Max Healthcare Institute Ltd

MAXHEALTH

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Market Cap

₹ 1,05,638 Cr

P/E

75.00

Turned 1 L into 7.70 L in last 5 Years

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Max Healthcare Institute Ltd. (MHC) is one of India's leading private-sector healthcare providers, operating 20 facilities with a focus on tertiary and quaternary care.

In Q2 FY26, MHC's gross revenue soared by 21% YoY, driven by an increase in Occupied Bed Days, while PAT rose by 59%, bolstered by favorable tax adjustments from recent mergers.

MHC is implementing a significant capacity expansion strategy, adding new beds in urban centers and divesting non-core rural assets to concentrate on super-specialty services.

International patient revenue contributes around 9% of hospital revenues, showing a 25% YoY increase, indicating strong international market engagement.

The launch of advanced oncology services, including a new radiation oncology program in Mohali and enhancements in Mumbai, demonstrates MHC's commitment to cutting-edge healthcare solutions.

Sector

Healthcare

Industry

Hospitals / Medical Services

Market Cap

1,05,638 Cr

Volatility

Moderate Risk

P/E Ratio

75.0

Industry P/E

62.6

PEG Ratio

3.0

P/B Ratio

10.5

52W High

1,314.30

52W Low

940.35

Sales CAGR

30.01%

14.48%

19.49%

10Y

12.64%

Profit CAGR

1.72%

28.36%

92.10%

10Y

—

ROE

TTM

13.50%

12.85%

9.98%

10Y

8.51%

ROCE

TTM

12.81%

12.48%

10.31%

10Y

8.90%

Technicals

‌

Forecasts

No. of Analysts

25

1Y Price Target

1332.17 ▲ 24.24%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MAXHEALTH	1083.00	1,05,638 Cr	75.00	10.51	0.14	13.50	12.81	8.34
APOLLOHOSP	7089.10	1,01,920 Cr	60.96	11.22	0.18	18.39	16.07	7.88
FORTIS	866.30	65,651 Cr	65.19	6.96	0.12	10.75	12.26	6.91
NH	1899.85	38,825 Cr	45.66	9.56	0.24	20.82	17.75	10.92
ASTERDM	618.15	32,028 Cr	86.33	7.65	0.78	8.18	10.11	4.67
MEDANTA	1148.45	30,901 Cr	51.69	8.33	0.00	15.15	16.83	10.38
KIMS	673.35	26,839 Cr	81.70	11.82	0.00	14.80	10.88	5.37

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,285	1,363	1,335	1,423	1,543	1,707	1,868	1,910	2,028	2,135
Expenses	948	976	949	1,041	1,156	1,257	1,369	1,398	1,505	1,560
Operating Profit	337	387	386	382	387	451	499	512	523	575
OPM %	26.26	28.42	28.90	26.81	25.11	26.39	26.72	26.79	25.79	26.93
Other Income	41	45	46	45	35	41	-40	47	37	33
Interest	19	8.53	11	21	24	34	52	55	55	54
Depreciation	56	58	61	70	77	84	98	101	104	108
Profit Before Tax	303	366	360	336	321	374	309	403	400	446
Tax %	20.89	24.49	19.56	25.08	26.47	24.59	22.69	20.75	23.09	-10.15
Net Profit	240	277	289	252	236	282	239	319	308	491
EPS in Rs	2.46	2.84	2.97	2.58	2.43	2.88	2.44	3.26	3.15	5.02

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,608	1,729	1,691	1,884	2,508	3,937	4,563	5,406	7,028	7,513
Expenses	1,468	1,616	1,536	1,595	2,101	2,989	3,322	3,914	5,180	5,529
Operating Profit	140	113	155	289	407	948	1,241	1,492	1,849	1,984
OPM %	8.73	6.55	9.18	15.34	16.23	24.07	27.19	27.60	26.30	26.41
Other Income	42	54	57	72	-122	113	139	178	82	84
Interest	100	99	101	153	179	101	84	60	165	196
Depreciation	96	94	103	120	174	221	232	245	359	387
Profit Before Tax	-12	-26	8.32	89	-69	739	1,064	1,365	1,406	1,485
Tax %	88.79	-37.56	102.28	-7.03	-66.79	18.11	-3.74	22.54	23.50	22.75
Net Profit	-1.40	-36	-0.19	95	-115	605	1,104	1,058	1,076	1,148
EPS in Rs	—	—	—	—	-2.19	6.20	14.33	10.84	11.01	13.87
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	8.80	13.84	13.62	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	533	537	537	537	537	966	970	971	972	972
Reserves	587	655	627	426	450	4,673	5,313	6,439	7,436	8,409
Borrowings	778	859	953	964	1,510	1,101	913	689	1,299	3,010
Other Liabilities	319	1,109	1,197	1,439	1,327	1,804	1,993	2,003	2,293	2,823
Total Liabilities	2,217	3,160	3,314	3,366	3,824	8,544	9,189	10,102	12,000	15,214
Fixed Assets	1,478	2,244	2,227	2,192	2,380	6,536	7,018	7,039	8,721	11,497
CWIP	12	46	38	87	5.66	27	151	252	553	901
Investments	0.00	0.00	0.00	0.51	0.51	0.51	0.51	0.51	65	7.55
Other Assets	728	870	1,049	1,086	1,438	1,981	2,020	2,810	2,661	2,809
Total Assets	2,217	3,160	3,314	3,366	3,824	8,544	9,189	10,102	12,000	15,214

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53	156	166	89	250	118	741	1,284	1,122	1,459
Cash from Investing Activity	-364	-104	-124	-17	-127	206	-764	-102	-1,251	-1,614
Cash from Financing Activity	271	-48	-48	-74	144	191	-294	-289	-264	-164
Net Cash Flow	-40	4.08	-6.12	-1.53	267	516	-317	893	-393	-319

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	23.78%	23.77%	23.76%	23.76%	23.75%	23.75%	23.74%	23.74%	23.74%	23.74%	23.74%	23.74%
FIIs	50.14%	51.95%	59.88%	60.38%	60.69%	57.33%	56.98%	57.29%	56.93%	54.74%	54.76%	51.80%
DIIs	20.47%	19.35%	11.91%	11.40%	11.57%	14.96%	15.36%	15.14%	15.55%	17.58%	17.42%	20.03%
Public	5.61%	4.93%	4.46%	4.46%	3.99%	3.96%	3.91%	3.83%	3.77%	3.94%	4.08%	4.43%
Total Shareholders	1,11,701	1,04,656	1,11,374	1,18,635	1,11,338	1,27,009	1,36,254	1,37,856	1,40,028	1,51,633	1,62,119	1,80,891

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 29, 2025	Bnp paribas financial markets	Bulk	Buy	1,125.02	39.72 Cr	3,53,042	0.03
Sep 29, 2025	Bnp paribas financial markets	Bulk	Sell	1,111.66	921.65 Cr	82,90,713	0.85
May 31, 2023	Bnp paribas arbitrage	Bulk	Sell	546.56	493.74 Cr	90,33,634	0.92
May 31, 2023	Bnp paribas arbitrage	Bulk	Buy	546.08	1.14 Cr	20,946	0.00
May 31, 2023	Government of singapore	Bulk	Buy	549.53	366.00 Cr	66,60,226	0.68
May 31, 2023	Ubs principal capital asia li...	Bulk	Sell	548.03	413.43 Cr	75,43,874	0.77
May 22, 2023	Gqg partners emerging markets...	Bulk	Buy	549.70	415.02 Cr	75,50,000	0.77

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

6 days ago

Max Healthcare Assigns Improved ESG Rating

Max Healthcare Institute Limited received an ESG rating of '66' for FY 2024-25, reflecting improvement over last year's rating of '62.'...

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,285	1,363	1,335	1,423	1,543	1,707	1,868	1,910	2,028	2,135
Expenses	948	976	949	1,041	1,156	1,257	1,369	1,398	1,505	1,560
Operating Profit	337	387	386	382	387	451	499	512	523	575
OPM %	26.26	28.42	28.90	26.81	25.11	26.39	26.72	26.79	25.79	26.93
Other Income	41	45	46	45	35	41	-40	47	37	33
Interest	19	8.53	11	21	24	34	52	55	55	54
Depreciation	56	58	61	70	77	84	98	101	104	108
Profit Before Tax	303	366	360	336	321	374	309	403	400	446
Tax %	20.89	24.49	19.56	25.08	26.47	24.59	22.69	20.75	23.09	-10.15
Net Profit	240	277	289	252	236	282	239	319	308	491
EPS in Rs	2.46	2.84	2.97	2.58	2.43	2.88	2.44	3.26	3.15	5.02

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,608	1,729	1,691	1,884	2,508	3,937	4,563	5,406	7,028	7,513
Expenses	1,468	1,616	1,536	1,595	2,101	2,989	3,322	3,914	5,180	5,529
Operating Profit	140	113	155	289	407	948	1,241	1,492	1,849	1,984
OPM %	8.73	6.55	9.18	15.34	16.23	24.07	27.19	27.60	26.30	26.41
Other Income	42	54	57	72	-122	113	139	178	82	84
Interest	100	99	101	153	179	101	84	60	165	196
Depreciation	96	94	103	120	174	221	232	245	359	387
Profit Before Tax	-12	-26	8.32	89	-69	739	1,064	1,365	1,406	1,485
Tax %	88.79	-37.56	102.28	-7.03	-66.79	18.11	-3.74	22.54	23.50	22.75
Net Profit	-1.40	-36	-0.19	95	-115	605	1,104	1,058	1,076	1,148
EPS in Rs	—	—	—	—	-2.19	6.20	14.33	10.84	11.01	13.87
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	8.80	13.84	13.62	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	533	537	537	537	537	966	970	971	972	972
Reserves	587	655	627	426	450	4,673	5,313	6,439	7,436	8,409
Borrowings	778	859	953	964	1,510	1,101	913	689	1,299	3,010
Other Liabilities	319	1,109	1,197	1,439	1,327	1,804	1,993	2,003	2,293	2,823
Total Liabilities	2,217	3,160	3,314	3,366	3,824	8,544	9,189	10,102	12,000	15,214
Fixed Assets	1,478	2,244	2,227	2,192	2,380	6,536	7,018	7,039	8,721	11,497
CWIP	12	46	38	87	5.66	27	151	252	553	901
Investments	0.00	0.00	0.00	0.51	0.51	0.51	0.51	0.51	65	7.55
Other Assets	728	870	1,049	1,086	1,438	1,981	2,020	2,810	2,661	2,809
Total Assets	2,217	3,160	3,314	3,366	3,824	8,544	9,189	10,102	12,000	15,214

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	53	156	166	89	250	118	741	1,284	1,122	1,459
Cash from Investing Activity	-364	-104	-124	-17	-127	206	-764	-102	-1,251	-1,614
Cash from Financing Activity	271	-48	-48	-74	144	191	-294	-289	-264	-164
Net Cash Flow	-40	4.08	-6.12	-1.53	267	516	-317	893	-393	-319

Overview

Detailed Summary

Max Healthcare Institute Ltd. (MHC) is one of India's leading private-sector healthcare providers, operating 20 facilities with a focus on tertiary and quaternary care.

In Q2 FY26, MHC's gross revenue soared by 21% YoY, driven by an increase in Occupied Bed Days, while PAT rose by 59%, bolstered by favorable tax adjustments from recent mergers.

MHC is implementing a significant capacity expansion strategy, adding new beds in urban centers and divesting non-core rural assets to concentrate on super-specialty services.

International patient revenue contributes around 9% of hospital revenues, showing a 25% YoY increase, indicating strong international market engagement.

The launch of advanced oncology services, including a new radiation oncology program in Mohali and enhancements in Mumbai, demonstrates MHC's commitment to cutting-edge healthcare solutions.

Sector

Healthcare

Industry

Hospitals / Medical Services

Market Cap

1,05,638 Cr

Volatility

Moderate Risk

P/E Ratio

75.0

Industry P/E

62.6

PEG Ratio

3.0

P/B Ratio

10.5

52W High

1,314.30

52W Low

940.35

Sales CAGR

30.01%

14.48%

19.49%

10Y

12.64%

Profit CAGR

1.72%

28.36%

92.10%

10Y

—

ROE

TTM

13.50%

12.85%

9.98%

10Y

8.51%

ROCE

TTM

12.81%

12.48%

10.31%

10Y

8.90%