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 8.52 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
Max Healthcare has a market cap of about Rs 1,01,208 crore and trades at a P/E of 70x and 9.49x book value. Sales have compounded at 22% over 3 years and 27% over 5 years, and TTM profit grew 25%. ROE has stayed around 14-15%, and the stock is down 10% over the past year after a 21% 3-year CAGR. Recent quarters show slower hospital network growth, with Q4 FY26 revenue up 9% YoY, and margins narrowing to 24.8% in Q1 FY27 as the company adds capacity.
- Growth has held up over several years. Sales compounded at 27% over 5 years, 22% over 3 years and 16% on a TTM basis.
- Profit is growing faster than sales in the latest period. TTM profit growth is 25% against 16% sales growth, and profit compounded at 60% over 5 years.
- Growth picked up again in Q1 FY27. Revenue rose 16% YoY and operating EBITDA grew 15% YoY to Rs 704 crore, as the company brought new capacity online.
- Per-bed economics are strong. ARPOB (average revenue per occupied bed) was about Rs 77,900 in Q4 FY26. EBITDA per bed for existing units reached Rs 76.5 lakh in Q2 FY26, up 7% YoY.
- The balance sheet is manageable despite heavy spending on expansion. Net debt fell to Rs 1,908 crore at March 2026 from Rs 2,166 crore in December 2025, and net debt-to-EBITDA is below 1x.
- International patients are a growing revenue source. That revenue rose 25% YoY to Rs 231 crore in Q2 FY26 and makes up about 9% of hospital revenue.
- Long-term shareholder returns have been solid. The stock compounded at 23% over 5 years and 21% over 3 years.
- The valuation is high. The stock trades at 70x earnings and 9.49x book value, so there is little room for execution misses.
- Returns on capital look modest next to the valuation. ROE was 13.7% on average over 3 years, 14% over 5 years and 15% last year, which is weak for a stock priced at more than 9x book.
- Margins are narrowing as new beds ramp up. The Q1 FY27 EBITDA margin fell to 24.8% from 26.8% in the previous quarter.
- Hospital network growth has slowed. Q4 FY26 revenue rose 9% YoY to Rs 2,541 crore, EBITDA grew 8% to Rs 682 crore, and consolidated PAT grew only 7% YoY to Rs 342 crore.
- Occupancy and pricing are soft. Occupancy dropped to 74% in Q3 FY26 from 77% in Q2 FY26, and ARPOB grew only about 1-3% YoY during FY26.
- There are accounting-quality flags. The tax rate looks low and the company may be capitalizing interest cost, which could make reported earnings look better than they are. Meanwhile, 3-year profit CAGR is only 10% against 22% sales CAGR.
- Cash returns to shareholders are small. The dividend yield is 0.19% and the payout has averaged 13.6% of profits over 3 years, since most cash goes into expansion.
- The stock has lagged recently. It is down 10% over the past year despite earnings growth, which points to a de-rating of its valuation multiple.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Kalinga Hospital NCLT litigation drags on Sep 29
BRS Capital's petitions against subsidiary Kalinga Hospital are still pending at NCLT Cuttack. Max had to file its reply within a week after the Sep 11 hearing, and the hearing set for Sep 28 has now been adjourned to October 29, 2026, so the legal overhang continues.
- ₹87.87 Cr infused into Kalinga Sep 3
Max Healthcare approved subscribing to an ₹87.87 crore rights issue in subsidiary Kalinga Hospital Ltd. The money will fund capital expenditure and modernisation, which signals a long-term commitment to the Odisha asset.
- ESG 'Leader' rating of 72 Sep 18
SEBI-registered provider Niche99 gave Max Healthcare an ESG score of 72, which falls in its 'Leader' category. The rating was based independently on public disclosures and may support ESG-focused institutional interest.
- Postal ballot for PLRSU scheme Sep 19
Max issued a postal ballot notice seeking special resolutions for a new performance-linked restricted stock unit (PLRSU) scheme and CMD remuneration. The scheme could cause minor equity dilution but ties management pay to performance.
- Jefferies and J.P. Morgan investor meets Sep 14
Max will join Jefferies' 5th India Forum 2026 on Sep 16 and the J.P. Morgan India Conference 2026 on Sep 21 at St. Regis, Mumbai. The company said no unpublished price-sensitive information will be shared.
TL;DR: Max Healthcare is putting capital into expansion, with ₹87.87 crore going into Kalinga Hospital, and it has earned a 'Leader' ESG rating of 72. It is also staying in front of institutional investors through the Jefferies and J.P. Morgan conferences. The main risk is the unresolved BRS Capital litigation over Kalinga at NCLT, which was adjourned to October 29, 2026, plus some dilution from the proposed PLRSU scheme. Overall the trend is steady to improving, and investors should watch the October NCLT hearing and the postal ballot results.
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
Log in to view Max Healthcare Institute insights
62 extracted metrics + investor summaries across FY17–FY27.
Documents
Frequently Asked Questions about Max Healthcare Institute
What does Max Healthcare Institute Ltd do?
Where is Max Healthcare Institute Ltd (MAXHEALTH) listed?
Which sector does Max Healthcare Institute Ltd belong to?
What is the market capitalisation of Max Healthcare Institute Ltd?
What is the PE ratio of Max Healthcare Institute Ltd?
What is the 52-week high and low of Max Healthcare Institute Ltd?
Does Max Healthcare Institute Ltd pay dividends?
What is the Return on Equity (ROE) of Max Healthcare Institute Ltd?
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MAXHEALTH.md for Max Healthcare Institute Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.