Q1 2026 Max Healthcare Institute Ltd Earnings Call Transcript
Key Points
- Max Healthcare Institute Ltd (BOM:543220) reported a strong start to FY26 with a 27% year-on-year growth in revenue and a 23% increase in operating EBITDA.
- The company successfully integrated recent hospital acquisitions, significantly boosting both top and bottom line results.
- Max Healthcare plans to add approximately 1,500 new beds, including 1,000 brownfield and 500 greenfield beds, enhancing capacity.
- Digital revenue accounted for 29% of overall revenue, with a 61% year-on-year increase in website traffic.
- International patient revenue grew by 32% year-on-year, despite geopolitical challenges, indicating strong global demand for services.
- Network operating EBITDA saw a 3% dip quarter-on-quarter, primarily due to annual increments and additional manpower for new capacities.
- Net debt increased to INR1,755 crores from INR1,576 crores at the end of March 2025, reflecting ongoing expansion costs.
- The divestment of Chitta and Anupshahr hospitals, which had limited strategic alignment, indicates challenges in portfolio optimization.
- Average revenue per occupied bed (ARPOB) grew only nominally by 1% year-on-year, indicating potential pricing pressures.
- The company anticipates an increase in net debt by INR400 crores to INR500 crores by the end of FY26 due to ongoing projects.
Ladies and gentlemen, good day, and welcome to Max Healthcare Institute Limited's earnings conference call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Suraj from CDR India. Thank you, and over to you, sir.
Thank you, Nirav. Good afternoon, everyone, and thank you for joining us on Max Healthcare's Q1 FY26 earnings conference call. We have with us Mr. Abhay Sir, Chairman and Managing Director; Mr. Yogesh Sarin, 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 discussion 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
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