Max Healthcare Institute Limited (MAXHEALTH)

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Max Healthcare Institute Limited (MAXHEALTH) · mywealthgrid

About

Max Healthcare operates multi-hospital networks in India's healthcare sector with market capitalization of ₹98,157 Cr. In Q4 FY2026 (Mar quarter), consolidated revenue was ₹2,143 Cr, net profit ₹342 Cr, with operating margins of 28.3%. The company shows consistent profitability with operating margins between 25.8% and 29.3% across recent quarters.

Face value: ₹10

Market cap

₹91,573 Cr

P/E

62.8×

P/B

8.5×

Dividend yield

0.4%

ROE

14.3%

ROCE

13.8%

Debt / equity

0.32

OPM

26.8%

EPS (TTM)

₹15.0

Book value

₹110.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Trading PE of 68x suggests elevated valuation; verify if earnings growth justifies this or if downside risk exists
Quarterly consolidated net profit volatile (Sep 2025: ₹491 Cr vs Mar 2026: ₹342 Cr); clarify if driven by seasonal patterns or operational variability
Stock return of −20.33% over one year despite consistent profitability and dividends indicates valuation pressure; determine if macro headwinds or sector rotation are weighing on price
Consolidated revenue of ₹2,143 Cr significantly exceeds standalone ₹733 Cr (Mar 2026); assess profitability and sustainability of non-consolidated operations

Generated analysis · source review pending

Growth drivers

Consolidated revenue grew 3.6% sequentially from ₹2,067.52 Cr (Dec 2025) to ₹2,142.89 Cr (Mar 2026); track if this momentum continues into FY2027
Operating margins ranging from 25.8% to 29.3% across recent quarters show mid-to-high 20s efficiency, providing buffer against healthcare cost inflation
Debt-to-equity of 0.32 is conservative; assess if management plans to leverage available capacity for facility expansion or acquisitions
Standalone revenue grew from ₹694 Cr (Jun 2025) to ₹733 Cr (Mar 2026); verify if this reflects bed utilization improvements or new facility contributions

Generated analysis · source review pending

1,508 historical price candles were omitted because the exchange source has not been verified.

₹941.0-4.2%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 26.8%
+Revenue CAGR of 27.3% over the last 5 years

Cons

−Expensive at 62.8× trailing earnings
−Trading at 8.5× book value
−Low promoter holding of 23.7%

Research score

Structured signal from quality, growth, valuation and momentum.

40/100

Business quality: 55
Growth: 55
Valuation: 10

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Max Healthcare Institute LimitedMAXHEALTHMAXHEALTH	₹91,573 Cr	₹95,052 Cr	₹8,712 Cr	₹2,318 Cr	26.8%	₹1,457 Cr	17.2%	13.8%	14.3%	-110
Manipal Health Enterprises LimitedMANIPALHOSMANIPALHOS	₹91,552 Cr	₹1,02,105 Cr	₹10,336 Cr	₹2,611 Cr	25.3%	₹917 Cr	8.9%	12.5%	12.8%	38
Fortis Healthcare LimitedFORTISFORTIS	₹59,268 Cr	₹62,140 Cr	₹9,506 Cr	₹2,131 Cr	22.8%	₹1,048 Cr	11.7%	13%	11.1%	-99
Aster Dm Healthcare LimitedASTERDMASTERDM	₹36,728 Cr	₹37,429 Cr	₹4,876 Cr	₹958 Cr	19.4%	₹319 Cr	9.2%	11.9%	9.7%	-112
Global Health LimitedMEDANTAMEDANTA	₹36,498 Cr	₹37,688 Cr	₹4,683 Cr	₹979 Cr	20.8%	₹556 Cr	12.6%	16.9%	15.1%	-26
Narayana Hrudayalaya Ltd.NHNH	₹35,594 Cr	₹40,460 Cr	₹9,072 Cr	₹1,749 Cr	20.5%	₹816 Cr	10.2%	15.1%	19.7%	-181
Krishna Institute Of Medical Sciences LimitedKIMSKIMS	₹29,457 Cr	₹32,701 Cr	₹4,213 Cr	₹833 Cr	20.5%	₹205 Cr	6.2%	9.5%	11%	-50
Dr. Agarwal's Health Care LimitedAGARWALEYEAGARWALEYE	₹15,420 Cr	₹15,578 Cr	₹2,207 Cr	₹612 Cr	27.4%	₹148 Cr	8.1%	10.1%	6.8%	-76
Rainbow Childrens Medicare LimitedRAINBOWRAINBOW	₹13,003 Cr	₹13,003 Cr	₹1,820 Cr	₹575 Cr	32%	₹285 Cr	16.5%	18.2%	17.9%	-73
Park Medi World LimitedPARKHOSPSPARKHOSPS	₹11,696 Cr	₹11,924 Cr	₹1,679 Cr	₹444 Cr	26.5%	₹258 Cr	16.3%	21.4%	16.7%	-2
Healthcare Global Enterprises LimitedHCGHCG	₹9,984 Cr	₹10,895 Cr	₹2,627 Cr	₹480 Cr	18.3%	₹23 Cr	0.9%	9.1%	1.2%	-93
Yatharth Hospital & Trauma Care Services LimitedYATHARTHYATHARTH	₹9,965 Cr	₹10,218 Cr	₹1,334 Cr	₹310 Cr	24.2%	₹174 Cr	14.1%	12.3%	10%	-26

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,059	2,505	3,931	4,563	5,406	7,028	8,373
COGS	217	594	923	922	1,119	1,477	1,790
Gross profit	842	1,910	3,009	3,641	4,288	5,551	6,583
	748	1,529	2,066	2,400	2,795	3,703	4,341
	94	381	943	1,241	1,492	1,849	2,243
OPM %	8.8%	15.2%	24%	27.2%	27.6%	26.3%	26.8%
Depreciation	46	174	221	232	245	359	447
Interest	83	179	101	84	60	165	235
	48	-119	118	139	178	82	114
Profit before tax	59	-92	739	1,064	1,365	1,406	1,676
Tax	-0	46	134	-40	308	330	233
Tax %	-0.2%	50%	18.1%	-3.7%	22.5%	23.5%	13.9%
	59	-138	605	1,104	1,058	1,076	1,442
PAT margin %	5.6%	-5.5%	15.4%	24.2%	19.6%	15.3%	17.2%
EPS (₹)	1	-1.6	6.3	11.4	10.9	11.1	14.8
EPS adjusted (₹)	1.1	-1.4	6.2	11.4	10.8	11.1	14.8
	0%	—	0%	8.8%	13.8%	13.6%	13.5%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	537	537	966	970	971	972	972	973
Reserves	426	2,016	4,673	5,313	6,439	7,436	8,409	9,774
	964	834	897	727	689	1,299	3,010	3,478
	1,439	587	2,009	2,180	2,003	2,293	2,823	3,006
Total equity & liabilities	3,366	3,974	8,544	9,189	10,102	12,000	15,214	17,231
	2,192	851	6,536	7,018	7,039	8,721	11,497	12,986
CWIP	86	28	27	105	207	445	900	592
Investments	1	2,182	1	1	1	65	8	10
	1,087	913	1,981	2,066	2,856	2,769	2,810	3,642
Total assets	3,366	3,974	8,544	9,189	10,102	12,000	15,214	17,231

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.5%	76.3%	76.5%	79.8%	79.3%	79%	78.6%
EBITDA margin %	8.8%	16.1%	24%	27.2%	27.6%	26.3%	26.8%
EBIT margin %	4.5%	9.2%	18.4%	22.1%	23.1%	21.2%	21.5%
PAT margin %	5.6%	-5.5%	15.4%	24.2%	19.6%	15.3%	17.2%
Working capital
Receivable days	33	53	36	27	31	36	42
Inventory days	45	33	24	30	26	26	23
Payable days	302	268	179	215	221	200	175
NWC days	-224	-181	-119	-158	-164	-138	-110
Leverage
Current ratio	2.89	1.45	1.32	1.86	1.37	0.88	0.89
Debt to EBITDA	8.91	2.22	0.77	0.56	0.87	1.63	1.55
Debt to equity	0.33	0.16	0.12	0.09	0.15	0.32	0.32
Interest coverage	1.2	1.9	8.4	13.7	23.8	10	8.3
Asset turnover	0.27	0.29	0.43	0.45	0.45	0.46	0.49
Return ratios
Return on assets %	1.5%	-1.6%	6.6%	10.9%	8.8%	7.1%	8.4%
Return on capital employed %	3.2%	6.4%	10.5%	13.1%	14.4%	13.6%	13.8%
Return on equity %	2.3%	-2.4%	9.6%	14.9%	12.6%	11.5%	13.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23.76%	23.75%	23.75%	23.74%	23.74%	23.74%	23.74%	23.74%	23.74%	23.72%	23.71%	23.71%
	60.38%	60.69%	57.33%	56.98%	57.29%	56.93%	54.74%	54.76%	51.8%	50.55%	45.39%	41.78%
	11.4%	11.57%	14.96%	15.36%	15.14%	15.55%	17.58%	17.42%	20.03%	21.2%	26.32%	29.96%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	4.46%	3.99%	3.96%	3.92%	3.83%	3.78%	3.94%	4.08%	4.43%	4.53%	4.58%	4.55%
No. of shareholders	—	—	—	—	—	—	—	—	1,80,891	2,03,837	2,16,996	2,24,606

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹929.8 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹919.9	-64.6	-6.6%	₹919.9	22,260	+3,245	14,136	525
23 Nov 2026	₹918.1	-71.5	-7.2%	₹918.1	453	+335	696	525
29 Dec 2026	₹916.6	-80.1	-8%	₹916.6	90	+90	149	525

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

128

across 18 fund houses

Held by these funds

8.56%

of the company's equity

All mutual funds

18.68%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

128 schemes · 18 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	1.44 Cr	1,504.35	0.7%	1.483%	+75,890
Growth Mid Cap FundNEW	Nippon India Mutual Fund	73 L	760.73	1.46%	0.75%	—
Aggressive Hybrid FundNEW	SBI Mutual Fund	70 L	729.47	0.82%	0.719%	—
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	63.04 L	656.93	0.92%	0.648%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	53.08 L	553.17	1.29%	0.545%	-26.92 L
Large Cap Fund	ICICI Prudential Mutual Fund	50.22 L	523.35	0.65%	0.516%	+5.75 L
ETF NIFTY 50 BEES	Nippon India Mutual Fund	45.3 L	472.08	0.7%	0.465%	+90,982
Focused FundNEW	ICICI Prudential Mutual Fund	43.13 L	449.5	2.5%	0.443%	—

1–8 of 128

1 / 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Rating by CARE Ratings Limited2 Oct 2025 from CARE

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend3 Jul 2026 · ex-date₹2
Final dividend4 Jul 2025 · ex-date₹1.5
Final dividend23 Aug 2024 · ex-date₹1.5
Final dividend8 Sept 2023 · ex-date₹1

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

137 announcementsExport CSV

29 Sept 2026, 10:41 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

20 Sept 2026, 3:36 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

19 Sept 2026, 7:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Notice of Postal Ballot

Postal Ballot PDF

18 Sept 2026, 4:30 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

14 Sept 2026, 3:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

14 Sept 2026, 2:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

11 Sept 2026, 4:03 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

7 Sept 2026, 10:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
29 Sept 2026, 10:41 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
20 Sept 2026, 3:36 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.5%	76.3%	76.5%	79.8%	79.3%	79%	78.6%
EBITDA margin %	8.8%	16.1%	24%	27.2%	27.6%	26.3%	26.8%
EBIT margin %	4.5%	9.2%	18.4%	22.1%	23.1%	21.2%	21.5%
PAT margin %	5.6%	-5.5%	15.4%	24.2%	19.6%	15.3%	17.2%
Working capital
Receivable days	33	53	36	27	31	36	42
Inventory days	45	33	24	30	26	26	23
Payable days	302	268	179	215	221	200	175
NWC days	-224	-181	-119	-158	-164	-138	-110
Leverage
Current ratio	2.89	1.45	1.32	1.86	1.37	0.88	0.89
Debt to EBITDA	8.91	2.22	0.77	0.56	0.87	1.63	1.55
Debt to equity	0.33	0.16	0.12	0.09	0.15	0.32	0.32
Interest coverage	1.2	1.9	8.4	13.7	23.8	10	8.3
Asset turnover	0.27	0.29	0.43	0.45	0.45	0.46	0.49
Return ratios
Return on assets %	1.5%	-1.6%	6.6%	10.9%	8.8%	7.1%	8.4%
Return on capital employed %	3.2%	6.4%	10.5%	13.1%	14.4%	13.6%	13.8%
Return on equity %	2.3%	-2.4%	9.6%	14.9%	12.6%	11.5%	13.4%

65 deals · 29 Sept 2021 – 30 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Mar 2026	CITIGROUP GLOBAL MARKETS SINGAPORE PTE LIMITED	Block	BSE	Sell	5,88,678	₹969.00	₹57.04 Cr
30 Mar 2026	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	5,88,678	₹969.00	₹57.04 Cr
18 Mar 2026	CITIGROUP GLOBAL MARKETS SINGAPORE PTE LIMITED	Block	NSE	Buy	7,94,904	₹976.00	₹77.58 Cr
18 Mar 2026	CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD	Block	NSE	Sell	7,94,904	₹976.00	₹77.58 Cr
12 Nov 2025	SOCIETE GENERALE	Block	BSE	Buy	92,289	₹1,095.40	₹10.11 Cr
12 Nov 2025	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Sell	92,289	₹1,095.40	₹10.11 Cr
29 Sept 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	82,90,713	₹1,111.66	₹921.65 Cr
29 Sept 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	3,53,042	₹1,125.02	₹39.72 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	1,37,941	₹1,219.00	₹16.82 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	1,37,941	₹1,219.00	₹16.82 Cr

1–10 of 65

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

42

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	790	₹3.5	131	+36	36
3	+3	4	₹125.7	800	₹4.1	1,415	+341	341
0	0	0	₹0.0	810	₹4.6	6	+3	3
3	0	0	₹158.2	820	₹5.8	2,793	+350	353
0	0	0	₹0.0	830	₹7.0	240	+61	61
3	0	0	₹138.8	840	₹8.2	2,530	+222	232
57	+57	85	₹76.0	850	₹9.9	1,287	+228	228
0	0	0	₹0.0	860	₹11.8	1,802	+132	144

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	89	77	118	748	1,209	1,122	1,460	1,633
	-17	-2,641	-73	-772	-1,187	-1,285	-1,632	-1,689
	-74	2,353	191	-294	-289	-264	-164	59
Net cash flow	-2	-210	236	-317	-266	-427	-336	4
Free cash flow	89	-13	-1	187	874	343	494	149
CFO / Operating profit %	—	82.4%	29.2%	79.4%	97.5%	75.2%	79%	72.8%

Max Healthcare Institute Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

4

1

Announcements

4

1

3

42

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Max Healthcare Institute Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends4

Board meetings1

Announcements

Ratio timeline

Dividends4

Board meetings1

Quarterly record

Futures3

Bulk & block deals

Board and management

Option chain42

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

4

1

4

1

3

42