Max Healthcare Institute Ltd
MAXHEALTHMax Healthcare Institute Ltd's earnings have outrun its stock. EPS grew +33.9% in a year against a −12.4% price move.
The sharpest disagreement: annual EPS moved +33.9% against a −12.4% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (6 weeks in) while the P/E sits at the 37th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +4.9% year on year, and 117% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Max Healthcare Institute Ltd trades at ₹1,038, in a confirmed uptrend and 6 weeks into that stage. That is −1.5% against its own 200-day average. It sits at 31% of a 52-week range of ₹965 to ₹1,203. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).
Today the stock is in a confirmed uptrend — week 6 of stage 2. At ₹1,038 it trades −1.5% versus its 200-day average and sits at 31% of its 52-week range (₹965–₹1,203).
Against the market, two honest reads. Cumulative: over the last 6.1 years the stock moved +829% while the NIFTY 500 moved +139% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-08-07) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Max Healthcare Institute Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 19 July 2026. Max is converting a 20%-capacity brownfield build into operating leverage — but current margins sit at a 9-year high (89th percentile), meaning volume growth must carry the load if margins mean-revert.
What is proven. Max is converting a 20%-capacity brownfield build into operating leverage — but current margins sit at a 9-year high (89th percentile), meaning volume growth must carry the load if margins mean-revert.
What is not proven yet. OPM falling below 25% for two consecutive quarters while the Gurgaon greenfield is still pre-revenue — this would confirm that new bed dilution is outpacing operating leverage, invalidating the thesis that brownfield additions are immediately margin-accretive. Alternatively, a second round of CGHS policy changes compressing oncology or surgical margins further would be a thesis-breaking development.
🚨 What would change our mind. OPM falling below 25% for two consecutive quarters while the Gurgaon greenfield is still pre-revenue — this would confirm that new bed dilution is outpacing operating leverage, invalidating the thesis that brownfield additions are immediately margin-accretive. Alternatively, a second round of CGHS policy changes compressing oncology or surgical margins further would be a thesis-breaking development.
Layer 1 read, 19 July 2026 — KEEP. The engine is real — revenue nearly doubled to Rs 2143 Cr over 12 quarters at a steady 26-28% margin on brownfield beds now commissioning (CWIP fell 1226 to 593cr). But the stock carries an EXTREME MoS of -62.7% with implied growth read as IMPOSSIBLE (a ⚠ model number), margins are AT_PEAK, and management directly contradicted its own CGHS-drag guidance one quarter later — the weakest consistency record in the batch.
What would change Layer 1’s mind. OPM falling below 25% for two consecutive quarters while the Gurgaon greenfield is still pre-revenue — confirming new-bed dilution is outpacing operating leverage — OR a second round of CGHS policy changes further compressing oncology/surgical margins.
Layer 2 read, 19 July 2026 — BENCH. Max is a genuine operating-leverage compounder (revenue +19.1% YoY, ROCE at the 91.7th percentile) inside a TAILWIND sector whose supply is withdrawing (capex down 20.9%). But margins are at a 9-year high (OPM 28.3%) with the MoS at -62.7%, so from here volume — not margin — has to carry, and the CGHS oncology price cap is squeezing the very specialty margins the thesis leans on. Strong business, wrong price: BENCH.
What would change Layer 2’s mind. A valuation reset (MoS moving toward or above zero) OR a durable ARPOB/volume acceleration that carries EPS while OPM normalizes below 26% without EPS falling — i.e., proof the operating leverage outruns margin mean-reversion. Conversely a second CGHS oncology/surgical margin cut would flip BENCH toward DROP.
What the company does. Max Healthcare added roughly 45% new bed capacity over FY25-26, and those beds are now filling: occupied bed days rose 8% in Q4 FY26 despite simultaneous commissioning. Revenue has compounded at 22% per year since FY22, and the CGHS rate revision added a recurring 140 crore net annual benefit. The risk is that OPM at 28% is the highest it has been in 7 years of data; a mean-reversion toward 26% mid-cycle removes roughly 200 crore of annual operating profit and pushes the normalized PE 14 percentile points higher than the trailing reading suggests.
🚨 What the surface reading misses. The surface reading is: 28.3% OPM looks like a well-run high-quality hospital — nothing alarming The research reads it further: 28.3% is at the 89th percentile of 7-year quarterly OPM history. The normalized mid-cycle OPM is 25.8% per the cycle_normalized block. Every new greenfield starts below network average; doctor cost inflation is running across the sector. The current margin is near the historical ceiling — not the typical mid-run.
🚨 What the surface reading misses. The surface reading is: ROCE of 15% looks fine for a capital-intensive hospital business The research reads it further: ROCE at 91.7th percentile of 7-year history (band 4%-16%) is a cyclicality AT_PEAK flag. The operating_cycle stage is MID_EXPANSION: ROCE is high but PE is compressing while EPS rises — consistent with a de-rating compounder. A capex cycle is underway (borrowings grew from 689 crore to 3478 crore in 3 years), and CWIP was 593 crore in Mar 2026 — new assets still not earning. As greenfield assets commission, they will initially dilute ROCE before contributing to it.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Max Healthcare Institute Ltd reported ₹2,366 Cr of revenue in the Jun 26 quarter, +16.7% year on year. That is the 12th straight quarter of year-on-year growth. Over 9 years it has compounded at 20.1% a year. The last full year, FY26, came in at ₹8,373 Cr. The last four reported quarters add to ₹8,712 Cr.
Why this happened. Dwarka's oncology bunker was scheduled to launch in June 2026. Lucknow launched a PET-CT and radiation program in Q2 FY26. Noida cleared transplant licenses. These specialty additions move ARPOB upward from the current lower-acuity institutional-heavy mix toward the network average of 77900 per bed-day and beyond. Like-for-like existing units grew ARPOB at 7% YoY in Q2 FY26.
FY26 revenue came in at ₹8,373 Cr (+19.1% on the year), capping 9 years at 20.1% compound. The latest quarter (Jun 26) printed ₹2,366 Cr, +16.7% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +16.2% growth against the decade's 20.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +16.0% over the last 4 quarters against +24.0%/yr over the last 8 — rolling over; TTM profit +26.9% vs +17.6%/yr — accelerating.
FY26-Q4. revenue ₹2,143 Cr and profit ₹342 Cr as reported.
FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Max Healthcare Institute Ltd's operating margin is 25.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0% to 28.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 25.0%, −1.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 7.0%–28.0%.
🚨 Why the margin moved: operating margin went −0.5 pp year on year while gross margin went +0.3 pp — the loss came mostly from the gross line: input costs and pricing.
FY26-Q4. revenue ₹2,143 Cr and profit ₹342 Cr as reported.
FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Max Healthcare Institute Ltd earned ₹323 Cr of net profit in the Jun 26 quarter, +4.9% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹1,442 Cr. The 9-year compound rate is 64.9%. That is 13.7% of the quarter's revenue. The same quarter a year earlier earned ₹308 Cr.
Jun 26 profit was ₹323 Cr, +4.9% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹1,442 Cr (+34.0%), and the 9-year compound rate is 64.9%.
Why profit moved: revenue contributed +16.7% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +28.0% vs revenue +16.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹2,143 Cr and profit ₹342 Cr as reported.
FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 117% of Max Healthcare Institute Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,633 Cr of operating cash against ₹1,442 Cr of profit. After ₹1,628 Cr of capital spending, ₹5.0 Cr was left as free cash.
FY26: operating cash of ₹1,633 Cr against reported profit of ₹1,442 Cr, leaving free cash of ₹5.0 Cr after ₹1,628 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 117% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 117%: the cash cycle stretched 77 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 7.0× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Max Healthcare Institute Ltd's cash conversion cycle runs −110 days in FY26, up from −187 days in FY21. Capital spending ran ₹7,344 Cr over the last 3 years. At FY26 sales of ₹8,373 Cr each day of that cycle holds about ₹22.9 Cr, so roughly ₹−2,523 Cr sits inside the business at any moment.
FY26: debtors at 42 days, inventory at 23 days — roughly 0.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −110 days, looser than FY21's −187.
The full loop: cash goes out to suppliers and production on day 0; stock waits 23 days to sell; customers pay about 42 days after that; and suppliers themselves are paid at 175 days — netting out to the −110-day cycle.
In money terms: at FY26 sales of ₹8,373 Cr, each day of the cycle holds about ₹22.9 Cr — so the −110-day loop keeps roughly ₹−2,523 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹7,344 Cr over the last 3 fiscal years against ₹1,051 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹593 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Max Healthcare Institute Ltd earns a ROCE of 15% in FY26. That is up from a trough of 4% in FY18. Return on invested capital clears the cost of that capital by −0.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 17.2% net margin on 0.49× asset turns.
FY26 ROCE is 15%, recovered from a FY18 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 17.2% net margin × 0.49× asset turns × 1.60× balance-sheet leverage ≈ 13.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 11.6% − 12.0% = a −0.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Max Healthcare Institute Ltd carries total debt of ₹3,478 Cr against shareholder equity of ₹10,747 Cr as of Mar 26, a debt-to-equity of 0.32. On the annual view that ratio went from 0.15 in FY22 to 0.32 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Why this happened. Max Smart (400 beds), Nanavati (268 beds), and Mohali (160 beds) were all commissioned in FY26. As of the May 2026 concall, beds were still ramping — full operationalization expected within 2-3 months. The Dwarka precedent shows a brownfield reaching 80-85% occupancy within 12 months of commissioning. Each percentage point of incremental occupancy on an already-cost-loaded asset drops almost entirely to EBITDA.
Mar 26: total debt of ₹3,478 Cr against shareholder equity of ₹10,747 Cr — a debt-to-equity of 0.32. On the annual view, debt-to-equity went from 0.15 (FY22) to 0.32 (FY26). Read the returns on this page with that leverage in mind.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 15.2 points of Max Healthcare Institute Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 41.8% of the company. Domestic institutions moved +14.6 points over the same window, to 29.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −15.2 points over 8 quarters to 41.8%; Domestic institutions: +14.6 points over 8 quarters to 29.9%; Promoters: +0.0 points over 8 quarters to 23.7%.
Why the register moved: rotation — foreign institutions −15.2 points against domestic institutions +14.6 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Max Healthcare Institute Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Max Healthcare Institute Ltd trades at 67.5× P/E, mid-range by its own standards (37th percentile). Its long-run median P/E is 75.1×, measured across 6.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 67.5× is mid-range by its own standards (37th percentile), against a long-run median of 75.1× measured over 6.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +33.9% against a −12.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +22.2%/yr price move, ~+35.0%/yr came from earnings growth and ~−12.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Max Healthcare Institute Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 13.4% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +19.1% | +22.4% | +27.3% | — |
| Profit | +34.0% | +9.3% | — | — |
| EPS | +33.9% | +9.2% | — | — |
| Share price | −12.4% | +19.8% | +22.2% | — |
4-Factor Sector Score
51.3/100 — rank 12 of 19 in Hospitals · 94% evidence confidence
Max Healthcare Institute Ltd scores 51.3 out of 100 against the 19 companies it is compared with in Hospitals, ranking 12. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 21.2 + 14.5 + 9.7 + 5.9 = 51.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Max Healthcare Institute Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Call Period and Chronology Mismatch · 14 August 2026. The latest transcript is labeled Aug 2026 but identifies itself as a Q1 FY25 call, which is inconsistent with the prior calls covering Q3 FY26 and Q4/FY26. This period mismatch makes the latest call's financial data and sequential comparisons unreliable until management clarifies the correct reporting period.
Dwarka Expansion Timeline Extended · 14 August 2026. In May 2026, management said the 260-bed Dwarka expansion was expected to take 24 months to complete, implying completion roughly two years after that call. The Aug 2026 call instead moved commissioning to FY30 without explaining the material timeline extension.
Gurgaon Project Delay · 22 May 2026. In the Feb 2026 call, management projected the commissioning of the first phase of the Gurgaon hospital by the end of H1 FY27. However, in the May 2026 call, they postponed this target to the end of the year. This represents a material postponement of their major greenfield project.
Oncology Revenue Share Outlook Shift · 22 May 2026. In the Feb 2026 call, management stated that oncology's contribution to the revenue mix would follow its historical upward trajectory despite temporary pricing disruptions. However, in the May 2026 call, they changed their expectation, stating that they do not expect the oncology share to return to its previous levels of 25% to 26%.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1KMC Speciality Hospitals (India) Ltd524520 | 78.8/100Favorable setup82% evidence | LEADER | 32.5/35 Revenue 35.1% · PAT 100% · OPM change 6 pp 95% evidence | 20.6/25 ROCE 26.2% · OPM 31% 76% evidence | 11.2/20 P/E 40.5× · PEG — 50% evidence | 14.5/20 RS sector 31.1% · RS bench 48% · 1Y 103.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.5 + 20.6 + 11.2 + 14.5 = 78.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Artemis Medicare Services LtdARTEMISMED | 72.8/100Favorable setup100% evidence | LEADER | 26.7/35 Revenue 15% · PAT 29.9% · OPM change 4 pp 100% evidence | 13.3/25 ROCE 14.6% · OPM 20% 100% evidence | 13.8/20 P/E 47.1× · PEG 1.09 100% evidence | 19.0/20 RS sector 17.3% · RS bench 33.5% · 1Y 51.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 13.3 + 13.8 + 19 = 72.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Sakar Healthcare LtdSAKAR | 68.6/100Favorable setup87% evidence | LEADER | 31.9/35 Revenue 43.9% · PAT 71.4% · OPM change 5 pp 95% evidence | 10.8/25 ROCE 12.4% · OPM 29% 95% evidence | 6.5/20 P/E 71.4× · PEG — 50% evidence | 19.4/20 RS sector 77.4% · RS bench 98.9% · 1Y 248.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 10.8 + 6.5 + 19.4 = 68.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Apollo Hospitals Enterprise LtdAPOLLOHOSP | 62.9/100Mixed-positive evidence82% evidence | LEADER | 23.8/35 Revenue 17.2% · PAT 33.2% · OPM change 1 pp 95% evidence | 14.8/25 ROCE 17.4% · OPM 16% 76% evidence | 12.8/20 P/E 60.4× · PEG — 50% evidence | 11.5/20 RS sector -0.4% · RS bench 13.5% · 1Y 13.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 23.8 + 14.8 + 12.8 + 11.5 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Dr Agarwals Eye Hospital LtdDRAGARWQ | 61.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 22.2/35 Revenue 20.1% · PAT 31.6% · OPM change -2 pp 100% evidence | 17.9/25 ROCE 17.4% · OPM 30% 100% evidence | 11.9/20 P/E 33.6× · PEG 1.41 100% evidence | 9.4/20 RS sector -4% · RS bench 6.3% · 1Y 17.9%2 of 9 weeks ahead 70% evidence |
| Exact sum: 22.2 + 17.9 + 11.9 + 9.4 = 61.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Kovai Medical Center & Hospital LtdKOVAI | 57.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 19.7/35 Revenue 15% · PAT 15.8% · OPM change 1 pp 100% evidence | 18.6/25 ROCE 22.6% · OPM 29% 100% evidence | 9.9/20 P/E 26.5× · PEG 1.7 100% evidence | 9.5/20 RS sector -4.9% · RS bench 8.6% · 1Y 0.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.6 + 9.9 + 9.5 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Rainbow Childrens Medicare LtdRAINBOW | 55.5/100Mixed-positive evidence100% evidence | LEADER | 18.3/35 Revenue 18.3% · PAT 12.4% · OPM change 0 pp 100% evidence | 17.6/25 ROCE 17.4% · OPM 29% 100% evidence | 8.2/20 P/E 51.2× · PEG 2.97 100% evidence | 11.4/20 RS sector -3.5% · RS bench 10% · 1Y -4.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 17.6 + 8.2 + 11.4 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Global Health LtdMEDANTA | 55.4/100Mixed-positive evidence100% evidence | LEADER | 11.8/35 Revenue 21.3% · PAT 3.4% · OPM change -2 pp 100% evidence | 15.2/25 ROCE 17.4% · OPM 22% 100% evidence | 10.9/20 P/E 68× · PEG 1.11 100% evidence | 17.5/20 RS sector 4.5% · RS bench 18.9% · 1Y 2.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 15.2 + 10.9 + 17.5 = 55.4 · Decision use: Price leads the evidence: RS versus the benchmark is 18.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Yatharth Hospital & Trauma Care Services LtdYATHARTH | 54.9/100Mixed-positive evidence82% evidence | TURNING | 18.0/35 Revenue 43.9% · PAT 22.5% · OPM change -2 pp 95% evidence | 11.9/25 ROCE 12.4% · OPM 23% 76% evidence | 7.7/20 P/E 51.4× · PEG — 50% evidence | 17.3/20 RS sector 12.3% · RS bench 27.6% · 1Y 23.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 11.9 + 7.7 + 17.3 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Indraprastha Medical Corporation LtdINDRAMEDCO | 52.6/100Mixed-positive evidence94% evidence | ASLEEP | 12.7/35 Revenue 10.9% · PAT 12.6% · OPM change 0 pp 100% evidence | 18.5/25 ROCE 35.8% · OPM 20% 100% evidence | 16.9/20 P/E 17.3× · PEG 0.92 100% evidence | 4.5/20 RS sector -8.4% · RS bench -15.5% · 1Y -26.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.7 + 18.5 + 16.9 + 4.5 = 52.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 11GPT Healthcare LtdGPTHEALTH | 51.9/100Mixed-positive evidence74% evidence | BREAKING OUT | 14.4/35 Revenue 18% · PAT 0% · OPM change 3 pp 95% evidence | 19.1/25 ROCE 19.9% · OPM 19% 95% evidence | 11.2/20 P/E 27.7× · PEG — 15% evidence | 7.2/20 RS sector -15.8% · RS bench 13.2% · 1Y 3.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 19.1 + 11.2 + 7.2 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Max Healthcare Institute Ltdthis pageMAXHEALTH | 51.3/100Mixed-positive evidence94% evidence | TURNING | 21.2/35 Revenue 16% · PAT 26.9% · OPM change -1 pp 100% evidence | 14.5/25 ROCE 14.7% · OPM 25% 100% evidence | 9.7/20 P/E 67.5× · PEG 2.35 100% evidence | 5.9/20 RS sector -7.9% · RS bench -0.8% · 1Y -11.3%2 of 10 weeks ahead 70% evidence |
| Exact sum: 21.2 + 14.5 + 9.7 + 5.9 = 51.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Fortis Healthcare LtdFORTIS | 43.1/100Mixed-negative evidence82% evidence | ASLEEP | 19.6/35 Revenue 17.5% · PAT 18.6% · OPM change -2 pp 95% evidence | 12.6/25 ROCE 13.4% · OPM 21% 76% evidence | 9.2/20 P/E 62.8× · PEG — 50% evidence | 1.7/20 RS sector -15.1% · RS bench -3% · 1Y -6.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 12.6 + 9.2 + 1.7 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Narayana Hrudayalaya LtdNH | 38.3/100Mixed-negative evidence87% evidence | ASLEEP | 11.9/35 Revenue 59.6% · PAT 3.8% · OPM change -5 pp 100% evidence | 11.9/25 ROCE 15.5% · OPM 17% 100% evidence | 6.4/20 P/E 44.3× · PEG 3 65% evidence | 8.1/20 RS sector -4.3% · RS bench 2.8% · 1Y 4.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 11.9 + 6.4 + 8.1 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Healthcare Global Enterprises LtdHCG | 35.5/100Mixed-negative evidence75% evidence | LEADER | 10.7/35 Revenue 13.7% · PAT -21.4% · OPM change 0 pp 95% evidence | 6.5/25 ROCE 8.3% · OPM 18% 76% evidence | 8.5/20 P/E 215× · PEG — 15% evidence | 9.8/20 RS sector -4.4% · RS bench 9.1% · 1Y 1.1%11 of 12 weeks ahead 100% evidence |
| Exact sum: 10.7 + 6.5 + 8.5 + 9.8 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Aster DM Quality Care LtdASTERDM | 34.3/100Adverse evidence100% evidence | FADING | 15.7/35 Revenue 15.7% · PAT 3.7% · OPM change 1 pp 100% evidence | 9.0/25 ROCE 11.6% · OPM 20% 100% evidence | 1.2/20 P/E 184× · PEG 3.07 100% evidence | 8.4/20 RS sector -2.6% · RS bench 10.7% · 1Y 19.2%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 9 + 1.2 + 8.4 = 34.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Shalby LtdSHALBY | 32.6/100Adverse evidence74% evidence | ASLEEP | 16.5/35 Revenue 6.3% · PAT 100% · OPM change -1 pp 95% evidence | 2.3/25 ROCE 6.1% · OPM 13% 95% evidence | 10.8/20 P/E 39.8× · PEG — 15% evidence | 3.0/20 RS sector -28.4% · RS bench -18.7% · 1Y -34%1 of 10 weeks ahead 70% evidence |
| Exact sum: 16.5 + 2.3 + 10.8 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Krishna Institute of Medical Sciences LtdKIMS | 31.5/100Adverse evidence82% evidence | ASLEEP | 9.7/35 Revenue 30.9% · PAT -52% · OPM change -3 pp 95% evidence | 9.0/25 ROCE 9.5% · OPM 19% 76% evidence | 5.5/20 P/E 155× · PEG — 50% evidence | 7.3/20 RS sector -4% · RS bench 9.2% · 1Y 3.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 9 + 5.5 + 7.3 = 31.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Jupiter Life Line Hospitals LtdJLHL | 30.2/100Adverse evidence100% evidence | BREAKING OUT | 7.1/35 Revenue 14.7% · PAT -3.1% · OPM change -3 pp 100% evidence | 10.6/25 ROCE 14.8% · OPM 19% 100% evidence | 6.6/20 P/E 47.9× · PEG 3.44 100% evidence | 5.9/20 RS sector -11.2% · RS bench 1.3% · 1Y -2.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 7.1 + 10.6 + 6.6 + 5.9 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Max Healthcare Institute Ltd's share price today?
Max Healthcare Institute Ltd trades at ₹1,038, −12.4% over the past year. The company is valued at ₹1,01,000 Cr. The stock sits at 31% of its 52-week range of ₹965–₹1,203, −1.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 6 weeks in. — as of 11 September 2026.
What were Max Healthcare Institute Ltd's latest quarterly results?
Max Healthcare Institute Ltd reported revenue of ₹2,366 Cr and net profit of ₹323 Cr for the Jun 26 quarter. Revenue rose 16.7% and profit rose 4.9% year on year. Earnings per share were ₹3.32. The operating margin was 25.0%, 1.0 pp lower than a year earlier. — as of 11 September 2026.
What is Max Healthcare Institute Ltd's revenue?
Max Healthcare Institute Ltd reported revenue of ₹2,366 Cr in the Jun 26 quarter, +16.7% year on year. For the full FY26 fiscal year, revenue was ₹8,373 Cr (+19.1%). Over the last 9 years revenue compounded at 20.1% a year. — as of 11 September 2026.
What is Max Healthcare Institute Ltd's profit?
Max Healthcare Institute Ltd earned ₹323 Cr of net profit in the Jun 26 quarter, +4.9% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹1,442 Cr. The operating margin ran 25.0% in the latest quarter. — as of 11 September 2026.
What is Max Healthcare Institute Ltd's market cap?
Max Healthcare Institute Ltd's market capitalisation is ₹1,01,000 Cr at a share price of ₹1,038. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Max Healthcare Institute Ltd's P/E ratio?
Max Healthcare Institute Ltd trades at a P/E of 67.5×, at the 37th percentile of its own 6-year range, against a long-run median of 75.1×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Max Healthcare Institute Ltd pay a dividend?
Yes — Max Healthcare Institute Ltd's dividend payout was 13% of profit in FY26, and it recorded a payout in 4 of its last 10 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Max Healthcare Institute Ltd overvalued?
On its own history, Max Healthcare Institute Ltd looks mid-range: its P/E of 67.5× sits at the 37th percentile of its 6-year range (long-run median 75.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Max Healthcare Institute Ltd growing?
Yes — Max Healthcare Institute Ltd is growing: latest-quarter revenue +16.7% year on year, profit +4.9%, and the margin −1.0 pp at 25.0%. The 9-year compound rates are 20.1% (revenue) and 64.9% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Max Healthcare Institute Ltd performing?
Max Healthcare Institute Ltd is in a confirmed uptrend, 6 weeks in. Its latest quarter's revenue rose 16.7% and profit rose 4.9% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Max Healthcare Institute Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 13.4% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +16.0% latest, profit growth +26.9% latest, eps growth +26.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Max Healthcare Institute Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 6 of stage 2), trading −1.5% versus its 200-day average and at 31% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Max Healthcare Institute Ltd beating the market?
Not lately — on a trailing-13-week view Max Healthcare Institute Ltd is currently behind the NIFTY 500 (5 weeks and counting; last ahead the week of 2026-08-07), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 6.1 years the stock moved +829% against the NIFTY 500's +139% — ahead of the index over the full window. — as of 11 September 2026.
Will Max Healthcare Institute Ltd's share price go up?
This page publishes no price forecast for Max Healthcare Institute Ltd. What it measures instead: the share price is ₹1,038, the price is in a confirmed uptrend 6 weeks in. Its P/E of 67.5× sits at the 37th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Max Healthcare Institute Ltd?
Promoters hold 23.7% of Max Healthcare Institute Ltd, foreign institutions 41.8%, domestic institutions 29.9% and the public 4.5% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 15.2 points over 8 quarters. — as of 11 September 2026.
Does Max Healthcare Institute Ltd have too much debt?
It is moderate — Max Healthcare Institute Ltd's debt-to-equity is 0.32, and operating profit covers the interest bill 10×. FY26 borrowings were ₹3,478 Cr against equity of ₹10,747 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Max Healthcare Institute Ltd's capex?
Max Healthcare Institute Ltd spent ₹7,344 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,628 Cr, with ₹593 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Max Healthcare Institute Ltd's cash flow?
Max Healthcare Institute Ltd generated ₹1,633 Cr of operating cash flow in FY26 and ₹5.0 Cr of free cash flow after ₹1,628 Cr of capital spending. Reported profit that year was ₹1,442 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Max Healthcare Institute Ltd's profit real cash?
Yes — over the last 3 fiscal years, 117% of Max Healthcare Institute Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,633 Cr against reported profit of ₹1,442 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Max Healthcare Institute Ltd in its business cycle?
Max Healthcare Institute Ltd's FY26 operating margin was 27.0%, against a 10-year band of 7.0%–28.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 25.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Max Healthcare Institute Ltd story?
The sharpest disagreement: annual EPS moved +33.9% against a −12.4% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Max Healthcare Institute Ltd a stock worth studying right now?
This is not investment advice. The machine read: Max Healthcare Institute Ltd's earnings have outrun its stock. EPS grew +33.9% in a year against a −12.4% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!