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    Max Healthcare Institute Limited

    India's second-largest hospital chain by revenue & EBITDA; 21 facilities, 6,000+ beds nationwide.

    Healthcare
    Healthcare
    View MAXHEALTH earnings calls
    ₹1,089.9
    +3.60% from avg

    Overview

    Price

    ₹1,089.9

    Market Cap

    ₹1.1L Cr

    Sector

    Healthcare

    Healthcare

    Rank

    4

    Performance

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital537966970971972972972973
    Reserves2.0k4.7k5.3k6.4k7.4k8.4k7.5k9.8k
    Borrowings8751.1k9136891.3k3.0k7053.5k
    Other Liabilities5461.8k2.0k2.0k2.3k2.8k1.2k3.0k
    Total Liabilities4.0k8.5k9.2k10.1k12.0k15.2k10.4k17.2k
    AssetsFixed Assets8516.5k7.0k7.0k8.8k11.5k4.9k13.0k
    CWIP2827151252553901345593
    Investments2.2k111232.6k5
    Other Assets9132.0k2.0k2.8k2.7k2.8k2.5k3.6k
    Total Assets4.0k8.5k9.2k10.1k12.0k15.2k10.4k17.2k

    Cash Flow

    Cash Flow

    ₹ Cr · Annual
    Line itemFY19FY20FY21FY22FY23FY24FY25FY26
    ActivitiesCash from Operating89771187411.2k1.1k1.4k1.6k
    Cash from Investing-17-2.6k206-764-1.2k-1.3k-1.6k-1.7k
    Cash from Financing-742.4k191-294-289-264-16359
    SummaryCapital Expenditure
    Free Cash Flow-27-131192877342500165
    FCF Margin

    Valuation

    Assumptions

    Current — MAXHEALTH
    Price
    ₹1,090
    EPS (TTM)
    ₹14.83
    PE (TTM)
    73.5
    Profit growth
    12.9%

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (75.3×) and current (73.5×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹1,090
    vs
    Fair value · 15% return
    ₹866
    21%Overvalued

    At 12.9% growth and a 73× exit, ₹1090 only delivers your return if you pay ₹866. The price is currently baking in 18% growth.

    EPS grows 12.9%/yr for 5 years, then fades to 6% over 2, exits at 73×.

    YearGrowthEPS (₹)
    FY2712.9%16.74
    FY2812.9%18.90
    FY2912.9%21.34
    FY3012.9%24.09
    FY3112.9%27.20
    FY329.4% ·fade29.77
    FY336.0% ·fade31.56

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse Max Healthcare Institute Limited

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