MAXHEALTH · Healthcare
Max Healthcare Institute Ltd. reported revenue of ₹2,135 cr for July to September 2025, +25.1% on the year and +5.3% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹7,941 cr, +32.2% on the four before.
Operating profit (EBITDA) was ₹575 cr, a margin of 26.9%, +51 bps on the year and +114 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.1% to 28.9%, averaging 26.7%. Operating costs grew +24.2% against revenue growth of +25.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹491 cr, +74.1% on the year and +59.4% on the quarter, with earnings per share of ₹5.05. Profit before other income, one-offs and tax grew 24.0%, so 50 points of the headline growth came from outside the core business. The tax rate was −10% against an average of 23% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,357 cr, +28.1% on the four before.
On earnings per share of ₹13.96 over the last four quarters, the stock at ₹847.30 trades at 60.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +74.1% on the year; profit before other income, exceptional items and tax +24.0%.
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹446 cr; tax −₹44.6 cr, a credit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,363 cr | ₹1,335 cr | ₹1,423 cr | ₹1,543 cr | ₹1,707 cr | ₹1,868 cr | ₹1,910 cr | ₹2,028 cr | ₹2,135 cr | ₹2,068 cr | ₹2,143 cr | ₹2,366 cr |
| YoY | — | — | — | +20% | +25% | +40% | +34% | +31% | +25% | +11% | +12% | +17% |
| EBITDA margin | 28.4% | 28.9% | 26.8% | 25.1% | 26.4% | 26.7% | 26.8% | 25.8% | 26.9% | 26.0% | 28.3% | 25.3% |
| Other income, % of PBT | 12% | 13% | 13% | 11% | 11% | −13% | 12% | 9% | 7% | −1% | 10% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 20% | 25% | 26% | 25% | 23% | 21% | 23% | −10% | 17% | 26% | 26% |
| Net profit | ₹277 cr | ₹289 cr | ₹252 cr | ₹236 cr | ₹282 cr | ₹239 cr | ₹319 cr | ₹308 cr | ₹491 cr | ₹301 cr | ₹342 cr | ₹323 cr |
| YoY | — | — | — | −2% | +2% | −17% | +27% | +31% | +74% | +26% | +7% | +5% |
| Core profit YoY | — | — | — | +9% | +4% | +11% | +22% | +27% | +24% | +5% | +17% | +9% |
| EPS | ₹2.85 | ₹2.98 | ₹2.59 | ₹2.43 | ₹2.90 | ₹2.46 | ₹3.28 | ₹3.17 | ₹5.05 | ₹3.09 | ₹3.52 | ₹3.32 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Max Healthcare Institute Ltd. reported revenue of ₹2,135 cr (+25.1% on the year) and net profit of ₹491 cr (+74.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +24.0% on the year, against +74.1% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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