Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Sep
Source: Bse
Max Healthcare Institute Limited (MAXHEALTH)
Large CapPharma stocks · Large cap · NSE
Max Healthcare Institute Limited is India's second-largest hospital chain by revenue & EBITDA, operating 21 facilities with 6,000+ beds. It focuses on high-end quaternary care, research, and academics, with a dominant presence in metros like Delhi NCR and Mumbai.
Data qualityVerify one data layerQuote updated 21 Oct, 03:31 pm ISTPost-result recalculation pendingDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals10 May 2026 · screener
Latest result13 Aug, 02:29 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
53Neutralfull bear SMA stack · SMA20 -9.4% / mo · RSI oversold · MACD − · near 52W low · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 22
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MAXHEALTHD candles · FIT view-18.8%Latest close ₹819.90 on 2026-10-21
Bar
-1.9%
RSI
21
MACD hist
-7.84
52W pos
2%
2026-10-21O ₹835.50H ₹838.00L ₹811.60C ₹819.90Vol 32.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAXHEALTHNifty PharmaNifty 500
- MAXHEALTH
- -25.5%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -19.0 pp
Chart stats
21 Oct 2026- From 52W high
- -32.9%
- 52W range position
- 2%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.00x
- Avg traded value
- ₹307 Cr
- 20D price channel
- ₹811.6 - ₹1,069
₹1,221.9
₹811.6 - ₹1,221.9
₹28.6
Latest completed session
20-session average
26.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average42
Revenue +16.7% · PAT +4.9% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-489.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +5% YoY · +10% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,366 Cr | +16.7% | +10.4% |
| EBITDA | ₹598 Cr | +14.3% | -1.3% |
| Operating margin | 25.0% | -100 bps | -300 bps |
| PAT | ₹323 Cr | +4.9% | -5.6% |
| PAT margin | 13.7% | -154 bps | -231 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 67.50
- P/B
- 9.83
- EV/EBITDA
- —
- Market Cap
- —
Profitability
- ROE
- 12.70%
- ROCE
- 14.90%
- ROA
- 1.85%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 46.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 8.97×
- Altman Z
- 0.00
- Book Value
- 103.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 1459.00 Cr
- EPS TTM
- 3.09
Shareholding
- Promoter Hold
- 23.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 2,963+3.1% vs prev
Net Profit
₹ CrLatest: 717+2.3% vs prev
Return on Equity
%Latest: 8.0-5.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 21. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~10.4% over last month) — short-term momentum negative.
- RSI(14) at 21 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
12
RS percentile
Stage 4 Downtrend
1M return
-23.1%
3M return
-25.5%
6M return
-18.6%
1Y return
-31.1%
RS 1D
+1
RS 20D
-35
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is 19.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 76.77-0.30%
RS vs Nifty 50077
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth19/25
Quality2/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Fair-value margin of safety is negative at -489.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
67.5
PB
9.8
EV/EBITDA
—
ROE
12.7%
ROCE
14.9%
FCF Yield
—
Debt/Equity
0.3
MoS
-489.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-489.6%
Previous: -496.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹84.62
-868.9% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹139.05
-489.6% MoS
PEG
1.17
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TORNTPHARM
Large
Torrent Pharmaceuticals Limited
Healthcare Services
match 159
42
78.2
27.4%
-59%
WATCHLIST
VIJAYA
Large
Vijaya Diagnostic Centre Limited
Healthcare Services
match 159
43
76.2
18.3%
-67%
WATCHLIST
ONESOURCE
Large
Onesource Specialty Pharma Limited
Healthcare Services
match 159
27
310.0
0.5%
-632%
OVERVALUED
JUBLPHARMA
Large
Jubilant Pharmova Limited
Healthcare Services
match 159
24
38.5
6.5%
-1190%
OVERVALUED
RAINBOW
Large
Rainbow Childrens Medicare Limited
Healthcare Services
match 159
49
44.5
15.9%
+2%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T07:24:47.875Z
Management commentary snapshot
Max Healthcare reported strong FY26 performance with 16% YoY Net Revenue growth to ₹10,065 Cr and 14% YoY Operating EBITDA growth to ₹2,638 Cr. PAT grew 22% YoY to ₹1,631 Cr, despite increased direct costs and finance charges. Q4 FY26 saw 9% YoY Net Revenue growth and 8% YoY Operating EBITDA growth.
The company demonstrates consistent growth, strong operating metrics, and clear expansion plans. Its focus on brownfield, asset-light models, and M&A, coupled with digital initiatives, supports continued market leadership. However, the increase in direct costs and finance charges warrants close monitoring.
Current business mix
FY26 Payor Mix (revenue share)
Latest issuer-disclosed distribution across 4 reported categories.
Self Pay34.2%
TPA & Corporates34.9%
International9.1%
Institutional21.9%
Growth engines
Optimising Existing Infrastructure
Focus on tower specialities & case mix, increase utilization & improve process efficiencies, optimize payor mix.
Expand Bed Capacity (Brownfield & Asset-light)
~2,000 beds addition via brownfield expansion; O&M contracts and long-term leases for 'built-to-suit' properties.
Mergers & Acquisitions
Strong track record of successful M&A and swift turn-around; adequate headroom for M&A driven by strong free cash flows and low leverage.
Capital Light Adjacencies & Digital Platform
Focus on Max Lab (non-captive pathology) and Max@Home (homecare services); leverage brand and data to build a digital ecosystem.
Capacity and execution
Total Bed Expansion Potential
Potential to expand capacity by 8,400+ beds, with ~4,000 beds being added in next 3-4 years.
Max Mohali Tower 2
160 beds fully commissioned and operationalized.
Nanavati-Max Tower 2 (Phase 1)
116 out of 280 beds operationalized, balance coming over next 3 months. Phase 2 (271 beds) to commence in July 2026.
Max Smart Tower 2
156 out of 400 beds handed over to operations, remaining beds expected over the next quarter.
Tailwinds
Rising Insurance Penetration
Health insurance gross premiums grew at 18% CAGR, coupled with rising insurance penetration.
High Demand-Supply Gap in Metros
Low bed density in key metro cities like Delhi NCT and Maharashtra, where Max Healthcare has a dominant presence.
Medical Value Travel Growth
India's foreign medical tourism industry has been growing, with ~3.0 million medical tourists projected by 2030e.
Headwinds
Increased Direct Costs
Increase in direct cost as a percentage of revenue is primarily attributable to higher doctor compensation costs.
Higher Finance Costs
Finance cost (Net) increased from ₹84 Cr in FY25 to ₹162 Cr in FY26.
Risk radar
Execution Risk of Capacity Expansion
Significant increase in capacity (~2x bed capacity in next 4-5 years) requires efficient project execution and ramp-up.
Integration Risk of Acquisitions
Continued pursuit of M&A requires successful integration of acquired assets into the Network.
Maintaining Profitability with New Capacity
Delivered profitable growth and steady performance despite addition of new capacities in FY26, but future additions need to maintain this trend.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual business health and long-term trends. QoQ comparison is relevant for understanding sequential momentum, especially with new capacity commissioning and operational ramp-ups.
Sector KPIs management disclosed
Occupancy Rate
FY26 Occupancy: ~76%
ARPOB (Average Revenue Per Occupied Bed)
FY26 ARPOB: ₹78,000
Operating EBITDA Margin
FY26 Operating EBITDA Margin: 26.2%
Pre-tax ROCE
FY26 Pre-tax ROCE: ~23% (Excl. Capital Work-in-Progress)
Management forward view
Significant Capacity Expansion
Management aims to expand capacity by 8,400+ beds, with ~4,000 beds being added in the next 3-4 years.
M&A Strategy
Management targets ROCE threshold levels of 20-25% within 4 years post acquisition for M&A deals.
Focus on Digital Ecosystem
Management plans to develop a best-in-class digital ecosystem and deploy the latest medical technologies.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Operating EBITDA Margin | 26.2% (FY26) | Sustained margins despite rising direct costs and new capacity ramp-ups. |
| Occupancy Rate | 76% (FY26) | Maintenance or improvement in occupancy as new beds become operational. |
| Capacity Commissioning & Ramp-up | ~4,000 beds in next 3-4 years | Timely commissioning and successful utilization ramp-up of new brownfield and asset-light beds. |
| Max Lab & Max@Home Growth | Max Lab +30% YoY (non-COVID), Max@Home +23% YoY (FY26) | Continued strong growth in capital-light adjacencies to diversify revenue streams. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 65th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
148 docs text-extracted · 40 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Pharma: 65th pctile, median 70 · Large: 55th pctile, median 73
Evidence depth
Financial-only
148 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding is only 23.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Max Healthcare Institute Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper publication in Form INC-26 regarding shifting of Registered office
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 7 Sep - ₹87.87 crore infused into Kalinga Hospital; 50,21,212 shares allotted, stake rises to 66.15%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Sep - Allotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 3 Sep - Max Healthcare to infuse ₹87.87 crore into Kalinga Hospital via rights issue.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Publication - Notice of 25th Annual General Meeting and E-Voting Information
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 8 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Jul - Allotment of Equity Shares under Max Healthcare Institute Limited - Employee Stock Option Scheme 2022
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.