Max Healthcare Institute Ltd.
MAXHEALTHHealthcare filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
18 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 18 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20210226 | 2020-12-31 | yes | |
| TRANSCRIPT | 20220601 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220817 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221108 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230524 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230814 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231113 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240207 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240529 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240808 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241113 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250206 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250527 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250821 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251121 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260212 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260529 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260820 | 2026-06-30 | yes |
MAXHEALTH
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,046.00 |
| 52-week range | 931.6 – 1211.0 |
| Return 1M | 2.95% |
| Return 3M | -6.89% |
| Return 1Y | -7.7% |
| Return 3Y | 88.08% |
| Return 5Y | 186.61% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,366.00 |
| Other income | 41.00 |
| Total income | 2,407.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 521.00 |
| Changes in inventories | -8.00 |
| Employee benefit expense | 388.00 |
| Finance costs | 71.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.24 | 0.00 |
| institutions foreign | 0.42 | -0.04 |
| institutions domestic | 0.30 | 0.04 |
| mutual funds | 0.19 | 0.02 |
| public | 0.76 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 18 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,137.00 | 1,141.00 | 1,215.00 | 1,285.00 | 1,363.00 | 1,335.00 | 1,423.00 | 1,543.00 | 1,707.00 | 1,868.00 | 1,910.00 | 2,028.00 | 2,135.00 | 2,068.00 | 2,143.00 | 2,366.00 |
| Other income | 26.00 | 45.00 | 40.00 | 41.00 | 45.00 | 46.00 | 45.00 | 35.00 | 41.00 | 33.00 | 47.00 | 37.00 | 33.00 | 45.00 | 48.00 | 41.00 |
| Total income | 1,163.00 | 1,186.00 | 1,255.00 | 1,326.00 | 1,409.00 | 1,381.00 | 1,468.00 | 1,578.00 | 1,748.00 | 1,902.00 | 1,957.00 | 2,064.00 | 2,168.00 | 2,113.00 | 2,191.00 | 2,407.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 228.00 | 236.00 | 253.00 | 273.00 | 278.00 | 271.00 | 297.00 | 330.00 | 359.00 | 397.00 | 410.00 | 454.00 | 465.00 | 446.00 | 433.00 | 521.00 |
| Changes in inventories | -1.00 | -7.00 | -7.00 | 3.00 | 1.00 | -3.00 | -2.00 | -3.00 | -10.00 | -5.00 | -1.00 | -9.00 | -0.00 | -6.00 | 6.00 | -8.00 |
| Employee benefit expense | 196.00 | 205.00 | 210.00 | 226.00 | 236.00 | 231.00 | 242.00 | 270.00 | 284.00 | 305.00 | 316.00 | 338.00 | 338.00 | 340.00 | 340.00 | 388.00 |
| Finance costs | 22.00 | 20.00 | 20.00 | 19.00 | 9.00 | 11.00 | 21.00 | 24.00 | 34.00 | 52.00 | 55.00 | 55.00 | 54.00 | 60.00 | 67.00 | 71.00 |
| Depreciation and amortisation | 58.00 | 57.00 | 60.00 | 56.00 | 58.00 | 61.00 | 70.00 | 77.00 | 84.00 | 98.00 | 101.00 | 104.00 | 108.00 | 111.00 | 123.00 | 132.00 |
| Other expenses | 395.00 | 393.00 | 418.00 | 446.00 | 460.00 | 451.00 | 504.00 | 559.00 | 624.00 | 673.00 | 673.00 | 721.00 | 757.00 | 748.00 | 757.00 | 866.00 |
| Total expenses | 898.00 | 905.00 | 954.00 | 1,023.00 | 1,042.00 | 1,021.00 | 1,132.00 | 1,256.00 | 1,375.00 | 1,519.00 | 1,554.00 | 1,664.00 | 1,722.00 | 1,700.00 | 1,726.00 | 1,970.00 |
| Profit before exceptional items and tax | 265.00 | 281.00 | 301.00 | 303.00 | 366.00 | 360.00 | 336.00 | 321.00 | 374.00 | 382.00 | 402.00 | 400.00 | 446.00 | 413.00 | 465.00 | 436.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -74.00 | 0.00 | 0.00 | 0.00 | -48.00 | 0.00 | 0.00 |
| Profit before tax | 265.00 | 281.00 | 301.00 | 303.00 | 366.00 | 360.00 | 336.00 | 321.00 | 374.00 | 309.00 | 402.00 | 400.00 | 446.00 | 365.00 | 465.00 | 436.00 |
| Current tax | 64.00 | 47.00 | 45.00 | 51.00 | 71.00 | 75.00 | 74.00 | 81.00 | 92.00 | 91.00 | 72.00 | 96.00 | 10.00 | 46.00 | 59.00 | 82.00 |
| Deferred tax | -256.00 | 12.00 | 5.00 | 12.00 | 19.00 | -5.00 | 11.00 | 4.00 | 0.00 | -21.00 | 11.00 | -4.00 | -56.00 | 18.00 | 64.00 | 31.00 |
| Tax expense | -192.00 | 59.00 | 50.00 | 63.00 | 90.00 | 70.00 | 84.00 | 85.00 | 92.00 | 70.00 | 84.00 | 92.00 | -45.00 | 64.00 | 122.00 | 113.00 |
| Profit for the period | 457.00 | 222.00 | 251.00 | 240.00 | 277.00 | 289.00 | 252.00 | 236.00 | 282.00 | 239.00 | 319.00 | 308.00 | 491.00 | 301.00 | 342.00 | 323.00 |
| Profit attributable to owners | 457.00 | 222.00 | 0.00 | 240.00 | 0.00 | 289.00 | 251.00 | 236.00 | 282.00 | 239.00 | — | — | 491.00 | 301.00 | — | — |
| Profit attributable to non-controlling interests | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | 0.00 | 0.00 | — | — |
| Other comprehensive income | 1.00 | 0.00 | -1.00 | -1.00 | -4.00 | -1.00 | -1.00 | -2.00 | -2.00 | -0.00 | -0.00 | -3.00 | 0.00 | -0.00 | 1.00 | -5.00 |
| Total comprehensive income | 458.00 | 222.00 | 250.00 | 240.00 | 272.00 | 289.00 | 251.00 | 235.00 | 280.00 | 238.00 | 319.00 | 305.00 | 491.00 | 301.00 | 343.00 | 318.00 |
| Earnings per share, basic | 4.72 | 2.29 | 2.59 | 2.47 | 2.85 | 2.98 | 2.59 | 2.43 | 2.90 | 2.46 | 3.28 | 3.17 | 5.05 | 3.10 | 3.52 | 3.32 |
| Earnings per share, diluted | 4.71 | 2.29 | 2.58 | 2.46 | 2.84 | 2.97 | 2.58 | 2.42 | 2.88 | 2.44 | 3.26 | 3.15 | 5.02 | 3.09 | 3.50 | 3.30 |
Annual results, as filed
| Line | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,505.00 | 3,931.00 | 4,563.00 | 5,406.00 | 7,028.00 | 8,373.00 |
| Other income | 115.00 | 127.00 | 139.00 | 178.00 | 156.00 | 163.00 |
| Total income | 2,619.00 | 4,059.00 | 4,702.00 | 5,584.00 | 7,184.00 | 8,536.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 581.00 | 930.00 | 937.00 | 1,119.00 | 1,496.00 | 1,799.00 |
| Changes in inventories | 14.00 | -8.00 | -15.00 | -1.00 | -19.00 | -9.00 |
| Employee benefit expense | 589.00 | 760.00 | 809.00 | 934.00 | 1,174.00 | 1,357.00 |
| Finance costs | 179.00 | 101.00 | 84.00 | 60.00 | 165.00 | 235.00 |
| Depreciation and amortisation | 174.00 | 221.00 | 232.00 | 245.00 | 359.00 | 447.00 |
| Other expenses | 918.00 | 1,306.00 | 1,591.00 | 1,861.00 | 2,529.00 | 2,983.00 |
| Total expenses | 2,454.00 | 3,311.00 | 3,638.00 | 4,219.00 | 5,704.00 | 6,812.00 |
| Profit before exceptional items and tax | 165.00 | 748.00 | 1,064.00 | 1,365.00 | 1,480.00 | 1,724.00 |
| Exceptional items | -234.00 | -9.00 | 0.00 | 0.00 | -74.00 | -48.00 |
| Profit before tax | -69.00 | 739.00 | 1,064.00 | 1,365.00 | 1,406.00 | 1,676.00 |
| Current tax | 2.00 | 116.00 | 205.00 | 271.00 | 336.00 | 211.00 |
| Deferred tax | 43.00 | 18.00 | -245.00 | 36.00 | -6.00 | 22.00 |
| Tax expense | 46.00 | 134.00 | -40.00 | 308.00 | 330.00 | 233.00 |
| Profit for the period | -138.00 | 605.00 | 1,104.00 | 1,058.00 | 1,076.00 | 1,442.00 |
| Profit attributable to owners | -137.00 | 605.00 | 0.00 | 1,051.00 | — | — |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | — | — |
| Other comprehensive income | 1.00 | 3.00 | -0.00 | -6.00 | -5.00 | -2.00 |
| Total comprehensive income | -137.00 | 608.00 | 1,103.00 | 1,051.00 | 1,071.00 | 1,441.00 |
| Earnings per share, basic | -1.59 | 6.25 | 11.38 | 10.89 | 11.07 | 14.83 |
| Earnings per share, diluted | -1.59 | 6.24 | 11.36 | 10.84 | 11.01 | 14.76 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 9,504.00 | 10,102.00 | 10,656.00 | 12,000.00 | 13,127.00 | 15,214.00 | 16,281.00 | 17,231.00 |
| Non-current assets | 8,171.00 | 8,159.00 | 8,291.00 | 10,294.00 | 11,146.00 | 13,622.00 | 14,602.00 | 15,286.00 |
| Current assets | 1,332.00 | 1,943.00 | 2,366.00 | 1,706.00 | 1,981.00 | 1,593.00 | 1,679.00 | 1,945.00 |
| Property, plant and equipment | 1,939.00 | 2,019.00 | 2,069.00 | 3,246.00 | 3,919.00 | 5,462.00 | 5,798.00 | 6,980.00 |
| Capital work-in-progress | 124.00 | 207.00 | 254.00 | 445.00 | 588.00 | 900.00 | 1,226.00 | 592.00 |
| Goodwill | 2,455.00 | 2,455.00 | 2,455.00 | 2,952.00 | 2,951.00 | 3,480.00 | 3,488.00 | 3,488.00 |
| Other intangible assets | 2,583.00 | 2,565.00 | 2,542.00 | 2,522.00 | 2,573.00 | 2,555.00 | 2,535.00 | 2,518.00 |
| Inventories | 62.00 | 76.00 | 72.00 | 80.00 | 93.00 | 106.00 | 114.00 | 114.00 |
| Trade receivables | 355.00 | 336.00 | 430.00 | 463.00 | 529.00 | 687.00 | 938.00 | 970.00 |
| Cash and cash equivalents | 194.00 | 43.00 | 1,582.00 | 980.00 | 964.00 | 662.00 | 478.00 | 666.00 |
| Total equity and liabilities | 9,504.00 | 10,102.00 | 10,656.00 | 12,000.00 | 13,127.00 | 15,214.00 | 16,281.00 | 17,231.00 |
| Equity | 6,918.00 | 7,410.00 | 7,846.00 | 8,408.00 | 8,799.00 | 9,381.00 | 10,052.00 | 10,747.00 |
| Equity share capital | 970.00 | 971.00 | 972.00 | 972.00 | 972.00 | 972.00 | 972.00 | 973.00 |
| Other equity | 5,948.00 | 6,439.00 | 6,874.00 | 7,436.00 | 7,827.00 | 8,409.00 | 9,080.00 | 9,774.00 |
| Total liabilities | 2,586.00 | 2,692.00 | 2,810.00 | 3,592.00 | 4,328.00 | 5,834.00 | 6,229.00 | 6,484.00 |
| Non-current liabilities | 1,775.00 | 1,647.00 | 1,676.00 | 2,343.00 | 2,760.00 | 4,020.00 | 4,111.00 | 4,297.00 |
| Current liabilities | 811.00 | 1,046.00 | 1,134.00 | 1,249.00 | 1,568.00 | 1,814.00 | 2,118.00 | 2,187.00 |
| Borrowings, non-current | 668.00 | 604.00 | 588.00 | 1,188.00 | 1,570.00 | 2,768.00 | 2,865.00 | 2,978.00 |
| Borrowings, current | 101.00 | 84.00 | 73.00 | 110.00 | 198.00 | 243.00 | 410.00 | 500.00 |
| Trade payables | 488.00 | 543.00 | 603.00 | 677.00 | 747.00 | 808.00 | 864.00 | 859.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 575.00 | 1,209.00 | 531.00 | 1,122.00 | 722.00 | 1,460.00 | 818.00 | 1,633.00 |
| Net cash from investing activities | -523.00 | -1,187.00 | -259.00 | -1,285.00 | -716.00 | -1,632.00 | -966.00 | -1,689.00 |
| Net cash from financing activities | -167.00 | -289.00 | -64.00 | -264.00 | -22.00 | -164.00 | -35.00 | 59.00 |
| Purchase of property, plant and equipment | 113.00 | 336.00 | 220.00 | 779.00 | 481.00 | 966.00 | 859.00 | 1,485.00 |
| Net increase in cash | -115.00 | -266.00 | 207.00 | -429.00 | -16.00 | -336.00 | -184.00 | 4.00 |
| con:CFO.BEFORE_TAX | 711.00 | 1,370.00 | 659.00 | 1,391.00 | 880.00 | 1,781.00 | 1,007.00 | 2,005.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 136.00 | 161.00 | 126.00 | 269.00 | 159.00 | 321.00 | 189.00 | 372.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | -2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 4.00 | 4.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 |
| con:PPE_DISPOSALS | 1.00 | 4.00 | 1.00 | 6.00 | 1.00 | 0.00 | 3.00 | 16.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 631.00 | 1.00 | 625.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 23.77 | 23.76 | 23.76 | 23.75 | 23.75 | 23.74 | 23.74 | 23.74 | 23.74 | 23.74 | 0.24 | 0.24 | 0.24 | 0.24 |
| Domestic institutions | 19.35 | 11.90 | 11.40 | 11.57 | 14.96 | 15.36 | 15.14 | 15.55 | 17.58 | 17.42 | 0.20 | 0.21 | 0.26 | 0.30 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 12.54 | 0.14 | 0.14 | 0.16 | 0.19 |
| Insurance companies | 0.35 | 0.53 | 0.77 | 0.71 | 2.23 | 2.67 | 2.89 | 3.06 | 3.31 | 3.67 | 0.04 | 0.04 | 0.06 | 0.08 |
| Foreign institutions | 51.95 | 59.89 | 60.38 | 60.69 | 57.33 | 56.98 | 57.29 | 56.93 | 54.74 | 54.76 | 0.52 | 0.51 | 0.45 | 0.42 |
| Government | — | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 76.23 | 76.24 | 76.24 | 76.25 | 76.25 | 76.26 | 76.26 | 76.26 | 76.26 | 76.26 | 0.76 | 0.76 | 0.76 | 0.76 |
| Non-institutional | 4.93 | 4.46 | 4.46 | 3.99 | 3.96 | 3.91 | 3.83 | 3.77 | 3.94 | 4.08 | 0.04 | 0.05 | 0.05 | 0.05 |
| Shares outstanding | 970922825 | 971417233 | 971580320 | 971826035 | 971912408 | 971912408 | 972132053 | 972132053 | 972142053 | 972146843 | 972236431 | 972769354 | 973135041 | 973243789 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Mr. Abhay Soi | Director & Key Managerial Pers | Dividend paid, Remuneration | 503,300,000.00 | 2 |
| Mr. Yogesh Kumar Sareen | Key Managerial Personnel | Any other transaction, Dividend paid, Remuneration | 42,992,000.00 | 3 |
| Eqova Healthcare Private Limited | Subsidiary | Any other transaction, Investment, Loan | 18,100,000.00 | 5 |
| Ms. Vandana Ramesh Pakle | Employee of Max Healthcare Institu | Any other transaction, Dividend paid, Remuneration | 17,230,000.00 | 3 |
| Dr. Mradul Kaushik | Employee of Max Healthcare Institu | Any other transaction, Remuneration | 15,900,000.00 | 2 |
| Mr. Keshav Gupta | Employee of Max Healthcare Institu | Remuneration | 15,800,000.00 | 1 |
| Mr. Aditya soi | Relative of controlling person | Dividend paid, Remuneration | 14,990,000.00 | 2 |
| Mr. Anas Wajid Abdul | Employee of Max Healthcare Institu | Any other transaction, Dividend paid, Remuneration | 14,684,000.00 | 3 |
| Col. Harinder Singh Chehal | Employee of Max Healthcare Institu | Any other transaction, Remuneration | 13,000,000.00 | 2 |
| Dr Sowjanya Agarwal | Relative of Key Managerial Personn | Any other transaction | 9,000,000.00 | 1 |
| Dr. Gaurav Aggarwal | Key Managerial Personnel in subsid | Dividend paid, Remuneration | 6,355,000.00 | 2 |
| Mr. Rakesh Kumar Kaushik | Employee of Max Healthcare Institu | Any other transaction, Remuneration | 5,600,000.00 | 2 |
| Mr. Pinak Moudgil | Whole-time Director | Any other transaction, Remuneration | 5,500,000.00 | 2 |
| Mr. Dhiraj Arorra | Key Managerial Personnel | Any other transaction, Remuneration | 5,400,000.00 | 2 |
| Max Healthcare Foundation | Director in Max Healthcare Foundat | Any other transaction | 5,087,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-20 | Q1FY27 | Read the call | |
| 2026-05-29 | Q4FY26 | Read the call | |
| 2026-02-12 | Q3FY26 | Read the call | |
| 2025-11-21 | Q2FY26 | Read the call | |
| 2025-08-21 | Q1FY26 | Read the call | |
| 2025-05-27 | Q4FY25 | Read the call | |
| 2025-02-06 | Q3FY25 | Read the call | |
| 2024-11-13 | Q2FY25 | Read the call | |
| 2024-08-08 | Q1FY25 | Read the call | |
| 2024-05-29 | Q4FY24 | Read the call | |
| 2024-02-07 | Q3FY24 | Read the call | |
| 2023-11-13 | Q2FY24 | Read the call | |
| 2023-08-14 | Q1FY24 | Read the call | |
| 2023-05-24 | Q4FY23 | Read the call | |
| 2022-11-08 | H1FY23 | Read the call | |
| 2022-08-17 | Q1FY23 | Read the call | |
| 2022-06-01 | FYFY22 | Read the call | |
| 2021-02-26 | Q3FY21 | Read the call |
What they said about it, quarter by quarter
| Topic | Q3FY21 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | 924 crore of free cash flow from operations, after interest, working capital changes and routine CAPEX, of which Rs. | 500-600 crore over the next 3-4 months of CAPEX towards the brownfields and then thereafter. | Now having said that, the big jump in the current year was going to be coming through capacity additions. | My first question is a kind of a clarification, when I look at the audited cash flow statement, the CAPEX incurred under the line item of purchase of … | Addition is a capital expenditure, right? | The brownfield capacity additions do not typically require increase in senior-level clinicians. | — |
| Capital allocation | When we are talking of this merger and acquisition, do we foresee any change in geographic mix, I mean, when you say metro, so currently we have large… | Second, this quarter marks our foray into central UP, which is one of the most populous and fast-growing states in the country, through the acquisitio… | We are at 0.65x at this point in time after the Jaypee acquisition. | So, this 30% growth Y-o-Y same quarter is basically after that dip, which happened in the first quarter after acquisition and then we built it up. | Secondly, you own around 24% stake now so would you like to increase your stake so that you can use the stock as an option in terms of acquisition, el… | One is on the financial aspect; we seek 20% to 25% pre-tax ROCE within 4-5 years from acquisition. | This is only the first year of acquisition. | This was whether through Dwarka, whether through the Jaypee acquisition, Sahara done some time before that or Alexis in Nagpur. |
| Costs | My question stems around the cost saving incentive plan that was in place where a payout equal to Rs.140 crore or so was planned or is planned to be p… | — | — | Eventually, if there is any cost inflation, it does get passed off to the customer, and that is what we have seen historically. | — | — | — | — |
| Debt and cash | And on top of that we had mentioned we are generating cash month-on-month, Rs.40 to Rs.50 crore of excess free cash flows which right now we are using… | Free cash flow from operations generated this quarter amounted to Rs. | My first question is on your debt side, so Rs.1,600 crore net debt after payment to the Jaypee etc. So, now in view of multiple projects coming in lik… | I think the very important part over here is how do you preserve cash flow and how do you sequence your beds. | The consequence of this performance has been that three years back when we were listing the company, one of the biggest critiques of the Indian Health… | I mean, let's say, if you were to get multiple assets, what leverage are you comfortable with in terms of when you're looking at M&A, particularly giv… | Secondly, on the free cash flow side that we are generating some serious free cash flow from operations. | — |
| Demand | So, I do not frankly see any latent demand or something which has come into play right now. | We continue to witness good demand for this SBU’s services as demonstrated by over 50% repeat transactions by patients in the last one year. | Effectively, we start adopting and align ourselves with what the market demand is. | Do you think there will be enough demand because there is enough intercity travel happening. | The kind of infrastructure, which is required to be created simply because you need to address that demand and we are seeing this every day. | The demand is there across the country, right? | The demand- supply gap shows up in the salary standards as well. | And I think my last question is on the pipeline projects, which you indicated, which are coming up in '28 or so. |
| Guidance | So once COVID subsides, what should we expect, so let us say International will come back in a year or so, so the shrink will be from TPA and corporat… | We expect to consummate the transaction in Q4 and are ready with a plan of action to improve the infrastructure, augment the operational bed capacity,… | We are not going to give any forward-looking guidance, but the market is panning out very well. | We are unable to give you any forward-looking guidance. | I avoid giving any forward-looking guidance. | That's the extent of ramp-up that we expect. | And going by your newer assets are also like reaching EBITDA breakeven faster, any upfronting of your long-term guidance of, like, say, adding or doub… | But in terms of beds, are we expecting phase-wise manner of operationalization here, because it’s a 500 bed facility... |
| Margin | Just couple of questions; firstly, let us say from next year onwards from Q1FY22, just an assumption, there is no COVID patients at all in the hospita… | We recorded a healthy increase in network revenue and EBITDA by 14% and 12%, respectively. | Amey, as you would know, Q3 is typically a weak quarter because you have festivals in this quarter, and if you see the history, you will find that typ… | These are high-value drugs, which were low-margin, and were being used actually for the institutional patients. | 1,636 crore of EBITDA which shows ~80% translation of EBITDA to free cash flows, I think we have answered that question. | And secondly, with these beds sort of coming up and just to refresh per se in terms of the EBITDA growth for, say, '25, '26, the kind of expenses that… | As far as Lucknow hospital is concerned, we had 56% growth in revenue and 102% growth in EBITDA. | When do we start seeing them contributing to EBITDA more meaningfully? |
| People | — | We have commenced hiring for middle-level staff as well. | So, you have the flexibility to play around with this mix, right, to optimize the asset utilization? | — | — | — | If you look at Nagpur, for example, we are already now approaching very high-capacity utilization. | The reason I mentioned in end of '24 is that when you do sudden acquisitions, it is not as if you are able to do all your hiring in the next 6-12 mont… |
| Pricing | — | — | Sure, and second question I have, we were expecting a price increase for some of the insurance schemes. | So, the pricing was high in terms of the revenue, but the margins were not substantive, compared to the rest of the business. | So, what I am saying is that for the line items that they have raised prices on, the average price increase is around 70%, but in a way the contributi… | — | — | To that extent it has been absorbed through the price increase. |
| Revenue growth | — | 471 crore reflecting a growth of 12% year-on-year and a decline of 5% quarter-on-quarter. | Let's say if you are operating at a 60% contribution margin, 50% of your top line, or that means almost your entire contribution margin will flow to y… | Two years back, the issue was where is growth going to come from because the fact is that we were operating at very high capacity and the growth was g… | When I say diluting, if there is an opportunity for a merger or an acquisition for the growth of the company, I would not shy away from the opportunit… | — | 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 i… | So, discontinuation of these high- value drugs not only impacts your top line, but also impacts your OBDs (occupied bed days), which are related to it… |