Max Healthcare Institute Ltd — earnings calls
2 quarters summarised from transcripts filed with the exchange, every statement cited. Newest first.
At Max Healthcare's 25th AGM, management reported Network Gross Revenue of ₹10,538 crore for FY2025-26, up 16% year-on-year, with Operating EBITDA of ₹2,638 crore and profit after tax of ₹1,631 crore. The company disclosed the post-year-end acquisition of a 58.28% stake in Kalinga Hospital, Bhubaneswar, ongoing capacity expansion across multiple cities, and a net debt-to-EBITDA ratio below one. Shareholders raised questions on direct cost growth, bed capacity plans, loan increases, attrition, international business, and dividend policy, which management addressed during the Q&A.
Max Healthcare reported Q4 FY26 network gross revenue of INR 2,664 crore, up 10% year-on-year, with operating EBITDA of INR 682 crore, up 8%, and PAT of INR 387 crore. Management attributed part of the quarter's dynamics to a discontinuation of high-value chemotherapy drugs for institutional patients following a CGHS rate revision, which reduced oncology's share of in-patient revenue to 21% from 26% a year earlier. The company also completed the acquisition of a controlling stake in Kalinga Hospital in Bhubaneswar and announced Board approval for a new 700-bed greenfield hospital at Shaheed Path, Lucknow.