MAX Healthcare INS Ltd
NSE: MAXHEALTH · Hospital · sector
₹835.00NSE close 2026-10-26
Key numbers
Market cap₹81,266 cr
Price₹835.00
52w high / low₹1,222 / ₹812
P/E55.7xSector median 42.5x
P/B7.6xSector median 4.9x
Book value₹110.4
Dividend yield0.18%Sector median 0.17%
ROE14.5%Sector median 12.1%
ROCE13.8%Sector median 13.8%
OPM26.1%Sector median 20.3%
Debt / equity0.32xSector median 0.24x
EV/EBITDA37.0xSector median 23.6x
Interest cover7.8x
Current ratio0.89x
Sales growth 3y+22.4%Sector median +14.1%
Profit growth 3y+9.3%Sector median +14.7%
PEG6.04x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 32 companies in Hospital (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹701 cr vs borrowings ₹3,478 cr (FY26): borrowings are higher by ₹2,778 cr.
- Borrowings rose in each of the last 3 years (₹689 cr → ₹3,478 cr).
- Operating profit covered interest 7.8x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 0 of the last 5 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 11% of net profit in the last 12 months.
- Debtor days went from 31 (FY24) to 42 (FY26).
- Dividend paid in 3 of the last 5 financial years.
- Price ₹835.00 on 2026-10-26: -31.7% from the 52-week high, +2.9% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,295.70 · low ₹835.00
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 | 2,366 |
| EBITDA | 451 | 426 | 512 | 523 | 575 | 490 | 606 | 598 |
| OPM % | 26.4% | 22.8% | 26.8% | 25.8% | 26.9% | 23.7% | 28.3% | 25.3% |
| Other income | 41 | 33 | 47 | 37 | 33 | 45 | 48 | 41 |
| Net profit | 282 | 239 | 319 | 308 | 491 | 301 | 342 | 323 |
| EPS (₹) | 2.90 | 2.46 | 3.28 | 3.17 | 5.05 | 3.10 | 3.52 | 3.32 |
| Revenue YoY | +25.1% | +10.7% | +12.2% | +16.7% | ||||
| Profit YoY | +74.3% | +26.0% | +7.3% | +4.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 3,931 | 4,563 | 5,406 | 7,028 | 8,373 | 8,712 |
| EBITDA | 934 | 1,241 | 1,492 | 1,775 | 2,195 | 2,270 |
| Net profit | 605 | 1,104 | 1,051 | 1,076 | 1,442 | 1,457 |
| EPS (₹) | 6.25 | 11.38 | 10.89 | 11.07 | 14.83 | 14.99 |
| Revenue growth | +16.1% | +18.5% | +30.0% | +19.1% | +16.0% | |
| Profit growth | +82.4% | -4.7% | +2.3% | +34.1% | +27.0% | |
| Dividend / share (₹) | – | – | 1.00 | 1.50 | 1.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +22.4% | +27.3% | +16.0% |
| Net profit | +9.3% | – | +27.0% |
| EPS | +9.2% | – | – |
| Share price | – | -7.2% (2y) | -31.9% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 7,410 | 8,408 | 9,381 | 10,747 |
| Borrowings | – | 689 | 1,299 | 3,010 | 3,478 |
| Cash & equivalents | – | 1,468 | 1,099 | 682 | 701 |
| Total assets | – | 10,102 | 12,000 | 15,214 | 17,231 |
| Fixed assets | – | 2,019 | 3,246 | 5,462 | 6,980 |
| Capital work in progress | – | 207 | 445 | 900 | 592 |
| Investments | – | 1 | 2 | 3 | 5 |
| Receivables | – | 336 | 463 | 687 | 970 |
| Inventory | – | 76 | 80 | 106 | 114 |
| Payables | – | 543 | 677 | 808 | 859 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Cash from investing | -772 | -1,187 | -1,285 | -1,632 | -1,689 |
| Cash from financing | -294 | -289 | -264 | -164 | 59 |
| Capex | 561 | 336 | 779 | 966 | 1,485 |
| Free cash flow | 187 | 874 | 343 | 494 | 149 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 14.9% | 12.5% | 11.5% | 13.4% |
| ROCE % | – | 14.2% | 14.7% | 12.7% | 13.4% |
| Debtor days | – | 27 | 31 | 36 | 42 |
| Inventory days | – | 30 | 26 | 26 | 23 |
| Payable days | – | 215 | 221 | 200 | 175 |
| Cash conversion cycle (days) | – | -158 | -164 | -138 | -110 |
| Working capital days | – | 72 | 31 | -11 | -11 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 23.71% |
| FIIs | 40.52% |
| DIIs | 31.00% |
| of which Mutual funds | 19.25% |
| of which Insurance | 8.05% |
| Government | 0.00% |
| Public (non-institutions) | 4.76% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 23.74% | 23.74% | 23.74% | 23.74% | 23.72% | 23.71% | 23.71% | 23.71% |
| Promoter group | % |
|---|---|
| Abhay Soi | 23.70% |
| Aditya Soi | 0.01% |
| Taruna Soi | 0.00% |
| Devina Soi | 0.00% |
| Aeshani Soi | 0.00% |
| Bulbul Soi | 0.00% |
| Anil Kumar Bhatnagar | 0.00% |
| Veena Bhatnagar | 0.00% |
| Akhil Sarup Bhatnagar | 0.00% |
| Halcyon Enterprises Private Limited | 0.00% |
| Neo Legno Consultants Private Limited | 0.00% |
| Neo Legno Products Private Limited | 0.00% |
| Radiant Life Care Private Limited | 0.00% |
| Soi Foundation | 0.00% |
| Devshan International LLP | 0.00% |
| Public holders above 1% | % |
|---|---|
| Life Insurance Corporation of India through various schemes | 3.93% |
| New World Fund Inc | 3.74% |
| Nps Trust A/C through various schemes | 3.39% |
| Government of Singapore | 3.33% |
| Hdfc Mutual Fund through various schemes | 3.26% |
| Invesco Mutual Fund through various schemes | 2.87% |
| SBI Mutual Fund through various schemes | 2.59% |
| ICICI Prudential Mutual Fund through various schemes | 1.83% |
| Nippon India Mutual Fund through various schemes | 1.54% |
| Axis Max Life Insurance Limited through various schemes | 1.45% |
| Canara Robeco Mutual Fund through various schemes | 1.44% |
| Smallcap World Fund, Inc | 1.23% |
| Vanguard Total International Stock Index Fund | 1.13% |
| Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International Equity Index Funds | 1.08% |
| Government Pension Fund Global | 1.06% |
2,22,167 shareholders. Pledged: 0.00% of promoter shares.
Peers in Hospital
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | ₹1,12,797 cr | 54.0x | 11.9x | 23.6% | 21.8% | 15.1% | +14.9% | 0.26% |
| MAXHEALTH | ₹81,266 cr | 55.7x | 7.6x | 14.5% | 13.8% | 26.1% | +22.4% | 0.18% |
| MANIPALHOS | ₹73,581 cr | – | – | – | – | – | – | – |
| FORTIS | ₹55,467 cr | 52.9x | 5.6x | 11.1% | 13.2% | 22.2% | +13.2% | 0.14% |
| NH | ₹33,971 cr | 41.4x | 7.5x | 20.0% | 13.7% | 18.7% | +20.4% | 0.26% |
| ASTERDM | ₹33,523 cr | 104.7x | 7.3x | 8.0% | 12.8% | 16.7% | -27.0% | 0.16% |
| MEDANTA | ₹32,575 cr | 58.5x | 8.2x | 15.1% | 15.8% | 20.5% | +17.9% | 0.04% |
| KIMS | ₹28,123 cr | 131.3x | 12.5x | 9.3% | 9.6% | 19.5% | +21.1% | 0.74% |
| AGARWALEYE | ₹15,065 cr | 101.3x | 7.4x | 7.6% | 16.5% | 27.8% | – | 0.01% |
| RAINBOW | ₹11,802 cr | 41.3x | 7.2x | 18.3% | 27.4% | 31.5% | +13.2% | 0.26% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-03 | Dividend | Dividend - Rs 2 Per Share |
| 2025-07-04 | Dividend | Dividend - Rs 1.50 Per Share |
| 2024-08-23 | Dividend | Dividend - Rs 1.5 Per Share |
| 2023-09-08 | Dividend | Dividend - Re 1 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Healthcare Services:
| Sector | Healthcare |
| Industry | Hospital |
| Sub-industry | Hospital |
| Symbol | MAXHEALTH |
| BSE code | 543220 |
| ISIN | INE027H01010 |
| Face value | ₹10.0 |
| Incorporated | 2001-06-18 |
| Website | www.maxhealthcare.in |
| Plants (India / abroad) | 63 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.