Max Healthcare Institute Ltd.

•

maxhealthcare.inBSE: 543220NSE: MAXHEALTH

Market Cap₹ 1,01,127 Cr.

Current Price

High / Low₹ 1,222 / 903

Stock P/E69.4

Book Value₹ 112

Price to Book8.83

Dividend Yield0.19 %

ROCE15.0 %

ROE14.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 27.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
Company comfortably covers its interest (8.1x coverage)
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Free cash flow has been persistently negative
Stock is trading at 8.8x its book value
Recurring exceptional / one-off items are inflating headline profit
Operating margins have contracted to 26.8% from 30.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcareHospital & Healthcare Services

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY CONSUMPTION NIFTY100 EQL WGT NIFTY TOTAL MKT

S.No.	Name
1.	APOLLOHOSP	8875.00	61.07	127608.88	0.23	610.40	38.41	7043.50	20.56	21.73	15.70
2.	MAXHEALTH	1039.00	69.41	101126.94	0.19	322.96	4.87	2366.17	16.70	14.97	25.29
3.	MANIPALHOS	733.10	108.07	96430.30	0.00	2434.30	—	30906.30	—	13.93	23.83
4.	FORTIS	901.80	64.97	68082.13	0.11	272.80	2.26	2545.03	17.46	14.07	21.28
5.	ASTERDM	766.70	209.71	66831.13	0.00	29.28	-68.70	1310.68	21.60	11.26	19.53
6.	MEDANTA	1459.55	70.56	39243.18	0.03	157.25	-1.09	1304.05	26.50	19.38	21.99
7.	NH	1909.10	47.80	39014.52	0.24	207.27	5.37	2683.63	78.05	16.20	17.43
8.	KIMS	772.75	158.86	32456.00	0.00	37.40	-56.00	1179.50	35.33	11.51	19.03
9.	LALPATHLAB	1916.70	59.37	32171.58	1.07	1705.00	1172.39	7977.00	1090.95	29.56	31.03
10.	AGARWALEYE	505.05	107.92	16011.41	0.00	55.02	44.56	614.02	25.97	16.14	27.75
11.	VIJAYA	1498.50	82.32	15434.21	0.13	53.10	37.61	230.98	22.83	30.28	42.66
12.	RAINBOW	1460.75	51.99	14836.35	0.24	62.54	16.23	469.99	33.17	28.25	28.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,285	1,363	1,335	1,423	1,543	1,707	1,868	1,910	2,028	2,135	2,068	2,143	2,366
	948	976	949	1,040	1,156	1,257	1,369	1,398	1,505	1,560	1,529	1,536	1,970
Operating Profit	337	387	386	383	387	451	499	512	523	575	538	606	396
OPM %	26.26%	28.42%	28.90%	26.89%	25.11%	26.39%	26.72%	26.79%	25.79%	26.93%	26.04%	28.30%	16.73%
	41	45	46	44	35	41	-40	47	37	33	-3	48	41
Interest	19	9	11	21	24	34	52	55	55	54	60	67	71
Depreciation	56	58	61	70	77	84	98	101	104	108	111	123	132
Profit before Tax	303	366	360	336	321	374	309	402	400	446	365	465	436
Tax %	20.89%	24.49%	19.56%	25.08%	26.47%	24.59%	22.69%	20.75%	23.09%	-10.15%	17.45%	26.34%	25.98%
Net Profit	0	0	0	0	236	282	239	319	308	491	301	342	323
	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

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,608	1,729	1,691	1,059	2,508	3,937	4,563	5,406	7,028	8,373	8,712
	1,468	1,616	1,546	970	2,124	2,998	3,335	3,925	5,188	6,133	6,596
Operating Profit	140	113	146	89	384	938	1,227	1,481	1,840	2,241	2,116
OPM %	8.73%	6.52%	8.60%	8.37%	15.30%	23.84%	26.90%	27.40%	26.19%	26.76%	24.28%
	42	55	67	53	-99	122	152	189	90	116	118
Interest	100	99	101	83	179	101	84	60	165	235	251
Depreciation	96	94	103	46	174	221	232	245	359	447	474
Profit before Tax	-12	-26	8	13	-69	739	1,064	1,365	1,406	1,676	1,711
Tax %	88.79%	-8.46%	102.28%	-1.02%	-66.79%	18.11%	-3.74%	22.54%	23.50%	13.92%	14.84%
Net Profit	-1	-29	-0	13	-114	605	1,104	1,058	1,076	1,442	1,457
EPS	0.29	-0.39	-0.06	1.01	-1.59	6.24	11.36	10.88	11.07	14.82	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.80%	13.78%	13.55%	13.49%	—

COMPOUNDED SALES GROWTH

10 Years:: 19%
5 Years:: 27%
3 Years:: 22%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 22%
3 Years:: 19%
1 Year:: -12%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 13%
3 Years:: 13%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	537	537	537	537	966	970	971	972	972	973
Minority Interest	-73	-133	0	0	0	0	0	0	0	0
	655	630	426	2,016	4,646	5,291	6,397	7,369	8,289	9,627
	1,390	1,552	1,013	1,119	1,564	1,483	1,195	1,814	3,337	3,574
Trade Payables	214	267	292	180	436	444	543	633	800	859
	423	452	1,087	122	931	1,002	996	1,212	1,788	2,152
Total Liabilities	3,146	3,304	3,355	3,974	8,543	9,189	10,102	12,000	15,186	17,184
	2,244	2,227	2,192	851	6,536	7,018	7,039	8,721	11,497	12,986
Capital Work in Progress	45	35	86	28	27	105	207	445	900	592
	0	0	1	2,182	1	1	1	2	3	5
	23	28	26	27	54	61	76	80	106	114
	0	0	0	0	0	0	0	463	687	970
Cash & Bank	23	90	12	120	653	499	1,468	1,099	682	701
	811	924	1,038	767	1,273	1,506	1,312	1,190	1,311	1,816
Total Assets	3,146	3,304	3,355	3,974	8,543	9,189	10,102	12,000	15,186	17,184

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	191	110	117	83	60	850	1,445	1,122	1,438	1,633
Cash from Investing	-104	-100	-17	-2,641	-73	-764	-102	-1,285	-1,611	-1,689
Cash from Financing	-48	12	-74	2,353	191	-294	-289	-264	-163	59
	4	-6	-2	-210	236	-317	893	-428	-336	4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23.74	23.74	23.74	23.74	23.74	23.74	23.72	23.71	23.71
	56.98	57.29	56.93	54.74	54.76	51.80	50.56	45.39	41.78
	15.36	15.14	15.55	17.59	17.41	20.03	21.20	26.32	29.95
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	3.91	3.83	3.77	3.94	4.08	4.43	4.52	4.57	4.56

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-09-11 - Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Max Healthcare Institute Limited has informed the Exchange about newspaper publication in Form INC-26 regarding shifting of Registered office

2026-09-07

General Updates

2026-09-07 - Max Healthcare Institute Limited has informed the Exchange about update on infusion of funds in Kalinga Hospital Ltd.

2026-09-04

ESOP/ESOS/ESPS

2026-09-04 - Max Healthcare Institute Limited has informed the Exchange regarding allotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022.

2026-09-03

Acquisition

2026-09-03 - Max Healthcare Institute Limited has informed the Exchange about infusion of funds in Kalinga Hospital Ltd.

2026-09-03

Press Release

2026-09-03 - Max Healthcare Institute Limited has informed the Exchange regarding a press release dated September 03, 2026, titled "Hon ble Union Home Minister and Cooperation Minister Shri Amit Shah Inaugurates New 400 Beds Tower at Max Smart Super Speciality Hospital, Saket".

2026-08-26

General Updates

2026-08-26 - Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Max Healthcare Institute Limited has informed the Exchange about transcript of Earnings Call held on August 14, 2026

2026-08-19

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-19 - Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

News

Recent coverage and analyst commentary for MAXHEALTH

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Max Healthcare Institute Ltd.

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Name

APOLLOHOSP

8875.00

61.07

127608.88

0.23

610.40

38.41

7043.50

20.56

21.73

15.70

MAXHEALTH

1039.00

69.41

101126.94

0.19

322.96

4.87

2366.17

16.70

14.97

25.29

MANIPALHOS

733.10

108.07

96430.30

0.00

2434.30

—

30906.30

—

13.93

23.83

FORTIS

901.80

64.97

68082.13

0.11

272.80

2.26

2545.03

17.46

14.07

21.28

ASTERDM

766.70

209.71

66831.13

0.00

29.28

-68.70

1310.68

21.60

11.26

19.53

MEDANTA

1459.55

70.56

39243.18

0.03

157.25

-1.09

1304.05

26.50

19.38

21.99

1909.10

47.80

39014.52

0.24

207.27

5.37

2683.63

78.05

16.20

17.43

KIMS

772.75

158.86

32456.00

0.00

37.40

-56.00

1179.50

35.33

11.51

19.03

LALPATHLAB

1916.70

59.37

32171.58

1.07

1705.00

1172.39

7977.00

1090.95

29.56

31.03

AGARWALEYE

505.05

107.92

16011.41

0.00

55.02

44.56

614.02

25.97

16.14

27.75

VIJAYA

1498.50

82.32

15434.21

0.13

53.10

37.61

230.98

22.83

30.28

42.66

RAINBOW

1460.75

51.99

14836.35

0.24

62.54

16.23

469.99

33.17

28.25

28.65

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,285

1,363

1,335

1,423

1,543

1,707

1,868

1,910

2,028

2,135

2,068

2,143

2,366

948

976

949

1,040

1,156

1,257

1,369

1,398

1,505

1,560

1,529

1,536

1,970

Operating Profit

337

387

386

383

387

451

499

512

523

575

538

606

396

OPM %

26.26%

28.42%

28.90%

26.89%

25.11%

26.39%

26.72%

26.79%

25.79%

26.93%

26.04%

28.30%

16.73%

-40

-3

Interest

Depreciation

101

104

108

111

123

132

Profit before Tax

303

366

360

336

321

374

309

402

400

446

365

465

436

Tax %

20.89%

24.49%

19.56%

25.08%

26.47%

24.59%

22.69%

20.75%

23.09%

-10.15%

17.45%

26.34%

25.98%

Net Profit

236

282

239

319

308

491

301

342

323

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,608

1,729

1,691

1,059

2,508

3,937

4,563

5,406

7,028

8,373

8,712

1,468

1,616

1,546

970

2,124

2,998

3,335

3,925

5,188

6,133

6,596

Operating Profit

140

113

146

384

938

1,227

1,481

1,840

2,241

2,116

OPM %

8.73%

6.52%

8.60%

8.37%

15.30%

23.84%

26.90%

27.40%

26.19%

26.76%

24.28%

-99

122

152

189

116

118

Interest

100

101

179

101

165

235

251

Depreciation

103

174

221

232

245

359

447

474

Profit before Tax

-12

-26

-69

739

1,064

1,365

1,406

1,676

1,711

Tax %

88.79%

-8.46%

102.28%

-1.02%

-66.79%

18.11%

-3.74%

22.54%

23.50%

13.92%

14.84%

Net Profit

-1

-29

-0

-114

605

1,104

1,058

1,076

1,442

1,457

EPS

0.29

-0.39

-0.06

1.01

-1.59

6.24

11.36

10.88

11.07

14.82

—

Dividend Payout %

0.00%

8.80%

13.78%

13.55%

13.49%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

537

966

970

971

972

973

Minority Interest

-73

-133

655

630

426

2,016

4,646

5,291

6,397

7,369

8,289

9,627

1,390

1,552

1,013

1,119

1,564

1,483

1,195

1,814

3,337

3,574

Trade Payables

214

267

292

180

436

444

543

633

800

859

423

452

1,087

122

931

1,002

996

1,212

1,788

2,152

Total Liabilities

3,146

3,304

3,355

3,974

8,543

9,189

10,102

12,000

15,186

17,184

2,244

2,227

2,192

851

6,536

7,018

7,039

8,721

11,497

12,986

Capital Work in Progress

105

207

445

900

592

2,182

106

114

463

687

970

Cash & Bank

120

653

499

1,468

1,099

682

701

811

924

1,038

767

1,273

1,506

1,312

1,190

1,311

1,816

Total Assets

3,146

3,304

3,355

3,974

8,543

9,189

10,102

12,000

15,186

17,184

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

191

110

117

850

1,445

1,122

1,438

1,633

Cash from Investing

-104

-100

-17

-2,641

-73

-764

-102

-1,285

-1,611

-1,689

Cash from Financing

-48

-74

2,353

191

-294

-289

-264

-163

-6

-2

-210

236

-317

893

-428

-336

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

23.74

23.72

23.71

56.98

57.29

56.93

54.74

54.76

51.80

50.56

45.39

41.78

15.36

15.14

15.55

17.59

17.41

20.03

21.20

26.32

29.95

Government

0.00

3.91

3.83

3.77

3.94

4.08

4.43

4.52

4.57

4.56

Max Healthcare Institute Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Max Healthcare Institute Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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