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Max Healthcare Institute Ltd.

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maxhealthcare.inBSE: 543220NSE: MAXHEALTH
Market Cap₹ 1,00,952 Cr.
Current Price
High / Low₹ 1,222 / 903
Stock P/E140.6
Book Value₹ 92
Price to Book10.64
Dividend Yield0.19 %
ROCE10.5 %
ROE8.4 %
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 is almost debt free
  • Company has delivered good sales growth of 22.8% CAGR over last 5 years
  • Company comfortably covers its interest (24.2x coverage)

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • A large part of profit comes from other income (32.7% of PBT)
  • Recent results are weak - TTM profit is down 13.3% versus prior year
  • Company has a low return on equity of 8.9% over last 3 years
  • Company has a low return on capital employed of 11.4%

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

Peer comparison

HealthcareHealthcareHospital & Healthcare Services
Part ofNIFTY 50NIFTYLARGEMIDCAP250NIFTY CONSUMPTIONNIFTY100 EQL WGTNIFTY TOTAL MKT
S.No.Name
1.APOLLOHOSP8850.0060.90127249.420.23610.4038.417043.5020.5621.7315.70
2.MAXHEALTH1037.2069.29100951.740.19322.964.872366.1716.7014.9725.29
3.MANIPALHOS716.15105.5794200.740.002434.30—30906.30—13.9323.83
4.FORTIS887.3063.9366987.440.11272.802.262545.0317.4614.0721.28
5.ASTERDM762.95208.6966504.250.3929.28-68.701310.6821.6011.2619.53
6.MEDANTA1447.5569.9838920.530.03157.25-1.091304.0526.5019.3821.99
7.NH1867.3546.7638161.310.24207.275.372683.6378.0516.2017.43
8.KIMS768.85158.0632292.200.0037.40-56.001179.5035.3311.5119.03
9.LALPATHLAB1909.4059.1432049.051.071705.001172.397977.001090.9529.5631.03
10.AGARWALEYE507.00108.3316073.230.0055.0244.56614.0225.9716.1427.75
11.VIJAYA1502.3082.5315473.350.1353.1037.61230.9822.8330.2842.66
12.RAINBOW1443.4051.3714660.130.2462.5416.23469.9933.1728.2528.65
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
544597591610621686697659694737711733783
384394391407423461461484506523507518649
Operating Profit160203200203198225236175188214204215134
OPM %29.36%33.98%33.88%33.35%31.88%32.75%33.85%26.51%27.05%29.01%28.74%29.32%17.09%
4348431344313418988047689192
Interest141310158823999111112
Depreciation28283032303233363537363537
Profit before Tax161210203291203318198227223216225260226
Tax %21.69%23.20%22.23%16.81%24.13%27.30%30.25%21.93%25.51%25.61%16.98%21.96%25.81%
Net Profit126161158242154231138177166160187203168
1.301.661.632.491.592.381.421.821.711.651.922.091.72

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,0101,0591,008591,0311,7751,9052,3412,6642,8742,963
9681,050974658701,3401,3221,5821,8312,0542,197
Operating Profit42933-6161435583759832820767
OPM %4.20%0.89%3.30%-10.07%15.61%24.51%30.62%32.43%31.25%28.53%25.87%
38454966-104136145274294287299
Interest35414460112595252484043
Depreciation514953391112113117131143144
Profit before Tax-6-35-14-3-146400563865947924927
Tax %-0.00%-0.00%-33.55%4.52%-12.28%17.22%-23.29%20.54%25.95%22.45%22.54%
Net Profit-6-35-19-3-164332694687701717718
EPS0.12-0.51-0.43-0.05-1.913.427.157.077.217.36—
Dividend Payout %0.00%0.00%0.00%0.00%0.00%0.00%13.98%21.21%20.80%27.16%—

COMPOUNDED SALES GROWTH

10 Years:
12%
5 Years:
23%
3 Years:
15%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
1%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
3%
5 Years:
9%
3 Years:
9%
Last Year:
8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jul 3

₹ 0.20

Rs.2.0000 per share(20%)Final Dividend

2025

Jul 4

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2024

Aug 23

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2023

Sep 8

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital537537537537966970971972972973
8007737492,3384,9475,3206,0306,6417,1987,821
322398400660475548524432593755
Trade Payables16019820814193195220247275288
53655835627806767769301,053
Total Liabilities1,8731,9721,9513,5537,1437,8128,4209,0699,96710,890
466502479902,9894,4934,4854,7174,8664,904
Capital Work in Progress2949081457129240479
7697997702,4712,3791,4471,4751,9152,6142,626
1418150212530293031
0000000205295417
Cash & Bank544666113871,231720416533
5906456749261,1341,4461,1431,3551,5051,901
Total Assets1,8731,9721,9513,5537,1437,8128,4209,0699,96710,890

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
4196-11-28201490785613594503
Cash from Investing-66-8955-2,536-366-670302-806-870-426
Cash from Financing3436-362,332412-161-54-246-2839
0-0-0-240271-384944-439-304116

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
23.7423.7423.7423.7423.7423.7423.7223.7123.71
56.9857.2956.9354.7454.7651.8050.5645.3941.78
15.3615.1415.5517.5917.4120.0321.2026.3229.95
Government0.000.000.000.000.000.000.000.000.00
3.913.833.773.944.084.434.524.574.56

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

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