MAXHEALTH
Max Healthcare Institute share price & financials
- Price
- ₹1,089.9
- Market cap
- ₹97.2k Cr
- Sector
- Healthcare
- Calls analysed
- 7
Max Healthcare Institute Limited Q1 FY27
What went well
- Revenue of ₹2,982 crore, up 16% YoY and 12% QoQ.
- Operating EBITDA of ₹704 crore, up 15% YoY and 3% QoQ.
- Average occupancy for the Network continued to be more than 75% despite a 13% increase in operational bed capacity year-on-year.
What to watch
- Operating EBITDA margin was 24.8%, compared to 24.9% in Q1 FY26 and 26.8% in trailing quarter, muted due to new capacities and Kalinga acquisition.
- Share of oncology for in-patient revenues dropped to 22% from 26% in Q1 FY26 due to discontinuation of select high-value chemotherapy drugs.
What Max Healthcare Institute Limited does
Max Healthcare Institute Limited operates a network of quaternary/tertiary-care hospitals and standalone speciality clinics concentrated in Delhi NCR, with additional facilities in Gurugram, Noida, Mumbai, Lucknow, Mohali, Dehradun, Bathinda, Nagpur and Bhubaneshwar. It earns primarily by delivering inpatient hospital care — complex surgeries, transplants and cancer treatment — plus diagnostics and outpatient consultations, across a mix of owned hospitals, asset-light leased/built-to-suit facilities and operations-and-management (O&M) contracts. Beyond hospitals, it runs Max Lab (non-captive pathology/diagnostics) and Max@Home (homecare services) as capital-light adjacent businesses, and operates a network of international Patient Assistance Centres to serve medical-value-travel patients. The group also partners with global academic institutions on medical research, publications and clinical training programs.
Segments
- Hospitals
- Max Lab
- Max@Home
- Current bed capacity
- 6,000+ beds
- Hospital network size
- 21 facilities (hospitals and standalone speciality clinics)
- Market position
- India's second-largest hospital chain by revenue and EBITDA among listed peers (FY26)
- Geographic footprint
- Facilities across Delhi NCR plus Gurugram, Noida, Mumbai, Lucknow, Mohali, Dehradun, Bathinda, Nagpur and Bhubaneshwar
- Beds in metro cities
- 4,400+ beds (~73% of total capacity)
- International patient network
- 15 company- and partner-owned Patient Assistance Centres across 14 countries
Guidance record · Q1 FY27
what the last two calls moved 25 tracked 3 delivered 1 missed 21 open- CGHS rate revision delivered said Q3 FY25 Promised: expecting better rates coming through on CGHS now... hope is that this comes in this quarter. Q1 FY27: No new update. Promise was achieved in Q2 FY26.
- Institutional price increase went quiet said Q3 FY25 Promised: should come within a month or two Q1 FY27: No update provided on the specific institutional price increase. Promise remains ghosted since Q4 FY25.
- Max Smart (Saket Complex) 400 beds completion delayed said Q3 FY25 Promised: completion within Q1 FY '26 Q1 FY27: Operationalized 50% of the 400-bed tower. The remaining 50% are expected to be handed over in the current quarter (Q2 FY27).
All 25 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.7%, net profit up 4.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 +25% | 2,068 +11% | 2,143 +12% | 2,366 +17% |
| EBITDA | 451 | 499 | 512 | 523 | 575 +27% | 538 +8% | 606 +18% | 598 +14% |
| Net profit | 282 | 239 | 319 | 308 | 491 +74% | 301 +26% | 342 +7% | 323 +5% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −12.1% 1Y
1Y: ₹1,180.7 on 10 Sept 2025 → ₹1,037.7. High ₹1,211 (23 Oct 2025), low ₹931.6 (6 Apr 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 14 Aug
- Q4 FY26
- −6.2%
- 22 May
- Q3 FY26
- −0.1%
- 6 Feb
- Q2 FY26
- +1.0%
- 21 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 29.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 26.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.9k Cr | ₹5.4k Cr | ₹7.0k Cr | ₹8.4k Cr |
| Operating profit | ₹1.1k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹2.2k Cr |
| Operating margin | 27.6% | 27.6% | 26.3% | 26.8% |
| Interest | ₹77 Cr | ₹60 Cr | ₹165 Cr | ₹236 Cr |
| Depreciation | ₹203 Cr | ₹245 Cr | ₹360 Cr | ₹446 Cr |
| Net profit | ₹1.0k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.4k Cr |
| Net margin | 25.7% | 19.6% | 15.3% | 17.2% |
| Cash from operations | ₹1.2k Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Free cash flow | ₹877 Cr | ₹342 Cr | ₹500 Cr | ₹165 Cr |
| ROCE | 15.0% | 16.0% | 15.0% | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹966 Cr | ₹970 Cr | ₹971 Cr | ₹972 Cr | ₹972 Cr | ₹973 Cr |
| Reserves | ₹4.7k Cr | ₹5.3k Cr | ₹6.4k Cr | ₹7.4k Cr | ₹7.5k Cr | ₹9.8k Cr |
| Borrowings | ₹1.1k Cr | ₹913 Cr | ₹689 Cr | ₹1.3k Cr | ₹705 Cr | ₹3.5k Cr |
| Other liabilities | ₹1.8k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹1.2k Cr | ₹3.0k Cr |
| Total liabilities | ₹8.5k Cr | ₹9.2k Cr | ₹10.1k Cr | ₹12.0k Cr | ₹10.4k Cr | ₹17.2k Cr |
| Fixed assets | ₹6.5k Cr | ₹7.0k Cr | ₹7.0k Cr | ₹8.8k Cr | ₹4.9k Cr | ₹13.0k Cr |
| Capital work in progress | ₹27 Cr | ₹151 Cr | ₹252 Cr | ₹553 Cr | ₹345 Cr | ₹593 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹2.6k Cr | ₹5 Cr |
| Other assets | ₹2.0k Cr | ₹2.0k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.5k Cr | ₹3.6k Cr |
| Total assets | ₹8.5k Cr | ₹9.2k Cr | ₹10.1k Cr | ₹12.0k Cr | ₹10.4k Cr | ₹17.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −12.98 pp while DIIs added +12.54 pp. The shareholder count grew 39% to 2,24,606.
- Promoters
- 23.7%
- FIIs
- 41.8%
- DIIs
- 29.9%
- Public
- 4.5%
Since Jun 2025
- FIIs −12.98 pp
- DIIs +12.54 pp
- Public +0.46 pp
How it drifted, 12 quarters
Over this window FIIs fell from 60.4% to 41.8% — −18.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 23.8%, FIIs 60.4%, DIIs 11.4%, Public 4.5%.Dec '23: Promoters 23.8%, FIIs 60.7%, DIIs 11.6%, Public 4.0%.Mar '24: Promoters 23.8%, FIIs 57.3%, DIIs 15.0%, Public 4.0%.Jun '24: Promoters 23.7%, FIIs 57.0%, DIIs 15.4%, Public 3.9%.Sep '24: Promoters 23.7%, FIIs 57.3%, DIIs 15.1%, Public 3.8%.Dec '24: Promoters 23.7%, FIIs 56.9%, DIIs 15.6%, Public 3.8%.Mar '25: Promoters 23.7%, FIIs 54.7%, DIIs 17.6%, Public 3.9%.Jun '25: Promoters 23.7%, FIIs 54.8%, DIIs 17.4%, Public 4.1%.Sep '25: Promoters 23.7%, FIIs 51.8%, DIIs 20.0%, Public 4.4%.Dec '25: Promoters 23.7%, FIIs 50.5%, DIIs 21.2%, Public 4.5%.Mar '26: Promoters 23.7%, FIIs 45.4%, DIIs 26.3%, Public 4.6%.Jun '26: Promoters 23.7%, FIIs 41.8%, DIIs 29.9%, Public 4.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust A/C through various schemes Pension / PF newly disclosed 3.45% held
- Life Insurance Corporation of India through various schemes Insurer newly disclosed 3.00% held
- Axis Max Life Insurance Limited through various schemes Insurer newly disclosed 1.46% held
- Motilal Oswal Midcap Fund Mutual fund newly disclosed 1.04% held
- ICICI Prudential Mutual Fund through various schemes Mutual fund +0.47 pp 1.69% held
- HDFC Mutual Fund through various schemes Mutual fund +0.41 pp 3.04% held
- Invesco Mutual Fund through various schemes Mutual fund +0.22 pp 2.19% held
- Nippon India Mutual Fund through various schemes Mutual fund +0.12 pp 1.53% held
The same filing shows 3 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Max Healthcare Institute Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Abhay Soi | 23.71% | unchanged |
| NPS Trust A/C through various schemes Pension / PF | 3.45% | newly disclosed |
| New World Fund Inc Global fund house | 3.29% | −0.41 pp |
| Government Of Singapore - E Sovereign | 3.28% | −0.10 pp |
| HDFC Mutual Fund through various schemes Mutual fund | 3.04% | +0.41 pp |
| Life Insurance Corporation of India through various schemes Insurer | 3.00% | newly disclosed |
| SBI Mutual Fund through various schemes Mutual fund | 2.55% | unchanged |
| Invesco Mutual Fund through various schemes Mutual fund | 2.19% | +0.22 pp |
| ICICI Prudential Mutual Fund through various schemes Mutual fund | 1.69% | +0.47 pp |
| Nippon India Mutual Fund through various schemes Mutual fund | 1.53% | +0.12 pp |
| Axis Max Life Insurance Limited through various schemes Insurer | 1.46% | newly disclosed |
| Canara Robeco Mutual Fund through various schemes Mutual fund | 1.43% | +0.06 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MAXHEALTH
Filings to Aug 2026
1 new, 14 added, 8 trimmed, 1 sold out — net +10.11 L shares (+1.5%).
- Held by funds
- ₹7.2k Cr
- 32 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.6k Cr · 1.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.6k Cr | held | Feb '26 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.5k Cr | +0.76 L | Oct '25 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹761 Cr | +5.00 L | Aug '22 |
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹729 Cr | held | Mar '24 |
| HDFC Large Cap Fund HDFC Mutual Fund | ₹726 Cr | held | Oct '25 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹472 Cr | +0.91 L | Sep '25 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹277 Cr | held | Oct '25 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹250 Cr | +1.50 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
14 added, 8 trimmed — net +10.11 L shares (+1.5%)
- Funds are sitting on
- +13%
- vs est. average cost
- Held by funds
- ₹7.2k Cr
- 32 schemes · ≈ 7.6% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹1.6k Cr · 1.5% of that fund
- Longest holder
- SBI Healthcare Opportunities Fund
- 5y 1m · since Aug '21
Shares held by these funds +25%
Aug '23 6.70 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1038, this stock must grow earnings at 38% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹299 — downside of 71%.
- Growth the price implies
- 37.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 12.9% a year
- net profit, FY23–FY26 · EPS 12.8%
- The gap
- 0.2 pp
- -71% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Max Healthcare Institute Limited
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