Max Healthcare Institute, one of India’s largest private hospital chains, reported a 21% year-on-year (YoY) rise in net profit to Rs 376 crore for the quarter ended March 31, 2025, driven by robust growth in patient volumes and contributions from new units. The company announced strategic expansion initiatives to bolster its pan-India presence including plans to add 1,500 beds in FY26 through brownfield expansions at Saket, Nanavati, and Mohali hospitals.
Consolidated gross revenue for Q4 FY25 rose 29% YoY to Rs 2,429 crore, while operating EBITDA increased 26% to Rs 632 crore. Profit after tax stood at Rs 376 crore, compared to Rs 311 crore in the same quarter last year. Bed occupancy reached 75%, with occupied bed days (OBDs) up 30% YoY.
“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 patients, and the relentless efforts of our teams,” said Abhay Soi, Chairman and Managing Director of Max Healthcare.
EBITDA margin dropped 80 basis points to 27.2% in Q4 FY25 vs. 28.0% in Q4 FY24. EBITDA per bed stood at Rs 73.9 lakh; excluding Max Dwarka, Rs 77.6 lakh. The ARPOB (Average Revenue Per Occupied Bed) stood at Rs 77,100.
For the full year FY25, the gross revenue rose 26% YoY to Rs 9,065 crore. Operating EBITDA grew 22% to Rs 2,319 crore. The EBITDA margin for FY25 dropped 100 basis points to 26.8%.
PAT before exceptional items increased 9% to Rs 1,392 crore, and cash from operations stood at Rs 1,447 crore. The net debt stood at ₹1,576 crore.
The company said it has signed a long-term agreement to set up a 200-bed hospital in Pitampura, Delhi, in partnership with Bharat Prakritik Chikitsa Mission. It also acquired a one-acre land parcel adjacent to Max Super Specialty Hospital, Vaishali, enabling a brownfield expansion from 387 to 527 beds within 30 months. The company also filed for merger of two wholly owned subsidiaries—Crosslay Remedies and Jaypee Healthcare—with the NCLT, aiming to unlock synergies and optimize cash flows.
For the full year FY25, the gross revenue rose 26% YoY to Rs 9,065 crore. Operating EBITDA grew 22% to Rs 2,319 crore, PAT before exceptional items increased 9% to Rs 1,392 crore, and cash from operations stood at Rs 1,447 crore.
Max Healthcare plans to add 1,500 beds in FY26 through brownfield expansions at Saket, Nanavati, and Mohali hospitals. The company also continues to scale its diagnostics and homecare verticals—Max Lab and Max@Home—which reported 19% and 22% YoY revenue growth, respectively.
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