Max Healthcare Institute Ltd

Max Healthcare Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Max Healthcare Institute Ltd

₹ 965 -2.85%
29 May - close price
maxhealthcare.in BSE: 543220 NSE: MAXHEALTH
About

Max Healthcare Institute Limited is primarily engaged in the providing healthcare services through primary care clinics, multi-speciality hospitals / medical centres and super-speciality hospitals providing operation and management, medical services, clinical, radiology, pathology services and related healthcare services. [1]

Key Points

Leadership[1]
The company is India’s largest hospital chain in terms of market cap and 2nd largest hospital in terms of revenue and EBITDA.

Website BSE NSE
  • Market Cap ₹ 93,767 Cr.
  • Current Price ₹ 965
  • High / Low ₹ 1,314 / 903
  • Stock P/E 63.2
  • Book Value ₹ 110
  • Dividend Yield 0.16 %
  • ROCE 14.7 %
  • ROE 14.8 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 8.74 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 13.7% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 13.6% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Healthcare Healthcare Healthcare Services Hospital

Part of Nifty 50 BSE 500 BSE Healthcare BSE 100 BSE 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
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
874 948 976 949 1,041 1,156 1,257 1,369 1,398 1,505 1,560 1,529 1,536
Operating Profit 340 337 387 386 382 387 451 499 512 523 575 538 606
OPM % 28% 26% 28% 29% 27% 25% 26% 27% 27% 26% 27% 26% 28%
40 41 45 46 45 35 41 -40 47 37 33 -3 48
Interest 20 19 9 11 21 24 34 52 55 55 54 60 67
Depreciation 60 56 58 61 70 77 84 98 101 104 108 111 123
Profit before tax 301 303 366 360 336 321 374 309 402 400 446 365 465
Tax % 17% 21% 24% 20% 25% 26% 25% 23% 21% 23% -10% 17% 26%
251 240 277 289 252 236 282 239 319 308 491 301 342
EPS in Rs 2.58 2.47 2.85 2.98 2.59 2.43 2.90 2.46 3.28 3.17 5.05 3.09 3.52
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,608 1,729 1,691 1,059 2,508 3,937 4,563 5,406 7,028 8,373
1,467 1,616 1,535 965 2,101 2,986 3,322 3,913 5,180 6,131
Operating Profit 141 113 156 94 407 951 1,241 1,493 1,849 2,243
OPM % 9% 7% 9% 9% 16% 24% 27% 28% 26% 27%
59 65 56 48 -122 110 139 177 82 114
Interest 100 99 101 83 179 101 84 60 165 235
Depreciation 96 94 103 46 174 221 232 245 359 447
Profit before tax 5 -15 8 13 -69 739 1,064 1,365 1,406 1,676
Tax % -236% 65% 102% -1% 67% 18% -4% 23% 24% 14%
16 -25 -0 59 -138 605 1,104 1,058 1,076 1,442
EPS in Rs 0.29 -0.47 -0.06 1.10 -1.42 6.24 11.37 10.88 11.07 14.82
Dividend Payout % 0% 0% 0% 0% 0% 0% 9% 14% 14% 13%
Compounded Sales Growth
10 Years: %
5 Years: 27%
3 Years: 22%
TTM: 19%
Compounded Profit Growth
10 Years: %
5 Years: 60%
3 Years: 10%
TTM: 31%
Stock Price CAGR
10 Years: %
5 Years: 34%
3 Years: 22%
1 Year: -15%
Return on Equity
10 Years: 11%
5 Years: 14%
3 Years: 14%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 537 537 537 537 966 970 971 972 972 973
Reserves 655 627 426 2,016 4,673 5,313 6,439 7,436 8,409 9,774
874 981 1,003 875 1,101 913 689 1,299 3,010 3,478
1,080 1,157 1,389 546 1,803 1,993 2,003 2,293 2,795 3,006
Total Liabilities 3,146 3,302 3,355 3,974 8,543 9,189 10,102 12,000 15,186 17,231
2,244 2,227 2,192 851 6,536 7,018 7,039 8,784 11,502 12,992
CWIP 46 38 87 28 27 151 252 553 901 592
Investments 0 0 1 2,182 1 1 1 2 3 5
856 1,036 1,075 913 1,980 2,020 2,810 2,661 2,781 3,641
Total Assets 3,146 3,302 3,355 3,974 8,543 9,189 10,102 12,000 15,186 17,231

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
156 166 89 77 118 741 1,284 1,122 1,459 1,633
-104 -124 -17 -2,641 206 -764 -102 -1,253 -1,614 -1,689
-48 -48 -74 2,353 191 -294 -289 -264 -164 59
Net Cash Flow 4 -6 -2 -210 516 -317 893 -395 -319 4
Free Cash Flow 41 100 -27 -13 1 192 952 342 500 165
CFO/OP 135% 166% 75% 89% 15% 89% 116% 93% 96% 89%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 53 59 78 33 53 36 27 31 36 42
Inventory Days 20 24 26 43 34 24 30 26 26 23
Days Payable 184 227 292 286 274 174 215 207 200 175
Cash Conversion Cycle -111 -144 -188 -210 -187 -114 -158 -149 -138 -110
Working Capital Days -12 -24 -152 -137 -44 -24 -46 -43 -47 -41
ROCE % 4% 6% 4% 7% 12% 15% 16% 15% 15%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
ALOS (Average Length of Stay)
Days

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ARPOB (Average Revenue Per Occupied Bed)
INR '000
Occupancy Percentage
%
Bed Capacity (Network)
Number
Outpatient (OP) Consultations
Lakhs
Operating EBITDA per bed (Annualised)
INR Lakhs

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
23.76% 23.76% 23.75% 23.75% 23.74% 23.74% 23.74% 23.74% 23.74% 23.74% 23.72% 23.71%
59.89% 60.39% 60.69% 57.33% 56.99% 57.29% 56.93% 54.74% 54.76% 51.80% 50.55% 45.39%
11.90% 11.40% 11.55% 14.96% 15.36% 15.14% 15.55% 17.59% 17.41% 20.03% 21.20% 26.32%
4.45% 4.45% 3.99% 3.97% 3.91% 3.84% 3.77% 3.94% 4.09% 4.43% 4.52% 4.58%
No. of Shareholders 1,11,3741,18,6351,11,3381,27,0091,36,2541,37,8561,40,0281,51,6331,62,1191,80,8912,03,8372,16,996

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

Credit ratings

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