Max Healthcare Institute Ltd.
•₹ 1,0000.21%
2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | APOLLOHOSP | 8799.00 | 60.55 | 126516.12 | 0.23 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| 2. | MANIPALHOS | 744.55 | 109.75 | 97936.41 | 0.00 | — | — | — | — | 13.93 | — |
| 3. | MAXHEALTH | 996.45 | 66.57 | 96982.14 | 0.20 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| 4. | ASTERDM | 800.70 | 219.01 | 69794.81 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| 5. | FORTIS | 910.80 | 65.62 | 68761.59 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| 6. | MEDANTA | 1419.05 | 68.60 | 38154.25 | 0.04 | 157.25 | -1.09 | 1304.05 | 26.50 | 20.50 | 21.99 |
| 7. | NH | 1782.70 | 44.64 | 36431.40 | 0.25 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| 8. | KIMS | 788.60 | 162.12 | 33121.71 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| 9. | LALPATHLAB | 1886.80 | 58.44 | 31669.72 | 1.09 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| 10. | AGARWALEYE | 499.70 | 106.77 | 15841.80 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 14.32 | 27.75 |
| 11. | VIJAYA | 1489.70 | 81.84 | 15343.57 | 0.13 | 53.10 | 37.61 | 230.98 | 22.83 | 30.27 | 42.66 |
| 12. | RAINBOW | 1461.10 | 52.00 | 14839.90 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 41 | 45 | 46 | 44 | 35 | 41 | 33 | 47 | 37 | 33 | 45 | 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 |
| 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 | 3 | 3 | 3 | 2 | 3 | 2 | 3 | 3 | 5 | 3 | 4 | 0 | |
| Equity Capital | 971 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 973 | 973 | 973 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 971 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 972 | 973 | 973 | 973 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 1,285
- 948
- Operating Profit
- —
- OPM %
- —
- Other Income
- 41
- Interest
- 19
- Depreciation
- 56
- 303
- Tax %
- 20.89%
- Net Profit
- 0
- 2
- Equity Capital
- 971
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 971
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 1,363
- 976
- Operating Profit
- —
- OPM %
- —
- Other Income
- 45
- Interest
- 9
- Depreciation
- 58
- 366
- Tax %
- 24.49%
- Net Profit
- 0
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,335
- 949
- Operating Profit
- —
- OPM %
- —
- Other Income
- 46
- Interest
- 11
- Depreciation
- 61
- 360
- Tax %
- 19.56%
- Net Profit
- 0
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 1,423
- 1,040
- Operating Profit
- —
- OPM %
- —
- Other Income
- 44
- Interest
- 21
- Depreciation
- 70
- 336
- Tax %
- 25.08%
- Net Profit
- 0
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 1,543
- 1,156
- Operating Profit
- —
- OPM %
- —
- Other Income
- 35
- Interest
- 24
- Depreciation
- 77
- 321
- Tax %
- 26.47%
- Net Profit
- 236
- 2
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 1,707
- 1,257
- Operating Profit
- —
- OPM %
- —
- Other Income
- 41
- Interest
- 34
- Depreciation
- 84
- 374
- Tax %
- 24.59%
- Net Profit
- 282
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 1,868
- 1,369
- Operating Profit
- —
- OPM %
- —
- Other Income
- 33
- Interest
- 52
- Depreciation
- 98
- 309
- Tax %
- 22.69%
- Net Profit
- 239
- 2
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 1,910
- 1,398
- Operating Profit
- —
- OPM %
- —
- Other Income
- 47
- Interest
- 55
- Depreciation
- 101
- 402
- Tax %
- 20.75%
- Net Profit
- 319
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 2,028
- 1,505
- Operating Profit
- —
- OPM %
- —
- Other Income
- 37
- Interest
- 55
- Depreciation
- 104
- 400
- Tax %
- 23.09%
- Net Profit
- 308
- 3
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 2,135
- 1,560
- Operating Profit
- —
- OPM %
- —
- Other Income
- 33
- Interest
- 54
- Depreciation
- 108
- 446
- Tax %
- -10.15%
- Net Profit
- 491
- 5
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 972
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 2,068
- 1,529
- Operating Profit
- —
- OPM %
- —
- Other Income
- 45
- Interest
- 60
- Depreciation
- 111
- 365
- Tax %
- 17.45%
- Net Profit
- 301
- 3
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 2,143
- 1,536
- Operating Profit
- —
- OPM %
- —
- Other Income
- 48
- Interest
- 67
- Depreciation
- 123
- 465
- Tax %
- 26.34%
- Net Profit
- 342
- 4
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 2,366
- 1,970
- Operating Profit
- —
- OPM %
- —
- Other Income
- 41
- Interest
- 71
- Depreciation
- 132
- 436
- Tax %
- 25.98%
- Net Profit
- 323
- 0
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 973
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 183 | 167 | 212 | 142 | 519 | 1,070 | 1,380 | 1,670 | 2,004 | 2,405 | — |
| OPM % | 11 | 10 | 13 | 13 | 21 | 27 | 30 | 31 | 29 | 29 | — |
| Other Income | 42 | 55 | 67 | 53 | 135 | 132 | 152 | 189 | 164 | 165 | 167 |
| Interest | 100 | 99 | 101 | 83 | 179 | 101 | 84 | 60 | 165 | 235 | 251 |
| Depreciation | 96 | 94 | 103 | 46 | 174 | 221 | 232 | 245 | 359 | 447 | 474 |
| -12 | -26 | 8 | 13 | -69 | 739 | 1,064 | 1,365 | 1,406 | 1,676 | 1,711 | |
| Tax % | 89 | -8 | 102 | -1 | -67 | 18 | -4 | 23 | 23 | 14 | 15 |
| Net Profit | -1 | -29 | -0 | 13 | -114 | 605 | 1,104 | 1,058 | 1,076 | 1,442 | 1,457 |
| EPS | 0 | -0 | -0 | 1 | -2 | 6 | 11 | 11 | 11 | 15 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 14 | 14 | 13 | — |
| Minority Interest | 0 | -3 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 46 | -23 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | -0 | -0 | 1 | -1 | 6 | 11 | 11 | 11 | 15 | — |
| Minority Interest | 0 | -3 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 46 | -23 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | -0 | -0 | 1 | -1 | 6 | 11 | 11 | 11 | 15 | — |
Mar 2017
- 1,608
- 1,468
- Operating Profit
- 183
- OPM %
- 11
- Other Income
- 42
- Interest
- 100
- Depreciation
- 96
- -12
- Tax %
- 89
- Net Profit
- -1
- EPS
- 0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 0
Mar 2018
- 1,729
- 1,616
- Operating Profit
- 167
- OPM %
- 10
- Other Income
- 55
- Interest
- 99
- Depreciation
- 94
- -26
- Tax %
- -8
- Net Profit
- -29
- EPS
- -0
- Dividend Payout %
- 0
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- -0
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- -0
Mar 2019
- 1,691
- 1,546
- Operating Profit
- 212
- OPM %
- 13
- Other Income
- 67
- Interest
- 101
- Depreciation
- 103
- 8
- Tax %
- 102
- Net Profit
- -0
- EPS
- -0
- Dividend Payout %
- 0
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- -0
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- -0
Mar 2020
- 1,059
- 970
- Operating Profit
- 142
- OPM %
- 13
- Other Income
- 53
- Interest
- 83
- Depreciation
- 46
- 13
- Tax %
- -1
- Net Profit
- 13
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 46
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 46
- Adjusted EPS
- 1
Mar 2021
- 2,508
- 2,124
- Operating Profit
- 519
- OPM %
- 21
- Other Income
- 135
- Interest
- 179
- Depreciation
- 174
- -69
- Tax %
- -67
- Net Profit
- -114
- EPS
- -2
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- -23
- Adjusted EPS
- -1
- Minority Interest
- 0
- Share of Associates
- -23
- Adjusted EPS
- -1
Mar 2022
- 3,937
- 2,998
- Operating Profit
- 1,070
- OPM %
- 27
- Other Income
- 132
- Interest
- 101
- Depreciation
- 221
- 739
- Tax %
- 18
- Net Profit
- 605
- EPS
- 6
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 6
Mar 2023
- 4,563
- 3,335
- Operating Profit
- 1,380
- OPM %
- 30
- Other Income
- 152
- Interest
- 84
- Depreciation
- 232
- 1,064
- Tax %
- -4
- Net Profit
- 1,104
- EPS
- 11
- Dividend Payout %
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2024
- 5,406
- 3,925
- Operating Profit
- 1,670
- OPM %
- 31
- Other Income
- 189
- Interest
- 60
- Depreciation
- 245
- 1,365
- Tax %
- 23
- Net Profit
- 1,058
- EPS
- 11
- Dividend Payout %
- 14
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2025
- 7,028
- 5,188
- Operating Profit
- 2,004
- OPM %
- 29
- Other Income
- 164
- Interest
- 165
- Depreciation
- 359
- 1,406
- Tax %
- 23
- Net Profit
- 1,076
- EPS
- 11
- Dividend Payout %
- 14
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2026
- 8,373
- 6,133
- Operating Profit
- 2,405
- OPM %
- 29
- Other Income
- 165
- Interest
- 235
- Depreciation
- 447
- 1,676
- Tax %
- 14
- Net Profit
- 1,442
- EPS
- 15
- Dividend Payout %
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
TTM
- 8,712
- 6,596
- Operating Profit
- —
- OPM %
- —
- Other Income
- 167
- Interest
- 251
- Depreciation
- 474
- 1,711
- Tax %
- 15
- Net Profit
- 1,457
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 25%
- 3 Years:
- 22%
- 1 Year:
- -19%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 537 | 537 | 537 | 537 | 966 | 970 | 971 | 972 | 972 | 973 |
| 655 | 630 | 426 | 2,016 | 4,646 | 5,291 | 6,397 | 7,369 | 8,289 | 9,627 | |
| 87 | 104 | 113 | 749 | 78 | 75 | 46 | 61 | 64 | 92 | |
| Trade Payables | 214 | 267 | 292 | 180 | 436 | 444 | 543 | 633 | 800 | 859 |
| 1,653 | 1,767 | 1,987 | 492 | 2,418 | 2,410 | 2,145 | 2,965 | 5,061 | 5,634 | |
| Total Liabilities | 3,146 | 3,304 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,184 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 874 | 981 | 1,003 | 855 | 920 | 727 | 565 | 1,150 | 2,489 | 2,907 |
| Net Working Capital | -31 | -46 | -693 | 1,905 | 348 | 243 | 898 | 457 | -214 | -242 |
| Contingent Liabilities | 931 | 381 | 338 | 21 | 365 | 422 | 327 | 454 | 569 | 934 |
| Book Value per Share | 22.19 | 21.72 | 17.93 | 47.52 | 58.10 | 64.57 | 75.89 | 85.82 | 95.27 | 108.93 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 874 | 981 | 1,003 | 855 | 920 | 727 | 565 | 1,150 | 2,489 | 2,907 |
| Net Working Capital | -31 | -46 | -693 | 1,905 | 348 | 243 | 898 | 457 | -214 | -242 |
| Contingent Liabilities | 931 | 381 | 338 | 21 | 365 | 422 | 327 | 454 | 569 | 934 |
| Book Value per Share | 22.19 | 21.72 | 17.93 | 47.52 | 58.10 | 64.57 | 75.89 | 85.82 | 95.27 | 108.93 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2017
- Equity Capital
- 537
- 655
- 87
- Trade Payables
- 214
- 1,653
- Total Liabilities
- 3,146
- 2,244
- Capital Work in Progress
- 45
- 0
- 23
- 0
- Cash & Bank
- 23
- 811
- Total Assets
- 3,146
- Total Debt
- 874
- Net Working Capital
- -31
- Contingent Liabilities
- 931
- Book Value per Share
- 22.19
- Face Value
- 10.00
- Total Debt
- 874
- Net Working Capital
- -31
- Contingent Liabilities
- 931
- Book Value per Share
- 22.19
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 537
- 630
- 104
- Trade Payables
- 267
- 1,767
- Total Liabilities
- 3,304
- 2,227
- Capital Work in Progress
- 35
- 0
- 28
- 0
- Cash & Bank
- 90
- 924
- Total Assets
- 3,304
- Total Debt
- 981
- Net Working Capital
- -46
- Contingent Liabilities
- 381
- Book Value per Share
- 21.72
- Face Value
- 10.00
- Total Debt
- 981
- Net Working Capital
- -46
- Contingent Liabilities
- 381
- Book Value per Share
- 21.72
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 537
- 426
- 113
- Trade Payables
- 292
- 1,987
- Total Liabilities
- 3,355
- 2,192
- Capital Work in Progress
- 86
- 1
- 26
- 0
- Cash & Bank
- 12
- 1,038
- Total Assets
- 3,355
- Total Debt
- 1,003
- Net Working Capital
- -693
- Contingent Liabilities
- 338
- Book Value per Share
- 17.93
- Face Value
- 10.00
- Total Debt
- 1,003
- Net Working Capital
- -693
- Contingent Liabilities
- 338
- Book Value per Share
- 17.93
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 537
- 2,016
- 749
- Trade Payables
- 180
- 492
- Total Liabilities
- 3,974
- 851
- Capital Work in Progress
- 28
- 2,182
- 27
- 0
- Cash & Bank
- 120
- 767
- Total Assets
- 3,974
- Total Debt
- 855
- Net Working Capital
- 1,905
- Contingent Liabilities
- 21
- Book Value per Share
- 47.52
- Face Value
- 10.00
- Total Debt
- 855
- Net Working Capital
- 1,905
- Contingent Liabilities
- 21
- Book Value per Share
- 47.52
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 966
- 4,646
- 78
- Trade Payables
- 436
- 2,418
- Total Liabilities
- 8,543
- 6,536
- Capital Work in Progress
- 27
- 1
- 54
- 0
- Cash & Bank
- 653
- 1,273
- Total Assets
- 8,543
- Total Debt
- 920
- Net Working Capital
- 348
- Contingent Liabilities
- 365
- Book Value per Share
- 58.10
- Face Value
- 10.00
- Total Debt
- 920
- Net Working Capital
- 348
- Contingent Liabilities
- 365
- Book Value per Share
- 58.10
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 970
- 5,291
- 75
- Trade Payables
- 444
- 2,410
- Total Liabilities
- 9,189
- 7,018
- Capital Work in Progress
- 105
- 1
- 61
- 0
- Cash & Bank
- 499
- 1,506
- Total Assets
- 9,189
- Total Debt
- 727
- Net Working Capital
- 243
- Contingent Liabilities
- 422
- Book Value per Share
- 64.57
- Face Value
- 10.00
- Total Debt
- 727
- Net Working Capital
- 243
- Contingent Liabilities
- 422
- Book Value per Share
- 64.57
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 971
- 6,397
- 46
- Trade Payables
- 543
- 2,145
- Total Liabilities
- 10,102
- 7,039
- Capital Work in Progress
- 207
- 1
- 76
- 0
- Cash & Bank
- 1,468
- 1,312
- Total Assets
- 10,102
- Total Debt
- 565
- Net Working Capital
- 898
- Contingent Liabilities
- 327
- Book Value per Share
- 75.89
- Face Value
- 10.00
- Total Debt
- 565
- Net Working Capital
- 898
- Contingent Liabilities
- 327
- Book Value per Share
- 75.89
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 972
- 7,369
- 61
- Trade Payables
- 633
- 2,965
- Total Liabilities
- 12,000
- 8,721
- Capital Work in Progress
- 445
- 2
- 80
- 463
- Cash & Bank
- 1,099
- 1,190
- Total Assets
- 12,000
- Total Debt
- 1,150
- Net Working Capital
- 457
- Contingent Liabilities
- 454
- Book Value per Share
- 85.82
- Face Value
- 10.00
- Total Debt
- 1,150
- Net Working Capital
- 457
- Contingent Liabilities
- 454
- Book Value per Share
- 85.82
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 972
- 8,289
- 64
- Trade Payables
- 800
- 5,061
- Total Liabilities
- 15,186
- 11,497
- Capital Work in Progress
- 900
- 3
- 106
- 687
- Cash & Bank
- 682
- 1,311
- Total Assets
- 15,186
- Total Debt
- 2,489
- Net Working Capital
- -214
- Contingent Liabilities
- 569
- Book Value per Share
- 95.27
- Face Value
- 10.00
- Total Debt
- 2,489
- Net Working Capital
- -214
- Contingent Liabilities
- 569
- Book Value per Share
- 95.27
- Face Value
- 10.00
Mar 2026
- Equity Capital
- 973
- 9,627
- 92
- Trade Payables
- 859
- 5,634
- Total Liabilities
- 17,184
- 12,986
- Capital Work in Progress
- 592
- 5
- 114
- 970
- Cash & Bank
- 701
- 1,816
- Total Assets
- 17,184
- Total Debt
- 2,907
- Net Working Capital
- -242
- Contingent Liabilities
- 934
- Book Value per Share
- 108.93
- Face Value
- 10.00
- Total Debt
- 2,907
- Net Working Capital
- -242
- Contingent Liabilities
- 934
- Book Value per Share
- 108.93
- Face Value
- 10.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 156 | 82 | 89 | 77 | 118 | 741 | 1,284 | 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 | |
| Free Cash Flow | 56 | 50 | -55 | 77 | -5,728 | 2 | 984 | -1,061 | -2,453 | 162 |
| OCF / Net Profit | -111.47 | -2.86 | -468.16 | 5.97 | -1.03 | 1.22 | 1.16 | 1.06 | 1.34 | 1.13 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -5,599 | -5,654 | -4,720 | -5,727 | -8,256 | -2,366 |
| OCF / Net Profit | -111.47 | -2.86 | -468.16 | 5.97 | -1.03 | 1.22 | 1.16 | 1.06 | 1.34 | 1.13 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -5,599 | -5,654 | -4,720 | -5,727 | -8,256 | -2,366 |
Mar 2017
- 156
- Cash from Investing
- -104
- Cash from Financing
- -48
- 4
- Free Cash Flow
- 56
- OCF / Net Profit
- -111.47
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -111.47
- Cumulative 5-Year FCF
- 0
Mar 2018
- 82
- Cash from Investing
- -100
- Cash from Financing
- 12
- -6
- Free Cash Flow
- 50
- OCF / Net Profit
- -2.86
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -2.86
- Cumulative 5-Year FCF
- 0
Mar 2019
- 89
- Cash from Investing
- -17
- Cash from Financing
- -74
- -2
- Free Cash Flow
- -55
- OCF / Net Profit
- -468.16
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -468.16
- Cumulative 5-Year FCF
- 0
Mar 2020
- 77
- Cash from Investing
- -2,641
- Cash from Financing
- 2,353
- -210
- Free Cash Flow
- 77
- OCF / Net Profit
- 5.97
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 5.97
- Cumulative 5-Year FCF
- 0
Mar 2021
- 118
- Cash from Investing
- -73
- Cash from Financing
- 191
- 236
- Free Cash Flow
- -5,728
- OCF / Net Profit
- -1.03
- Cumulative 5-Year FCF
- -5,599
- OCF / Net Profit
- -1.03
- Cumulative 5-Year FCF
- -5,599
Mar 2022
- 741
- Cash from Investing
- -764
- Cash from Financing
- -294
- -317
- Free Cash Flow
- 2
- OCF / Net Profit
- 1.22
- Cumulative 5-Year FCF
- -5,654
- OCF / Net Profit
- 1.22
- Cumulative 5-Year FCF
- -5,654
Mar 2023
- 1,284
- Cash from Investing
- -102
- Cash from Financing
- -289
- 893
- Free Cash Flow
- 984
- OCF / Net Profit
- 1.16
- Cumulative 5-Year FCF
- -4,720
- OCF / Net Profit
- 1.16
- Cumulative 5-Year FCF
- -4,720
Mar 2024
- 1,122
- Cash from Investing
- -1,285
- Cash from Financing
- -264
- -428
- Free Cash Flow
- -1,061
- OCF / Net Profit
- 1.06
- Cumulative 5-Year FCF
- -5,727
- OCF / Net Profit
- 1.06
- Cumulative 5-Year FCF
- -5,727
Mar 2025
- 1,438
- Cash from Investing
- -1,611
- Cash from Financing
- -163
- -336
- Free Cash Flow
- -2,453
- OCF / Net Profit
- 1.34
- Cumulative 5-Year FCF
- -8,256
- OCF / Net Profit
- 1.34
- Cumulative 5-Year FCF
- -8,256
Mar 2026
- 1,633
- Cash from Investing
- -1,689
- Cash from Financing
- 59
- 4
- Free Cash Flow
- 162
- OCF / Net Profit
- 1.13
- Cumulative 5-Year FCF
- -2,366
- OCF / Net Profit
- 1.13
- Cumulative 5-Year FCF
- -2,366
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 0.29 | -0.39 | -0.06 | 1.10 | -1.42 | 6.24 | 11.37 | 10.88 | 11.07 | 14.82 |
| Book Value (₹) | 22.19 | 21.72 | 17.93 | 47.52 | 58.10 | 64.57 | 75.89 | 85.82 | 95.27 | 108.93 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 | 1.50 | 1.50 | 2.00 |
| Cash EPS (₹) | 1.75 | 1.22 | 1.91 | 1.09 | 0.62 | 8.52 | 13.76 | 13.40 | 14.76 | 19.41 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 11.36% | 9.68% | 12.55% | 13.38% | 20.68% | 27.18% | 30.24% | 27.40% | 26.19% | 26.76% |
| Net Margin % | -0.09% | -1.66% | -0.01% | 1.22% | -4.57% | 15.37% | 24.19% | 19.56% | 15.31% | 17.23% |
| ROE % | -0.12% | -2.44% | -0.02% | 0.73% | -2.80% | 10.19% | 16.19% | 13.47% | 12.22% | 14.53% |
| ROCE % | 4.34% | 3.46% | 5.33% | 3.57% | 2.22% | 12.38% | 15.32% | 16.26% | 14.67% | 14.97% |
| -0.05% | -0.89% | -0.01% | 0.35% | -1.83% | 6.82% | 11.44% | 9.57% | 7.91% | 8.91% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 50 | 52 | 67 | 79 | 34 | 35 | 29 | 27 | 30 | 36 |
| Inventory Days | 5 | 5 | 6 | 9 | 6 | 5 | 6 | 5 | 5 | 5 |
| Payable Days | 186 | 206 | 279 | 396 | 189 | 174 | 195 | 192 | 177 | 169 |
| -130 | -148 | -207 | -308 | -149 | -134 | -161 | -160 | -142 | -128 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.73x | 0.84x | 1.04x | 0.33x | 0.16x | 0.12x | 0.08x | 0.14x | 0.27x | 0.27x |
| Interest Coverage (x) | 0.87x | 0.73x | 1.08x | 1.15x | 0.62x | 8.33x | 13.68x | 23.80x | 9.52x | 8.13x |
| 0.92x | 0.90x | 0.39x | 2.89x | 1.45x | 1.32x | 1.86x | 1.37x | 0.88x | 0.89x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 12.14% | 7.52% | -2.20% | -37.37% | 136.82% | 56.96% | 15.90% | 18.49% | 30.01% | 19.14% |
| Operating Profit Growth % | 30.50% | -8.43% | 26.86% | -33.25% | 266.09% | 106.31% | 28.96% | 21.05% | 20.01% | 20.01% |
| Net Profit Growth % | 93.81% | -1952.14% | 99.34% | 6894.74% | -986.91% | 628.43% | 82.38% | -4.16% | 1.72% | 34.07% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -4.25% | 1.70% | 33.93% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 75.39x | 99.10x | 64.88x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 9.56x | 11.51x | 8.83x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.18% | 0.14% | 0.21% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 47.77x | 54.09x | 39.82x |
Mar 2017
- EPS (₹)
- 0.29
- Book Value (₹)
- 22.19
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.75
- Operating Margin %
- 11.36%
- Net Margin %
- -0.09%
- ROE %
- -0.12%
- ROCE %
- 4.34%
- -0.05%
- Debtor Days
- 50
- Inventory Days
- 5
- Payable Days
- 186
- -130
- Debt to Equity (x)
- 0.73x
- Interest Coverage (x)
- 0.87x
- 0.92x
- Revenue Growth %
- 12.14%
- Operating Profit Growth %
- 30.50%
- Net Profit Growth %
- 93.81%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- -0.39
- Book Value (₹)
- 21.72
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.22
- Operating Margin %
- 9.68%
- Net Margin %
- -1.66%
- ROE %
- -2.44%
- ROCE %
- 3.46%
- -0.89%
- Debtor Days
- 52
- Inventory Days
- 5
- Payable Days
- 206
- -148
- Debt to Equity (x)
- 0.84x
- Interest Coverage (x)
- 0.73x
- 0.90x
- Revenue Growth %
- 7.52%
- Operating Profit Growth %
- -8.43%
- Net Profit Growth %
- -1952.14%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- -0.06
- Book Value (₹)
- 17.93
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.91
- Operating Margin %
- 12.55%
- Net Margin %
- -0.01%
- ROE %
- -0.02%
- ROCE %
- 5.33%
- -0.01%
- Debtor Days
- 67
- Inventory Days
- 6
- Payable Days
- 279
- -207
- Debt to Equity (x)
- 1.04x
- Interest Coverage (x)
- 1.08x
- 0.39x
- Revenue Growth %
- -2.20%
- Operating Profit Growth %
- 26.86%
- Net Profit Growth %
- 99.34%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 1.10
- Book Value (₹)
- 47.52
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.09
- Operating Margin %
- 13.38%
- Net Margin %
- 1.22%
- ROE %
- 0.73%
- ROCE %
- 3.57%
- 0.35%
- Debtor Days
- 79
- Inventory Days
- 9
- Payable Days
- 396
- -308
- Debt to Equity (x)
- 0.33x
- Interest Coverage (x)
- 1.15x
- 2.89x
- Revenue Growth %
- -37.37%
- Operating Profit Growth %
- -33.25%
- Net Profit Growth %
- 6894.74%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- -1.42
- Book Value (₹)
- 58.10
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 0.62
- Operating Margin %
- 20.68%
- Net Margin %
- -4.57%
- ROE %
- -2.80%
- ROCE %
- 2.22%
- -1.83%
- Debtor Days
- 34
- Inventory Days
- 6
- Payable Days
- 189
- -149
- Debt to Equity (x)
- 0.16x
- Interest Coverage (x)
- 0.62x
- 1.45x
- Revenue Growth %
- 136.82%
- Operating Profit Growth %
- 266.09%
- Net Profit Growth %
- -986.91%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 6.24
- Book Value (₹)
- 64.57
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 8.52
- Operating Margin %
- 27.18%
- Net Margin %
- 15.37%
- ROE %
- 10.19%
- ROCE %
- 12.38%
- 6.82%
- Debtor Days
- 35
- Inventory Days
- 5
- Payable Days
- 174
- -134
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 8.33x
- 1.32x
- Revenue Growth %
- 56.96%
- Operating Profit Growth %
- 106.31%
- Net Profit Growth %
- 628.43%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 11.37
- Book Value (₹)
- 75.89
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 13.76
- Operating Margin %
- 30.24%
- Net Margin %
- 24.19%
- ROE %
- 16.19%
- ROCE %
- 15.32%
- 11.44%
- Debtor Days
- 29
- Inventory Days
- 6
- Payable Days
- 195
- -161
- Debt to Equity (x)
- 0.08x
- Interest Coverage (x)
- 13.68x
- 1.86x
- Revenue Growth %
- 15.90%
- Operating Profit Growth %
- 28.96%
- Net Profit Growth %
- 82.38%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 10.88
- Book Value (₹)
- 85.82
- Dividend per Share (₹)
- 1.50
- Cash EPS (₹)
- 13.40
- Operating Margin %
- 27.40%
- Net Margin %
- 19.56%
- ROE %
- 13.47%
- ROCE %
- 16.26%
- 9.57%
- Debtor Days
- 27
- Inventory Days
- 5
- Payable Days
- 192
- -160
- Debt to Equity (x)
- 0.14x
- Interest Coverage (x)
- 23.80x
- 1.37x
- Revenue Growth %
- 18.49%
- Operating Profit Growth %
- 21.05%
- Net Profit Growth %
- -4.16%
- -4.25%
- P/E (x)
- 75.39x
- P/B (x)
- 9.56x
- Dividend Yield %
- 0.18%
- 47.77x
Mar 2025
- EPS (₹)
- 11.07
- Book Value (₹)
- 95.27
- Dividend per Share (₹)
- 1.50
- Cash EPS (₹)
- 14.76
- Operating Margin %
- 26.19%
- Net Margin %
- 15.31%
- ROE %
- 12.22%
- ROCE %
- 14.67%
- 7.91%
- Debtor Days
- 30
- Inventory Days
- 5
- Payable Days
- 177
- -142
- Debt to Equity (x)
- 0.27x
- Interest Coverage (x)
- 9.52x
- 0.88x
- Revenue Growth %
- 30.01%
- Operating Profit Growth %
- 20.01%
- Net Profit Growth %
- 1.72%
- 1.70%
- P/E (x)
- 99.10x
- P/B (x)
- 11.51x
- Dividend Yield %
- 0.14%
- 54.09x
Mar 2026
- EPS (₹)
- 14.82
- Book Value (₹)
- 108.93
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 19.41
- Operating Margin %
- 26.76%
- Net Margin %
- 17.23%
- ROE %
- 14.53%
- ROCE %
- 14.97%
- 8.91%
- Debtor Days
- 36
- Inventory Days
- 5
- Payable Days
- 169
- -128
- Debt to Equity (x)
- 0.27x
- Interest Coverage (x)
- 8.13x
- 0.89x
- Revenue Growth %
- 19.14%
- Operating Profit Growth %
- 20.01%
- Net Profit Growth %
- 34.07%
- 33.93%
- P/E (x)
- 64.88x
- P/B (x)
- 8.83x
- Dividend Yield %
- 0.21%
- 39.82x
Documents
Announcements
- 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
- 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
Annual Reports
Credit Ratings
- Credit Rating
2025-10-02 - Max Healthcare Institute Limited has informed the Exchange about Credit Rating
Concalls
Aug 2026
May 2026
Feb 2026