Max Healthcare share price today

Max Healthcare Institute Ltd's share price was ₹927.15 at the close on 4 November 2026. It has been falling for 6 weeks. That is 8.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹815 and ₹1,181, and at that close it sat 31% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Max Healthcare Institute Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 13 weeks running.

Over the last 6.2 years the share price moved +730% while the NIFTY 500 moved +129%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 7 August 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: foreign funds (FIIs) cut their stake for 5 quarters in a row, indian funds and insurers (DIIs) raised their stake for 5 quarters in a row and profit fell in the September 2026 quarter.

1. Foreign funds (FIIs) cut their stake for 5 quarters in a row

   From 54.8% to 40.5% of the company by the September 2026 quarter.

2. Indian funds and insurers (DIIs) raised their stake for 5 quarters in a row

   From 17.4% to 31% of the company by the September 2026 quarter.

3. Profit fell in the September 2026 quarter

   Profit was ₹414 crore, -15.7% on a year earlier (₹491 crore), after 6 quarters of growth.

For July to September 2026 (the quarter ended 30 September 2026), Max Healthcare reported revenue of ₹2,569 crore, up 20.3% from ₹2,135 crore a year earlier, and a profit of ₹414 crore, down 15.7% from ₹491 crore.

Max Healthcare results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 14 August 2026, about April to June 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Max Healthcare closed at ₹927.15 on 4 November 2026, down 18.3% from ₹1,135.30 a year earlier (7 November 2025) and up 168.2% over five years. Its highest weekly close since August 2020 was ₹1,298.20 on 4 July 2025.

Max Healthcare share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

328 weekly closes from 21 August 2020 to 4 November 2026.

4 Nov 2026: Max Healthcare closed at ₹927.15, up 7.8% on the week and down 1.5% on the month. Results for July to September 2026: Revenue up 20.3% and profit down 15.7% on a year earlier.

Earlier

• 14 Aug 2026: Max Healthcare held its results call for April to June 2026. Management guided: Max Smart's remaining capacity and Nanavati's remaining beds to go live this quarter; Lucknow's additional beds over the next two quarters.
• Our read, 19 Jul 2026: Max Healthcare added roughly 45% new bed capacity over FY25-26, and those beds are now filling: occupied bed days rose 8% in January to March 2026 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.
• 3 Jul 2026: ex-date for a dividend of ₹2 a share.

Our read of the business

Max Healthcare added roughly 45% new bed capacity over FY25-26, and those beds are now filling: occupied bed days rose 8% in January to March 2026 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.

Latest quarter: Brownfield ramp ongoing, Gurgaon slips to year-end, Lucknow greenfield approved.

Our read after the latest results, written 19 July 2026.

Max Healthcare paid ₹2 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.22% at the ₹927.15 close on 4 November 2026. The last was a dividend of ₹2 a share, ex-date 3 July 2026.

Max Healthcare dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Max Healthcare Institute Ltd paid out 13% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 10 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 14 August 2026, Max Healthcare's management guided: Max Smart's remaining capacity and Nanavati's remaining beds to go live this quarter; Lucknow's additional beds over the next two quarters.

“I am still below 1 in terms of net debt to EBITDA. If I can get to 2.5 by undertaking acquisitions or otherwise, I would be happy to go to 2.5 times net debt to EBITDA.”Abhay Soi, on the call for April to June 2026

What management guided

• Kalinga renovation, technology and clinical-program work over the next 12 months; another 200-250 beds planned and scope for a 50-80% enhancement in occupancy and ARPOB.
• New brownfield tower approved for ₹425 crore and 202 beds, commissioning before FY30.
• Expansion pipeline: 500-bed Gurgaon start-phase by year-end; Nagpur and Mohali in FY28; Pitampura, Nanavati Phase 2 and Patparganj in FY29; Dwarka and Pune in FY30.
• First 150-seat medical college estimated at around ₹300 crore capital spending, above 25% ROCE, funded through internal accruals; commercial operations over the next few years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 14 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Operating margin 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.

Each change stops working if

• : Network occupancy falls below 70% for two consecutive quarters, indicating demand is not absorbing the new capacity, or doctor cost inflation prevents the fixed-cost absorption from flowing to operating profit.
• : A second CGHS policy change (further drug pricing restrictions or tariff rollbacks) or institutional payer mix falling below 25% of revenue.
• : New specialty programs ramp slower than 12 months, or oncology remains compressed at 21% occupied bed day share, preventing ARPOB recovery to the 25%+ contribution level.
• : Commissioning slips beyond April to June 2027, as Gurgaon has already slipped three consecutive times, another miss would make the 'end of year' guidance pattern unreliable.

The main risks

• : Margins at 9-year high, new bed dilution and rising doctor costs could compress operating margin below 26%. ⚠ estimate
• : Oncology mix permanent reset, 21% occupied bed day share vs prior 26% is structural, not temporary. ⚠ estimate
• : FII ownership down from 61% peak to 51%, structural institutional repositioning into a growth compounder. ⚠ estimate

Our read after the latest results, written 19 July 2026.

When Max Healthcare reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Smart and Nanavati new-bed ramp to convert occupancy into operating profit - check payer-mix refinement and bottom-line flow-through.

Max Healthcare is on 2 of our India lists: Nifty 50 companies and Small & mid cap stocks.

Max Healthcare Institute Ltd earned ₹414 Cr of net profit in the Sep 2026 quarter, −15.7% on the same quarter a year earlier. Full-year FY26 profit was ₹1,442 Cr. Over 9 years profit has grown 64.9% a year on average. That is 16.1% of the quarter's revenue. The same quarter a year earlier earned ₹491 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹1,442 Cr (+34.0% on the year before).

Why profit moved: revenue changed +20.3% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +5.6% and revenue +15.0%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.

FY27-Q2. revenue ₹2,569 Cr and profit ₹414 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Max Healthcare Institute Ltd reported ₹2,569 Cr of revenue in the Sep 2026 quarter, +20.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 9 years it has grown 20.1% a year on average. The last full year, FY26, came in at ₹8,373 Cr.

Revenue is everything the company billed its customers in the period.

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.

The last four reported quarters add to ₹9,146 Cr.

FY26 revenue was ₹8,373 Cr, +19.1% on the year before.

Recent pace: the last four quarters grew +15.0% on average, against 20.1% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +15.2%, against +23.4% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +1.7%, against +14.2% a year (rolling over).

FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.

FY27-Q2. revenue ₹2,569 Cr and profit ₹414 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Max Healthcare Institute Ltd's operating margin was 28.0% in the Sep 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Across 10 years it has been between 7.0% and 28.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +0.8 percentage points on the year while gross margin changed +1.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. revenue ₹2,366 Cr and profit ₹323 Cr as reported.

FY27-Q2. revenue ₹2,569 Cr and profit ₹414 Cr as reported.

Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.

Over the last 3 years, 117% of Max Healthcare Institute Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,633 Cr of operating cash against ₹1,442 Cr of profit. After ₹1,628 Cr of spending on assets, ₹5.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 117% of profit came in as cash: the cash cycle got 77 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 7.0× depreciation over three years. The next section checks what that spending is building.

Max Healthcare Institute Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −110 days in FY26, up from −187 days in FY21. It spent ₹7,344 Cr on assets over the last 3 years. Customers take 42 days to pay, and stock sits for 23 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹8,373 Cr, each day of that cycle ties up about ₹22.9 Cr, so roughly −₹2,523 Cr is tied up in the business at any time.

FY26: customers took 42 days to pay and stock sat for 23 days, about 0.8 months of sales sitting as stock, for a full cycle of −110 days, longer than FY21's −187.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 23 days. Customers pay about 42 days after that. Suppliers are paid at 175 days. Together that makes the −110-day cycle.

Spending on assets: ₹7,344 Cr over the last 3 years, against ₹1,051 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹593 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Max Healthcare Institute Ltd's P/E is 63.5×, near the low end of its own history: it has been lower only 28% of the time. Its usual P/E (the middle reading) is 74.7×, over 6.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹14.18.

Why the multiple is where it is: over the past year earnings per share moved +33.9% while the price moved −18.3%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +21.8% a year; about +34.3% a year came from earnings growth and about −12.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Max Healthcare Institute Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 13.7%; each line tells part of the story. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Max Healthcare Institute Ltd's story is not scored yet against the checks our research set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file.

NOT YET CHECKED

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.

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.

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. 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 Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Max Healthcare Institute Ltd's management promised, against what actually happened: 4 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 goal 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.

Max Healthcare Institute Ltd earned a ROCE of 15% in FY26. That is up from a low of 4% in FY18. Its return on capital used (ROIC) is 1.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 17.2% net margin and 0.49× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 17.2% net margin × 0.49× asset turnover × 1.60× leverage (assets divided by equity) ≈ 13.5% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 10.5% − 12.0% = −1.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 10.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 12.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Max Healthcare Institute Ltd has total debt of ₹3,795 Cr against shareholder equity of ₹11,533 Cr as of Sep 2026, so its debt is 0.33× its equity. Year by year, that ratio went from 0.15 in FY22 to 0.32 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

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.

Foreign institutions cut their stake in Max Healthcare Institute Ltd by 16.8 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 40.5% of the company. Domestic institutions moved +15.9 points over the same period, to 31.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −16.8 points over 8 quarters, to 40.5%; Domestic institutions: +15.9 points over 8 quarters, to 31.0%; Promoters: +0.0 points over 8 quarters, to 23.7%.

Why the owners changed: foreign institutions moved −16.8 points and domestic institutions +15.9 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company.

For Max Healthcare Institute Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

48.5 out of 100, rank 12 of 20 in Hospitals, with 85% of the evidence available.

Max Healthcare Institute Ltd scores 48.5 out of 100 against the 20 companies it is compared with in Hospitals, ranking 12. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 17.1 + 14.9 + 8.6 + 7.9 = 48.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Max Healthcare ranks 12 of 20 Hospitals companies on the 4-Factor Sector Score, with 48.5 out of 100.