Max Healthcare Institute Ltd (MAXHEALTH) AI Stock Analysis

• Market Cap: ₹938.79B
• Dividend Yield: 0.14%
• Average Volume (3M): 80.22K
• Price to Earnings (P/E): 84.5
• Beta (1Y): 1.38
• Revenue Growth: 32.17%
• EPS Growth: 28.12%
• Country: IN
• Employees: 19,500
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Care Facilities
• EPS (TTM): 3.09
• Shares Outstanding: 973,092,800
• 10 Day Avg. Volume: 58,776
• 30 Day Avg. Volume: 80,220
• PEG Ratio: 59.54
• Price to Book (P/B): 11.29
• Price to Sales (P/S): 15.07
• P/FCF Ratio: 214.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,243.33
• Price Target Upside: 3.41% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 16.89
• Revenue Forecast (FY): ₹101.73B

• Rating: 66 Neutral
• Price Target: ₹1,042.00 ▼(-13.34% Downside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

Max Healthcare Institute Ltd shows strong financial performance with consistent revenue growth and profitability, which is a significant positive factor. However, the high P/E ratio and low dividend yield suggest the stock may be overvalued, impacting its attractiveness. Technical indicators show a lack of strong momentum, contributing to a moderate overall score.

Positive Factors

Sustained Revenue Growth

Consistent ~24% revenue growth indicates durable demand for Max Healthcare’s services and expanding utilization of its hospital network. Over 2–6 months this growth supports scalable recurring inpatient/outpatient revenues and underpins capacity-driven organic expansion plans.

Robust Profitability Margins

High gross and EBIT margins reflect pricing power, favorable case mix and efficient clinical operations across specialties. Sustainable margin cushions allow reinvestment in high-acuity services and absorb inflationary cost pressures, supporting long-term operating resilience.

Strong Cash Generation & Conservative Leverage

Solid free cash flow growth and operating cash conversion, together with low D/E and a high equity ratio, provide financial flexibility for capex, network expansion and debt servicing. This combination supports durable investment capacity and balance-sheet resilience.

Negative Factors

Rising Total Debt

Although leverage metrics are currently moderate, the documented increase in total debt is a structural risk if continued. Persistently higher debt could constrain capital allocation, increase interest costs and limit flexibility for strategic investments over the medium term.

Moderate EBITDA Margin

A mid-20s EBITDA margin indicates there’s operational efficiency upside. If the company cannot sustainably improve EBITDA conversion, it may face constrained ability to fund expansion or absorb rising input and labor costs without pressuring net margins.

Suboptimal FCF Conversion

Only ~46% of net income converting to free cash flow signals lower cash conversion efficiency versus profits. Structurally weaker FCF conversion limits pace of debt reduction and reinvestment, potentially necessitating external funding for growth or capex.

Max Healthcare Institute Ltd Business Overview & Revenue Model

Company Description

Max Healthcare Institute Limited provides healthcare services in India. It offers services in various specialties, including cancer care/oncology, cardiac sciences, neuro sciences, liver transplant and biliary sciences, orthopaedics, nephrology, kidney transplant, bone marrow transplant, bariatric/weight loss surgery, minimal access/laparoscopic surgery, urology, gastroenterology, and aesthetic and reconstructive surgery. The company also provides Max@Home, a platform that offers health and wellness services at home; and MaxLab, which provides diagnostic services to patients outside its network of hospitals through various channels comprising third-party hospital laboratory management. As of August 27, 2021, it operated a network of 17 healthcare facilities, including tertiary and quaternary care hospitals at Saket, Patparganj, Vaishali, Rajendra Place, and Shalimar Bagh in Delhi National Capital Region; one each in Mumbai, Mohali, Bathinda, and Dehradun; a secondary care hospital in Gurugram; and day care centres at Noida, Lajpat Nagar, and Panchsheel Park in Delhi National Capital Region and one in Mohali, Punjab. The company is based in Gurugram, India.

How the Company Makes Money

Max Healthcare primarily makes money by delivering medical services through its hospitals and associated care facilities. Key revenue streams typically include: (1) Inpatient services (hospital admissions), where revenue is driven by bed occupancy, length of stay, procedure volumes, room/category tariffs, operating theatre and ICU charges, and packages for complex surgeries and treatments; (2) Outpatient services, including consultations, follow-up visits, day-care procedures, and ambulatory care; (3) Diagnostic services, such as laboratory testing and imaging (e.g., radiology), provided to both hospital patients and walk-in/outside referrals where applicable; (4) Pharmacy and consumables, including medicines, implants, devices, and other clinical consumables billed as part of patient care; and (5) Other hospital operating income, which may include ancillary patient services and supportive hospital offerings (specific sub-items not available here). Earnings are influenced by factors such as the payer mix (self-pay vs. insured/corporate/third-party administrators), case mix (higher-acuity specialties generally generating higher realization), pricing/negotiated rates, capacity additions, and operating efficiency. Specific material partnerships, channel arrangements, or segment-level revenue breakdowns are null.

Max Healthcare Institute Ltd Financial Statement Overview

Summary

Max Healthcare Institute Ltd exhibits a strong financial position with consistent revenue growth and profitability. The balance sheet remains stable with moderate leverage, and cash flow generation is robust. While the company shows promising financial health, careful attention to operating efficiency and debt levels will be crucial for sustaining long-term growth and stability.

Income Statement

Max Healthcare Institute Ltd has demonstrated impressive growth in revenue, with a consistent upward trajectory over the years. The company achieved a Gross Profit Margin of 62.3% and a Net Profit Margin of 15.3% in the latest year, reflecting strong profitability. The EBIT Margin is also noteworthy at 41.3%, indicating efficient management of operating expenses. However, the EBITDA Margin at 25.6% suggests room for improvement in operating efficiency.

Balance Sheet

The company's balance sheet showcases a strong equity position with an Equity Ratio of 61.6%. The Debt-to-Equity Ratio of 0.32 reflects prudent financial leverage, which is a positive sign in maintaining financial stability. ROE is robust at 11.5%, indicating effective utilization of equity to generate profits. However, the increase in total debt over the years warrants monitoring for potential risks.

Cash Flow

Max Healthcare Institute Ltd has shown a commendable Free Cash Flow Growth Rate of 44%, indicating enhanced cash generation capabilities. The Operating Cash Flow to Net Income Ratio of 1.36 demonstrates healthy cash flow relative to net income. The Free Cash Flow to Net Income Ratio of 0.46 suggests that the company is generating sufficient free cash flow to support its net income, though there is room for improvement.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	79.41B	70.28B	54.06B	45.63B	39.37B	25.08B
Gross Profit	52.71B	43.77B	33.53B	28.31B	21.89B	12.76B
EBITDA	20.81B	18.31B	14.82B	12.23B	9.47B	3.90B
Net Income	13.57B	10.76B	10.58B	11.04B	6.05B	-1.38B
Balance Sheet
Total Assets	162.81B	152.14B	120.00B	101.02B	91.89B	85.44B
Cash, Cash Equivalents and Short-Term Investments	5.73B	6.82B	9.80B	13.74B	4.81B	6.27B
Total Debt	32.75B	30.10B	13.05B	6.89B	11.33B	13.25B
Total Liabilities	62.29B	58.34B	35.92B	26.92B	29.07B	29.06B
Stockholders Equity	100.52B	93.81B	84.08B	74.10B	62.82B	56.39B
Cash Flow
Free Cash Flow	-413.10M	4.94B	3.36B	8.74B	1.87B	-5.60M
Operating Cash Flow	8.18B	14.59B	11.22B	12.09B	7.48B	1.18B
Investing Cash Flow	-9.66B	-16.32B	-12.85B	-11.87B	-7.72B	-730.00M
Financing Cash Flow	-353.20M	-1.64B	-2.64B	-2.89B	-2.94B	1.91B

Max Healthcare Institute Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1202.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1037.77, above the 50-day MA of 1027.72, and above the 200-day MA of 1136.17, indicating a bearish trend. The MACD of -22.63 indicates Positive momentum. The RSI at 32.49 is Neutral, neither overbought nor oversold. The STOCH value of 12.44 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NH	71 Outperform	₹337.77B	75.82	―	0.24%	14.72%	8.37%
MAXHEALTH	66 Neutral	₹938.79B	84.46	―	0.14%	32.17%	28.12%
APOLLOHOSP	66 Neutral	₹1.06T	50.39	―	0.27%	13.66%	41.32%
KIMS	65 Neutral	₹258.93B	114.01	―	―	25.74%	1.41%
MEDANTA	65 Neutral	₹270.13B	83.79	―	0.04%	15.78%	15.01%
FORTIS	61 Neutral	₹620.20B	86.12	―	0.11%	15.33%	54.62%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Max Healthcare Institute Ltd Corporate Events

Max Healthcare to Engage Investors at J.P. Morgan India Forum 2026 in Singapore

Max Healthcare Institute Ltd has announced that its Chairman and Managing Director will participate in the J. P. Morgan India Forum 2026, an investor conference to be held physically at the Fullerton Hotel in Singapore on March 9 and 10, 2026. The meetings, which will include both one-on-one and group interactions, aim to engage with investors while the company has clarified that no unpublished price-sensitive information will be shared.

The schedule of participation is subject to change based on exigencies from either the investors or the company, and the disclosure has also been made available on Max Healthcare’s website in line with regulatory requirements. The engagement underscores the company’s ongoing efforts to strengthen investor relations and maintain transparent communication with capital market stakeholders.

Max Healthcare Posts Audio Recording of Q3 FY26 Earnings Call Online

Max Healthcare Institute Limited has notified the stock exchanges that the audio recording of its earnings call held on February 6, 2026, discussing the company’s financial results for the quarter and nine months ended December 31, 2025, has been made available on its corporate website. By publishing the call recording online, the company is enhancing transparency and facilitating easier access for investors and stakeholders to review management’s commentary on recent financial performance and outlook, supporting informed decision-making in the market.

Max Healthcare Publishes Unaudited Q3 and Nine-Month FY2025 Results

Max Healthcare Institute Limited has announced that its Board of Directors approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, at a meeting held on February 5, 2026. In line with SEBI listing regulations, the company has published these results in national and regional newspapers (Business Standard and Navshakti) and made them available on its website as well as on the NSE and BSE portals, accompanied by unmodified limited review reports from its statutory auditors, reinforcing transparency and regulatory compliance for investors and other stakeholders.

Max Healthcare Faces GST Demand Over Alleged Excess Input Tax Credit

Max Healthcare Institute Ltd has disclosed that it has received an order from the Office of the GST Officer, Department of Trade and Taxes, Government of NCT of Delhi, alleging excess availment of input tax credit. The order raises a GST demand of ₹33.66 crore, along with interest of ₹18.18 crore and a penalty of ₹3.37 crore, potentially exposing the company to a material tax liability. Management is seeking rectification of the order and, if the outcome is unfavourable, may appeal before the appropriate authority, indicating that the final financial impact and timeline of resolution remain uncertain for shareholders and other stakeholders.