MarketFriction

Max Healthcare Institute Ltd

NSE MAXHEALTH · BSE 543220 · Hospital
₹940.95 +1.20%
NSE close2026-10-01
52 week range903.00 - 1,221.90
Market cap₹95,589 Cr.
P/E63.8
Nifty 50Nifty 100Nifty 200Nifty 500Nifty Healthcare IndexNifty InfrastructureNifty India Consumption No price band Delivery 52.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,3631,3351,4231,5431,7071,8681,9102,0282,1352,0682,1432,366
Expenses9769491,0411,1561,2571,3691,3981,5051,5601,5291,5361,768
Operating Profit387386382387451499512523575538606598
OPM %28%29%27%25%26%27%27%26%27%26%28%25%
Other Income4546453541-40473733-34841
Interest91121243452555554606771
Depreciation586170778498101104108111123132
Profit before tax366360336321374309402400446365465436
Tax %24%20%25%26%25%23%21%23%-10%17%26%26%
Net Profit277289252236282239319308491301342323
EPS in Rs2.852.982.592.432.902.463.283.175.053.093.523.32
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,6081,7291,6911,0592,5083,9374,5635,4067,0288,3738,712
Expenses1,4671,6161,5359652,1012,9863,3223,9135,1806,1316,394
Operating Profit141113156944079511,2411,4931,8492,2432,318
OPM %9%7%9%9%16%24%27%28%26%27%27%
Other Income59655648-12211013917782114118
Interest10099101831791018460165235251
Depreciation969410346174221232245359447474
Profit before tax5-15813-697391,0641,3651,4061,6761,711
Tax %-236%65%102%-1%67%18%-4%23%24%14%
Net Profit16-25-059-1386051,1041,0581,0761,4421,457
EPS in Rs0.29-0.47-0.061.10-1.426.2411.3710.8811.0714.8214.98
Dividend Payout %0%0%0%0%0%0%9%14%14%13%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%27%22%16%
Compounded Profit Growth%60%10%25%
Stock Price CAGR%22%20%-12%
Return on Equity11%14%14%15%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital537537537537966970971972972973
Reserves6556274262,0164,6735,3136,4397,4368,4099,774
Borrowings8749811,0038751,1019136891,2993,0103,478
Other Liabilities1,0801,1571,3895461,8031,9932,0032,2932,7952,959
Total Liabilities3,1463,3023,3553,9748,5439,18910,10212,00015,18617,184
Fixed Assets2,2442,2272,1928516,5367,0187,0398,78411,50212,991
CWIP4638872827151252553901593
Investments0012,182111235
Other Assets8561,0361,0759131,9802,0202,8102,6612,7813,595
Total Assets3,1463,3023,3553,9748,5439,18910,10212,00015,18617,184
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity15616689771187411,2091,1221,4381,633
Cash from Investing Activity-104-124-17-2,641206-764-1,187-1,253-1,593-1,688
Cash from Financing Activity-48-48-742,353191-294-289-264-16359
Net Cash Flow4-6-2-210516-317-266-395-3184
Free Cash Flow41100-27-131192877342500165
CFO/OP135%166%75%89%15%89%110%93%95%89%
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days53597833533627313642
Inventory Days20242643342430262623
Days Payable184227292286274174212207198175
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters23.76%23.75%23.75%23.74%23.74%23.74%23.74%23.74%23.74%23.72%23.71%23.71%
FIIs60.39%60.69%57.33%56.99%57.29%56.93%54.74%54.76%51.80%50.55%45.39%41.78%
DIIs11.40%11.55%14.96%15.36%15.14%15.55%17.59%17.41%20.03%21.20%26.32%29.95%
Public4.45%3.99%3.97%3.91%3.84%3.77%3.94%4.09%4.43%4.52%4.58%4.55%
No. of Shareholders1,18,6351,11,3381,27,0091,36,2541,37,8561,40,0281,51,6331,62,1191,80,8912,03,8372,16,9962,24,606

Fundamentals

Market Cap₹ 95,589 Cr.
Current Price₹ 982
Stock P/E63.8
Book Value₹ 110
ROCE14.7 %
ROE14.7 %
Dividend Yield0.20 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)16%
Compounded Profit Growth (TTM)25%
Consolidated figures.
Valuation
Market capRs 91,567 Cr
Enterprise valueRs 94,345 Cr
P/E (TTM)62.83x
Price to book8.52x
Price to sales10.51x
EV / EBITDA38.72x
EV / EBIT48.07x
EV / sales10.83x
Price to cash flow56.06x
Earnings yield1.59%
Dividend yield0.21%
P/E, 3-year average79.79x
P/B, 3-year average9.85x
P/E, 5-year average66.78x
P/B, 5-year average8.14x
Profitability
Operating margin (excl. other income)26.79%
Operating margin (incl. other income)28.15%
EBITDA margin27.97%
Pre-tax margin19.64%
Net profit margin16.73%
Net margin, latest quarter13.65%
ROE14.33%
ROCE14.36%
ROA8.91%
ROE, 3-year average13.27%
ROCE, 3-year average14.86%
ROA, 3-year average8.80%
ROE, 5-year average13.21%
ROCE, 5-year average14.33%
ROA, 5-year average8.93%
ROIC (approx.)12.49%
Tax rate13.92%
Other income / net worth1.06%
Growth
Sales growth (latest year)19.14%
Profit growth (latest year)34.07%
Sales CAGR, 3 years22.43%
Sales CAGR, 5 years27.27%
Profit CAGR, 3 years9.34%
Sales growth QoQ10.42%
Profit growth QoQ-5.63%
Sales growth YoY (latest quarter)16.70%
Profit growth YoY (latest quarter)4.87%
Per share
EPS (TTM)Rs 14.98
EPS (latest year)Rs 14.82
EPS (latest quarter)Rs 3.32
EPS, 3-year averageRs 12.26
EPS, 5-year averageRs 10.88
Book value per shareRs 110.43
Sales per shareRs 89.53
Cash flow per shareRs 16.78
Free cash flow per shareRs 1.70
Dividend per share (latest year)Rs 2.00
Dividend per share, 3-year averageRs 1.67
Dividend per share, 5-year averageRs 1.50
Dividends
Dividend payout13.49%
Dividend payout, 3-year average13.61%
Dividend payout, 5-year average12.41%
Efficiency
Asset turnover0.49x
Fixed asset turnover0.64x
Inventory turnover34.69x
Inventory days11 days
Debtor days42 days
Debtors turnover8.63x
Creditor days175 days
Cash conversion cycle-110 days
Working capital days-41 days
Leverage
Total debtRs 3,478 Cr
Cash and bankRs 701 Cr
Net debtRs 2,778 Cr
Debt to equity0.32x
Net debt / EBITDA1.14x
Interest coverage7.81x
Current ratio (filing 2026-03-31)0.89x
Quick ratio (filing 2026-03-31)0.84x
Trade payables (filing 2026-03-31)Rs 859 Cr
Owners' fund to total sources62.54%
Debt to assets20.24%
Cash flow
Cash from Operating Activity (latest year)Rs 1,633 Cr
Cash from Investing Activity (latest year)Rs -1,688 Cr
Cash from Financing Activity (latest year)Rs 59 Cr
Net Cash Flow (latest year)Rs 4 Cr
Free cash flow (latest year)Rs 165 Cr
FCFE (approx.: FCF + change in debt)Rs 633 Cr
Cash from ops / profit, 5 years1.16x
Sales to cash flow5.13x
Statement figures
Net sales (TTM)Rs 8,712 Cr
Net sales (latest year)Rs 8,373 Cr
Sales (latest quarter)Rs 2,366 Cr
Operating profit excl. other income (latest year)Rs 2,243 Cr
Operating profit (latest quarter)Rs 598 Cr
Other income (TTM)Rs 118 Cr
EBITDA (TTM)Rs 2,437 Cr
PBDT (TTM)Rs 2,186 Cr
Profit before tax (TTM)Rs 1,711 Cr
Tax (latest year)Rs 233 Cr
Net profit (TTM)Rs 1,457 Cr
Net profit (latest year)Rs 1,442 Cr
Net profit (latest quarter)Rs 323 Cr
Depreciation (TTM)Rs 474 Cr
Depreciation (latest quarter)Rs 132 Cr
Interest (TTM)Rs 251 Cr
Cost of goods sold (latest year)Rs 3,964 Cr
Total expenditure (latest year)Rs 6,131 Cr
Total income (latest year)Rs 8,488 Cr
Share capitalRs 973 Cr
ReservesRs 9,774 Cr
Shareholders' fundsRs 10,747 Cr
Total assetsRs 17,184 Cr
Net blockRs 12,991 Cr
Capital work in progressRs 593 Cr
InvestmentsRs 5 Cr
ReceivablesRs 970 Cr
InventoryRs 114 Cr
Other liabilitiesRs 2,959 Cr
Shares outstanding (crore)97.31
Ownership
Promoter holding23.71% (-0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 62.8 is at the 17th percentile of its own 5.2-year range (median 74.9, low 50.0, high 374.4).
P/B 8.52 is at the 53th percentile (median 8.42).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMAXHEALTHNifty 50Difference
1 week-10.0%-2.8% -7.3 pts
1 month-6.2%-6.8% +0.6 pts
3 months-18.4%-7.6% -10.8 pts
6 months-2.2%+0.4% -2.6 pts
1 year-17.3%-9.9% -7.4 pts
2 years-10.7%-13.6% +2.8 pts
3 years+65.8%+14.2% +51.7 pts
5 years+162.3%+27.9% +134.4 pts
280 mutual fund schemes hold about ₹16,452 Cr. Over three months 186 bought more and 59 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Flexi Cap Fund1.49%1,694 +17%
Invesco India Midcap Fund6.50%1,034 +85%
Invesco India Large & Mid Cap Fund6.64%780 +5%
Nippon India Growth Mid Cap Fund1.46%761 +14%
SBI Aggressive Hybrid Fund0.82%729 +9%
HDFC Large Cap Fund1.73%689 +11%
Kotak Mid Cap Fund0.92%657 +27%
Motilal Oswal Midcap Fund1.29%553 -43%
ICICI Pru Large Cap Fund0.65%523 +26%
Invesco India Smallcap Fund3.03%477 -4%
ICICI Pru Focused Fund2.50%450 +26%
Canara Rob Large and Mid Cap Fund1.60%421 +2%
Nippon India Pharma Fund2.92%277 +8%
SBI Healthcare Opp Fund4.32%250 +4%
Edelweiss Mid Cap Fund1.25%250 +1%
Mirae Asset Large Cap Fund0.63%243 +100%
Canara Rob Large Cap Fund1.40%239 +10%
Axis Large Cap Fund0.76%238 -14%
HDFC Multi Cap Fund1.01%208 +11%
Kotak Arbitrage Fund(M0.28%208 +462%
UTI Nifty 50 Index Fund0.70%208 +13%
Canara Rob Flexi Cap Fund1.47%201 +10%
Axis ELSS-Tax Saver Fund0.58%191 -27%
ICICI Pru Healthcare Fund-2.59%181 +3%
HDFC Nifty 50 Index Fund0.70%170 +13%

Red flags

F-score 7 of 8
lookAuditor change Auditor change 2026-05-21: Max Healthcare Institute Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2022-08-25Kayak Investments Holding Pte. LtdPromotersother6,874,447Rs 0.00 CrOff Market
2022-08-25Abhay SoiPromotersother6,874,447Rs 0.00 CrOff Market
2022-08-16Kayak Investments Holding Pte. LtdPromoterssell260,196,762Rs 9185.82 CrMarket Sale
2022-03-31Kayak Investments Holding Pte. LtdPromoterssell96,958,852Rs 3296.82 CrMarket Sale
2021-12-14Poonam Das-other84,722Rs 3.38 CrPledge Creation
2021-12-14BalKishan Sharma-sell13,000Rs 0.53 CrMarket Sale
2021-12-13Sandeep Dogra-sell22,262Rs 0.88 CrMarket Sale
2021-12-13Sandeep Budhiraja-sell30,000Rs 1.18 CrMarket Sale
2021-12-13Nidhi M Dev-sell3,985Rs 0.16 CrMarket Sale
2021-12-13Manish Luthra-sell4,000Rs 0.16 CrMarket Sale
2021-12-13BalKishan Sharma-sell25,749Rs 1.03 CrMarket Sale
2021-12-13Ruchi Mahajan-sell17,000Rs 0.68 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹2,366 Cr +16.7% vs Jun 2025. Net profit ₹323 Cr +4.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 2 Per Share
2025-07-04Dividend - Rs 1.50 Per Share
2024-08-23Dividend - Rs 1.5 Per Share
2023-09-08Dividend - Re 1 Per Share
DateTypeWhat it says
2026-09-29LitigationDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-19Shareholder meetingPostal Ballot Notice.
2026-09-18General UpdatesDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-14Concall / analyst meetSchedule of meet
2026-09-14Concall / analyst meetSchedule of meet
2026-09-11LitigationDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-09-07General UpdatesUpdate on infusion of funds in Kalinga Hospital Ltd.
2026-09-04ESOPAllotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022.
2026-09-03AcquisitionInfusion of funds in Kalinga Hospital Ltd.
2026-09-03Press ReleaseA press release dated September 03, 2026, titled "Hon ble Union Home Minister and Cooperation Minister Shri Amit Shah Inaugurates New 400 Beds Tower a...
2026-08-26General UpdatesDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-20Concall / analyst meetTranscript of Earnings Call held on August 14, 2026
2026-08-19LitigationDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-17Investor PresentationInvestor Presentation
2026-08-14Concall / analyst meetLink of Recording
2026-08-14General UpdatesDisclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-13ResignationResignation of Director/KMP/SMP
2026-08-13Change in ManagementChange in Senior Management Personnel
2026-08-13General UpdatesPresentation on Earnings Update for the quarter ended June 30, 2026
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "Max Healthcare Q1 revenue rises to Rs 2,982 Cr registering growth of 16% YoY Network Operating EBITDA r...
2026-08-13Board meeting outcomeMax Healthcare Institute Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-13ESOPAllotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022
2026-08-13ESOPGrant of options under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022
2026-08-12Concall / analyst meetSchedule of meet
2026-08-08Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.81
Max pain (expiry 2026-10-27)950
Largest call open interest at1,000
Largest put open interest at900
Implied volatility, at the money29.1%
Underlying at snapshot940.95
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-291,050
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Max Healthcare Institute Ltd?

Max Healthcare Institute Ltd (MAXHEALTH) has a market capitalisation of Rs 95,589 Cr. at the 2026-10-01 close.

What is the P/E ratio of Max Healthcare Institute Ltd?

Max Healthcare Institute Ltd trades at a P/E of 63.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Max Healthcare Institute Ltd's latest quarterly results?

In the Jun 2026 quarter, Max Healthcare Institute Ltd sales was Rs 2,366 Cr (+16.7% vs Jun 2025) and net profit was Rs 323 Cr.

What is the 52-week high and low of Max Healthcare Institute Ltd?

The 52-week high is Rs 1,221.90 and the 52-week low is Rs 903.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03