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Max Healthcare Institute Ltd.
NSE: MAXHEALTH · Healthcare
₹934.00+0.21%06 Nov 2026
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Instant answers about Max Healthcare Institute Ltd. — computed from its filings, no language modelMarket cap₹90,907 cr
Current price₹934.00
High / Low₹1,181 / ₹815
P/E65.8
P/B8.02
Book value₹116.4
ROE12.2%
ROCE13.7%
Debt / equity0.33
Dividend yield0.16%
EPS (TTM)₹14.19
Face value₹10
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Revenue | 2,505 | 3,931 | 4,563 | 5,406 | 7,028 | 8,373 |
| EBITDA | 404 | 943 | 1,241 | 1,492 | 1,849 | 2,243 |
| Operating margin | 16.1% | 24.0% | 27.2% | 27.6% | 26.3% | 26.8% |
| Interest | 179 | 101 | 84 | 60 | 165 | 235 |
| Depreciation | 174 | 221 | 232 | 245 | 359 | 447 |
| Profit before tax | -69 | 739 | 1,064 | 1,365 | 1,406 | 1,676 |
| Tax | 46 | 134 | -40 | 308 | 330 | 233 |
| Net profit | -137 | 605 | 0 | 1,051 | 1,076 | 1,442 |
| EPS ₹ | -1.59 | 6.25 | 11.38 | 10.89 | 11.07 | 14.83 |
| Operating cash flow | — | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Capex | — | 561 | 336 | 779 | 966 | 1,485 |
| Dividend paid | — | 0 | 0 | 97 | 146 | 146 |
| Total assets | 8,544 | 9,189 | 10,102 | 12,000 | 15,214 | 17,231 |
| Equity | 5,639 | 6,282 | 7,410 | 8,408 | 9,381 | 10,747 |
Quarterly performance
last 25 quarters · ₹ crore| SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 651 | 796 | 802 | 1,000 | 1,018 | 974 | 939 | 1,066 | 1,137 | 1,141 | 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 | 2,366 | 2,569 |
| Operating profit | 87 | 160 | 168 | 244 | 239 | 246 | 210 | 264 | 319 | 313 | 340 | 337 | 387 | 386 | 382 | 387 | 451 | 499 | 512 | 523 | 575 | 538 | 606 | 598 | 711 |
| Operating margin | 13.4% | 20.1% | 21.0% | 24.4% | 23.5% | 25.2% | 22.4% | 24.8% | 28.0% | 27.5% | 28.0% | 26.3% | 28.4% | 28.9% | 26.8% | 25.1% | 26.4% | 26.7% | 26.8% | 25.8% | 26.9% | 26.0% | 28.3% | 25.3% | 27.7% |
| Other income | 40 | 40 | 29 | 26 | 31 | 49 | 25 | 32 | 26 | 45 | 40 | 41 | 45 | 46 | 45 | 35 | 41 | 33 | 47 | 37 | 33 | 45 | 48 | 41 | 41 |
| Interest | 53 | 46 | 45 | 27 | 27 | 25 | 22 | 22 | 22 | 20 | 20 | 19 | 9 | 11 | 21 | 24 | 34 | 52 | 55 | 55 | 54 | 60 | 67 | 71 | 74 |
| Depreciation | 57 | 48 | 48 | 54 | 54 | 55 | 58 | 57 | 58 | 57 | 60 | 56 | 58 | 61 | 70 | 77 | 84 | 98 | 101 | 104 | 108 | 111 | 123 | 132 | 138 |
| Profit before tax | 17 | 105 | 104 | 190 | 182 | 213 | 154 | 216 | 265 | 281 | 301 | 303 | 366 | 360 | 336 | 321 | 374 | 309 | 402 | 400 | 446 | 365 | 465 | 436 | 541 |
| Tax | 4 | 15 | 35 | 43 | 37 | 23 | 31 | 44 | -192 | 59 | 50 | 63 | 90 | 70 | 84 | 85 | 92 | 70 | 84 | 92 | -45 | 64 | 122 | 113 | 126 |
| Net profit | 13 | 90 | 70 | 147 | 145 | 191 | 124 | 173 | 457 | 222 | 0 | 240 | 0 | 289 | 251 | 236 | 282 | 239 | 319 | 308 | 491 | 301 | 342 | 323 | 415 |
| EPS ₹ | 0.16 | 1.00 | 0.76 | 1.52 | 1.50 | 1.96 | 1.28 | 0.00 | 4.72 | 2.29 | 2.59 | 2.47 | 2.85 | 2.98 | 2.59 | 2.43 | 2.90 | 2.46 | 3.28 | 3.17 | 5.05 | 3.10 | 3.52 | 3.32 | 4.26 |
| Revenue YoY | — | — | — | — | 56.4% | 22.4% | 17.1% | 6.6% | 11.7% | 17.2% | 29.4% | 20.5% | 19.9% | 17.0% | 17.2% | 20.1% | 25.3% | 40.0% | 34.2% | 31.4% | 25.1% | 10.7% | 12.2% | 16.7% | 20.3% |
| Profit YoY | — | — | — | — | 1003.4% | 111.4% | 75.5% | 17.6% | 216.2% | 16.4% | -100.0% | 38.9% | -100.0% | 30.1% | — | -1.6% | — | -17.5% | 27.2% | 30.3% | 74.3% | 26.0% | 7.3% | 4.9% | -15.5% |
Returns & margins
trailing-twelve-month, per quarter| JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.7% | 8.0% | 9.8% | 9.7% | 10.1% | 13.7% | 14.1% | 11.5% | 12.4% | 5.9% | 6.7% | 9.3% | 9.2% | 12.0% | 11.5% | 11.5% | 12.2% | 13.5% | 14.1% | 13.4% | 13.6% | 12.2% |
| ROCE | 9.0% | 11.1% | 12.4% | 12.0% | 12.3% | 12.2% | 13.1% | 14.2% | 15.2% | 15.5% | 16.3% | 14.7% | 14.9% | 14.0% | 13.9% | 12.7% | 13.6% | 13.3% | 13.8% | 13.4% | 13.8% | 13.7% |
| Net margin | 9.9% | 12.5% | 14.6% | 15.4% | 15.8% | 23.0% | 22.8% | 18.7% | 19.3% | 9.2% | 10.2% | 14.4% | 13.7% | 17.6% | 15.4% | 15.3% | 15.3% | 17.1% | 17.4% | 17.2% | 16.7% | 15.1% |
| EBITDA margin | 20.3% | 22.4% | 23.6% | 23.9% | 24.0% | 25.2% | 25.8% | 27.1% | 27.4% | 27.5% | 27.9% | 27.6% | 27.2% | 26.7% | 26.3% | 26.3% | 26.4% | 26.6% | 26.4% | 26.8% | 26.6% | 26.8% |
| Debt / equity | 0.16 | 0.16 | 0.16 | 0.12 | 0.12 | 0.11 | 0.11 | 0.09 | 0.09 | 0.08 | 0.08 | 0.15 | 0.15 | 0.20 | 0.20 | 0.32 | 0.32 | 0.33 | 0.33 | 0.32 | 0.32 | 0.33 |
| Interest coverage | 3.44 | 5.01 | 6.58 | 8.33 | 8.93 | 10.29 | 11.61 | 13.68 | 15.23 | 19.53 | 23.67 | 23.80 | 22.48 | 16.55 | 11.26 | 9.52 | 8.58 | 8.20 | 8.21 | 8.13 | 7.81 | 7.66 |
| Asset turnover | 0.38 | 0.42 | 0.44 | 0.43 | 0.44 | 0.43 | 0.45 | 0.45 | 0.47 | 0.47 | 0.49 | 0.45 | 0.47 | 0.46 | 0.50 | 0.46 | 0.49 | 0.49 | 0.50 | 0.49 | 0.51 | 0.49 |
Balance sheet
equity vs borrowings over time · ₹ crore| MAR '19‡ | MAR '20‡ | MAR '21‡ | MAR '22‡ | SEP '22 | MAR '23 | SEP '23 | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | 537 | 537 | 966 | 970 | 970 | 971 | 972 | 972 | 972 | 972 | 972 | 973 | 973 |
| Other equity / reserves | 426 | 2,016 | 4,673 | 5,313 | 5,948 | 6,439 | 6,874 | 7,436 | 7,827 | 8,409 | 9,080 | 9,774 | 10,359 |
| Total equity | 963 | 2,553 | 5,639 | 6,282 | 6,918 | 7,410 | 7,846 | 8,408 | 8,799 | 9,381 | 10,052 | 10,747 | 11,332 |
| Borrowings | 964 | 834 | 920 | 727 | 769 | 689 | 660 | 1,299 | 1,768 | 3,010 | 3,275 | 3,478 | 3,795 |
| Current liabilities | 1,140 | 1,010 | 777 | 757 | 811 | 1,046 | 1,134 | 1,249 | 1,568 | 1,814 | 2,118 | 2,187 | 2,493 |
| Non-current liabilities | 1,262 | 411 | 2,129 | 2,149 | 1,775 | 1,647 | 1,676 | 2,343 | 2,760 | 4,020 | 4,111 | 4,297 | 4,696 |
| Total assets | 3,366 | 3,974 | 8,544 | 9,189 | 9,504 | 10,102 | 10,656 | 12,000 | 13,127 | 15,214 | 16,281 | 17,231 | 18,722 |
| Property, plant & equipment | 938 | 275 | 1,523 | 1,733 | 1,939 | 2,019 | 2,069 | 3,246 | 3,919 | 5,462 | 5,798 | 6,980 | 7,764 |
| Capital work-in-progress | 86 | 28 | 27 | 105 | 124 | 207 | 254 | 445 | 588 | 900 | 1,226 | 592 | 805 |
| Investments | 1 | 2,182 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 3 | 5 | 5 | 5 |
| Inventories | 26 | 27 | 54 | 61 | 62 | 76 | 72 | 80 | 93 | 106 | 114 | 114 | 132 |
| Receivables | 499 | 96 | 485 | 493 | 460 | 439 | 530 | 559 | 621 | 776 | 1,022 | 1,049 | 1,317 |
| Cash & equivalents | 8 | 111 | 627 | 309 | 194 | 43 | 1,582 | 980 | 964 | 662 | 478 | 666 | 557 |
Cash flow
annual · ₹ crore · line = free cash flow| FY19‡ | FY20‡ | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 89 | 250 | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Cash from investing | -17 | -127 | -772 | -1,187 | -1,285 | -1,632 | -1,689 |
| Cash from financing | -74 | 144 | -294 | -289 | -264 | -164 | 59 |
| Capex | 116 | 89 | 561 | 336 | 779 | 966 | 1,485 |
| Free cash flow | -27 | 161 | 187 | 874 | 343 | 494 | 149 |
| Dividends paid | — | — | 0 | 0 | 97 | 146 | 146 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹7,764 cr41%
CWIP₹805 cr4%
Investments₹5 cr0%
Inventories₹132 cr1%
Receivables₹1,317 cr7%
Cash & equivalents₹557 cr3%
Other assets₹8,143 cr43%
Peer comparison
largest in Healthcare · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Sun Pharmaceutical Industries Ltd. | 4,46,270 | 1,860.00 | 40.7 | 5.00 | 12.3% |
| Divi's Laboratories Ltd. | 2,73,493 | 10,320.50 | 93.5 | 16.32 | 17.5% |
| Torrent Pharmaceuticals Ltd. | 1,80,671 | 4,750.00 | 85.1 | 9.83 | 11.6% |
| Laurus Labs Ltd. | 1,26,430 | 2,340.00 | 94.4 | 20.86 | 22.1% |
| Apollo Hospitals Enterprise Ltd. | 1,21,453 | 8,446.00 | 54.2 | 11.45 | 21.1% |
| Zydus Lifesciences Ltd. | 1,19,550 | 1,197.90 | 28.6 | 4.30 | 15.0% |
| Dr. Reddy's Laboratories Ltd. | 1,14,646 | 1,373.00 | 40.9 | 2.95 | 7.2% |
| Cipla Ltd. | 1,13,988 | 1,411.00 | 39.3 | 3.22 | 8.2% |
| Mankind Pharma Ltd. | 1,04,902 | 2,540.00 | 46.7 | 5.97 | 12.8% |
| Aurobindo Pharma Ltd. | 1,03,572 | 1,800.00 | 26.0 | 2.63 | 10.1% |
| Max Healthcare Institute Ltd. | 90,907 | 934.00 | 65.8 | 8.02 | 12.2% |
StoxGud checklist: Bearish setup · 3/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month+2.9%
6 months-8.0%
1 year-21.5%
3Y CAGR+16.3%
5Y CAGR+22.5%
10Y CAGR—
50-day avg₹944.98
200-day avg₹1,011.31
RSI (14)79
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FAQs
What is the share price of Max Healthcare Institute Ltd.?
Max Healthcare Institute Ltd. (MAXHEALTH) closed at ₹934.00 on NSE on 06 Nov 2026.
What is the market cap of Max Healthcare Institute Ltd.?
₹90,907 crore at the latest close.
What is the P/E ratio of Max Healthcare Institute Ltd.?
65.8, on trailing-twelve-month earnings from its filings.
How fast is Max Healthcare Institute Ltd. growing?
Max Healthcare Institute Ltd.: revenue has compounded at 22.4% a year over three years. Latest-quarter revenue is up 20.3% year on year, profit down 15.5%.
How profitable is Max Healthcare Institute Ltd.?
On a trailing-twelve-month basis return on equity is 12.2%, return on capital employed 13.7%, operating margin 26.8%, net margin 15.1%.
How much debt does Max Healthcare Institute Ltd. have?
Max Healthcare Institute Ltd. is lightly geared: debt to equity is 0.33 with borrowings of ₹3,795 cr against cash of ₹557 cr (balance sheet of 2026-09-30). Operating profit covers interest 7.7 times.
Financials parsed from Max Healthcare Institute Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '20, annual from FY21, balance sheet from Mar '19. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.
Max Healthcare Institute Ltd. · advanced chart