Max Healthcare Institute Limited reported strong financial results for FY25, with a 26% year-on-year increase in revenue and a 22% increase in EBITDA.
Key highlights from Abhay Soi, Chairman and Managing Director, included strategic acquisitions like Jaypee Hospital, asset-light expansions in Dwarka, Mohali, Thane and Pitampura.
Max Lucknow saw a 56% revenue growth and 102% EBITDA growth, while Max Nagpur grew by 23% and 86% respectively.
Max Noida, acquired in Nov’24, reported ₹228 crore gross revenue and ₹48 crore EBITDA post-acquisition.
Max Dwarka achieved EBITDA breakeven in 6 months, with ₹171 crore revenue and ₹29 crore EBITDA loss for FY25, exiting with ₹30 crore monthly revenue and 73% occupancy in March ‘25.
The company is set to commission brownfield towers at Max Smart, Nanavati-Max, and Max Mohali, and a greenfield facility in Gurgaon, adding approximately 1,500 beds.
Q4 FY25 saw a 29% year-on-year increase in network gross revenue to ₹2,429 crore, and a 26% increase in operating EBITDA to ₹632 crore.
Average occupancy for the network was 75%, with ARPOB at ₹77,100.
International patient revenue grew by 28% year-on-year to ₹202 crore.
Free cash flows were ₹422 crore, with ₹390 crore deployed towards expansion projects.
Max@Home reported ₹56 crore revenue, up 22%, and Max Lab reported ₹46 crore revenue, up 19%.
Expansion projects are on schedule, with Nanavati and Mohali expected to commission within 90 days, and Max Smart by Q2 FY26.
The company expects to complete the Gurgaon facility by the end of the calendar year.
For the full year, network gross revenue stood at ₹9,065 crore, with operating EBITDA at ₹2,319 crore.
The company generated ₹1,447 crore of free cash flows, deploying ₹1,182 crore towards expansion and upgrades, and ₹146 crore as dividend.
Management mentioned significant margin expansion possible in acquired units (Nagpur, Noida, Lucknow) in the next 1-2 years.
Management expects EBITDA growth to outstrip revenue growth going forward.
Brownfield expansions are expected to give higher EBITDA margins.