# Hospitals & Diagnostics — company-by-company sector analysis > Hospitals & Diagnostics: Max India Ltd(Merged) owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-14. Not investment advice. ## Bottom line The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Max India Ltd(Merged) leads with revenue of ₹151 crore, based on 1 of 1 comparable companies through Dec 2019. Max India Ltd(Merged) has the fastest current revenue growth at 16.1%, across 1 of 1 comparable companies. ## Sector relative strength The 52-week comparison of Hospitals & Diagnostics against NIFTY 500 is not available from the current market series. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. 13-week sector return versus NIFTY 500: — 52-week sector return versus NIFTY 500: — Stocks leading NIFTY: 1/1 Stocks leading sector: 0/0 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹2.0K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Max India Ltd(Merged) (MAXINDIA): 45/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 20.8/35 | Capital efficiency 3.0/25 | Valuation 11.2/20 | Relative strength 10.1/20 - Exact sum: 20.8 + 3 + 11.2 + 10.1 = 45.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Price shows what happened; relative strength shows who is winning the argument against the market and the sector. Max India Ltd(Merged) leads on Mansfield relative strength against NIFTY at +0.1%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2020-09-11. ### Strongest one-year price performers ### Strongest relative strength versus NIFTY 500 1. Max India Ltd(Merged) (MAXINDIA): 0.1% ## Revenue Scale & Growth Durability What the numbers say: Max India Ltd(Merged) is the scale leader at ₹151 crore, Max India Ltd(Merged)'s growth is 16.1% from a ₹151 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Max India Ltd(Merged) is the scale benchmark; Max India Ltd(Merged) is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Max India Ltd(Merged)'s growth falls below Max India Ltd(Merged)'s for two consecutive comparable reports while operating margin also compresses. Evidence: Max India Ltd(Merged) · ₹151 crore | Not enough peers | 6/8 recent comparable periods | 1/1 companies · 13 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Max India Ltd(Merged) (MAXINDIA): ₹151 Cr ### Revenue growth — fastest growers 1. Max India Ltd(Merged) (MAXINDIA): 16% ### 16-quarter Revenue history - MAXINDIA: Mar 2016 — | Jun 2016 — | Sep 2016 — | Dec 2016 ₹11 Cr | Mar 2017 ₹8 Cr | Jun 2017 ₹17 Cr | Sep 2017 ₹16 Cr | Dec 2017 ₹15 Cr | Mar 2018 ₹16 Cr | Jun 2018 ₹43 Cr | Sep 2018 ₹36 Cr | Dec 2018 ₹35 Cr | Mar 2019 ₹40 Cr | Jun 2019 ₹38 Cr | Sep 2019 ₹39 Cr | Dec 2019 ₹34 Cr ### 16-quarter Revenue growth history - MAXINDIA: Mar 2016 — | Jun 2016 — | Sep 2016 — | Dec 2016 — | Mar 2017 — | Jun 2017 — | Sep 2017 — | Dec 2017 36% | Mar 2018 100% | Jun 2018 153% | Sep 2018 125% | Dec 2018 133% | Mar 2019 150% | Jun 2019 -12% | Sep 2019 8.3% | Dec 2019 -2.9% ## Operating Economics & Margin Trend What the numbers say: Max India Ltd(Merged) leads both opm at -34% and margin change at +32 percentage points. Investor read: Max India Ltd(Merged) sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Max India Ltd(Merged) · -34% | Not enough peers | 3/8 recent comparable periods | 1/1 companies · 16 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Max India Ltd(Merged) (MAXINDIA): -34% ### Margin change — fastest expanders 1. Max India Ltd(Merged) (MAXINDIA): +32.0 pp ### 16-quarter OPM history - MAXINDIA: Mar 2016 17% | Jun 2016 14% | Sep 2016 26% | Dec 2016 4.0% | Mar 2017 -73% | Jun 2017 27% | Sep 2017 25% | Dec 2017 16% | Mar 2018 0.0% | Jun 2018 -40% | Sep 2018 -176% | Dec 2018 -66% | Mar 2019 -24% | Jun 2019 -244% | Sep 2019 -52% | Dec 2019 -34% ### 16-quarter Margin change history - MAXINDIA: Mar 2016 — | Jun 2016 — | Sep 2016 — | Dec 2016 — | Mar 2017 −90.5 pp | Jun 2017 +13.4 pp | Sep 2017 −0.6 pp | Dec 2017 +12.0 pp | Mar 2018 +73.0 pp | Jun 2018 −67.0 pp | Sep 2018 −201.0 pp | Dec 2018 −82.0 pp | Mar 2019 −24.0 pp | Jun 2019 −204.0 pp | Sep 2019 +124.0 pp | Dec 2019 +32.0 pp ## Profit Scale & Acceleration What the numbers say: Max India Ltd(Merged) leads net profit at ₹250 crore; the second comparison lacks enough current evidence. Investor read: Max India Ltd(Merged) sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Max India Ltd(Merged) · ₹250 crore | Not enough peers | 0/4 recent comparable periods | 1/1 companies · 13 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Max India Ltd(Merged) (MAXINDIA): ₹250 Cr ### Profit growth — fastest growers ### 16-quarter Net profit history - MAXINDIA: Mar 2016 — | Jun 2016 — | Sep 2016 — | Dec 2016 ₹-1 Cr | Mar 2017 ₹-4 Cr | Jun 2017 ₹3 Cr | Sep 2017 ₹2 Cr | Dec 2017 ₹1 Cr | Mar 2018 ₹1 Cr | Jun 2018 ₹-25 Cr | Sep 2018 ₹-69 Cr | Dec 2018 ₹-30 Cr | Mar 2019 ₹-7 Cr | Jun 2019 ₹-95 Cr | Sep 2019 ₹-15 Cr | Dec 2019 ₹367 Cr ### 16-quarter Profit growth history - MAXINDIA: Mar 2016 — | Jun 2016 — | Sep 2016 — | Dec 2016 — | Mar 2017 — | Jun 2017 — | Sep 2017 — | Dec 2017 — | Mar 2018 — | Jun 2018 -933% | Sep 2018 -3,550% | Dec 2018 -3,100% | Mar 2019 -800% | Jun 2019 — | Sep 2019 — | Dec 2019 — ## Return On Capital Employed What the numbers say: Max India Ltd(Merged) leads ROCE at -2.5%. Max India Ltd(Merged) has the strongest latest improvement at 0 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Max India Ltd(Merged) sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Max India Ltd(Merged) · -2.5% | Not enough peers | Not enough history | 1/1 companies · 0 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Max India Ltd(Merged) (MAXINDIA): -2.5% ### ROCE change — fastest improvers 1. Max India Ltd(Merged) (MAXINDIA): 0.0 pp ### 16-quarter ROCE history ### 16-quarter ROCE change history ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG ### P/E — lowest P/E 1. Max India Ltd(Merged) (MAXINDIA): 5.7 ### 16-quarter PEG history ### 16-quarter P/E history ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Max India Ltd(Merged) (MAXINDIA) — market value ₹2.0K Cr; latest fundamentals Dec 2019 ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## Methodology and freshness Fundamentals through Dec 2019; prices through 2026-08-14. Up to 16 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Hospitals & Diagnostics sector outperforming NIFTY 500? The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. ### Which Hospitals & Diagnostics company is largest by revenue? Max India Ltd(Merged) leads with revenue of ₹151 crore, based on 1 of 1 comparable companies through Dec 2019. ### Which Hospitals & Diagnostics company is growing fastest? Max India Ltd(Merged) has the fastest current revenue growth at 16.1%, across 1 of 1 comparable companies. ### Which Hospitals & Diagnostics company has the strongest 4-Factor Sector Score? Max India Ltd(Merged) ranks first at 45.1/100 with 55.7% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Hospitals & Diagnostics comparison include? The page compares up to 16 reported quarters per company for fundamentals, returns and valuation, ending Dec 2019. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Hospitals & Diagnostics index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Hospitals & Diagnostics, this page builds its own equal-weight basket of 1 listed Hospitals & Diagnostics companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Dec 2019. ### Which are the best Hospitals & Diagnostics stocks in India? Ranked by this page's four-factor score, Max India Ltd(Merged) places first among 1 listed Hospitals & Diagnostics companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Dec 2019 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Hospitals & Diagnostics stocks are listed in India? This comparison covers 1 listed Hospitals & Diagnostics companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Dec 2019. ### Which Hospitals & Diagnostics company is the biggest? Max India Ltd(Merged) is the largest, with trailing-twelve-month revenue of ₹151 crore. That covers 1 of 1 companies with comparable reporting through Dec 2019. ### Which Hospitals & Diagnostics company has the best profit margins? Max India Ltd(Merged) has the highest operating margin at -34%, from 1 of 1 comparable companies. Max India Ltd(Merged) shows the biggest improvement (+32 percentage points — see the chart above for the starting level). A high margin matters most when it is holding or rising, not when it is peaking. ### Which Hospitals & Diagnostics company makes the most profit? Max India Ltd(Merged) earns the most, at ₹250 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. ### Which Hospitals & Diagnostics company earns the highest return on capital? Max India Ltd(Merged) leads on return on capital employed at -2.5%, across 1 of 1 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Hospitals & Diagnostics stock has the strongest price momentum? Max India Ltd(Merged) has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Hospitals & Diagnostics company scores highest for research priority? Max India Ltd(Merged) scores 45.1 out of 100 with 55.7% evidence confidence, from 20.8 points on growth and earnings, 3 on capital efficiency, 11.2 on valuation and 10.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Hospitals & Diagnostics companies does this comparison cover, and over what period? It compares 1 listed companies over up to 16 reported quarters of fundamentals, ending Dec 2019, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Hospitals & Diagnostics sector? The 1 Hospitals & Diagnostics companies on this page carry ₹2,029 crore of combined market value. Max India Ltd(Merged) is the largest at ₹2,029 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-14. ### How is the Hospitals & Diagnostics sector performing? 1 of the 1 covered Hospitals & Diagnostics companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-08-14. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.