MAXHEALTH · Healthcare
Max Healthcare Institute Ltd. reported revenue of ₹1,868 cr for October to December 2024, +39.9% on the year and +9.4% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹499 cr, a margin of 26.7%, −220 bps on the year and +29 bps on the quarter. Over the last 7 quarters the margin has ranged from 25.1% to 28.9%, averaging 26.9%. Operating costs grew +44.3%, faster than revenue at +39.9%, so operating profit grew less than sales.
Net profit was ₹239 cr, −17.3% on the year and −15.2% on the quarter, with earnings per share of ₹2.46. Profit before other income, one-offs and tax grew faster, at +11.1%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average.
On earnings per share of ₹10.38 over the last four quarters, the stock at ₹847.30 trades at 81.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −17.3% on the year; profit before other income, exceptional items and tax +11.1%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 26.7%, −220 bps on the year (+29 bps on the quarter).
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.
| 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 ₹1,868 cr (+39.9% on the year) and net profit of ₹239 cr (−17.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +11.1% on the year, against −17.3% for reported profit.
None of the 7 checks that could run raised a question.
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