Max Healthcare Institute Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
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.
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
| 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 |
| NH | 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 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Max Healthcare Institute Limited has informed the Exchange about newspaper publication in Form INC-26 regarding shifting of Registered office
2026-09-07 - Max Healthcare Institute Limited has informed the Exchange about update on infusion of funds in Kalinga Hospital Ltd.
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 - Max Healthcare Institute Limited has informed the Exchange about infusion of funds in Kalinga Hospital Ltd.
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 - 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 - Max Healthcare Institute Limited has informed the Exchange about transcript of Earnings Call held on August 14, 2026
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
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Max Healthcare Institute Ltd.
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