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Max Healthcare Institute

MAXHEALTH NSE
₹927.15 +31.65 (+3.53%)
P/E
61.89
View as Markdown
MCP
Close 4 Nov 2026 ₹927.15 −198.25 −17.6% 1Y
Start ₹1,125.40

Key Fundamentals

MidcapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
14.70%
Debt to Equity
0.32
EPS (TTM)
₹14.98
Book Value
₹116.43
Market Cap
—
P/E (TTM)
61.89
P/B
7.96
ROE
14.70%
Dividend Yield
0.22%
EBITDA
₹2,406 Cr
52W High
₹1,185.40
52W Low
₹797.00
Day Range
₹890.95 – ₹927.15
Volume
40,11,809

Peer Comparison

Healthcare › Healthcare Services › Hospitals › Hospital

Max Healthcare Institute peer comparison
Apollo Hospitals
₹8,599.5059.18₹1,22,850 Cr13.040.24%21.20%17.40%₹26,430 Cr₹2,171 Cr
Max Healthcare Institute (this company)
₹927.1561.89₹89,301 Cr7.960.22%14.70%14.70%₹8,712 Cr₹1,457 Cr
Manipal Health Enterprises
₹667.2088.96₹86,479 Cr5.340.00%6.64%8.30%₹11,400 Cr₹906 Cr
Aster DM Healthcare
₹719.55117.00₹59,927 Cr14.910.44%11.30%11.60%₹4,876 Cr₹363 Cr
Fortis Healthcare
₹790.6556.96₹59,706 Cr6.030.13%11.20%13.40%₹9,506 Cr₹1,070 Cr
Narayana Hrudayalaya
₹1,931.5048.36₹39,090 Cr7.890.24%20.50%15.50%₹9,072 Cr₹816 Cr
Global Health
₹1,402.0067.76₹37,618 Cr9.520.04%15.20%17.40%₹4,683 Cr₹552 Cr
Median 7 companies₹927.1561.89₹59,927 Cr7.960.22%14.70%14.70%₹9,072 Cr₹906 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
49
Average
Returns, margins, earnings quality 22% weight
Valuation
34
Poor
Cheap vs sector & own history 24% weight
Growth
44
Weak
Sales & profit trajectory 9% weight
Financial Health
41
Weak
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
46
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

5
  • Stock is trading at 8.30 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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish937
OscillatorsNeutral333
Moving AveragesStrong Bearish604

Key readings

RSI (14)
59.62
Neutral
MACD (12,26,9)
−18.02
Bullish
SMA (50)
947.79
Bearish
SMA (200)
1,012.00
Bearish

As of

Analyst Rating

Based on 25 analysts
BUY76%

19 of 25 analysts rate Buy, 2 Hold, 4 Sell.

As of

BUY
19
76%
HOLD
2
8%
SELL
4
16%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+27.27%
3Y+22.43%
1Y+19.14%
TTM+15.96%

Net profit

Net profit growth by window
5YTurned to profit
3Y+9.31%
1Y+34.01%
TTM+26.92%

Operating cash flow

Operating cash flow growth by window
5Y+69.13%
3Y+10.54%
1Y+13.56%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+10.56 pp
3Y−0.41 pp
1Y+0.48 pp
TTM+0.18 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,608 Cr
Mar 2018₹1,729 Cr
Mar 2019₹1,691 Cr
Mar 2020₹1,059 Cr
Mar 2021₹2,508 Cr
Mar 2022₹3,937 Cr
Mar 2023₹4,563 Cr
Mar 2024₹5,406 Cr
Mar 2025₹7,028 Cr
Mar 2026₹8,373 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹16.00 Cr
Mar 2018−₹25.00 Cr
Mar 2019₹0.00 Cr
Mar 2020₹59.00 Cr
Mar 2021−₹138 Cr
Mar 2022₹605 Cr
Mar 2023₹1,104 Cr
Mar 2024₹1,058 Cr
Mar 2025₹1,076 Cr
Mar 2026₹1,442 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹788 Cr +4.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Max Healthcare Institute Ltd trades at ₹884.75 as of 2026-11-02 with a market cap of ₹87,243 Cr. The company has delivered 22% compounded sales growth over 3 years and 25% TTM profit growth, but trades at a PE of 59.06 and 7.6x book value, while ROE stands at 13.42% and dividend payout remains low at 13.6% of profits over the last 3 years.

Bull Case 7
  • Strong compounded sales growth of 22% over 3 years and 27% over 5 years, indicating consistent top-line expansion in the healthcare services space
  • TTM profit growth of 25% outpaces TTM sales growth of 16%, suggesting improving operating leverage and margin expansion
  • Compounded profit growth of 60% over 5 years reflects a significant earnings trajectory over the medium term
  • Conservative balance sheet with debt-to-equity ratio of just 0.32 as of 2026-11-02, providing financial flexibility for expansion
  • ROE has improved from 11% over 10 years to 15% in the last year, showing a trend of rising capital efficiency
  • Stock price of ₹884.75 is approximately 25% below its 52-week high of ₹1,185.40, which may reflect a correction from elevated levels
  • 5-year stock CAGR of 21% demonstrates sustained long-term wealth creation for shareholders
Bear Case 8
  • PE ratio of 59.06 as of 2026-11-02 is significantly elevated, demanding continued high earnings growth to justify the valuation
  • Stock is trading at 7.6x book value (reported at 8.30x by some measures), which is expensive relative to an ROE of 13.42%
  • 1-year stock CAGR of -20% indicates meaningful underperformance and negative momentum over the recent period
  • ROE of 13.42% is modest for a company commanding a 59x PE multiple — the return on equity does not comfortably support the premium valuation
  • Dividend yield of just 0.23% and a payout ratio of only 13.6% of profits over the last 3 years offer minimal income to shareholders
  • The company's tax rate appears low, which if it normalizes upward could compress net margins and earnings growth going forward
  • Potential capitalization of interest costs could mean reported profitability overstates true operating earnings
  • 3-year compounded profit growth of only 10% contrasts sharply with the 5-year figure of 60%, suggesting a deceleration in earnings momentum in more recent periods

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Recent newsflow for Max Healthcare is procedural and governance-related, with no material positive or negative catalysts. The Kalinga Hospital acquisition remains in litigation with the next NCLT hearing on Dec 14. The PRSU scheme and MoA changes signal long-term intent to diversify into medical education and pharma. Near-term, the stock lacks a fresh fundamental trigger from these developments.

Neutral 2
  • Kalinga Hospital NCLT hearing delayed Nov 3

    NCLT Cuttack adjourned hearing on Kalinga Hospital petitions to December 14, 2026. Litigation involves BRS Capital Two Pte. Limited regarding an equity stake acquisition.

  • PRSU scheme and MoA expansion Oct 19

    Shareholders approved a new PRSU scheme covering 73.5 lakh shares and expanded the Memorandum of Association to include medical education and pharma manufacturing.

Quarterly Results

₹ Cr
MAXHEALTH quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
2,569
Expenses
948
976
949
1,041
1,156
1,257
1,369
1,398
1,505
1,560
1,529
1,536
1,768
1,858
Operating Profit
337
387
386
382
387
451
499
512
523
575
538
606
598
711
OPM %
26%
28%
29%
27%
25%
26%
27%
27%
26%
27%
26%
28%
25%
28%
Other Income
41
45
46
45
35
41
−40
47
37
33
−3
48
41
41
Interest
19
9
11
21
24
34
52
55
55
54
60
67
71
74
Depreciation
56
58
61
70
77
84
98
101
104
108
111
123
132
138
PBT
303
366
360
336
321
374
309
402
400
446
365
465
436
541
Tax %
21%
24%
20%
25%
26%
25%
23%
21%
23%
−10%
17%
26%
26%
23%
Net Profit
240
277
289
252
236
282
239
319
308
491
301
342
323
414
EPS (₹)
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
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MAXHEALTH profit and loss, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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

₹ Cr
MAXHEALTH balance sheet, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
MAXHEALTH cash flow, annual, ₹ crore
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

MAXHEALTH financial ratios, annual
Particulars Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Max Healthcare Institute insights

66 extracted metrics across FY17–FY27.

Shareholding Pattern

As of Sep 2026

  • FIIs 40.52%
  • DIIs 31.00%
  • Promoters 23.71%
  • Public 3.28%
  • Others 1.48%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Max Healthcare Institute

What does Max Healthcare Institute Ltd do?
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…
Where is Max Healthcare Institute Ltd (MAXHEALTH) listed?
Max Healthcare Institute Ltd trades as MAXHEALTH on the NSE and under code 543220 on the BSE.
Which sector does Max Healthcare Institute Ltd belong to?
Max Healthcare Institute Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the PE ratio of Max Healthcare Institute Ltd?
Max Healthcare Institute Ltd trades at a PE ratio of 61.89 as of 4 Nov 2026, on earnings per share of ₹14.98, against a book value of ₹116.43 per share.
What is the 52-week high and low of Max Healthcare Institute Ltd?
Over the last 52 weeks Max Healthcare Institute Ltd has traded between ₹797 and ₹1,185.4 as of 4 Nov 2026.
Does Max Healthcare Institute Ltd pay dividends?
Max Healthcare Institute Ltd has a dividend yield of 0.22%.
What is the Return on Equity (ROE) of Max Healthcare Institute Ltd?
Max Healthcare Institute Ltd reported a return on equity of 14.70%. Its debt-to-equity ratio is 0.32.

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.

Website maxhealthcare.in
Listed 21 Aug 2020
Face Value ₹10

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