Max Healthcare Institute Ltd
MAXHEALTH NSE
Max Healthcare Institute Ltd
Healthcare F&ONSE: MAXHEALTH BSE: 543220 Healthcare Services
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]
AI Verdict: HOLD Confidence: 5%
Max Healthcare delivers strong revenue growth at 22% CAGR over 3 years and enjoys 74% analyst buy ratings, but the stock trades at a steep 73.6x PE and 9.88x book value with modest ROE of 14-15%, making risk-reward unfavorable at current levels.
Key Fundamentals
MidcapHospitalsHealthcare ServicesMarket Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
75.75
EBITDA
₹2,195 Cr
Return on Equity
14.89%
Debt to Equity
0.24
Book Value
₹110.42
EPS
₹10.84
52W High
₹1,314.3
52W Low
₹903
Technical Indicators
Key Insights
Weaknesses
5- Stock is trading at 9.80 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
16.56% ↗
Net Income Growth
36.10% ↗
Cash Flow Change
30.10% ↗
ROE
-8.82% ↘
ROCE
-11.54% ↘
EBITDA Margin (Avg.)
-7.85% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk high
Max Healthcare delivers strong revenue growth at 22% CAGR over 3 years and enjoys 74% analyst buy ratings, but the stock trades at a steep 73.6x PE and 9.88x book value with modest ROE of 14-15%, making risk-reward unfavorable at current levels.
Bull Case 7
- Strong revenue growth with compounded sales CAGR of 22% over 3 years and 19% TTM growth indicating sustained demand
- Profit growth acceleration with TTM compounded profit growth of 31%, outpacing revenue growth and signaling operating leverage
- Overwhelming analyst consensus with 73.91% buy ratings (17 out of 23 analysts) reflecting institutional confidence
- Impressive long-term stock CAGR of 34% over 5 years and 24% over 3 years rewarding long-term shareholders
- Large-cap stability with market cap of Rs 1,06,266 crore providing liquidity and index inclusion benefits
- Improving ROE trajectory from 11% over 10 years to 14% over 5 years to 15% last year showing consistent improvement
- Exceptional 5-year compounded profit growth of 60% demonstrating successful capacity expansion and operational efficiency
Bear Case 8
- Extremely expensive valuation at 73.6x PE, far above hospital sector average of 40-50x, leaving little margin of safety
- Stock trading at 9.88x book value which is excessive even for asset-heavy healthcare businesses
- Negative 1-year stock return of -10% indicating recent price correction and possible de-rating risk
- Low dividend payout of only 13.6% of profits over last 3 years with meager 0.14% dividend yield offering no income support
- Modest 3-year ROE of only 13.7% does not justify the premium valuation multiple being paid by investors
- Potential interest cost capitalization as flagged in concerns, which may overstate reported profitability
- Low tax rate raising sustainability concerns and risk of future margin compression if tax benefits expire
- Only 4 analysts (17.39%) have sell ratings but this still represents meaningful disagreement on valuation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Positives 1
- Rs 2 dividend, July 3 record Jun 19
Max Healthcare fixed July 3, 2026 as record date for a final dividend of Rs 2 per share for FY26. AGM scheduled for July 30, 2026.
Neutral 4
- ₹20.87 Cr block trade on NSE Jun 17
Block trade of ~203,520 shares executed at ₹1,025.50 per share on NSE, totalling ₹20.87 crores. Likely an institutional-level transaction.
- CMD attending global investor conferences Jun 17
CMD scheduled to attend IIFL (London, Jun 23), Kotak (London, Jun 15), Citi and Jefferies conferences (Jun 4, 8, 9). No UPSI to be shared.
- Promoters report zero encumbrance Jun 6
Abhay Soi and Aditya Soi confirmed no encumbrance on their Max Healthcare shares in FY26, disclosed to NSE and BSE under SEBI regulations.
- Radiant Life reclassification sought May 25
Max Healthcare applied to exchanges to reclassify Radiant Life Care Hospital Foundation from promoter group to public category.
TL;DR: Max Healthcare shows steady shareholder-friendly activity with a Rs 2/share dividend announcement and active global investor engagement through multiple conferences. No material headwinds are visible in recent news flow. Promoter disclosures and reclassification filings reflect routine corporate governance. The near-term outlook remains stable with management visibility at institutional events likely supporting sentiment.
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 | 3,006 |
| Total Liabilities | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,231 |
| Fixed Assets | 2,244 | 2,227 | 2,192 | 851 | 6,536 | 7,018 | 7,039 | 8,784 | 11,502 | 12,992 |
| CWIP | 46 | 38 | 87 | 28 | 27 | 151 | 252 | 553 | 901 | 592 |
| 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 | 3,641 |
| Total Assets | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,231 |
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 | 1,284 | 1,122 | 1,459 | 1,633 |
| Investing | -104 | -124 | -17 | -2,641 | 206 | -764 | -102 | -1,253 | -1,614 | -1,689 |
| Financing | -48 | -48 | -74 | 2,353 | 191 | -294 | -289 | -264 | -164 | 59 |
| Net Cash Flow | 4 | -6 | -2 | -210 | 516 | -317 | 893 | -395 | -319 | 4 |
| Free Cash Flow | 41 | 100 | -27 | -13 | 1 | 192 | 952 | 342 | 500 | 165 |
| CFO/OP | 135 | 166 | 75 | 89 | 15 | 89 | 116 | 93 | 96 | 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 | 215 | 207 | 200 | 175 |
| Cash Conversion Cycle | -111 | -144 | -188 | -210 | -187 | -114 | -158 | -149 | -138 | -110 |
| Working Capital Days | -12 | -24 | -152 | -137 | -44 | -24 | -46 | -43 | -47 | -41 |
| ROCE % | — | 4% | 6% | 4% | 7% | 12% | 15% | 16% | 15% | 15% |
Documents
1
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.
2
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
3
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
4
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
21 Apr - GST Officer withdrew ₹55.20 crore demand against Max Healthcare on April 21, 2026. 21 Apr - GST Officer withdrew ₹55.20 crore demand against Max Healthcare on April 21, 2026.
5
Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
4h - GST Officer withdrew ₹55.20 crore demand against Max Healthcare on April 21, 2026. 4h - GST Officer withdrew ₹55.20 crore demand against Max Healthcare on April 21, 2026.
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 sector within the Healthcare Services 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 ₹107142.17 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 75.75. 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 ₹1,314.3. 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 0.18%. 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 14.89%. 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]