Overview

Detailed Summary

Max Healthcare Institute Limited operates a network of multi‑speciality and super‑speciality hospitals, plus two strategic business units (Max Lab and Max@Home); the Group runs ~20 facilities with ~5,200 beds, combining owned, managed and partner hospitals across major Indian metros and select PPP arrangements in Punjab.
Q3 FY26 network gross revenue reached ₹2,608 crore (+10% YoY) with Network Operating EBITDA of ₹648 crore (+4% YoY) and Network PAT of ₹344 crore (+9% YoY) after two exceptional items totaling ₹55 crore, reflecting steady profitability despite payor and regulatory headwinds.
Max is aggressively expanding capacity: multiple brownfield towers were partially commissioned with strong early EBITDA margins (~31%–39%), a staggered acquisition in Pune for ~450 beds, and a roadmap to nearly double bed capacity over the next 4–5 years, implying significant future revenue visibility and capital deployment.
Regulatory and payor dynamics materially affected margins this quarter: CGHS tariff revisions, discontinuation of high‑value patented chemotherapy for institutional patients, a GST rate change, and temporary disruption in cashless insurer services altered payor mix and lowered sequential EBITDA margins.
Digital and adjacency businesses are meaningful: digital channels contributed ~₹803 crore (~31% of gross revenue) in Q3 and Max@Home and Max Lab posted robust growth (+23% and +13% YoY respectively), signalling diversified revenue streams and stronger patient acquisition funnels outside core inpatient services.

Sector: Healthcare
Industry: Hospitals / Medical Services
Market Cap: 1,02,535 Cr
Volatility: Low Risk
P/E Ratio: 72.5
Industry P/E: 60.2
PEG Ratio: 3.0
P/B Ratio: 10.2
52W High: 1,314.30
52W Low: 933.80

Sales CAGR

1Y: 30.01%
3Y: 14.48%
5Y: 19.49%
10Y: 12.64%

Profit CAGR

1Y: 1.72%
3Y: 28.36%
5Y: 92.10%
10Y: —

ROE

TTM: 13.50%
3Y: 12.85%
5Y: 9.98%
10Y: 8.51%

ROCE

TTM: 12.81%
3Y: 12.48%
5Y: 10.31%
10Y: 8.90%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APOLLOHOSP	7666.40	1,10,231 Cr	61.17	12.13	0.17	18.39	16.07	8.50
MAXHEALTH	1052.80	1,02,535 Cr	72.54	10.20	0.14	13.50	12.81	8.72
FORTIS	910.60	68,746 Cr	71.59	7.29	0.11	10.75	12.26	6.53
NH	1740.25	35,564 Cr	45.38	8.76	0.26	20.82	17.75	10.07
ASTERDM	649.55	33,655 Cr	102.40	8.04	0.74	8.18	10.11	4.60
MEDANTA	1105.05	29,840 Cr	57.84	8.05	0.00	15.15	16.83	9.50
KIMS	706.35	28,264 Cr	94.18	12.45	0.00	14.80	10.88	4.75

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,363	1,335	1,423	1,543	1,707	1,868	1,910	2,028	2,135	2,068
Expenses	976	949	1,041	1,156	1,257	1,369	1,398	1,505	1,560	1,529
Operating Profit	387	386	382	387	451	499	512	523	575	538
OPM %	28.42	28.90	26.81	25.11	26.39	26.72	26.79	25.79	26.93	26.04
Other Income	45	46	45	35	41	-40	47	37	33	-2.86
Interest	8.53	11	21	24	34	52	55	55	54	60
Depreciation	58	61	70	77	84	98	101	104	108	111
Profit Before Tax	366	360	336	321	374	309	403	400	446	365
Tax %	24.49	19.56	25.08	26.47	24.59	22.69	20.75	23.09	-10.15	17.45
Net Profit	277	289	252	236	282	239	319	308	491	301
EPS in Rs	2.84	2.97	2.58	2.43	2.88	2.44	3.26	3.15	5.02	3.09

Consolidated Profit Loss (in ₹ Crores)

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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	14.32	10.84	11.00	14.51
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)

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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)

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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

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	23.77%	23.76%	23.76%	23.75%	23.75%	23.74%	23.74%	23.74%	23.74%	23.74%	23.74%	23.72%
FIIs	51.95%	59.88%	60.38%	60.69%	57.33%	56.98%	57.29%	56.93%	54.74%	54.76%	51.80%	50.55%
DIIs	19.35%	11.91%	11.40%	11.57%	14.96%	15.36%	15.14%	15.55%	17.58%	17.42%	20.03%	21.20%
Public	4.93%	4.46%	4.46%	3.99%	3.96%	3.91%	3.83%	3.77%	3.94%	4.08%	4.43%	4.52%
Total Shareholders	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	2,03,837

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Documents

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Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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