Arthneeti

Max Healthcare Institute Q2 FY27 Share Price & Earnings Call Analysis

₹860.00+1.04% today
Market cap
₹83,705 Cr
P/E
55.91
ROE
14.74%
PEG
5.39
Price to sales
9.61
Debt to equity
0.32
52W high / low
₹1,181 / ₹815
Sales growth (5Y)
27.27%
EBITDA margin
26.61%
Net profit margin
17.72%
Promoter holding
23.71%
Sales (last year)
₹8,712 Cr

Max Healthcare Institute Limited is primarily engaged in the providing healthcare services through primary care clinics, multi-speciality hospitals / medical centres and super-speciality hospitals providing operation and management, medical services, clinical, radiology, pathology services and related healthcare services. [1]

Guidance scorecard · Q2 FY27 call

What Max Healthcare Institute Ltd's management guided
and where it ranks in Healthcare Services

#26of 33 in
Healthcare Services
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Continued capacity expansion across key locations (Lucknow, Noida, Nagpur) leading to higher occupancy and revenue growth.
  • New brownfield capacity additions expected to contribute directly to bottom-line profitability.
  • Incremental beds being added at Nanavati and Max Smart, with occupancy ramping up to around 80%, suggesting strong revenue and EBITDA growth potential.
  • Commissioning of new hospital beds phased over quarters, with EBITDA impact expected from Q2-Q3 onward.
  • Long-term outlook supports steady ARPOB growth of 7-8%, outpacing inflation due to innovation and novel treatments.
  • Institutional revenue share expected to decline gradually due to changing mix.

2 more points from Max Healthcare Institute Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Max Healthcare Institute Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Approved capex of INR 425 crore for a new brownfield tower at Max Vaishali adding 202 beds; construction started, commissioning expected before FY30.
  • Plans to start medical education business with significant capex (~INR 300 crore per 150-seat college) funded through internal accruals.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Max Healthcare Institute Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Ongoing brownfield capacity expansions in Lucknow, Noida, and Nagpur with positive ramp-up.
  • Multiple bed additions planned across locations such as Vaishali, Bhubaneswar, Nagpur, Zirakpur, Dwarka, Pitampura, Patparganj, Nanavati, and Pune with commissioning dates through FY29 and FY30.
  • For Thane and Shaheed Path projects, regulatory approvals are underway with delivery expected 30-36 months after approvals (approximately after six months).
  • Thus, the focus is on organic capacity build-out and regulatory progress rather than listing specific pending orders or an order book.
Full Q1 FY27 analysis
Full Healthcare Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Healthcare Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Aster DM Quality Care LtdGood growth
    3
See all potential multibaggersWhere does Max Healthcare Institute Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Healthcare Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹903 Cr—
240%+Flat₹583 Cr22.2
3Aster DM Quality Care Ltd20–40%Up 2%+₹58,782 Cr162.9
420–40%Up 0–2%₹1,730 Cr17.5
520–40%Up 0–2%₹580 Cr11.9
620–40%Flat₹1.13L Cr53.9

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Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services ranking

Max Healthcare Institute Ltd announcements

All announcements →

Financials of Max Healthcare Institute Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Max Healthcare Institute Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +23.75%23.75%23.74%23.74%23.74%23.74%23.74%23.74%23.72%23.71%23.71%23.71%
FIIs +60.69%57.33%56.99%57.29%56.93%54.74%54.76%51.80%50.55%45.39%41.78%40.52%
DIIs +11.55%14.96%15.36%15.14%15.55%17.59%17.41%20.03%21.20%26.32%29.95%31.01%
Public +3.99%3.97%3.91%3.84%3.77%3.94%4.09%4.43%4.52%4.58%4.55%4.76%
No. of Shareholders1,11,3381,27,0091,36,2541,37,8561,40,0281,51,6331,62,1191,80,8912,03,8372,16,9962,24,6062,22,167

Pros & Cons

Max Healthcare Institute Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 7.39 times its book value
  • Company has a low return on equity of 13.7% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 13.6% of profits over last 3 years
Raw Insights
  • Stock is trading at 7.39 times its book value
  • Company has a low return on equity of 13.7% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 13.6% of profits over last 3 years

Financials of Max Healthcare Institute Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,3631,3351,4231,5431,7071,8681,9102,0282,1352,0682,1432,3662,569
Expenses +9769491,0411,1561,2571,3691,3981,5051,5601,5291,5361,7681,858
Operating Profit387386382387451499512523575538606598711
OPM %28%29%27%25%26%27%27%26%27%26%28%25%28%
Other Income +4546453541-40473733-3484141
Interest9112124345255555460677174
Depreciation586170778498101104108111123132138
Profit before tax366360336321374309402400446365465436541
Tax %24%20%25%26%25%23%21%23%-10%17%26%26%23%
Net Profit +277289252236282239319308491301342323414
EPS in Rs2.852.982.592.432.902.463.283.175.053.093.523.314.26

Financials of Max Healthcare Institute Ltd

Profit & Loss

Annual income statement trend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,6081,7291,6911,0592,5083,9374,5635,4067,0288,3739,146
Expenses +1,4671,6161,5359652,1012,9863,3223,9135,1806,1316,691
Operating Profit141113156944079511,2411,4931,8492,2432,455
OPM %9%7%9%9%16%24%27%28%26%27%27%
Other Income +59655648-12211013917782114126
Interest10099101831791018460165235271
Depreciation969410346174221232245359447504
Profit before tax5-15813-697391,0641,3651,4061,6761,806
Tax %-236%65%102%-1%67%18%-4%23%24%14%
Net Profit +16-25-059-1386051,1041,0581,0761,4421,381
EPS in Rs0.29-0.47-0.061.10-1.426.2411.3710.8811.0714.8214.18
Dividend Payout %0%0%0%0%0%0%9%14%14%13%

Financials of Max Healthcare Institute Ltd

Balance Sheet

Capital structure and asset base

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital537537537537966970971972972973973
Reserves6556274262,0164,6735,3136,4397,4368,4099,77410,359
Borrowings +8749811,0038751,1019136891,2993,0103,4783,795
Other Liabilities +1,0801,1571,3895461,8031,9932,0032,2932,7952,9593,595
Total Liabilities3,1463,3023,3553,9748,5439,18910,10212,00015,18617,18418,722
Fixed Assets +2,2442,2272,1928516,5367,0187,0398,78411,50212,99113,966
CWIP4638872827151252553901593805
Investments0012,1821112355
Other Assets +8561,0361,0759131,9802,0202,8102,6612,7813,5953,946
Total Assets3,1463,3023,3553,9748,5439,18910,10212,00015,18617,18418,722

Financials of Max Healthcare Institute Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +15616689771187411,2091,1221,4381,633
Cash from Investing Activity +-104-124-17-2,641206-764-1,187-1,253-1,593-1,688
Cash from Financing Activity +-48-48-742,353191-294-289-264-16359
Net Cash Flow4-6-2-210516-317-266-395-3184
Free Cash Flow41100-27-131192877342500165
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit135%166%75%89%15%89%110%93%95%89%

Financials of Max Healthcare Institute Ltd

Ratios

Working capital efficiency and return ratios

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days53597833533627313642
Inventory Days20242643342430262623
Days Payable184227292286274174212207198175
Cash Conversion Cycle-111-144-188-210-187-114-155-149-136-110
Working Capital Days-12-24-152-137-44-24-46-43-46-41
ROCE %4%6%4%7%12%15%16%15%15%

Guidance history

How Max Healthcare Institute Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →20–40%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

14out of 100

Momentum score · price trend

14 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−27.0%29%
Last 6 months−13.4%33%
Last 3 months−21.7%17%

The price is 33.8% below its all-time high of ₹1,298.2 (4 Jul 2025). Stocks more than 20% below their peak have their score halved, so 28 became 14.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Max Healthcare Institute Ltd: 0.4 × 29 + 0.4 × 33 + 0.2 × 17 = 28, halved to 14 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Max Healthcare Institute Ltd's management said in earlier quarters

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