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Max Healthcare Institute Ltd

MAXHEALTH NSE

Key Fundamentals

MidcapHospitalsHealthcare Services
Market Cap
₹98,677 Cr
Volatility
Moderate
P/E Ratio
67.72
EBITDA
₹2,406 Cr
Return on Equity
13.42%
Debt to Equity
0.32
Book Value
₹110.4
EPS
₹10.84
52W High
₹1,256
52W Low
₹903

Insights

Beta

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

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51 extracted metrics + investor summaries across FY17–FY26.

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Tapetide Score

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Technical Indicators

Key Insights

Weaknesses

5
  • Stock is trading at 9.09 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 anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Max Healthcare Institute Ltd is a large-cap healthcare services company with a market cap of ~Rs 98,395 crore, trading at a PE of 68x and 9.13x book value. The company has delivered strong revenue growth (22% CAGR over 3 years) and profit growth (31% TTM), but faces valuation concerns with a relatively modest ROE of ~14% over 3 years against its premium multiples.

Bull Case 7
  • Strong revenue growth with compounded sales CAGR of 22% over 3 years and 27% over 5 years, indicating consistent top-line expansion
  • TTM profit growth of 31% outpaces TTM sales growth of 19%, suggesting improving operating leverage and margin expansion
  • 5-year compounded profit CAGR of 60% demonstrates exceptional earnings growth trajectory over a medium-term horizon
  • ROE has improved from 11% (10-year average) to 15% in the last year, showing an upward trend in capital efficiency
  • Stock price CAGR of 25-26% over 3 and 5 years respectively reflects strong long-term wealth creation for shareholders
  • Large-cap status with Rs 98,395 crore market cap provides institutional liquidity and index inclusion benefits in the growing healthcare sector
  • TTM sales growth of 19% continues to remain well above GDP growth, indicating the company is gaining market share in healthcare services
Bear Case 8
  • PE ratio of 68x is significantly elevated, requiring sustained high growth to justify current valuation levels
  • Price-to-book ratio of 9.13x is very high for a healthcare services business with ROE of only ~14%, implying rich pricing relative to returns generated
  • Stock has declined 20% over the past 1 year, indicating significant near-term price correction and potential sentiment shift
  • 3-year ROE of only 13.7% is modest relative to the premium valuation, suggesting capital is not being deployed at returns commensurate with the stock's pricing
  • Dividend payout of only 13.6% of profits over last 3 years with a yield of just 0.2% provides minimal income return to shareholders
  • Apparent low tax rate raises questions about sustainability of reported earnings and potential future tax normalization impact on profits
  • Potential capitalization of interest costs may be flattering reported profitability, and if expensed would reduce stated margins and earnings
  • 3-year compounded profit CAGR of only 10% contrasts sharply with the 5-year figure of 60%, suggesting profit growth momentum may be decelerating

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

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Positives 3
  • Q1 revenue up 17% YoY Aug 13

    Q1FY27 consolidated revenue rose 16.7% YoY to ₹2,366 crore. Net profit grew 4.9% to ₹323 crore, showing steady top-line momentum.

  • ₹425 crore Vaishali capex approved Aug 13

    Board approved ₹425 crore capital expenditure for Vaishali hospital expansion and gave in-principle approval for medical colleges, signaling long-term capacity addition.

  • ₹2 dividend approved at AGM Jul 30

    Shareholders approved a ₹2 per share final dividend and shift of registered office to Haryana at the 25th AGM on July 30, 2026.

Neutral 5
  • 3.6 lakh ESOPs granted Aug 13

    NRC approved 3,61,827 stock options to employees under the 2022 scheme at exercise prices of ₹800 and ₹350.

  • ₹15 crore block trade on NSE Aug 10

    Block trade of ~1,42,335 shares executed at ₹1,067.30 per share for a total value of ₹15.19 crore, indicating institutional activity.

  • Motilal Oswal conference participation Aug 12

    Max Healthcare will attend the Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026 in Mumbai.

  • Q1 FY27 earnings call scheduled Aug 8

    Earnings call scheduled for August 14, 2026 to discuss Q1 FY27 results declared on August 13.

  • NCLT Kalinga Hospital case ongoing Aug 7

    NCLT allowed rectification of a procedural defect in Max Healthcare's case against Kalinga Hospital; next hearing August 19, 2026. Separate BRS Capital petitions adjourned to August 4.

TL;DR: Max Healthcare delivered solid Q1FY27 growth with 17% revenue expansion and is investing aggressively via the ₹425 crore Vaishali expansion and medical college plans. Profitability growth at 5% lagged revenue growth, suggesting margin pressure or higher costs. The NCLT litigation around Kalinga Hospital remains a minor overhang but is procedural at this stage. Overall trend is constructive with capacity expansion driving the medium-term growth narrative.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  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 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%
—
Figures in ₹ Crores

Balance Sheet

  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
Figures in ₹ Crores

Cash Flow

  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
Figures in ₹ Crores

Ratios

  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%

Shareholding Pattern

As of Jun 2026
FIIs 41.78%
DIIs 29.96%
Promoters 23.71%
Public 3.22%
Others 1.33%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
70.46%
70.46%
60.91%
60.68%
50.64%
50.64%
23.80%
23.78%
23.77%
23.76%
23.76%
23.75%
23.75%
23.74%
23.74%
23.74%
23.74%
23.74%
23.74%
23.72%
23.71%
23.71%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.00%
0.01%
0.01%
57.33%
56.98%
57.29%
56.93%
54.74%
54.76%
51.80%
50.55%
45.39%
41.78%
DIIs
4.86%
7.93%
8.70%
15.60%
17.49%
19.26%
21.00%
20.47%
19.35%
11.90%
11.32%
11.34%
14.96%
15.36%
15.14%
15.55%
17.58%
17.42%
20.03%
21.20%
26.32%
29.96%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.18%
5.76%
5.20%
5.23%
5.41%
4.94%
4.54%
4.36%
3.72%
3.54%
3.55%
3.34%
3.29%
3.24%
3.18%
3.13%
3.31%
3.42%
3.08%
3.13%
3.27%
3.22%
Others
19.50%
15.84%
25.18%
18.49%
26.46%
25.16%
50.65%
51.38%
53.15%
60.80%
61.36%
61.56%
0.67%
0.67%
0.65%
0.64%
0.63%
0.66%
1.35%
1.38%
1.31%
1.33%
No. of Shareholders
45,339
70,655
91,937
1,11,877
1,20,079
1,05,000
1,01,659
1,11,701
1,04,656
1,11,374
1,18,635
1,11,338
1,27,009
1,36,254
1,37,856
1,40,028
1,51,633
1,62,119
1,80,891
2,03,837
2,16,996
2,24,606

Documents

1
Concall - Aug 2020 Aug 2020
2
Concall - Sep 2020 Sep 2020
3
Concall - Nov 2020 Nov 2020
4
Concall - Feb 2021 Feb 2021
5
Concall - Feb 2021 Feb 2021

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 ₹98677.19 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 67.72. 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 ₹1,256. 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 0.20%. 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]

Website maxhealthcare.in
Listed 2020-08-21
Face Value ₹ 10
Issued Size 97,27,69,354

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