Max Healthcare Institute Limited
₹860.00+₹8.55 (+1.0%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹1,00,029 Cr
- P/E
- 144.0x
- EV / EBITDA
- 96.8x
- Revenue
- ₹2,664 Cr
- Net margin
- 29.3%
- ROCE
- 9.4%
Price chart
Technical chartScreen technicals →-27.0% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -7.5%
- 3M
- -23.7%
- 6M
- -13.4%
- 1Y
- -27.0%
- 5Y
- +148.8%
52-week range
Day change +₹8.55 (+1.0%) from ₹851 to ₹860 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in MAXHEALTH, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 108.8%
Concerns1
- Low return on equity of 8.9%
Rule-based from financial data. Not advice.
About the company
Max Healthcare Institute Limited provides medical and healthcare services in India.
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Max Healthcare Institute Limited provides medical and healthcare services in India. It offers services in various specialties, including cardiac sciences, orthopedics, oncology, renal sciences, neurosciences, minimal access and general surgery, pulmonology, obstetrics, gynecology, pediatrics, and nephrology, liver and biliary sciences, gastroenterology and Gi surgery, plastic and reconstructive surgery, and organ transplants, as well as ear, nose, and throat. The company also provides Max@Home, a platform that offers health and wellness services at home; and MaxLab, which provides diagnostic services to patients outside its network of hospitals through various channels comprising third-party hospital laboratory management. It operates through a network of healthcare facilities, including hospitals and medical centres. The company was incorporated in 2001 and is based in Gurugram, India.
- Sector
- Healthcare
- Shares outstanding
- 97.3 Cr shares
- ISIN
- INE027H01010
- BSE code
- 543220
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹1,00,029 Cr
- P/E
- 144.0x
- P/B
- 11.8x
- EV / EBITDA
- 96.8x
- EV / Sales
- 42.7x
- P/S
- 42.7x
- Earnings yield
- 0.7%
- 52-week high
- ₹1,211.40
- 52-week low
- ₹813.40
Profitability
- Operating margin
- 32.6%
- Net margin
- 29.3%
- EBITDA margin
- 44.1%
- ROE
- 8.9%
- ROCE
- 9.4%
- ROA
- 7.6%
- Dividend payout
- 21.0%
- Tax rate
- 21.0%
- Other income, % of PBT
- 31.3%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,664 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 13.8%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 108.8%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,033 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 41.9%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 2.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹613 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -11.9%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹304 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 7.7%
Solvency and efficiency
- Current ratio
- 4.36
- Debt / Equity
- 0.06
- Debt / Assets
- 0.05
- Debt / EBITDA
- 0.43
- Interest coverage
- 14.65
- Financial leverage
- 1.18
- CFO / Net profit
- 0.89
- Cash / Market cap
- 2.2%
- Cash per share
- ₹22.63
- Asset turnover
- 0.26
- Fixed asset turnover
- 0.50
- Capital intensity
- 2.01
- Debtor days
- 32 days
- Inventory turnover
- 15.21
- Cash conversion cycle
- -169 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹26 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1,831 Cr |
| Sales | Operating profit | ₹833 Cr |
| Operating profit | Interest | ₹48 Cr |
| Operating profit | Depreciation | ₹131 Cr |
| Operating profit | Profit before tax | ₹654 Cr |
| Other income | Profit before tax | ₹293 Cr |
| Profit before tax | Tax and other | ₹246 Cr |
| Profit before tax | Net profit | ₹701 Cr |
Revenue and net profit
Revenue grew 13.8% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹1,031 Cr | -₹164 Cr |
| FY2022 | ₹1,775 Cr | ₹332 Cr |
| FY2023 | ₹1,905 Cr | ₹694 Cr |
| FY2024 | ₹2,341 Cr | ₹687 Cr |
| FY2025 | ₹2,664 Cr | ₹701 Cr |
Cash flows
FY2025: ₹598 Cr from operations, -₹275 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹219 Cr | ₹135 Cr |
| FY2022 | ₹447 Cr | -₹223 Cr |
| FY2023 | ₹696 Cr | -₹147 Cr |
| FY2024 | ₹613 Cr | -₹193 Cr |
| FY2025 | ₹598 Cr | -₹275 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹2,664 Cr+13.8%1Y
- Net profit
- ₹701 Cr+2.0%1Y
- Cash from operations
- ₹598 Cr
- Free cash flow
- -₹275 Cr
- Revenue CAGR, 5Y
- 108.8%
- EBITDA CAGR, 5Y
- 76.7%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹2,664 Cr | ₹833 Cr | — | ₹701 Cr | ₹598 Cr | -₹275 Cr | 8.5% | +13.8% | +2.0% |
Monthly returns
Month-by-month returns of MAXHEALTH across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹9,967 Cr |
| Equity capital | ₹972 Cr |
| Reserves | ₹7,317 Cr |
| Borrowings | ₹612 Cr |
| Other liabilities | ₹1,065 Cr |
| Assets | ₹9,967 Cr |
| Fixed assets | ₹4,871 Cr |
| Capital work in progress | ₹277 Cr |
| Investments | ₹2,614 Cr |
| Other assets | ₹2,206 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
MAXHEALTH trades at 144.0x earnings against a peer median of 52.6x (a 174% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Max Healthcare Institute LimitedMAXHEALTHthis companyP/E ↑ premium | ₹1.0 L Cr | 144.0x | 11.8x | 8.9% | 96.8x |
| Torrent Pharmaceuticals Ltd.TORNTPHARM | ₹1.3 L Cr | 62.5x | 15.8x | 19.9% | 45.6x |
| Cipla Ltd.CIPLA | ₹1.2 L Cr | 22.5x | 3.5x | 14.6% | 19.3x |
| Apollo Hospitals Enterprises Ltd.APOLLOHOSP | ₹1.1 L Cr | 75.0x | 11.3x | 13.1% | 54.4x |
| Lupin LtdLUPIN | ₹99,475 Cr | 18.6x | 3.7x | 11.3% | 27.4x |
| Dr. Reddy's Laboratories Ltd.DRREDDY | ₹99,417 Cr | 18.4x | 3.2x | 17.9% | 14.3x |
| Mankind Pharma LimitedMANKIND | ₹91,284 Cr | 54.8x | 5.9x | 19.3% | 34.3x |
| Zydus Lifesciences LimitedZYDUSLIFE | ₹90,637 Cr | 18.8x | 4.2x | 21.9% | 18.4x |
| Alkem Laboratories LimitedALKEM | ₹70,090 Cr | 31.4x | 5.1x | 16.6% | 33.0x |
| Peer median | — | 52.6x | 5.9x | 12.1% | 38.3x |
Year-to-date ROI
MAXHEALTH since 1 January, against earlier years.
Historical volatility
MAXHEALTH's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 16.0% |
| FY2022 | 25.0% |
| FY2023 | 31.0% |
| FY2024 | 33.0% |
| FY2025 | 31.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹2,664 Cr |
| Costs | |
| Interest | ₹48 Cr |
| Expenses | ₹1,830 Cr |
| Operating profitOperating Profit | ₹833 Cr |
| Other income and charges | |
| Profit before tax | ₹947 Cr |
| Tax | |
| Net profitNet Profit | ₹701 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹9,967 Cr |
| Equity capitalEquity Capital | ₹972 Cr |
| Reserves | ₹7,317 Cr |
| Borrowings | ₹612 Cr |
| Other liabilitiesOther Liabilities | ₹1,065 Cr |
| AssetsTotal Assets | ₹9,967 Cr |
| Fixed assetsFixed Assets | ₹4,871 Cr |
| Capital work in progressCWIP | ₹277 Cr |
| Investments | ₹2,614 Cr |
| Other assetsOther Assets | ₹2,206 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹598 Cr |
| Investing cash flowCash from Investing Activity | -₹873 Cr |
| Financing cash flowCash from Financing Activity | -₹29 Cr |
| Change in cashNet Cash Flow | -₹304 Cr |
Learn while you research
Academy chapters picked for Max Healthcare Institute Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 144.0, learn when high multiples are justified.6 min read
- 04 Sector Analysis MattersHealthcare valuation is driven by pipelines and regulation, not just numbers.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read