash flows and ROCE (FY25 ROCE at 26%), supporting capacity doubling over next 4-5 years.

2 more points management made on profitability & margins

See what Max Healthcare Institute Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Max Healthcare is undertaking multiple expansion projects:
268 beds at Nanavati (Phase I) with commissioning expected within 90 days.
155 beds at Mohali with commissioning also expected within 90 days; plans to add 45 more beds post-tower completion.
A built-to-suit hospital in Gurgaon (Sec-56) to be completed by end of calendar year.
Brownfield expansions at Max Smart and other locations adding approximately 1,500 beds in FY '26.
18 acres of land in Noida with potential to add 1,000+ beds; current occupancy at 50%.
Land acquisition of around 1 acre adjacent to fully occupied Vaishali hospital; brownfield expansion expected within 30 months.

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

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4₹1.8K Cr

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The company has very little leverage on its balance sheet currently and is happy to go up to 2.5x net debt to EBITDA.
Expansion will mostly be funded through internal accruals, with more than enough room to acquire with existing cash and balance sheet capacity.
Recent increase in interest cost is primarily due to INR 1,000 crore borrowed for the Jaypee acquisition and INR 600 crore loan for the Sahara acquisition.
Unless there are major acquisitions, no significant change in interest cost or additional borrowing is expected.

2 more points management made on fundraising & capital structure

See what Max Healthcare Institute Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly mention a specific current or expected order book or pending orders.
It does detail ongoing and upcoming expansion projects including:
397 beds at Patparganj with environmental clearance and tendering underway.
550 beds at Max Vikrant (Saket Complex) pending forest department clearance, expected completion by 2028.
400 beds at Zirakpur (Mohali), awaiting environmental clearance, with a 30-month completion timeline.
140 beds at Vaishali brownfield project planned, expected completion within 30 months.
The company plans to add around 1,500 beds in FY26 through brownfield expansions and greenfield projects like Nanavati (268 beds), Mohali (155 beds), Max Smart, and Gurgaon Sec-56.

2 more points management made on order book & pipeline

Max Healthcare Institute Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1K Cr, net profit ₹342 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Max Healthcare's management said in earlier quarters

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Frequently Asked Questions

What were Max Healthcare Institute Ltd Q4 FY25 results?

What is Max Healthcare Institute Ltd share price analysis?

Max Healthcare Institute Ltd currently shows a neutral. The stock trades at a P/E of 65.6 with a market cap of ₹98,161 Cr. Investors should review the full earnings analysis for detailed insights.

Is Max Healthcare Institute Ltd planning capital expenditure?

Max Healthcare is undertaking multiple expansion projects: - 268 beds at Nanavati (Phase I) with commissioning expected within 90 days.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.