Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,764.00 last close on 15 Oct 2026 +1.01%
Research updated
Max Healthcare Institute Ltd.
NSE: MAXHEALTHHealthcareMedical Care Facilities
- Last close
- ₹858.00
- Day change
- +₹5.50 (+0.65%)vs
- Market cap
- ₹84,284 crIndian rupees
- Research updated
- 1 report
About Max Healthcare Institute
Max Healthcare Institute Ltd. is a leading healthcare provider in India, primarily focusing on delivering high-quality medical services across a comprehensive range of specialties including cardiology, neurology, oncology, orthopedics, and emergency care. With a network of hospitals and medical facilities, the company plays a crucial role in enhancing the healthcare infrastructure within the country. Max Healthcare is renowned for its state-of-the-art technology and skilled medical professionals, ensuring top-tier patient care and clinical outcomes. The organization's commitment to innovation and excellence has positioned it as a pivotal entity in the healthcare industry, impacting sectors such as pharmaceuticals, biotechnology, and healthcare diagnostics. Max Healthcare Institute Ltd. not only serves individual patients but also collaborates with several governmental and private entities to improve access to medical services, thereby significantly contributing to public health and welfare within its region of operation. As a publicly listed company, it holds substantial influence in the financial markets, attracting investors interested in the growing healthcare sector.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: MAXHEALTH
- Chief executive
- Colonel Harinder Singh Chehal
- Employees
- 15,114
- Headquarters
- Gurugram, India
- ISIN
- INE027H01010
- Website
- maxhealthcare.in
Public research · Report of
Business model & financial foundation
Max Healthcare (NSE: MAXHEALTH), Hospitals and healthcare services: revenue of ₹8,373 crore in FY26 (+19.1% on FY25), an EBITDA margin of 26.8%, net profit of ₹1,442 crore and net debt of ₹2,310 crore.
- Revenue, FY26 (₹ crore)
- 8,373
- consolidated
- Revenue growth, FY26
- +19.1%
- on FY25
- EBITDA margin, FY26
- 26.8%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,442
- to owners
- Return on equity, FY26
- 14.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,310
- Net debt excluding lease liabilities (company definition)
- Market capitalisation (₹ crore)
- 1,03,813
- at the close of 12 Oct 2026
Company profile
Max Healthcare is one of India's largest private hospital operators, with about 5,400 operational beds (June 2026) concentrated in Delhi NCR plus Mumbai, Punjab, Uttarakhand, Lucknow, Nagpur and Bhubaneswar, and diagnostics (Max Lab) and home care (Max@Home). It earns the highest revenue per occupied bed among listed peers (ARPOB about INR 82k a day in Q1 FY27) from tertiary and quaternary care. Growth comes from brownfield towers and acquisitions, targeting about 8,000 beds by FY28.
| Item | Value |
|---|---|
| Legal name | Max Healthcare Institute Limited |
| Exchange and ticker | NSE: MAXHEALTH; BSE: 543220 |
| ISIN | INE027H01010 |
| CIN | L72200MH2001PLC322854 |
| Sector | Healthcare |
| Industry | Hospitals and healthcare services |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (appointed 30 Jul 2025 for FY26-FY30; Deloitte Haskins & Sells before) (since FY26) |
| Market capitalisation | ₹1,03,813 crore (12 Oct 2026) |
| Shares outstanding | 97.25 crore shares (FY26) |
| Price | ₹883.8 (close, 12 Oct 2026) |
| 52-week range | ₹870.0 - ₹1,222 (to 12 Oct 2026) |
| Website | https://www.maxhealthcare.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Crosslay Remedies Ltd (formerly Jaypee Healthcare Ltd, Max Noida) | 100% | 500-bed hospital at Noida acquired Oct-Nov 2024; material subsidiary |
| Alexis Multispeciality Hospital (Nagpur) | 100% | Hospital, Nagpur, acquired Feb 2024 |
| Starlit Medical Centre (Lucknow) | 60% | Hospital, Lucknow (Sahara), 40% under option |
| Kalinga Hospital Ltd (MSSH Bhubaneswar) | 58.28% | 246-bed hospital acquired 18 May 2026 |
| Yerawada Properties Pvt Ltd (YPPL, Pune) | 50.22% | Land for proposed 450-bed Pune hospital; 100% voting |
| Max Lab Ltd | 100% | Diagnostics (Max Lab) |
Partner hospitals BLK-Max, Nanavati-Max and Max Dwarka are run as 'silos' under service agreements and enter the Network basis.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 23.74% | 23.72% | 23.71% | 23.71% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 51.80% | 50.56% | 45.39% | 41.78% |
| Domestic institutions | 20.03% | 21.20% | 26.32% | 29.96% |
| of which mutual funds | 14.25% | 14.04% | 16.30% | 18.68% |
| Retail | 4.43% | 4.52% | 4.57% | 4.56% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Max Healthcare runs tertiary and quaternary hospitals, mostly in Delhi NCR, plus Mumbai (Nanavati-Max), Punjab (Mohali, Bathinda), Dehradun, Lucknow, Nagpur, Noida (ex-Jaypee) and, from 18 May 2026, Bhubaneswar (Kalinga, 58.28%). It had 5,379 operational network beds at Jun-26. Revenue is in-patient led, and payors are diversified. In Q1 FY27 the payor mix was self-pay 32.5%, insurance and corporates 37.8%, international 8.8% and institutional (CGHS/ECHS/state schemes) 20.9%. The company reports two bases:
- the statutory consolidation (audited; the model's basis): FY26 revenue INR 8,373 cr, PAT INR 1,442 cr;
- a "Network" memorandum basis that adds the partner silo hospitals (BLK-Max, Nanavati, Dwarka), which are booked only through service fees in the statutory accounts. FY26 network net revenue was INR 10,065 cr and operating EBITDA INR 2,638 cr.
The statutory-to-network ratio is about 0.83. The company controls clinical talent, campus land and brownfield towers. It does not control administered prices (CGHS, state schemes) or drug-pricing regulation, which is now under Supreme Court review. It is a single reportable segment (Medical & Healthcare Services).
| Peer | Why the dossier compares them |
|---|---|
| Apollo Hospitals Enterprise (APOLLOHOSP) | Largest listed hospital chain; metro tertiary care |
| Fortis Healthcare (FORTIS) | NCR-heavy tertiary chain competing directly in Delhi/Gurugram/Mohali |
| Global Health (Medanta) (MEDANTA) | Gurugram/Lucknow quaternary competitor with similar ARPOB |
| Narayana Hrudayalaya (NH) | |
| Krishna Institute of Medical Sciences (KIMS) | Expanding multi-specialty chain in growth phase |
| Aster DM Healthcare (ASTERDM) | |
| Rainbow Children's Medicare (RAINBOW) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,883 | 4,489 | 5,406 | 7,028 | 8,373 |
| Cost of revenue (vendor classification) * | 922.9 | 921.1 | 1,118 | 1,477 | 1,790 |
| Other operating costs (vendor classification) * | 1,219 | 1,527 | 1,785 | 2,406 | 2,861 |
| EBITDA (vendor classification) * | 1,084 | 1,384 | 1,692 | 2,049 | 2,426 |
| EBIT * | 828.9 | 1,135 | 1,410 | 1,555 | 1,891 |
| Finance costs | 90.0 | 71.3 | 59.9 | 165.0 | 235.1 |
| Profit before tax | 738.9 | 1,064 | 1,365 | 1,406 | 1,676 |
| Tax expense (current + deferred) | 133.9 | -39.8 | 307.7 | 330.5 | 233.2 |
| Profit for the year (incl. non-controlling interest) | 605.1 | 1,104 | 1,058 | 1,076 | 1,442 |
| Diluted EPS (₹) | 6.24 | 11.36 | 10.84 | 11.01 | 14.76 |
| Other income | 178.1 | 155.6 | 162.6 | ||
| Drugs, consumables and implants consumed | 1,119 | 1,477 | 1,790 | ||
| Employee benefits expense | 934.4 | 1,174 | 1,357 | ||
| Other expenses incl. professional and consultancy fee | 1,861 | 2,529 | 2,983 | ||
| EBITDA (excl. other income) | 1,492 | 1,849 | 2,243 | ||
| Depreciation, impairment and amortisation | 245.0 | 359.4 | 446.5 | ||
| Exceptional items | 0.00 | -73.6 | -48.2 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners of the parent | 1,058 | 1,076 | 1,442 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,282 | 7,410 | 8,408 | 9,381 | 10,747 |
| Borrowings (non-current + current, excl. lease liabilities) | 1,139 | 908.3 | 1,150 | 2,489 | 2,907 |
| Cash, other bank balances and current investments | 309.1 | 1,374 | 1,099 | 681.9 | 700.6 |
| Trade receivables (current) | 385.4 | 336.1 | 462.7 | 687.3 | 969.8 |
| Inventories | 61.4 | 76.2 | 79.8 | 106.2 | 114.3 |
| Trade payables (current, MSE + others) | 444.1 | 543.5 | 677.5 | 800.3 | 859.0 |
| Net property, plant and equipment * | 782.8 | 905.3 | 1,348 | 1,932 | 2,397 |
| Capital work in progress * | 213.7 | 324.7 | 579.1 | 1,034 | 693.7 |
| Total assets * | 9,189 | 10,102 | 12,000 | 15,214 | 17,231 |
| Net debt excluding lease liabilities (company definition) | 1,899 | 2,310 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 706.3 | 1,125 | 1,186 | 1,438 | 1,633 |
| Free cash flow (vendor definition) * | 187.2 | 948.5 | 343.0 | 493.8 | 148.8 |
| Dividend paid | -97.0 | -145.6 | -145.6 | ||
| Purchase of PP&E incl. CWIP and intangibles | -548.2 | -331.7 | -772.4 | -944.5 | -1,485 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 96.75 | 97.01 | 97.16 | 97.20 | 97.25 |
| Diluted weighted average shares (crore), implied | 97.6 | 97.7 | 97.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 | 2,366 |
| Cost of revenue (vendor classification) * | 349.2 | 391.8 | 409.3 | 445.2 | 464.9 | 440.4 | 439.5 | 513.4 |
| Other operating costs (vendor classification) * | 624.1 | 672.8 | 549.9 | 721.4 | 757.1 | 748.4 | 756.7 | 866.2 |
| EBITDA (vendor classification) * | 491.4 | 532.4 | 603.1 | 559.4 | 608.1 | 583.7 | 654.3 | 639.0 |
| EBIT * | 407.2 | 361.3 | 441.4 | 455.3 | 500.0 | 424.2 | 531.2 | 507.3 |
| Finance costs | 33.5 | 52.4 | 55.2 | 54.9 | 53.9 | 59.7 | 66.7 | 71.0 |
| Profit before tax | 373.7 | 308.9 | 402.5 | 400.4 | 446.0 | 364.5 | 464.6 | 436.3 |
| Tax expense (current + deferred) | 91.9 | 70.1 | 83.5 | 92.5 | -45.3 | 63.6 | 122.4 | 113.4 |
| Profit for the period (incl. non-controlling interest) | 281.8 | 238.8 | 319.0 | 308.0 | 491.3 | 300.9 | 342.2 | 323.0 |
| Diluted EPS (₹) | 2.88 | 2.44 | 3.26 | 3.15 | 5.02 | 3.09 | 3.50 | 3.30 |
| Other income | 40.8 | 33.3 | 46.9 | 36.5 | 32.9 | 45.4 | 47.8 | 40.5 |
| Drugs, consumables and implants consumed | 349.2 | 391.8 | 409.4 | 445.2 | 464.9 | 440.4 | 439.5 | 513.4 |
| Employee benefits expense | 283.6 | 304.6 | 315.6 | 338.1 | 338.3 | 340.5 | 340.3 | 388.2 |
| Other expenses incl. professional and consultancy fee | 624.1 | 672.8 | 673.1 | 721.4 | 757.1 | 748.4 | 756.7 | 866.2 |
| EBITDA (excl. other income) | 450.5 | 499.1 | 511.6 | 522.9 | 575.2 | 538.3 | 606.4 | 598.5 |
| Depreciation, impairment and amortisation | 84.2 | 97.5 | 100.8 | 104.1 | 108.1 | 111.3 | 123.0 | 131.7 |
| Exceptional items | 0.00 | -73.6 | 0.00 | 0.00 | 0.00 | -48.2 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.47 |
| Profit attributable to owners of the parent | 281.8 | 238.8 | 319.0 | 308.0 | 491.3 | 300.9 | 342.2 | 322.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.4% | 15.6% | 20.4% | 30.0% | 19.1% |
| EBITDA margin | 27.6% | 26.3% | 26.8% | ||
| Net margin | 19.6% | 15.3% | 17.2% | ||
| Return on equity | 13.4% | 12.1% | 14.3% | ||
| Return on capital employed | 11.5% | 14.4% | 15.8% | 14.5% | 14.8% |
| Return on assets | 9.6% | 7.9% | 8.9% | ||
| Net debt (₹ crore) | 1,899 | 2,310 | |||
| Net debt / EBITDA | 1.03x | 1.03x | |||
| Interest cover | 9.21x | 15.9x | 23.5x | 9.42x | 8.04x |
| Asset turnover | 0.44x | 0.47x | 0.49x | 0.52x | 0.52x |
| Receivable days | 36 | 27 | 31 | 36 | 42 |
| Inventory days (on revenue) | 6 | 6 | 5 | 6 | 5 |
| Payable days (on revenue) | 42 | 44 | 46 | 42 | 37 |
| Cash conversion | 1.12x | 1.34x | 1.13x | ||
| Capex intensity | 14.1% | 7.4% | 14.3% | 13.4% | 17.7% |
| Free cash flow (₹ crore) | 158.1 | 793.2 | 413.1 | 493.5 | 148.8 |
| Dividend payout | 9.2% | 13.5% | 10.1% | ||
| EPS, diluted (₹) | 6.24 | 11.36 | 10.84 | 11.01 | 14.76 |
| Book value per share (₹) | 64.94 | 76.38 | 86.54 | 96.51 | 110.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding lease liabilities (company definition); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Max Healthcare Institute includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 16 Oct 2026.
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