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    Healthcare

  3. •

    Medical - Care Facilities
Max Healthcare Institute Ltd

Max Healthcare Institute Ltd

MAXHEALTH.NS
Max Healthcare Institute LtdIN flagNational Stock Exchange of India
1,108.10
INR
+6.80
- -
1.08TMarket Cap
Max Healthcare Institute Ltd
MAXHEALTH.NS
(National Stock Exchange of India)

Recent

price

1,108.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
- -
23.03
26.35
31.36
30.63
22.79
28.76
40.14
46.27
54.65
71.09
- -
86.16
Revenue per Share
- -
-0.41
0.17
-0.55
-0.06
1.3
-1.59
6.25
11.38
10.89
11.07
- -
14.84
Basic EPS, GAAP
- -
-16.18
0.75
0.31
-0.49
-0.29
-0.01
1.93
9.78
3.46
5.08
- -
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
1.5
- -
- -
Dividend per Share
- -
1.66
1.88
1.77
1.71
4.69
5.88
11.49
22.73
32.53
42.01
- -
55.25
Book Value per Share
- -
-3.25
-3.38
-4.32
-5.35
43.96
9.85
12.11
24.16
29.08
34.42
- -
48.77
Tangible Book Value per Share
- -
546
546
546
546
453
863
967
970
972
972
- -
972
Basic Weighted Avg Shares
- -
12,568
14,380
17,116
16,714
10,330
24,824
38,832
44,890
53,095
69,104
82,254
83,734
Sales/Revenue/Turnover
- -
1.17
4.03
1.43
3.36
5.1
11.63
20.44
23.28
24.19
22.81
22.82
21.45
Operating Margin (%)
- -
912
1,076
974
1,026
456
1,741
2,211
2,322
2,450
3,594
4,465
4,465
Depreciation Expense
- -
-226
90
-302
-30
590
-1,376
6,050
11,035
10,576
10,759
14,424
14,424
Net Income, GAAP
- -
- -
- -
- -
102.28
- -
- -
18.11
- -
22.54
23.5
13.92
13.92
Effective Tax Rate (%)
- -
-1.8
0.63
-1.76
-0.18
5.71
-5.54
15.58
24.58
19.92
15.57
17.54
17.23
Profit Margin (%)
1,081
-1,316
-338
-444
-6,927
19,054
3,475
2,430
8,975
4,575
-2,136
-2,422
-2,422
Working Capital
3,288
6,488
7,719
8,470
8,887
1,207
12,375
10,189
8,178
11,841
27,676
29,780
29,780
LT Debt
8,630
11,282
11,060
10,340
9,632
25,532
56,387
62,825
74,096
84,081
93,809
107,466
107,466
Total Equity
- -
- -
- -
- -
-0.07
- -
- -
9.1
- -
11.08
10.96
12.2
11.67
Return on Invested Capital (%)
- -
- -
- -
- -
-0.74
- -
- -
33.24
- -
28.86
20.6
20.42
20.64
Return on Capital (%)
- -
-29.3
9.39
-30.3
-3.17
38.57
-38.21
74.74
66.54
39.42
29.71
30.52
30.52
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
4,096
- -
5,004
LT Borrowings
23,390
- -
24,387
LT Finance Leases
5,264
- -
5,393
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
972
- -
973
Market Capitalization
1,083,399
1,015,747
935,190

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
16,792
- -
19,448
Cash, Cash Equivalents & STI
5,732
- -
6,684
Accounts Receivable, Net
9,380
- -
9,698
Inventories
1,144
- -
1,143
Total Current Liabilities
21,180
- -
21,869
Payables & Accruals
- -
- -
- -
ST Debt
4,096
- -
5,004
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
33.96%
13.79%
14.56%
Free Cash Flow
-3,377.73%
-6,641.15%
-69.85%
Net Income, GAAP
-348.22%
-85.17%
34.07%
Sales/Revenue/Turnover
27.27%
27.9%
19.03%
Total Cash Common Dividend
- -
- -
0.03%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
12,850
13,632
13,350
13,264
53,095
2025
15,430
17,075
18,683
19,097
69,104
2026
20,276
21,355
20,675
21,429
82,254

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.47
2.85
2.98
- -
10.89
2025
2.43
2.9
2.46
3.28
11.07
2026
3.17
5.05
3.1
3.52
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1.5
2026
- -
- -
- -
- -
- -
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Business
Max Healthcare Institute Limited operates as one of India's leading private hospital chains, providing comprehensive multi-specialty healthcare services through a network of hospitals, diagnostic labs, and home care offerings. The company delivers advanced medical care across specialties including cardiac sciences, oncology, neurosciences, orthopaedics, renal sciences, minimal access metabolic and bariatric surgery, obstetrics and gynaecology, paediatrics, nephrology, general surgery, urology, eye care, dermatology, lung care, liver, heart, kidney, lung and bone marrow transplants; it also offers diagnostic services via Max Lab, home health and wellness solutions through Max@Home including nursing, house calls and medicine delivery, emergency and trauma care, telemedicine, international patient services, and preventive health plans. Founded in 2000 and headquartered in New Delhi with primary operations in North India including the National Capital Region, Mumbai, Lucknow and Nagpur, Max Healthcare manages 22 facilities exceeding 5,000 beds as of mid-2025, serving domestic and international patients through its owned hospitals, subsidiaries and strategic partnerships. Recent developments include the September 2024 acquisition of a controlling 64% stake in Jaypee Healthcare for an enterprise value of Rs 1,660 crore, adding hospitals in Noida, Bulandshahr and Anupshahr followed by the divestment of the latter two smaller facilities in 2025 for Rs 40 crore to focus on super-specialty expansions in larger cities; earlier moves encompassed the February 2024 purchase of Alexis Multi-Specialty Hospital in Nagpur for Rs 412 crore, the December 2023 acquisition of Sahara Hospital in Lucknow for Rs 940 crore, and the National Company Law Tribunal's November 2025 approval of a subsidiary merger involving Crosslay Remedies and Jaypee Healthcare with an effective date of October 2024.