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Max Healthcare Inst Overview

Max Healthcare Institute Ltd provides healthcare services in India. It offers services in various specialities, such as cancer care/oncology, cardiac sciences, neuro sciences, liver transplant and biliary sciences, orthopaedics, nephrology, kidney transplant, bone marrow transplant, bariatric/weight reduction surgical treatment, laparoscopic surgery, urology, gastroenterology, and aesthetic and reconstructive surgical procedure. The business enterprise additionally provides Max@Home, a platform that gives fitness and well-being services at home...Read More

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Max Healthcare Inst Key Financials

Market Cap ₹101503 Cr.

Stock P/E 94.3

P/B 9.8

Current Price ₹1043.1

Book Value ₹ 106.4

Face Value 10

52W High ₹1314.3

Dividend Yield 0.14%

52W Low ₹ 933.8

Max Healthcare Inst Share Price

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Volume
Price

Max Healthcare Inst Quarterly Price

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Max Healthcare Inst Peer Comparison

Max Healthcare Inst Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 1363 1335 1423 1543 1707 1868 1910 2028 2135 2068
Other Income 45 46 44 35 41 33 47 37 33 45
Total Income 1409 1381 1467 1578 1748 1902 1957 2064 2168 2113
Total Expenditure 976 949 1040 1156 1257 1369 1398 1505 1560 1529
Operating Profit 433 432 427 422 491 532 559 559 608 584
Interest 9 11 21 24 34 52 55 55 54 60
Depreciation 58 61 70 77 84 98 101 104 108 111
Exceptional Income / Expenses 0 0 0 0 0 -74 0 0 0 -48
Profit Before Tax 366 360 336 321 374 309 403 400 446 365
Provision for Tax 90 70 84 85 92 70 84 92 -45 64
Profit After Tax 277 289 252 236 282 239 319 308 491 301
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 277 289 252 236 282 239 319 308 491 301
Adjusted Earnings Per Share 2.8 3 2.6 2.4 2.9 2.5 3.3 3.2 5.1 3.1

Max Healthcare Inst Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1134 1434 1608 1729 1691 1059 2508 3937 4563 5406 7028 8141
Other Income 27 36 42 55 67 53 135 132 152 189 164 162
Total Income 1161 1471 1651 1784 1758 1112 2643 4068 4715 5595 7192 8302
Total Expenditure 1058 1331 1468 1616 1546 970 2124 2998 3335 3925 5188 5992
Operating Profit 102 140 183 167 212 142 519 1070 1380 1670 2004 2310
Interest 61 68 100 99 101 83 179 101 84 60 165 224
Depreciation 78 91 96 94 103 46 174 221 232 245 359 424
Exceptional Income / Expenses 0 0 0 0 0 0 -234 -9 0 0 -74 -48
Profit Before Tax -37 -19 -12 -26 8 13 -69 739 1064 1365 1406 1614
Provision for Tax 0 4 -11 2 9 -0 46 134 -40 308 330 195
Profit After Tax -37 -23 -1 -29 -0 13 -115 605 1104 1058 1076 1419
Adjustments 0 0 17 8 -3 46 -23 0 0 0 0 0
Profit After Adjustments -37 -23 16 -21 -3 59 -138 605 1104 1058 1076 1419
Adjusted Earnings Per Share -0.8 -0.4 0.3 -0.4 -0.1 1.1 -1.4 6.2 11.4 10.9 11.1 14.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 30% 21% 46% 20%
Operating Profit CAGR 20% 23% 70% 35%
PAT CAGR 2% 21% 142% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 8% 31% 39% NA%
ROE Average 12% 14% 10% 4%
ROCE Average 15% 15% 12% 8%

Max Healthcare Inst Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 831 1145 1192 1167 963 2553 5639 6282 7410 8408 9381
Minority's Interest 0 -17 -73 -133 0 0 0 0 0 0 0
Borrowings 332 649 772 849 890 106 843 629 497 1061 2270
Other Non-Current Liabilities 7 846 875 944 361 304 1285 1520 1150 1282 1722
Total Current Liabilities 282 422 380 478 1140 1010 777 757 1046 1249 1814
Total Liabilities 1453 3045 3146 3304 3355 3974 8543 9189 10102 12000 15186
Fixed Assets 740 2273 2244 2227 2192 851 6536 7018 7039 8721 11497
Other Non-Current Assets 330 482 552 645 715 207 883 1171 1120 1573 2097
Total Current Assets 383 290 349 432 447 2915 1124 1000 1943 1706 1593
Total Assets 1453 3045 3146 3304 3355 3974 8543 9189 10102 12000 15186

Max Healthcare Inst Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 10 25 11 15 9 322 111 627 481 1374 980
Cash Flow from Operating Activities 64 723 156 82 89 77 118 741 1284 1122 1459
Cash Flow from Investing Activities -194 -1340 -104 -100 -17 -2641 -73 -764 -102 -1285 -1632
Cash Flow from Financing Activities 145 603 -48 12 -74 2353 191 -294 -289 -264 -164
Net Cash Inflow / Outflow 16 -14 4 -6 -2 -210 236 -317 893 -428 -336
Closing Cash & Cash Equivalent 25 11 15 9 8 111 627 309 1374 980 661

Max Healthcare Inst Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -0.76 -0.42 0.29 -0.39 -0.06 1.1 -1.42 6.24 11.37 10.88 11.07
CEPS(Rs) 0.85 1.29 1.75 1.22 1.91 1.09 0.62 8.52 13.76 13.4 14.76
DPS(Rs) 0 0 0 0 0 0 0 0 1 1.5 1.5
Book NAV/Share(Rs) 17.01 21.47 22.19 21.72 17.93 47.52 58.1 64.57 75.89 85.82 95.27
Core EBITDA Margin(%) 6.64 7.22 8.73 6.52 8.6 8.37 15.3 23.84 26.9 27.4 26.19
EBIT Margin(%) 2.13 3.4 5.42 4.21 6.48 9.07 4.42 21.33 25.15 26.36 22.36
Pre Tax Margin(%) -3.27 -1.32 -0.78 -1.53 0.49 1.21 -2.74 18.77 23.31 25.26 20.01
PAT Margin (%) -3.27 -1.58 -0.09 -1.66 -0.01 1.22 -4.57 15.37 24.19 19.56 15.31
Cash Profit Margin (%) 3.65 4.78 5.85 3.8 6.06 5.53 2.38 20.99 29.28 24.1 20.42
ROA(%) -2.71 -1.01 -0.05 -0.89 -0.01 0.35 -1.83 6.82 11.44 9.57 7.91
ROE(%) -5.64 -2.29 -0.12 -2.44 -0.02 0.73 -2.8 10.19 16.19 13.47 12.22
ROCE(%) 2.11 3.05 4.34 3.46 5.33 3.57 2.22 12.38 15.32 16.26 14.67
Receivable days 54.39 48.61 50.32 52.01 66.97 79.05 33.62 34.83 28.86 26.97 29.86
Inventory Days 5.43 5.31 5.26 5.42 5.86 9.1 5.87 5.34 5.5 5.27 4.83
Payable days 162.82 170.36 185.81 205.78 279.46 395.74 188.92 173.98 195.48 191.96 178.04
PER(x) 0 0 0 0 0 0 0 55.59 38.8 75.39 99.1
Price/Book(x) 0 0 0 0 0 0 3.55 5.37 5.81 9.56 11.51
Dividend Yield(%) 0 0 0 0 0 0 0 0 0.23 0.18 0.14
EV/Net Sales(x) 0.78 0.92 0.86 0.83 0.9 1.2 8.04 8.6 9.19 14.76 15.43
EV/Core EBITDA(x) 8.61 9.45 7.6 8.53 7.2 8.99 38.89 31.65 30.38 47.77 54.09
Net Sales Growth(%) 20.03 26.51 12.14 7.52 -2.2 -37.37 136.82 56.96 15.9 18.49 30.01
EBIT Growth(%) 1281.86 102.36 78.7 -16.41 50.37 -12.38 15.4 657.85 36.65 24.19 10.26
PAT Growth(%) 42.69 38.97 93.81 -1952.14 99.34 6894.74 -986.91 628.43 82.38 -4.16 1.72
EPS Growth(%) 49.91 44.07 169.34 -231.6 85.52 2060.71 -229.69 538.21 82.14 -4.25 1.7
Debt/Equity(x) 0.51 0.7 0.73 0.84 1.04 0.33 0.16 0.12 0.08 0.14 0.27
Current Ratio(x) 1.36 0.69 0.92 0.9 0.39 2.89 1.45 1.32 1.86 1.37 0.88
Quick Ratio(x) 1.29 0.63 0.86 0.84 0.37 2.86 1.38 1.24 1.79 1.3 0.82
Interest Cover(x) 0.39 0.72 0.87 0.73 1.08 1.15 0.62 8.33 13.68 23.8 9.52
Total Debt/Mcap(x) 0 0 0 0 0 0 0.05 0.02 0.01 0.01 0.02

Max Healthcare Inst Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 23.76 23.75 23.75 23.74 23.74 23.74 23.74 23.74 23.74 23.72
FII 60.37 60.68 57.32 56.97 57.29 56.93 54.74 54.76 51.8 50.55
DII 11.41 11.58 14.97 15.37 15.14 15.55 17.58 17.42 20.03 21.2
Public 4.46 3.99 3.96 3.91 3.83 3.77 3.94 4.08 4.43 4.52
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Max Healthcare Inst News

Max Healthcare Inst Pros & Cons

Pros

  • Company has delivered good profit growth of 141% CAGR over last 5 years
  • Debtor days have improved from 191.96 to 178.04days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 23.72%.
  • Company has a low return on equity of 14% over the last 3 years.
  • Stock is trading at 9.8 times its book value.
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