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 ₹10standalone
₹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
- ₹2,874 cr
- FY2026 net profit
- ₹717 cr
- Net worth
- ₹8,941 cr
- Total debt
- ₹825 cr
- EPS (basic)
- ₹7.37
- 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
- +13.5%over 4 years
- Revenue growth
- +7.9%vs last year
- Net profit growth
- +2.2%vs last year
- Change in net profit since FY22
- +116%
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
- 39.1%
- 5-year range
- 31.6–45.0%
- ROE FY2026
- 8.3%
- ROCE FY2026
- 10.5%
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
- ₹825 cr
- Operating cash flow ÷ net profit
- 0.70×FY2026
- Free cash flow
- ₹153 cr
- Current ratio
- 1.61×
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 | 1,729 | 1,905 | 2,341 | 2,664 | 2,874 |
| Total income | 1,854 | 2,049 | 2,613 | 3,030 | 3,176 |
| EBITDA | 546 | 728 | 1,033 | 1,200 | 1,123 |
| Profit before tax | 403 | 563 | 865 | 947 | 924 |
| Net profit | 331 | 694 | 687 | 701 | 717 |
| EPS (₹) | 3.4 | 7.2 | 7.1 | 7.2 | 7.4 |
| Net worth | 6,309 | 7,042 | 7,681 | 8,289 | 8,941 |
| Total debt | 449 | 534 | 443 | 612 | 825 |
| Operating cash flow | 425 | 696 | 613 | 598 | 503 |
| Free cash flow | 59 | 579 | 156 | 345 | 153 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 10.2 | 22.9 | 13.8 | 7.9 |
| Profit growth YoY | — | 109.7 | -1.0 | 2.0 | 2.2 |
| Profitability | |||||
| EBITDA margin % | 31.6 | 38.2 | 44.1 | 45.0 | 39.1 |
| Net margin % | 17.9 | 33.9 | 26.3 | 23.1 | 22.6 |
| Return on equity % | 5.2 | 10.4 | 9.3 | 8.8 | 8.3 |
| Return on capital % | 6.6 | 8.6 | 11.7 | 12.6 | 10.5 |
| Leverage & cash | |||||
| Debt to equity | 0.07 | 0.08 | 0.06 | 0.07 | 0.09 |
| Cash flow ÷ profit | 1.28 | 1.00 | 0.89 | 0.85 | 0.70 |
| Current ratio | 2.36 | 3.26 | 2.01 | 1.42 | 1.61 |