Stock Report: Max Healthcare Institute Ltd

Company Overview Max Healthcare is one of India’s leading private hospital chains, with presence across North India. The company focuses on tertiary and quaternary care, with strong performance in Delhi NCR and other metros. Financial Performance • Q4 FY25 revenue: ₹1,909.74 crore (+32% YoY). • Q4 net profit: ₹319 crore (+27% YoY). • Occupied Bed Days rose 30% YoY; bed occupancy ~75%. • ARPOB stood at ~₹77,100. • FY25 revenue: ₹7,028.46 crore (+30% YoY). • FY25 net profit: ₹1,075.88 crore vs ₹1,057.64 crore in FY24. • FY25 operating EBITDA margin: 26.3% (down from 27.6% in FY24). Strategic Developments • Declared dividend of ₹1.50 per share for FY25. • Expanding capacity with three brownfield towers in Saket, Nanavati, and Mohali, adding ~1,500 beds in FY26. • Acquired land adjoining Vaishali hospital to expand operations. Strengths • Strong growth in revenue and profitability driven by higher occupancy and ARPOB. • Expansion pipeline to boost capacity and scale. • Well-positioned in high-demand regions like Delhi NCR. Risks & Challenges • Margins showing mild compression, cost pressures remain. • Execution risk in new capacity expansion. • High dependency on occupancy rates to sustain profitability. • Regulatory and pricing controls may impact earnings. My View Max Healthcare is growing steadily with robust revenue growth, improved occupancy, and strong ARPOB. Expansion plans are set to drive future growth, though margin pressure and regulatory challenges require close monitoring. The stock is attractive for long-term healthcare sector exposure.