Max Healthcare Institute Ltd. reported a solid Q4 FY25 performance with gross revenue of ₹2,429 Cr, marking a 29% year-on-year (YoY) increase, and a 2% sequential growth. This surge was largely attributed to a ~30% YoY rise in Occupied Bed Days (OBDs) and a growing contribution from new hospitals—15% revenue share from new units versus just 2% last year.

The Operating EBITDA came in at ₹632 Cr, a 26% YoY increase, with EBITDA margins at 27.2%, slightly lower than 28.0% in Q4 FY24. Excluding the 303-bed greenfield Max Dwarka hospital, the margin was 28.1%. EBITDA per bed stood at ₹73.9 lakhs (₹77.6 lakhs excluding Max Dwarka).

Consistent PAT and Cash Generation

Profit After Tax (PAT) stood at ₹376 Cr for the quarter, showing a 21% YoY rise. Free cash from operations increased to ₹422 Cr, up from ₹412 Cr in Q4 FY24, reinforcing operational efficiency.

For the full fiscal year FY25, the network achieved ₹9,065 Cr gross revenue (+26% YoY) and ₹2,319 Cr EBITDA (+22% YoY). PAT for the year reached ₹1,392 Cr.

Expansion and Strategic Moves

Max Healthcare is actively expanding its footprint:

• Pitampura Hospital (200 beds): A long-term service agreement was signed in March 2025 with Bharat Prakritik Chikitsa Mission to develop this facility, which will offer advanced care including radiation oncology and organ transplants.

• Vaishali Expansion: A one-acre land parcel was acquired adjacent to Max Super Specialty Hospital (MSSH), Vaishali. The facility will be expanded from 387 to 527 beds in 30 months.

• M&A Activity: The Boards of Crosslay Remedies Ltd. and Jaypee Healthcare Ltd., both wholly owned subsidiaries, approved a merger. A joint application has been filed with the NCLT to streamline operations and unlock synergies.

Innovations and Clinical Excellence

• Max Lab reported ₹46 Cr revenue (+19% YoY), now serving 50+ cities.

• Max@Home clocked ₹56 Cr in revenue (+22% YoY), driven by demand in physiotherapy, rehab, and critical care services.

• Noteworthy procedures performed across Max hospitals include:

  • India’s first Genicular Neurotomy using Cooled RFA at Max Shalimar Bagh

  • Region's first robotic donor hepatectomy and nephrectomy at Max Nagpur

  • A triple-hospital six-surgery kidney swap in Mumbai

  • A complex pediatric kidney transplant in Lucknow

Research, Academics & Recognition

• 133 research articles published in high-impact journals

• 110 clinical trials and 23 grant-funded studies ongoing

• Max was ranked among the top 20 companies in the S&P BSE 100 index by IIAS for governance

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