Max Healthcare Institute Limited

Abhay Soi

Chairman and Managing Director; Mr. Yogesh Sareen – Senior Director and

Keshav Gupta

Senior Director, Growth, M&A and

26%

ur overall financial performance for FY '25 reflected this momentum, with a year-on-year growth of 26% in revenue and 22% in EBITDA. Notably, Max Lucknow demonstrated year-on-year growth of 56% in re

22%

performance for FY '25 reflected this momentum, with a year-on-year growth of 26% in revenue and 22% in EBITDA. Notably, Max Lucknow demonstrated year-on-year growth of 56% in revenue and 102% in E

56%

th of 26% in revenue and 22% in EBITDA. Notably, Max Lucknow demonstrated year-on-year growth of 56% in revenue and 102% in EBITDA, while Max Nagpur reported a year-on-year growth of 23% in revenue

102%

and 22% in EBITDA. Notably, Max Lucknow demonstrated year-on-year growth of 56% in revenue and 102% in EBITDA, while Max Nagpur reported a year-on-year growth of 23% in revenue and 86% in EBITDA in

23%

ar growth of 56% in revenue and 102% in EBITDA, while Max Nagpur reported a year-on-year growth of 23% in revenue and 86% in EBITDA in their first year since acquisition. Max Noida is being integrated

86%

revenue and 102% in EBITDA, while Max Nagpur reported a year-on-year growth of 23% in revenue and 86% in EBITDA in their first year since acquisition. Max Noida is being integrated into our network an

INR 228 crore

since acquisition. Max Noida is being integrated into our network and reported a gross revenue of INR 228 crore with an operating EBITDA of INR 48 crore at a margin of 21% post-acquisition, since October ‘24.

INR 48 crore

egrated into our network and reported a gross revenue of INR 228 crore with an operating EBITDA of INR 48 crore at a margin of 21% post-acquisition, since October ‘24. Additionally, our newly operationalized

21%

reported a gross revenue of INR 228 crore with an operating EBITDA of INR 48 crore at a margin of 21% post-acquisition, since October ‘24. Additionally, our newly operationalized asset-light hospita

INR 171 crore

in Dwarka achieved EBITDA breakeven in 6 months – a new record. The hospital clocked a revenue of INR 171 crore and an EBITDA loss of INR 29 crore for the entire year FY '25, since becoming operational in July

INR 29 crore

in 6 months – a new record. The hospital clocked a revenue of INR 171 crore and an EBITDA loss of INR 29 crore for the entire year FY '25, since becoming operational in July ‘24. It exited the year with a reve

INR 30 crore

Y '25, since becoming operational in July ‘24. It exited the year with a revenue of approximately INR 30 crore per month and 73% occupancy on 235 beds in March ‘25, with balance 68 beds yet to be opened. We ar

“12) Now coming to the status of our expansion projects: • 268 beds at Nanavati in Phase I: Interior work is in progress and we expect to commission this facility within 90 days.”

“• 155 beds at Mohali: Finishing work is underway and we expect to commission this facility within 90 days as well.”

“Plans to add 45 more beds through internal reconfiguration will be initiated once the new tower is completed.”

“We expect to commission this facility latest by Q2 FY '26.”

“Through internal reconfigurations, we have added 35 beds in May and plan to add 39 more beds in the next 12 months.”

“We expect to complete the onco block here by Q2 this year.”

“We expect to commission the facility by end of this calendar year.”

“We expect to complete this project within 24 months.”

“The project continues to be largely on schedule.”

“All other statutory approvals already in place, and we expect to complete the project by 2028.”

Abhay Soi

48

Yogesh Sareen

17

Moderator

8

Damayanti Kerai

6

Neha Manpuria

6

Keshav Gupta

6

Kunal Lakhan

6

Rishi Mody

6

Prashant Nair

5

Rajit Aggarwal

5

Suraj Digawalekar

Thank you, Ryan. Good morning, everyone, and thank you for joining us on Max Healthcare's Q4 and FY '25 Earnings Conference Call. We have with us Mr. Abhay Soi – Chairman and Managing Director; Mr. Yogesh Sareen – Senior Director and Chief Financial Officer; and Mr. Keshav Gupta – Senior Director, Growth, M&A and Business Planning. We will begin the call with opening remarks from the Management, following which, we will have the forum open for an interactive Q&A session. Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Abhay to make his opening remarks. Thank you, and over to you, Abhay.

Abhay Soi

Good morning, everyone, and thank you for joining us on Max Healthcare's 4th Quarter and full year FY '25 Earnings Call. This year has been a pivotal one for us, fuelled by focused strategic decisions, disciplined execution on ground, and significant milestones that have set new benchmarks. After acquiring hospitals in Nagpur and Lucknow in the last quarter of the previous year (FY ’24), we acquired the 500-bed marquee Jaypee Hospital in Delhi NCR this year. As part of our asset-light expansion strategy, we commissioned Max Dwarka and signed up contracts for built-to-suit hospitals to be set up by our partners in Mohali, Thane and Pitampura (Delhi). During the year, in what could have been a year of moderate growth otherwise, we initiated multiple long-term growth plans, including the announcement made last week regarding acquisition of approximately 1 acre land parcel, adjoining our fully occupied 400-bed hospital in Vaishali. Our recent acquisitions, Max Lucknow, Max Nagpur and Max N

Abhay Soi

With this, we would like to open the floor for any question and answers. Thank you. The first question comes from the line of Amey Chalke from JM Financial. Thank you so much for taking my question. Congrats to the Management on good set of numbers. First question I have, if we can give information on the profitability of the acquired units like Nagpur, Noida, Lucknow for the quarter? As far as Lucknow hospital is concerned, we had 56% growth in revenue and 102% growth in EBITDA. Nagpur has reported a 23% growth in revenue, 86% growth in EBITDA. The Noida hospital, of which we completed the acquisition in Nov’24, reported a gross revenue of INR 228 crore and EBITDA of INR 48 crore at 21% margin. This is for full year FY ’25. Given the fact that the 2 of these hospitals were acquired in Q4 last year, Alexis (Nagpur) unit was acquired in February ‘24 and Lucknow unit was acquired in March ‘24, it is difficult now to segregate the last year numbers into 2 parts; that’s why we have not put

Yogesh Sareen

The important question is to say that we have very respectable margins. For example, Lucknow margin is more than 30%, Nagpur margin is around 22%, and Jaypee will also be in similar range as Nagpur. The main thing is that we want

Abhay Soi

EBITDA per bed to improve now, which means that we have to start medical programs that are higher-end. For the New Units, overall EBITDA per bed is 43% of the rest of the network, which means we have to really grow that number. And that's one of the reasons why you will find that the EBITDA growth is a bit tepid compared to revenue growth, because the share of new hospitals is going up and their EBITDA per bed is lower than the rest of the network. But going forward, you are going to see that the EBITDA growth will outstrip revenue growth there. Not that the revenue growth is slowing down, there's more than enough fuel over there too. Sir, second question I have is on that itself, because we have said that 1,500 beds Brownfield expansion will happen in next year. So this year, we have seen a lot of acquisitions. So what are the objective next year? Is it a Brownfield focus here? Or you think the M&A would still be there? It's not one at the cost of the other. The brownfield expansion i

Damayanti Kerai

Hi, good morning, and thank you for the opportunity. My first question on your payor situation at new hospitals. So if I look at your institutional bed share, you mentioned it went up to, say, 33% in 4Q. So is it because you are putting more of these patients to really like move up in the occupancy, cover up the fixed cost? And then can you please comment on it?