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Max Healthcare Institute Ltd
(MAXHEALTH)
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Rating:55Neutral
Price Target:
₹1,023.00
▼(-14.92% Downside)
Action:Reiterated
Date:08/22/26
The score is anchored by solid financial performance driven by revenue scale-up and profitability, but it is materially held back by weak and volatile free-cash-flow generation and a sharp increase in debt in 2026. Technicals are bearish with price below major moving averages and negative MACD, and valuation is unattractive due to a high P/E with a very low dividend yield.
Positive Factors
Sustained Revenue Growth
Meaningful revenue expansion indicates continued demand for Max Healthcare’s hospital services and increasing scale. Sustained growth can support operating leverage, broaden the clinical platform and strengthen the company’s competitive position over the next several quarters.
Negative Factors
Sharp Debt Increase
The recent debt increase weakens the previously low-leverage profile and reduces financial flexibility. Higher borrowing raises exposure to refinancing costs and interest-rate changes, while potentially limiting the company’s ability to pursue expansion without additional balance-sheet pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Meaningful revenue expansion indicates continued demand for Max Healthcare’s hospital services and increasing scale. Sustained growth can support operating leverage, broaden the clinical platform and strengthen the company’s competitive position over the next several quarters.
Read all positive factors
Max Healthcare Institute Ltd (MAXHEALTH) vs. iShares MSCI India ETF (INDA)
Market Cap
₹919.63B
Dividend Yield0.22%
Average Volume (3M)224.83K
Price to Earnings (P/E)61.3
Beta (1Y)1.11
Revenue Growth15.96%
EPS Growth26.87%
CountryIN
Employees25,895
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)14.97
Shares Outstanding973,310,240
10 Day Avg. Volume174,908
30 Day Avg. Volume224,830
Financial Highlights & Ratios
PEG Ratio1.90
Price to Book (P/B)8.67
Price to Sales (P/S)11.13
P/FCF Ratio626.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)18.81
Revenue Forecast (FY)₹120.17B
Max Healthcare Institute Ltd Business Overview & Revenue Model
Company Description
Max Healthcare Institute Limited provides medical and healthcare services in India. It offers services in various specialties, including cardiac sciences, orthopedics, oncology, renal sciences, neurosciences, minimal access and general surgery, pu...
How the Company Makes Money
Max Healthcare primarily generates revenue by delivering hospital-based medical services to patients and receiving payments from a mix of sources including self-pay patients, government/third-party schemes (where applicable), and health insurers/T...
Max Healthcare Institute Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 87.12B | 83.73B | 70.28B | 54.06B | 45.63B | 39.37B |
| Gross Profit | 49.17B | 65.83B | 43.77B | 33.53B | 28.31B | 21.89B |
| EBITDA | 23.96B | 23.57B | 18.31B | 14.82B | 12.23B | 9.47B |
| Net Income | 14.57B | 14.42B | 10.76B | 10.58B | 11.04B | 6.05B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 172.31B | 152.14B | 120.00B | 101.02B | 91.89B |
| Cash, Cash Equivalents and Short-Term Investments | 6.66B | 7.71B | 6.82B | 9.80B | 13.74B | 4.81B |
| Total Debt | 0.00 | 34.78B | 30.10B | 13.05B | 6.89B | 11.33B |
| Total Liabilities | -107.47B | 64.84B | 58.34B | 35.92B | 26.92B | 29.07B |
| Stockholders Equity | 107.47B | 107.47B | 93.81B | 84.08B | 74.10B | 62.82B |
Cash Flow | ||||||
| Free Cash Flow | -413.10M | 1.49B | 4.94B | 3.36B | 8.74B | 1.87B |
| Operating Cash Flow | 8.18B | 16.33B | 14.59B | 11.22B | 12.09B | 7.48B |
| Investing Cash Flow | -9.66B | -16.89B | -16.32B | -12.85B | -11.87B | -7.72B |
| Financing Cash Flow | -353.20M | 592.70M | -1.64B | -2.64B | -2.89B | -2.94B |
Max Healthcare Institute Ltd Technical Analysis
Negative
1202.35
Price Trends
1029.23
Negative
1043.76
Negative
1031.54
Negative
Market Momentum
-20.34
Positive
27.43
Positive
15.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAXHEALTH, the sentiment is Negative. The current price of 1202.35 is above the 20-day moving average (MA) of 1012.01, above the 50-day MA of 1029.23, and above the 200-day MA of 1031.54, indicating a bearish trend. The MACD of -20.34 indicates Positive momentum. The RSI at 27.43 is Positive, neither overbought nor oversold. The STOCH value of 15.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MAXHEALTH.
Max Healthcare Institute Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹365.14B | 64.38 | ― | 0.08% | 21.27% | 4.09% | |
64 Neutral | ₹617.80B | 112.07 | ― | 0.58% | 15.70% | -2.76% | |
62 Neutral | ₹355.97B | 42.93 | ― | 0.26% | 57.80% | 4.07% | |
60 Neutral | ₹593.32B | 55.03 | ― | 0.13% | 17.50% | 20.65% | |
59 Neutral | ₹1.17T | 54.94 | ― | 0.25% | 17.20% | 32.79% | |
55 Neutral | ₹919.63B | 61.26 | ― | 0.22% | 15.96% | 26.87% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MAXHEALTH
Max Healthcare Institute Ltd
916.60
-220.18
-19.37%
IN:APOLLOHOSP
Apollo Hospitals Enterprise Limited
8,010.00
364.42
4.77%
IN:ASTERDM
Aster DM Healthcare Ltd.
691.00
18.70
2.78%
IN:FORTIS
Fortis Healthcare Ltd.
765.00
-287.78
-27.34%
IN:MEDANTA
Global Health Limited
1,331.70
-35.16
-2.57%
IN:NH
Narayana Hrudayalaya Ltd.
1,721.90
-62.39
-3.50%
Max Healthcare Institute Ltd Corporate Events
Max Healthcare Updates NCLT Proceedings Involving Kalinga Hospital Subsidiary
Aug 19, 2026
Max Healthcare Institute Ltd is a major private hospital operator in India, providing tertiary and quaternary healthcare services through a network of facilities that includes subsidiaries such as Kalinga Hospital Ltd. The company focuses on deliv...
Max Healthcare Shares Investor Presentation Ahead of Global Conference
Aug 17, 2026
Max Healthcare Institute Ltd, a major Indian hospital and healthcare services operator, runs multi-specialty facilities in key urban centres. The company is listed on the National Stock Exchange and BSE under the symbols MAXHEALTH and 543220, refl...
Max Healthcare to Join Motilal Oswal Global Investor Conference in Mumbai
Aug 12, 2026
Max Healthcare Institute Ltd operates in India’s healthcare services industry, running a network of hospitals and related medical facilities with a focus on providing clinical care and allied health services to patients across key urban mark...
Max Healthcare Schedules Q1 FY27 Earnings Call for Investors
Aug 8, 2026
Max Healthcare Institute Limited has scheduled an earnings call for investors and analysts to discuss its financial results for the quarter ended June 30, 2026, with senior management leading the discussion. The call, set for August 14, 2026, will...
Max Healthcare Updates on NCLT Proceedings Involving Kalinga Hospital Subsidiary
Aug 7, 2026
Max Healthcare Institute Ltd has updated exchanges on ongoing legal proceedings involving its subsidiary Kalinga Hospital Ltd, stemming from petitions filed by legal representatives of BRS Capital Two Pte. Limited. The dispute relates to the acqui...
Max Healthcare Files Minutes of 25th AGM with Indian Stock Exchanges
Aug 6, 2026
Max Healthcare Institute Limited convened its 25th Annual General Meeting on July 30, 2026, via video conference and other audio-visual means, with the deemed venue in Mumbai and participation from its board of directors and senior management. The...
Max Healthcare Publishes Transcript of 25th AGM Held Via Video Conference
Aug 5, 2026
Max Healthcare Institute Ltd has released the transcript of its 25th Annual General Meeting, which was held on July 30, 2026 via video conference in compliance with Companies Act and SEBI listing regulations. The meeting, chaired by Managing Direc...
Max Healthcare completes dissolution process for Nigerian subsidiary
Jul 29, 2026
Max Healthcare Institute Ltd has confirmed the final regulatory step in the voluntary liquidation of its wholly owned Nigerian subsidiary, MHC Global Healthcare (Nigeria) Ltd. Following registration of the account and return of the final meeting b...
Max Healthcare Schedules Investor Meet with Kotak Securities in Delhi
Jul 9, 2026
Max Healthcare Institute Ltd has announced that its representatives will participate in a group investor meeting organized by Kotak Securities on July 14, 2026, in Delhi, to engage with investors and analysts. The company emphasized that the sessi...
Max Healthcare Updates NCLT Proceedings on Kalinga Hospital Borrowing Plans
Jul 8, 2026
Max Healthcare Institute Ltd, a leading private healthcare provider in India, operates a network of hospitals and medical facilities, including subsidiary Kalinga Hospital Ltd in Odisha. The company focuses on delivering comprehensive clinical ser...
Max Healthcare Joins 100-Day Drive to Safeguard Unclaimed Dividends
Jul 4, 2026
Max Healthcare Institute Ltd has informed shareholders that it is participating in the Ministry of Corporate Affairs’ second 100‑day “Saksham Niveshak” awareness campaign, aimed at encouraging investors to update KYC detail...
Max Healthcare secures bourse nod to reclassify Radiant Life Care Foundation as public shareholder
Jul 1, 2026
Max Healthcare Institute Ltd has received no-objection letters from BSE and the National Stock Exchange of India to reclassify Radiant Life Care Hospital Foundation from the promoter group to the public shareholder category. The approval, granted ...
Max Healthcare Sets Virtual AGM, Final Dividend and Record Date
Jun 29, 2026
Max Healthcare Institute Limited, a listed Indian hospital and healthcare services operator with key offices in Mumbai and Gurugram, continues to leverage electronic platforms for shareholder communication. Its adherence to MCA and SEBI guidelines...
Max Healthcare faces ₹11.33 lakh tax penalty, plans appeal
Jun 26, 2026
Max Healthcare Institute has disclosed that the Income Tax Department’s Assessment Unit has imposed a penalty of ₹11.33 lakh on the company. The penalty arises from certain transactions with an employee and a vendor that were settled t...
Max Healthcare Closes Trading Window Ahead of Q1 FY27 Results
Jun 26, 2026
Max Healthcare Institute Ltd has announced that its trading window for dealing in the company’s securities will be closed for all designated persons and their immediate relatives from July 1, 2026 until 48 hours after the announcement of its...
Max Healthcare Sets AGM Date and Record Date for Final Dividend
Jun 19, 2026
Max Healthcare Institute Ltd has scheduled its twenty-fifth annual general meeting for July 30, 2026, to be held via video conference in line with regulatory guidance. The board has recommended a final dividend of Rs 2 per equity share for the fin...
Max Healthcare Sets AGM Date, Record Date and Details Tax Rules on Final Dividend
Jun 19, 2026
Max Healthcare Institute Ltd has scheduled its twenty-fifth annual general meeting for July 30, 2026, to be held via video conferencing in line with regulatory guidelines. The company has set July 3, 2026 as the record date to determine shareholde...
Max Healthcare to Engage Global Investors at IIFL’s London Conference
Jun 17, 2026
Max Healthcare Institute Ltd has announced that its Chairman and Managing Director will participate in IIFL’s Invest India Conference Capital Day 2026 on June 23, 2026, in London. The engagement, which will include both one-on-one and group...
Max Healthcare to Engage Investors at Kotak India Corporate Day 2026 in London
Jun 9, 2026
Max Healthcare Institute Ltd, a leading Indian healthcare services provider, is continuing its active engagement with the investor community through participation in key capital markets events. The company’s leadership frequently meets insti...
Max Healthcare seeks stock exchange nod to reclassify Radiant Life Care Hospital Foundation as public shareholder
May 24, 2026
Max Healthcare Institute Ltd has moved to reclassify Radiant Life Care Hospital Foundation from the promoter group to the public shareholder category, signaling a change in the foundation’s relationship with the company. The board had alread...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.