Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Max Healthcare Institute Ltd
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,215 | 1,285 | 1,363 | 1,335 | 1,423 | 1,543 | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 |
| Expenses + | 874 | 948 | 976 | 949 | 1,041 | 1,156 | 1,257 | 1,369 | 1,398 | 1,505 | 1,560 | 1,529 | 1,536 |
| Operating Profit | 340 | 337 | 387 | 386 | 382 | 387 | 451 | 499 | 512 | 523 | 575 | 538 | 606 |
| OPM % | 28% | 26% | 28% | 29% | 27% | 25% | 26% | 27% | 27% | 26% | 27% | 26% | 28% |
| Other Income + | 40 | 41 | 45 | 46 | 45 | 35 | 41 | -40 | 47 | 37 | 33 | -3 | 48 |
| Interest | 20 | 19 | 9 | 11 | 21 | 24 | 34 | 52 | 55 | 55 | 54 | 60 | 67 |
| Depreciation | 60 | 56 | 58 | 61 | 70 | 77 | 84 | 98 | 101 | 104 | 108 | 111 | 123 |
| Profit before tax | 301 | 303 | 366 | 360 | 336 | 321 | 374 | 309 | 402 | 400 | 446 | 365 | 465 |
| Tax % | 17% | 21% | 24% | 20% | 25% | 26% | 25% | 23% | 21% | 23% | -10% | 17% | 26% |
| Net Profit + | 251 | 240 | 277 | 289 | 252 | 236 | 282 | 239 | 319 | 308 | 491 | 301 | 342 |
| EPS in Rs | 2.58 | 2.47 | 2.85 | 2.98 | 2.59 | 2.43 | 2.90 | 2.46 | 3.28 | 3.17 | 5.05 | 3.09 | 3.52 |
Financials of Max Healthcare Institute Ltd
Annual income statement trend
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,608 | 1,729 | 1,691 | 1,059 | 2,508 | 3,937 | 4,563 | 5,406 | 7,028 | 8,373 |
| Expenses + | 1,467 | 1,616 | 1,535 | 965 | 2,101 | 2,986 | 3,322 | 3,913 | 5,180 | 6,131 |
| Operating Profit | 141 | 113 | 156 | 94 | 407 | 951 | 1,241 | 1,493 | 1,849 | 2,243 |
| OPM % | 9% | 7% | 9% | 9% | 16% | 24% | 27% | 28% | 26% | 27% |
| Other Income + | 59 | 65 | 56 | 48 | -122 | 110 | 139 | 177 | 82 | 114 |
| Interest | 100 | 99 | 101 | 83 | 179 | 101 | 84 | 60 | 165 | 235 |
| Depreciation | 96 | 94 | 103 | 46 | 174 | 221 | 232 | 245 | 359 | 447 |
| Profit before tax | 5 | -15 | 8 | 13 | -69 | 739 | 1,064 | 1,365 | 1,406 | 1,676 |
| Tax % | -236% | 65% | 102% | -1% | 67% | 18% | -4% | 23% | 24% | 14% |
| Net Profit + | 16 | -25 | -0 | 59 | -138 | 605 | 1,104 | 1,058 | 1,076 | 1,442 |
| EPS in Rs | 0.29 | -0.47 | -0.06 | 1.10 | -1.42 | 6.24 | 11.37 | 10.88 | 11.07 | 14.82 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 9% | 14% | 14% | 13% |
Financials of Max Healthcare Institute Ltd
Capital structure and asset base
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 537 | 537 | 537 | 537 | 966 | 970 | 971 | 972 | 972 | 973 |
| Reserves | 655 | 627 | 426 | 2,016 | 4,673 | 5,313 | 6,439 | 7,436 | 8,409 | 9,774 |
| Borrowings + | 874 | 981 | 1,003 | 875 | 1,101 | 913 | 689 | 1,299 | 3,010 | 3,478 |
| Other Liabilities + | 1,080 | 1,157 | 1,389 | 546 | 1,803 | 1,993 | 2,003 | 2,293 | 2,795 | 3,006 |
| Total Liabilities | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,231 |
| Fixed Assets + | 2,244 | 2,227 | 2,192 | 851 | 6,536 | 7,018 | 7,039 | 8,784 | 11,502 | 12,992 |
| CWIP | 46 | 38 | 87 | 28 | 27 | 151 | 252 | 553 | 901 | 592 |
| Investments | 0 | 0 | 1 | 2,182 | 1 | 1 | 1 | 2 | 3 | 5 |
| Other Assets + | 856 | 1,036 | 1,075 | 913 | 1,980 | 2,020 | 2,810 | 2,661 | 2,781 | 3,641 |
| Total Assets | 3,146 | 3,302 | 3,355 | 3,974 | 8,543 | 9,189 | 10,102 | 12,000 | 15,186 | 17,231 |
Financials of Max Healthcare Institute Ltd
Operating, investing and financing cash movement
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 156 | 166 | 89 | 77 | 118 | 741 | 1,284 | 1,122 | 1,459 | 1,633 |
| Cash from Investing Activity + | -104 | -124 | -17 | -2,641 | 206 | -764 | -102 | -1,253 | -1,614 | -1,689 |
| Cash from Financing Activity + | -48 | -48 | -74 | 2,353 | 191 | -294 | -289 | -264 | -164 | 59 |
| Net Cash Flow | 4 | -6 | -2 | -210 | 516 | -317 | 893 | -395 | -319 | 4 |
| Free Cash Flow | 41 | 100 | -27 | -13 | 1 | 192 | 952 | 342 | 500 | 165 |
| CFO/OP | 135% | 166% | 75% | 89% | 15% | 89% | 116% | 93% | 96% | 89% |
Financials of Max Healthcare Institute Ltd
Working capital efficiency and return ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 59 | 78 | 33 | 53 | 36 | 27 | 31 | 36 | 42 |
| Inventory Days | 20 | 24 | 26 | 43 | 34 | 24 | 30 | 26 | 26 | 23 |
| Days Payable | 184 | 227 | 292 | 286 | 274 | 174 | 215 | 207 | 200 | 175 |
| Cash Conversion Cycle | -111 | -144 | -188 | -210 | -187 | -114 | -158 | -149 | -138 | -110 |
| Working Capital Days | -12 | -24 | -152 | -137 | -44 | -24 | -46 | -43 | -47 | -41 |
| ROCE % | 4% | 6% | 4% | 7% | 12% | 15% | 16% | 15% | 15% |