Max Healthcare Institute
Max Healthcare Institute
Healthcare Services F&OKey Fundamentals
MidcapHospitalsHealthcare ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
5- Stock is trading at 9.40 times its book value
- Tax rate seems low
- Company has a low return on equity of 13.7% over last 3 years.
- Company might be capitalizing the interest cost
- Dividend payout has been low at 13.6% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMax Healthcare Institute Ltd is a large-cap healthcare services company with a market capitalization of approximately ₹99,952 Cr, trading at a P/E of 69.4x and P/B of 9.41x. The company has delivered strong compounded sales growth of 22% over 3 years and TTM profit growth of 25%, while its ROE stands at 15% for the last year with a 3-year average of around 14%.
- Strong revenue growth trajectory with 3-year compounded sales CAGR of 22% and TTM sales growth of 16%, indicating sustained demand for its healthcare services
- Compounded profit growth of 25% on a TTM basis outpaces revenue growth, suggesting improving operating leverage and margin expansion
- 5-year compounded sales CAGR of 27% demonstrates a long runway of consistent top-line expansion across business cycles
- ROE has improved from a 10-year average of 11% to 15% in the last year, showing a trend of improving capital efficiency
- 5-year stock CAGR of 22% reflects sustained long-term wealth creation and market confidence in the business model
- Large-cap status with ₹99,952 Cr market cap provides liquidity, institutional participation, and relative stability compared to smaller peers
- 5-year compounded profit CAGR of 60% highlights a dramatic earnings recovery and growth phase over the medium term
- 3-year stock CAGR of 19% has outperformed broader market indices over the same period, reflecting relative outperformance
- P/E ratio of 69.4x is significantly elevated compared to broader market averages, leaving limited margin of safety if growth decelerates
- Stock is trading at 9.41x book value, well above typical healthcare sector multiples, raising concerns about valuation stretch
- 3-year average ROE of approximately 13.7% is modest for a company commanding such premium valuations, suggesting returns may not justify the price paid
- Dividend payout has been low at just 13.6% of profits over the last 3 years with a current yield of only 0.19%, offering negligible income to shareholders
- 1-year stock return of -12% indicates recent underperformance and potential near-term sentiment headwinds despite underlying profit growth
- Concerns around potential capitalization of interest costs could mean reported profits overstate true operating earnings
- Tax rate appears low, which if normalized or adjusted upward in future periods could compress net margins and reported earnings growth
- 3-year compounded profit CAGR of only 10% contrasts sharply with the 5-year figure of 60%, suggesting the pace of earnings growth has decelerated meaningfully in recent years
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹55 Cr GST demand notice Aug 26
Subsidiary Alps Hospital received a show cause notice for alleged non-payment of GST on variable management fees totaling ₹55.23 crore.
- ₹88 Cr Kalinga Hospital investment Sep 3
Max Healthcare approved an ₹87.87 crore rights issue subscription in subsidiary Kalinga Hospital Ltd to fund capex and modernization programs.
- 8,300-bed capacity expansion plan Aug 17
Max Healthcare plans to add ~8,300 beds in total, with ~4,000 beds expected within the next 3-4 years and the remainder over a longer horizon.
- NCLT hearing adjourned to Sept 8 Aug 19
The NCLT Cuttack Bench adjourned the hearing on a petition by BRS Capital Two against subsidiary Kalinga Hospital to September 8, 2026.
TL;DR: Max Healthcare is pursuing aggressive capacity expansion with an 8,300-bed addition plan and investing ₹88 crore in its Kalinga Hospital subsidiary for modernization. The ₹55 crore GST demand on Alps Hospital is a manageable but notable regulatory risk. The NCLT petition against Kalinga Hospital remains an overhang with the next hearing on Sept 8. Overall the growth trajectory looks constructive, though investors should watch for resolution of the tax and legal proceedings.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 948 | 976 | 949 | 1,041 | 1,156 | 1,257 | 1,369 | 1,398 | 1,505 | 1,560 | 1,529 | 1,536 | 1,768 |
| Operating Profit | 337 | 387 | 386 | 382 | 387 | 451 | 499 | 512 | 523 | 575 | 538 | 606 | 598 |
| OPM % | 26% | 28% | 29% | 27% | 25% | 26% | 27% | 27% | 26% | 27% | 26% | 28% | 25% |
| Other Income | 41 | 45 | 46 | 45 | 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 |
| PBT | 303 | 366 | 360 | 336 | 321 | 374 | 309 | 402 | 400 | 446 | 365 | 465 | 436 |
| Tax % | 21% | 24% | 20% | 25% | 26% | 25% | 23% | 21% | 23% | -10% | 17% | 26% | 26% |
| Net Profit | 240 | 277 | 289 | 252 | 236 | 282 | 239 | 319 | 308 | 491 | 301 | 342 | 323 |
| EPS in Rs | 2.47 | 2.85 | 2.98 | 2.59 | 2.43 | 2.9 | 2.46 | 3.28 | 3.17 | 5.05 | 3.09 | 3.52 | 3.32 |
Profit & Loss
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,608 | 1,729 | 1,691 | 1,059 | 2,508 | 3,937 | 4,563 | 5,406 | 7,028 | 8,373 | 8,712 |
| Expenses | 1,467 | 1,616 | 1,535 | 965 | 2,101 | 2,986 | 3,322 | 3,913 | 5,180 | 6,131 | 6,394 |
| Operating Profit | 141 | 113 | 156 | 94 | 407 | 951 | 1,241 | 1,493 | 1,849 | 2,243 | 2,318 |
| OPM % | 9% | 7% | 9% | 9% | 16% | 24% | 27% | 28% | 26% | 27% | 27% |
| Other Income | 59 | 65 | 56 | 48 | -122 | 110 | 139 | 177 | 82 | 114 | 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 |
| PBT | 5 | -15 | 8 | 13 | -69 | 739 | 1,064 | 1,365 | 1,406 | 1,676 | 1,711 |
| Tax % | -236% | 65% | 102% | -1% | 67% | 18% | -4% | 23% | 24% | 14% | — |
| Net Profit | 16 | -25 | 0 | 59 | -138 | 605 | 1,104 | 1,058 | 1,076 | 1,442 | 1,457 |
| EPS in Rs | 0.29 | -0.47 | -0.06 | 1.1 | -1.42 | 6.24 | 11.37 | 10.88 | 11.07 | 14.82 | 14.98 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 9% | 14% | 14% | 13% | — |
Balance Sheet
| Particulars | 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 |
| Reserves | 655 | 627 | 426 | 2,016 | 4,673 | 5,313 | 6,439 | 7,436 | 8,409 | 9,774 |
| Borrowings | 874 | 981 | 1,003 | 875 | 1,101 | 913 | 689 | 1,299 | 3,010 | 3,478 |
| Other Liabilities | 1,080 | 1,157 | 1,389 | 546 | 1,803 | 1,993 | 2,003 | 2,293 | 2,795 | 2,959 |
| Total Liabilities | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,184 |
| Fixed Assets | 2,244 | 2,227 | 2,192 | 851 | 6,536 | 7,018 | 7,039 | 8,784 | 11,502 | 12,991 |
| CWIP | 46 | 38 | 87 | 28 | 27 | 151 | 252 | 553 | 901 | 593 |
| Investments | 0 | 0 | 1 | 2,182 | 1 | 1 | 1 | 2 | 3 | 5 |
| Other Assets | 856 | 1,036 | 1,075 | 913 | 1,980 | 2,020 | 2,810 | 2,661 | 2,781 | 3,595 |
| Total Assets | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,184 |
Cash Flow
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 156 | 166 | 89 | 77 | 118 | 741 | 1,209 | 1,122 | 1,438 | 1,633 |
| Investing | -104 | -124 | -17 | -2,641 | 206 | -764 | -1,187 | -1,253 | -1,593 | -1,688 |
| Financing | -48 | -48 | -74 | 2,353 | 191 | -294 | -289 | -264 | -163 | 59 |
| Net Cash Flow | 4 | -6 | -2 | -210 | 516 | -317 | -266 | -395 | -318 | 4 |
| Free Cash Flow | 41 | 100 | -27 | -13 | 1 | 192 | 877 | 342 | 500 | 165 |
| CFO/OP | 135 | 166 | 75 | 89 | 15 | 89 | 110 | 93 | 95 | 89 |
Ratios
| Particulars | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 59 | 78 | 33 | 53 | 36 | 27 | 31 | 36 | 42 |
| Inventory Days | 20 | 24 | 26 | 43 | 34 | 24 | 30 | 26 | 26 | 23 |
| Days Payable | 184 | 227 | 292 | 286 | 274 | 174 | 212 | 207 | 198 | 175 |
| Cash Conversion Cycle | -111 | -144 | -188 | -210 | -187 | -114 | -155 | -149 | -136 | -110 |
| Working Capital Days | -12 | -24 | -152 | -137 | -44 | -24 | -46 | -43 | -46 | -41 |
| ROCE % | — | 4% | 6% | 4% | 7% | 12% | 15% | 16% | 15% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY17–FY26.
Documents
Frequently Asked Questions about Max Healthcare Institute
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Company Information
Max Healthcare Institute Limited is primarily engaged in the providing healthcare services through primary care clinics, multi-speciality hospitals / medical centres and super-speciality hospitals providing operation and management, medical services, clinical, radiology, pathology services and related healthcare services. [1]
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