āagman

Not investment advice. Data and computed figures, for information only.

Max Healthcare Institute Ltd

NSE: MAXHEALTHF&O
₹846.00
−₹12.00 (−1.40%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹86,021 Cr
CMP
₹846.00
52-wk High / Low
₹1,222 / 842
P/E
57.4
P/B
8.0
Book Value
₹110.0
Div Yield
0.23%
ROCE
15.0%
ROE
14.7%
Face Value
₹10
D/E
0.32

Price−26.0% over 1Y

āagman read

Computed by āagman
Derived from 10 years and 14 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹192
√(22.5 × EPS × book value per share)
ROIC
10.9%
vs 11.2% sector median
Cash flow to profit
1.13
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−51
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
12.8%
ROE × earnings retention ratio
ROE stability
1.8
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −3.61DII +3.63
Latest quarter vs the previous one
Cash-accrual divergence
−1.2%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 15% trails the sector median of 17%
−Price trades below its 200-day moving average (0.8x)
−Price is 30.8% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2851,3631,3351,4231,5431,7071,8681,9102,0282,1352,0682,1432,366
Expenses9489769491,0411,1561,2571,3691,3981,5051,5601,5291,5361,768
Operating Profit337387386382387451499512523575538606598
OPM %26.2%28.4%28.9%26.8%25.1%26.4%26.7%26.8%25.8%26.9%26.0%28.3%25.3%
Other Income414546453541−40473733−34841
Interest1991121243452555554606771
Depreciation56586170778498101104108111123132
Profit before tax303366360336321374309402400446365465436
Net Profit240277289252236282239319308491301342323
EPS (₹)2.472.852.982.592.432.902.463.283.175.053.093.523.32

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 10 years + TTM
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,6081,7291,6911,0592,5083,9374,5635,4067,0288,3738,712
Expenses1,4671,6161,5359652,1012,9863,3223,9135,1806,1316,394
Operating Profit141113156944079511,2411,4931,8492,2432,318
OPM %8.8%6.5%9.2%8.9%16.2%24.2%27.2%27.6%26.3%26.8%26.6%
Other Income59655648−12211013917782114118
Interest10099101831791018460165235251
Depreciation969410346174221232245359447474
Profit before tax5−15813−697391,0641,3651,4061,6761,711
Net Profit16−25059−1386051,1041,0581,0761,4421,457
EPS (₹)0.29−0.47−0.061.10−1.426.2411.3710.8811.0714.8214.98

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital537537537537966970971972972973—
Reserves6556274262,0164,6735,3136,4397,4368,4099,774—
Borrowings8749811,0038751,1019136891,2993,0103,478—
Other Liabilities1,0801,1571,3895461,8031,9932,0032,2932,7952,959—
Total Liabilities3,1463,3023,3553,9748,5439,18910,10212,00015,18617,184—
Fixed Assets2,2442,2272,1928516,5367,0187,0398,78411,50212,991—
CWIP4638872827151252553901593—
Investments0012,182111235—
Other Assets8561,0361,0759131,9802,0202,8102,6612,7813,595—
Total Assets3,1463,3023,3553,9748,5439,18910,10212,00015,18617,184—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity15616689771187411,2091,1221,4381,633
Cash from Investing Activity−104−124−17−2,641206−764−1,187−1,253−1,593−1,688
Cash from Financing Activity−48−48−742,353191−294−289−264−16359
Net Cash Flow4−6−2−210516−317−266−395−3184

Ratios

As of 31 Mar 2026
10 periods
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—4.06.04.07.012.015.016.015.015.0
ROE %—————————14.7
EPS (₹)0.29−0.47−0.061.10−1.426.2411.3710.8811.0714.82
Book Value (₹)—————————110.0
Face Value (₹)—————————10
P/E—————————57.4
Div Yield %—————————0.23
NPM %1.0−1.40.05.3−5.814.923.519.015.117.0
OPM %9.07.09.09.016.024.027.028.026.027.0
D/E0.730.841.040.340.200.150.090.150.320.32
P/B—————————8.0

Growth

As of 11 Oct 2026
Compounded sales growth
5 years+27.0%
3 years+22.0%
TTM+16.0%
Compounded profit growth
5 years+60.0%
3 years+10.0%
TTM+25.0%
Stock price CAGR
5 years+21.0%
3 years+15.0%
Last year−24.0%
Return on equity
10 years11.0%
5 years14.0%
3 years14.0%
Last year15.0%

Shareholding pattern

As of 31 Mar 2025
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
Promoters70.46%70.46%50.64%23.77%23.75%23.74%23.71%23.71%
FIIs17.96%17.96%14.59%51.96%57.33%54.74%45.39%41.78%
DIIs4.88%4.88%17.57%19.36%14.96%17.59%26.32%29.95%
Government————————
Public6.70%6.70%17.20%4.92%3.97%3.94%4.58%4.55%
No. of shareholders45,49145,4911,20,0791,04,6561,27,0091,51,6332,16,9962,24,606
Change since Jun 2023 (pp)
Promoters −46.75FIIs +23.82DIIs +25.07Public −2.15

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Credit RatingCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015Closure of Trading Window
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingAug 2026PPTMay 2026TranscriptMay 2026PPTMay 2026RecordingMay 2026PPTFeb 2026TranscriptFeb 2026PPT

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 2 Per Share—
4 Jul 2025DIVIDENDDividend - Rs 1.50 Per Share—
23 Aug 2024DIVIDENDDividend - Rs 1.5 Per Share—
8 Sep 2023DIVIDENDDividend - Re 1 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman