Max Healthcare Institute Ltd · NSE:MAXHEALTH
Max Healthcare Institute — Q4 FY25 Earnings Presentation
49 slides from Max Healthcare Institute's earnings presentation, May 20, 2025
Slide 1: Exchange cover letter: Press Release and Presentation on Earnings Update
May 20, 2025 Listing Department, Listing Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Symbol: MAXHEALTH Scrip Code: 543220 Sub.: Press R
Slide 2: Max Healthcare Q4 revenue soars by +29% YoY to INR 2,429 Cr
Max Healthcare Q4 revenue soars by +29% YoY to INR 2,429 Cr Operating EBITDA rises to INR 632 Cr, +26% YoY PAT grows by +21% YoY to INR 376 Cr Key Highlights of Q4 Performance • Gross Revenue stood at INR 2,429 Cr for Q4 FY25, a growth of +29% YoY and +2% QoQ • Network1 Operating EBITDA stood at INR
Slide 3: Press release: Max Lab, Max@Home, PAT and full year results
Max Lab (non-captive pathology vertical) reported revenue of INR 46 Cr during the quarter, recording a growth of +19% YoY. Further, Max Lab services are now available across 50+ cities. Max@Home gross revenue was INR 56 Cr, a growth of +22% YoY and +2% QoQ, driven by physio & rehab, attendant and cr
Slide 4: Commenting on Q4 results, Mr. Abhay Soi
Commenting on Q4 results, Mr. 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 patien
Slide 5: Research and Academics
Research and Academics: • Published 133 articles in high impact journals during Q4 FY25 • 110 clinical trials and 23 grant studies are ongoing • First of its kind pivotal trial was conducted at Max Hospital, Vaishali and Maulana Azad Medical College with Max Hospital, Saket acting as Sponsor/CRO • 6
Slide 6: About Max Healthcare
About Max Healthcare: Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare organizations. It is committed to the highest standards of clinical excellence and patient care, supported by latest technology and cutting-edge research. Max Healthcare operates 22 healthcar
Slide 7: Safe Harbour Disclaimer
Safe Harbour Disclaimer This release contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL”) future business developments and econ
Slide 8: Earnings update – Q4 & FY25
Earnings update – Q4 & FY25 May 20, 2025
Slide 9: Disclaimer
Disclaimer This presentation contains certain “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to Max Healthcare Institute Limited’s (“MHIL” / “MHC”) future business developments and econ
Slide 10: Notes to Network Consolidated Financials
Notes to Network Consolidated Financials 1. Max Healthcare Institute Limited (“MHIL”), its subsidiaries and deemed separate entities (i.e. silos for managed healthcare facilities) constitute MHIL Group under IND AS 110 . MHIL Group also has long term contracts with certain societies, who own and ope
Slide 11: Content
Content Q4 FY25 Highlights 05 Other Business Highlights 16 FY25 Highlights 19 About the Company 32 4
Slide 12: Q4 FY25 Highlights
Q4 FY25 Highlights 5
Slide 13: Executive Summary: Q4 FY25 (1/2)
Executive Summary: Q4 FY25 (1/2) Entered into a Long-term Service Agreement (“LTSA”) with Bharat Prakritik Chikitsa Mission for setting up a 200 bedded hospital in Pitampura, North-West Delhi. Construction of the hospital is expected to be completed within next 3 to 4 years. The hospital, once opera
Slide 14: Executive Summary: Q4 FY25 (2/2)
Executive Summary: Q4 FY25 (2/2) International patient revenue stood at INR 202 Cr compared to INR 158 Cr in Q4 FY24 and INR 201 Cr in Q3 FY25, reflecting a growth of +28% YoY. This accounts for ~ 9% of the hospital revenue Operational bed capacity went up by 188 beds during the quarter mainly at Lu
Slide 15: Highlights
Highlights 8
Slide 16: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +28.6% +25.7% 2,381 2,429 622 632 2,076 503 565 1,888 42 3 +12.4%* +13.2%* 1,846 500 Q4 FY24 Q3 FY251 Q4 FY25 Q4 FY25 Q4 FY24 Q3 FY251 Q4 FY25 Q4 FY25 Existing Overall Existing Overall MSSH Lucknow and MSSH Nagpur acquired in
Slide 17: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Inpatient Volumes3 +0.4% +35.3% 83.8 76.8 75.9 77.1 80,575 78,685 +7.4%* 58,153 58,412 +3.5%* Q4 FY242 Q3 FY252 Q4 FY25 Q4 FY25 Q4 FY24 Q3 FY25 Q4 FY25 Q4 FY25 Existing Overall Existing Overall ALOS4 (in days) Outpatient consults (‘000)5 +33.6% 4.2
Slide 18: Speciality Profile
Speciality Profile Q4 FY24 Q4 FY25 Others Others Gastroentrology Gastroentrology 4.4% 4.7% Pulmonology 4.7% Oncology* Pulmonology 5.4% Oncology* Liver and biliary 4.9% 24.0% Liver and biliary 4.3% sciences 25.7% sciences 3.8% 3.8% OBGY and OBGY and pediatrics 5.1% pediatrics 5.5% MAS and 4.9% Gross
Slide 19: Payor Profile
Payor Profile Share of Revenue* Q4 FY24 Q4 FY25 17.7% 20.8% 33.9% 33.2% 8.9% 8.9% 39.5% 37.1% Self Pay TPA & corporates International Institutional Note: *Excludes revenue from SBUs and other operating income 12
Slide 20: Network P&L Statement: Q4 FY25
Network P&L Statement: Q4 FY25 Figs in INR Cr Q4 FY24 Q3 FY25 Q4 FY25 YoY Amount % NR Amount % NR Amount % NR Growth Gross revenue 1,888 2,381 2,429 Net revenue 1,799 100.0% 2,281 100.0% 2,326 100.0% 29% Direct costs 707 39.3% 883 38.7% 917 39.4% 30% Contribution 1,092 60.7% 1,398 61.3% 1,409 60.6%
Slide 21: Q4 FY25: Memorandum Consolidation of Network P&L
Q4 FY25: Memorandum Consolidation of Network P&L Figs in INR Cr MHIL, its Partner Healthcare Facilities ("PHF") Financials subsidiaries & Eliminations(2) MHC Network (IGAAP Unaudited)* Silos & (Consolidated) GM Modi Adjustment* (Certified by an IND AS Balaji Devki Devi IND AS ICA) Society Unaudited
Slide 22: Gross Revenue from hospitals, by Region
Gross Revenue from hospitals, by Region Gross Revenue1 (INR Cr) Operational beds (as at end of Mar’25) 1,329 Delhi 2 1,306 2,337 1,130 469 Uttar Pradesh3 452 1,207 221 221 Maharashtra4 221 475 174 144 Punjab 144 312 131 84 Uttarakhand 83 219 73 68 104 Haryana 67 66 Q4 FY25 Q3 FY25 Q4 FY24 (1) Exclud
Slide 23: Other Business Highlight
Other Business Highlight 16
Slide 24: Max Lab: Key performance indicators
Max Lab: Key performance indicators Gross Billing Value (INR Cr) Net revenue (INR Cr) Operational footprint (as of Mar, 2025) +20% +19% 77 77 46 46 64 68 70 38 41 42 520+ Collection centres 570+ Pick-Up Points (PUPs) Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 FY24 FY25 FY25 FY25 FY25 FY24 FY25 FY25 FY25 FY25 50+
Slide 25: Max@Home: Key performance indicators
Max@Home: Key performance indicators Key Pointers Gross revenue (INR Cr) Quarterly Gross Revenue Trend (INR Cr) (as of Mar, 2025) +22% 212 +34% 172 53 55 56 15 46 49 Specialised 139 Service Lines 110 76 70 61 ~1,500 27 Strong Team Q4 Q1 Q2 Q3 Q4 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY24 FY25 FY25
Slide 26: FY25 Highlights
FY25 Highlights 19
Slide 27: Executive Summary: FY25
Executive Summary: FY25 Launched the 303-bed Max Super Specialty Hospital at Dwarka, Delhi (Max Dwarka) on July 2, 2024. Located in South West Delhi, equipped with advanced imaging and surgical robotics. Operated under an O&M contract with M/s Muthoot Hospital Pvt Ltd, which owns and constructed the
Slide 28: Executive Summary: FY25
Executive Summary: FY25 FY25 Gross revenue for the Network was INR 9,065 Cr versus INR 7,214 Cr in FY24, reflecting a growth of +26% YoY. The growth mainly led by increase in OBD’s (+29%). This includes INR 171 Cr at Max Dwarka – a 303 bed greenfield hospital which commenced operations on July 2, 20
Slide 29: Key Financial Highlights
Key Financial Highlights Gross Revenue (INR Cr) Operating EBITDA (INR Cr) +25.7% +21.6% 9,065 2,319 8,127 2,165 7,214 1,907 42 +13.3%* +13.7%* 7,171 FY24 FY25 FY25 FY24 FY25 FY25 Existing Overall Existing Overall MSSH Lucknow and MSSH Nagpur acquired in Q4 FY24 Margin1 (%) 27.8% | 27.9% | 26.8% Oper
Slide 30: Key Operational Highlights
Key Operational Highlights ARPOB1 (INR/OBD) (‘000) Inpatient Volumes2 -2.5% +28.1% 81.4 2,96,805 75.8 73.9 231,625 2,42,316 +7.0%* 1,727 +5.4%* 2,29,898 FY24 FY25 FY25 FY24 FY25 FY25 Existing Overall Existing Overall MSSH Lucknow and MSSH Nagpur acquired in Q4 FY24 ALOS3 (in days) Outpatient consult
Slide 31: Speciality Profile
Speciality Profile FY24 FY25 Others Others Gastroentrology Gastroentrology 4.5% 4.4% Pulmonology 4.7% Pulmonology 5.2% Liver and biliary Oncology* Liver and biliary Oncology* 3.8% 3.6% sciences 25.0% sciences 25.8% 3.7% 3.4% MAS and MAS and general surgery 5.1% general surgery 5.0% OBGY and Gross IP
Slide 32: Payor Profile
Payor Profile Share of Revenue FY24 FY25 18.1% 19.4% 33.7% 34.1% 9.1% 8.8% 39.1% 37.7% Self Pay TPA & corporates International Institutional# Note: Excludes revenue from SBUs and other operating income 25
Slide 33: P&L Statement: FY25
P&L Statement: FY25 Figs in INR Cr FY24 FY251 Amount % NR Amount % NR Gross revenue 7,214 9,065 Net revenue 6,848 100.0% 8,667 100.0% Direct costs 2,675 39.1% 3,416 39.4% Contribution 4,173 60.9% 5,251 60.6% Indirect Overheads2 2,266 33.1% 2,932 33.8% Operating EBITDA 1,907 27.8% 2,319 26.8% ESOP (E
Slide 34: Network Balance Sheet
Network Balance Sheet1 (Includes Managed & Partner Healthcare Facilities) Figs in INR Cr Mar 24* Mar 25 Shareholders' Equity (Incl. corpus) 9,295 10,533 Gross Debt 1,177 2,492 Deferred/Contingent Consideration Payable2 461 489 Put Option Liability3 87 95 Lease Liabilities4 173 537 Deferred Tax Liabi
Slide 35: FY25: Memorandum Consolidation of Network P&L
FY25: Memorandum Consolidation of Network P&L Figs in INR Cr MHIL, its Eliminations Partner Healthcare Facilities ("PHF") Financials MHC Network subsidiaries & & (IGAAP Audited)* (2) (Consolidated) Silos Adjustment &(6)* (Certified by an IND AS Balaji GM Modi Devki Devi IND AS ICA) Audited Society S
Slide 36: Clinical and Research & Academics Update
Clinical and Research & Academics Update 29
Slide 37: Clinical Update
Clinical Update ~3,480 Liver Transplants, ~4,759 Kidney Transplants & ~2002 Bone Marrow Transplants performed till date An 8 year old boy diagnosed with Fielding Type I rotatory atlantoaxial dislocation (AAD) was successfully treated at BLK-Max Hospital with C1–C2 transpedicular fixation In a comple
Slide 38: Research and Academics Update
Research and Academics Update National and international publications 133 scientific publications in high impact factor journals during Q4 FY25 Top high Index and high impact factor publications are from Gastroenterology (Gastroenterology : 7.2) Cardiology (Eur J Heart Fail.: 5.93) & Oncology (ESMO
Slide 39: Max Healthcare: India's second largest hospital chain
Max Healthcare: India’s second largest1 hospital chain in terms of hospital revenue, EBITDA and market capitalisation Current capacity 5,100+ beds Delhi NCR 4 0 2 Shalimar Bagh 5 22 ~77% ~74% BLK 3 9 4 1 3 Facilities Beds in metros FY25 8 Patparganj 0 7 Vaishali Occupancy 3 0 Panchsheel1 Lajpat 5 Dw
Slide 40: Vision: To be the Most Well Regarded Healthcare Provider in India
Vision: To be the Most Well Regarded Healthcare Provider in India To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research Quaternary care facilities World class infra
Slide 41: State-of-the-art infrastructure
State-of-the-art infrastructure Da Vinci Robotic System Cath Lab: Azurion 5 M20 LINAC Machine (Edge) Advanced robotics provides high precision Cathlab is used to visualize the arteries of High precision and integrated LINAC is a and enables minimal invasive surgery the heart and the chambers of the
Slide 42: Strong Focus on Research and Academics
Strong Focus on Research and Academics Research: Academics: Significant strategic partnerships: New collaboration with Max Institute of Medical Education (MIME) is the education division of Manipal Academy of Higher Education (MAHE), MSMF, Boston MHC for medical education & training University, Impe
Slide 43: Historical Financial Performance Snapshot
Historical Financial Performance Snapshot Figs in INR Cr FY22 FY23 FY24 FY25 Amount % NR Amount % NR Amount % NR Amount % NR 1 Gross revenue 5,509 6,236 7,214 9,065 Net revenue 5,218 100.0% 5,904 100.0% 6,848 100.0% 8,667 100.0% Direct costs 2,103 40.3% 2,304 39.0% 2,675 39.1% 3,416 39.4% Contributi
Slide 44: Strong financial profile to support future growth
Multiple avenues for future growth ▪ Focus on tower specialities & case mix Optimising Existing 1 2 Infrastructure ▪ Increase utilization & improve process efficiencies Strong free cash flows from ▪ Optimize payor mix operations INR ~1,447 Cr in FY25 ▪ ~2,500 beds addition via brownfield expansion –
Slide 45: Awards and Accolades
Awards and Accolades Operational Clinical Safety Service Quality Others Excellence Patient Safety Award ET “Hospital Chain of Economic Times Ranked amongst top 20 the Year” 2024 Healthcare Award 2022 companies (in the S&P BSE by FICCI under five categories 100 index) Diamond Award for Recognised “Ne
Slide 46: Network Holding Structure
Network Holding Structure (As at end of Mar’25) Balaji Society (Max Patparganj) Valid till 2065 Max Shalimar Bagh Max Dehradun Gujarmal Modi Max Panchsheel Max Healthcare Institute Medical Service Agreement Society Immigration centre (Lajpat Nagar) (Max Smart) Max Saket (West) Limited (MHIL) SBUs (M
Slide 47: List of Network Healthcare Facilities
List of Network Healthcare Facilities As on Mar’25 Name Location Description Max Super Speciality Hospital, (West Block) Saket Delhi Hospital Max Super Speciality Hospital, (East Block) Saket Delhi Hospital Max Smart Super Speciality Hospital, Saket Delhi Hospital Max Smart Super Speciality Hospital
Slide 48: Definitions
Definitions Term Description ALOS Average Length of Stay: discharged patients stay in the hospital, basis admission and discharge time Average Revenue per Occupied Bed; Gross revenue divided by the occupied bed days; excludes revenue from Covid-19 ARPOB vaccination & related antibody tests and Max L
Slide 49: About Us
About Us Max Healthcare Institute Limited (Max Healthcare) is one of India’s largest healthcare For further information, please visit organizations. It is committed to the highest standards of clinical excellence and patient www.maxhealthcare.in care, supported by latest technology and cutting-edge
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