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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +5% YoY · +10% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
FY26 Payor Mix (revenue share)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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)
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.
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.
Trend score and candlestick chart
45NeutralSMA20 -7.7% / mo · MACD + · sector +2.2pp vs Nifty (3M)
Technical chart
MAXHEALTHdaily · 1Y · AUTO-6.9%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.4% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 4.8% of the 30-week proxy.
- The 30-week proxy changed +0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 35 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -608.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding is only 23.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 65th pctile, median 70 · Large: 56th pctile, median 73
141 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
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 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.