MAXHEALTH Q1 FY26 earnings call.
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Revenue
₹2,028 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹613 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Max Healthcare delivered a strong Q1 FY26 with 27% YoY revenue growth to Rs 2,574 crore and 23% EBITDA growth to Rs 613 crore, marking the 19th consecutive quarter of YoY growth. The existing units demonstrated robust underlying performance with 16% like-for-like revenue growth, 7% ARPOB growth, and occupancy reaching ~80%. New units contributed Rs 231 crore with EBITDA of Rs 27 crore. Management flagged margin pressure from lower-ARPOB acquisitions but emphasized EBITDA per bed (Rs 75 lakhs for existing units, up 7% YoY) as the right metric. Expansion pipeline is on track with 1,000 brownfield and 500 greenfield beds targeted for FY26. Net debt expected to rise by Rs 400-500 crore by year-end. Risks include integration challenges at recently acquired NOA facility and margin dilution from ongoing capacity additions, while Dehradun oncology expansion and institutional business growth represent key forward opportunities.
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Guidance to track
- Approximately 1,000 brownfield beds and 500 greenfield beds expected to come on stream during FY26, with trial runs already initiated at Max Muti's new 160-bed brownfield tower.
- Board approved agreement to lease a build-to-suit 130-bed hospital in Dehradun, located 100m from existing 220-bed facility, focusing on advanced oncology including radiation therapy.
- Net debt expected to increase by Rs 400-500 crore by end of FY26 due to funds tied up for ongoing expansion projects, with total debt for project purposes rising accordingly.
- Oncology bunkers at both Lucknow and Dehradun facilities expected to be commissioned in Q3 FY26, which will enable radiation oncology services at these locations.
Risks flagged
- NOA facility, acquired in October-November 2024 from liquidation, required reapplication for all licenses including transplant and blood bank licenses. Equipment ordered from overseas has 6-month delivery lead times. Management acknowledges first quarter is always weakest for new acquisitions.
- New units have lower ARPOB than existing hospitals, bringing down network-wide ARPOB growth from 7% (existing units) to flat on reported basis. Management expects this dynamic to persist as more tier-2/3 facilities are added.
- Max Nagpur awaiting formal environmental clearance (though civil contract awarded, 24-month completion timeline). Max Vikram Sake awaiting forest department clearance for tree transplantation. Both delays could impact commissioning timelines.
- An analyst's attempt to reconcile ARPOB growth figures across hospital cohorts was challenged by management, who stated the analyst's formula was incorrect and that occupied bed days had increased, not decreased. Management requested offline follow-up, suggesting potential complexity in understanding the cohort-level metrics.
Key quotes
- Eida margin is an incorrect sort of thing... What we have to see is do we have superior return on capital profile over there or not? Your EBITDA per bed will increase and your ROC will increase.
- Because the higher payer mix your EBITDA margin... international business is going by 32%. Supposedly it's higher margin business in value term. But in percentage terms, it's a lower margin business. When you do robotics or you do transplants or you do any of the high-end business, surgical business, it gives you less margins in percentage term, but it gives you more in value terms.
- The first couple of quarters always the weakest because you're kind of integrating IT systems, we changed the name, all the licenses including transplant licenses, blood bank licenses, we had to reapply for each one of these. So those have been coming through. And also equipment is out of life. We've ordered all the equipment they've been coming in phases. All the building blocks have been put in this particular listing.
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