Max Healthcare Institute Ltd
MAXHEALTH NSE
Max Healthcare Institute Ltd
Healthcare Services F&ONSE: MAXHEALTH BSE: 543220 Hospitals
Key Fundamentals
MidcapHospitalsHealthcare ServicesMarket Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
72.15
EBITDA
₹2,406 Cr
Return on Equity
13.42%
Debt to Equity
0.32
Book Value
₹110.4
EPS
₹10.84
52W High
₹1,301.7
52W Low
₹903
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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51 extracted metrics + investor summaries across FY17–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
5- Stock is trading at 9.69 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
Revenue Growth
18.82% ↗
Net Income Growth
34.06% ↗
Cash Flow Change
13.59% ↗
ROE
17.00% ↗
ROCE
8.36% ↘
EBITDA Margin (Avg.)
1.00% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoAI opinion · based on fundamentals
Risk high
Max Healthcare Institute Ltd is a large-cap hospital chain with a market cap of ₹1,04,419 Cr trading at a PE of 72.1x. The company has delivered strong revenue growth of 22% CAGR over 3 years and 31% TTM profit growth, but trades at elevated valuations of 9.68x book value with a 3-year ROE of only 13.7%.
Bull Case 7
- Strong revenue momentum with TTM sales growth of 19% and 3-year compounded sales CAGR of 22%, indicating sustained demand for healthcare services
- Compounded profit growth of 31% on a TTM basis demonstrates improving operating leverage and margin expansion
- 5-year compounded profit CAGR of 60% reflects a dramatic earnings turnaround over a medium-term horizon
- 5-year stock CAGR of 31% shows the market has rewarded the company's execution over a longer period
- ROE has improved to 15% in the last year from an average of 11% over 10 years, indicating a trend of improving capital efficiency
- 5-year compounded sales CAGR of 27% significantly outpaces broader healthcare sector growth, suggesting market share gains
- Large-cap status with ₹1,04,419 Cr market cap provides institutional liquidity and index inclusion benefits
Bear Case 8
- PE ratio of 72.1x is significantly elevated relative to broader market averages, leaving limited margin of safety if growth decelerates
- Stock is trading at 9.68x book value, which prices in substantial future growth and leaves the stock vulnerable to any earnings miss
- 3-year ROE of only 13.7% is modest for a company commanding such premium valuations, suggesting capital is not being deployed at high returns
- Stock has declined 15% over the past 1 year, underperforming the market despite strong underlying profit growth
- Dividend payout of only 13.6% of profits over 3 years offers minimal income return, with dividend yield at just 0.19%
- Potential capitalization of interest costs may flatter reported profitability and understate true operating expenses
- Low effective tax rate raises questions about sustainability of post-tax earnings if tax benefits normalize
- 3-year compounded profit CAGR of only 10% contrasts sharply with the TTM figure of 31%, suggesting recent profit growth may not be structural
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Headwinds 1
- NCLT petition against Kalinga Hospital Jul 26
BRS Capital Two Pte. Limited has filed petitions against subsidiary Kalinga Hospital Ltd at NCLT Cuttack Bench, with next hearing adjourned to August 4, 2026. No settlement reached yet, creating legal overhang.
Positives 2
- ₹2 dividend approved at AGM Jul 30
Shareholders approved ₹2 per share final dividend and registered office shift to Haryana at the 25th AGM held July 30, 2026.
- ₹77.61 Cr block trade at ₹1108 Jul 9
Institutional block trade of ~7.00 lakh shares executed on BSE at ₹1108 per share, worth ₹77.61 crore, signaling strong institutional interest.
Neutral 2
- Investor meet on July 14 Jul 9
Max Healthcare scheduled a group investor meeting in Delhi on July 14, 2026, organized by Kotak Securities Limited.
- AGM notice published Jul 9
Notice for 25th AGM and e-voting details published in newspapers on July 9, 2026.
TL;DR: Max Healthcare is executing well on shareholder returns with a ₹2 dividend and drawing institutional interest via a ₹77.61 crore block trade. The NCLT petition against Kalinga Hospital is a legal risk to monitor, though no adverse order has been passed yet. Overall sentiment is mildly positive with routine corporate governance activity and one legal headwind that could escalate if unresolved by August 4.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,215 | 1,285 | 1,363 | 1,335 | 1,423 | 1,543 | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 |
| Expenses | 874 | 948 | 976 | 949 | 1,041 | 1,156 | 1,257 | 1,369 | 1,398 | 1,505 | 1,560 | 1,529 | 1,536 |
| Operating Profit | 340 | 337 | 387 | 386 | 382 | 387 | 451 | 499 | 512 | 523 | 575 | 538 | 606 |
| OPM % | 28% | 26% | 28% | 29% | 27% | 25% | 26% | 27% | 27% | 26% | 27% | 26% | 28% |
| Other Income | 40 | 41 | 45 | 46 | 45 | 35 | 41 | -40 | 47 | 37 | 33 | -3 | 48 |
| Interest | 20 | 19 | 9 | 11 | 21 | 24 | 34 | 52 | 55 | 55 | 54 | 60 | 67 |
| Depreciation | 60 | 56 | 58 | 61 | 70 | 77 | 84 | 98 | 101 | 104 | 108 | 111 | 123 |
| PBT | 301 | 303 | 366 | 360 | 336 | 321 | 374 | 309 | 402 | 400 | 446 | 365 | 465 |
| Tax % | 17% | 21% | 24% | 20% | 25% | 26% | 25% | 23% | 21% | 23% | -10% | 17% | 26% |
| Net Profit | 251 | 240 | 277 | 289 | 252 | 236 | 282 | 239 | 319 | 308 | 491 | 301 | 342 |
| EPS in Rs | 2.58 | 2.47 | 2.85 | 2.98 | 2.59 | 2.43 | 2.9 | 2.46 | 3.28 | 3.17 | 5.05 | 3.09 | 3.52 |
Profit & Loss
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,608 | 1,729 | 1,691 | 1,059 | 2,508 | 3,937 | 4,563 | 5,406 | 7,028 | 8,373 |
| Expenses | 1,467 | 1,616 | 1,535 | 965 | 2,101 | 2,986 | 3,322 | 3,913 | 5,180 | 6,131 |
| Operating Profit | 141 | 113 | 156 | 94 | 407 | 951 | 1,241 | 1,493 | 1,849 | 2,243 |
| OPM % | 9% | 7% | 9% | 9% | 16% | 24% | 27% | 28% | 26% | 27% |
| Other Income | 59 | 65 | 56 | 48 | -122 | 110 | 139 | 177 | 82 | 114 |
| Interest | 100 | 99 | 101 | 83 | 179 | 101 | 84 | 60 | 165 | 235 |
| Depreciation | 96 | 94 | 103 | 46 | 174 | 221 | 232 | 245 | 359 | 447 |
| PBT | 5 | -15 | 8 | 13 | -69 | 739 | 1,064 | 1,365 | 1,406 | 1,676 |
| 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 |
| EPS in Rs | 0.29 | -0.47 | -0.06 | 1.1 | -1.42 | 6.24 | 11.37 | 10.88 | 11.07 | 14.82 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 9% | 14% | 14% | 13% |
Balance Sheet
| 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
| 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
| 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% |
Documents
1
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations 2015
7 Aug - NCLT allowed defect rectification in Kalinga Hospital litigation; next hearing on August 19, 2026. 7 Aug - NCLT allowed defect rectification in Kalinga Hospital litigation; next hearing on August 19, 2026.
2
Board Meeting Intimation for Consideration And Approval Of Financial Results
8 Aug - Board meeting on August 13, 2026 to approve Q1 FY27 standalone and consolidated results. 8 Aug - Board meeting on August 13, 2026 to approve Q1 FY27 standalone and consolidated results.
3
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8 Aug - Max Healthcare Q1 FY27 earnings call scheduled for August 14, 2026 at 11:00 AM IST. 8 Aug - Max Healthcare Q1 FY27 earnings call scheduled for August 14, 2026 at 11:00 AM IST.
4
Update On Re-Classification Of Radiant Life Care Hospital Foundation From Promoter Group To Public Category
24 May - Max Healthcare applied on May 24, 2026 for RLCHF reclassification from promoter group to public. 24 May - Max Healthcare applied on May 24, 2026 for RLCHF reclassification from promoter group to public.
5
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
1 May - Allotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022 1 May - Allotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022
Frequently Asked Questions about Max Healthcare Institute Ltd
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 re...
Where is Max Healthcare Institute Ltd (MAXHEALTH) listed?
Max Healthcare Institute Ltd is listed on the Indian stock exchanges. It is listed on NSE: MAXHEALTH and BSE: 543220. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Max Healthcare Institute Ltd belong to?
Max Healthcare Institute Ltd operates in the Healthcare Services sector within the Hospitals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Max Healthcare Institute Ltd?
Max Healthcare Institute Ltd has a market capitalisation of approximately ₹104224.68 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Max Healthcare Institute Ltd?
The Price-to-Earnings (PE) ratio of Max Healthcare Institute Ltd is 72.15. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Max Healthcare Institute Ltd?
Over the past 52 weeks, Max Healthcare Institute Ltd has traded between a low of ₹903 and a high of ₹1,301.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Max Healthcare Institute Ltd pay dividends?
Yes, Max Healthcare Institute Ltd has a dividend yield of 0.19%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Max Healthcare Institute Ltd?
Max Healthcare Institute Ltd has a Return on Equity (ROE) of 13.42%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Max Healthcare Institute Ltd on Tapetide?
On Tapetide, you can view Max Healthcare Institute Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
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]