Max Healthcare Institute Ltd

Max Healthcare Institute Limited reported Q1 FY27 earnings with a 16% year-on-year revenue growth to INR 2,982 crore and a 15% increase in operating EBITDA to INR 704 crore. The company highlighted capacity expansion, including 50% operationalization of a 400-bed tower at Max Smart and 50 beds at Nanavati Max, with Phase 2 expansions underway. The acquisition of Max Bhubaneswar contributed INR 19 crore in revenue and INR 2 crore in EBITDA, with plans to renovate infrastructure and enhance clinical programs. Research initiatives include a standalone Max Research Centre and over 750 clinical trials. Digital revenue reached INR 941 crore (32% of total), with website traffic up 41% year-on-year. The company also discussed plans for medical education, leveraging recent regulatory changes allowing for-profit medical colleges, with estimated ROCE of 25-30%. Management noted challenges in oncology revenue due to discontinuation of certain drugs, but expects normalization by Q3 FY27. Free cash flow was INR 397 crore, with INR 386 crore allocated to acquisitions and capacity expansion. Net debt stood at INR 2,384 crore, with a net debt-to-EBITDA ratio below 1. The company emphasized growth in non-oncology segments and ongoing expansion projects across multiple locations, with future capacity additions expected to drive revenue and profitability.

The document emphasizes growth in revenue, EBITDA, capacity expansion, and strategic initiatives like medical education and research, with management expressing confidence in future performance despite some challenges.