StrengthTalking point
Profit outpacing revenue
Profit grew 34.1% while revenue grew 19.1%, so the company kept more of each rupee of revenue as profit.
Importance 63 / 95 · growth
Max Healthcare Institute Limited · Research view
Max Healthcare Institute Limited
NSE: MAXHEALTHBSE: 543220ISIN INE027H01010Face value ₹10consolidated
₹945
−3.97% · 2026-10-01 · 52-wk ₹932–₹1,211
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 20.8% a year over 4 years (₹3,931 → ₹8,373).
Importance 59 / 95 · growth
StrengthTalking point
Book value compounding
Net worth compounded at 14.4% a year over 4 years (₹6,282 → ₹10,747).
Importance 54 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Healthcare › Healthcare › Healthcare Services › Hospital.
- Market cap
- ₹91,946 cr
- FY2026 revenue
- ₹8,373 cr
- FY2026 net profit
- ₹1,442 cr
- Net worth
- ₹10,747 cr
- Total debt
- ₹3,478 cr
- EPS (basic)
- ₹14.83
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 hospital.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 34.1% while revenue grew 19.1%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +20.8%over 4 years
- Revenue growth
- +19.1%vs last year
- Net profit growth
- +34.1%vs last year
- Change in net profit since FY22
- +138%
Revenue compounded at 20.8% a year over 4 years (₹3,931 → ₹8,373).
Net profit grew 34.1% year on year (FY2025 → FY2026).
Revenue grew 19.1% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹2,366 cr, up 16.7% from ₹2,028 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 revenue of ₹2,366 cr is the highest of the 13 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
Strength
Q1 FY27 EBIT was ₹507 cr, up 11.4% from ₹455 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,707 | — | 282 | — | 16.5% |
| Q3 FY25 | 1,868 | +40.0% | 239 | −17.5% | 12.8% |
| Q4 FY25 | 1,910 | +34.2% | 319 | +26.8% | 16.7% |
| Q1 FY26 | 2,028 | +31.4% | 308 | +30.3% | 15.2% |
| Q2 FY26 | 2,135 | +25.1% | 491 | +74.3% | 23.0% |
| Q3 FY26 | 2,068 | +10.7% | 301 | +26.0% | 14.6% |
| Q4 FY26 | 2,143 | +12.2% | 342 | +7.3% | 16.0% |
| Q1 FY27 | 2,366 | +16.7% | 323 | +4.9% | 13.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹8,712 crTTM
- EBITDA
- ₹2,485 crTTM
- EBIT
- ₹2,011 crTTM
- PBT
- ₹1,711 crTTM
- Net profit
- ₹1,457 crTTM
C. Corporate actions
3 Jul 2026DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
4 Jul 2025DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
23 Aug 2024DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share
8 Sept 2023DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 12.1% to 14.3% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 28.7%
- 5-year range
- 27.2–30.9%
- ROE FY2026
- 14.3%
- ROCE FY2026
- 14.7%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 14.4% a year over 4 years (₹6,282 → ₹10,747).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹3,478 cr
- Operating cash flow ÷ net profit
- 1.13×FY2026
- Free cash flow
- ₹165 cr
- Current ratio
- 0.89×
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.13×).
Free cash flow has been positive in 5 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 hospital (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
MAXHEALTH · 1st of 3 · set median 17.3%
EBITDA margin
MAXHEALTH · 1st of 3 · set median 23.4%
Return on equity
MAXHEALTH · 2nd of 3 · set median 14.3%
P/E ratio
MAXHEALTH · 3rd of 3 · set median 55.4×
- P / E
- 63.1×TTM to Jun 26
- P / B
- 8.6×latest book
- P / S
- 10.6×TTM sales
- Earnings yield
- 1.6%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 63.7× · P/S 10.8× · ROE 14.3%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −15.1%
- 3-year return
- +66.5%
- 5-year return
- +163.4%
- From 52-wk high
- −22.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,039
- vs 200-day avg
- Below₹1,035
- RSI (14)
- 29.8oversold
- MACD histogram
- -6.7
- From 52-wk high
- −22.0%
- From 52-wk low
- +1.4%
- 30-day volatility
- 28.0%ann.
- 6-month return
- −2.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchUnusual tax rateEffective tax rate of 13.9% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.EFFECTIVE_TAX_UNUSUAL · conviction 37
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,931 | 4,563 | 5,406 | 7,028 | 8,373 |
| Total income | 4,059 | 4,702 | 5,584 | 7,184 | 8,536 |
| EBITDA | 1,070 | 1,380 | 1,670 | 2,004 | 2,405 |
| Profit before tax | 739 | 1,064 | 1,365 | 1,406 | 1,676 |
| Net profit | 605 | 1,104 | 1,058 | 1,076 | 1,442 |
| EPS (₹) | 6.3 | 11.4 | 10.9 | 11.1 | 14.8 |
| Net worth | 6,282 | 7,410 | 8,408 | 9,381 | 10,747 |
| Total debt | 727 | 689 | 1,299 | 3,010 | 3,478 |
| Operating cash flow | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Free cash flow | 192 | 877 | 349 | 494 | 165 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 16.1 | 18.5 | 30.0 | 19.1 |
| Profit growth YoY | — | 82.4 | -4.2 | 1.7 | 34.1 |
| Profitability | |||||
| EBITDA margin % | 27.2 | 30.2 | 30.9 | 28.5 | 28.7 |
| Net margin % | 14.9 | 23.5 | 18.9 | 15.0 | 16.9 |
| Return on equity % | 9.6 | 16.1 | 13.4 | 12.1 | 14.3 |
| Return on capital % | 12.1 | 15.2 | 16.0 | 14.9 | 14.7 |
| Leverage & cash | |||||
| Debt to equity | 0.12 | 0.09 | 0.15 | 0.32 | 0.32 |
| Cash flow ÷ profit | 1.24 | 1.10 | 1.06 | 1.36 | 1.13 |
| Current ratio | 1.32 | 1.86 | 1.37 | 0.88 | 0.89 |