# Max Healthcare share price today (Max Healthcare Institute Ltd, NSE: MAXHEALTH)

> Max Healthcare share price today: ₹895.50 at the NSE close on 3 November 2026, down 22.0% in a year. Max Healthcare Institute (NSE: MAXHEALTH) is worth ₹87,160 crore, trades at a P/E of 61.3 and has closed between ₹815.00 and ₹1,181.10 over the past 52 weeks. > Max Healthcare Institute Ltd's earnings have grown faster than its share price. Earnings per share grew +33.9% in a year while the price moved −22.0%. MAXHEALTH · Hospitals · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/max-healthcare-institute-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹895.50 (−22.0% in a year)
- P/E: 61.3× (lower than 75% of the last 6.2 years)
- Revenue (Sep 2026): ₹2,569 Cr (+20.3% on a year ago)
- Profit (Sep 2026): ₹414 Cr (−15.7% on a year ago)
- Operating margin: 28.0% (+1.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 10.5%, against a 12.0% cost of capital: −1.5 points

The main question: yearly earnings per share moved +33.9% while the share price moved −22.0%. ## What is the Max Healthcare share price today? Max Healthcare Institute Ltd's share price was ₹895.50 at the close on 3 November 2026. It has been falling for 6 weeks. That is 11.8% 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 22% of the way up from that low. 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 +701% 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. ## What changed at Max Healthcare this quarter? 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. ## What are Max Healthcare's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,569 crore | ₹2,135 crore | +20.3% |
| Profit | ₹414 crore | ₹491 crore | −15.7% |
| Earnings per share | ₹4.26 | ₹5.05 | −15.6% |
| Operating margin | 28.0% | 27.0% | +1.0 points |

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.)

## What is the Max Healthcare share price history? Max Healthcare closed at ₹895.50 on 3 November 2026, down 22.0% from ₹1,147.80 a year earlier (31 October 2025) and up 159.0% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹815.00 | +9.9% |
| 1 month ago · 1 Oct 2026 | ₹940.95 | −4.8% |
| 6 months ago · 30 Apr 2026 | ₹993.05 | −9.8% |
| 1 year ago · 31 Oct 2025 | ₹1,147.80 | −22.0% |
| 3 years ago · 3 Nov 2023 | ₹578.15 | +54.9% |
| 5 years ago · 4 Nov 2021 | ₹345.75 | +159.0% |
| Earliest weekly close in our records · 21 Aug 2020 | ₹111.75 | +701.3% |
| Highest weekly close since August 2020 · 4 Jul 2025 | ₹1,298.20 | −31.0% |
| Lowest weekly close since August 2020 · 23 Oct 2020 | ₹105.30 | +750.4% |
| 52-week high (weekly close) · 21 Nov 2025 | ₹1,181.10 | −24.2% |
| 52-week low (weekly close) · 23 Oct 2026 | ₹815.00 | +9.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (328 weekly closes from 21 August 2020 to 3 November 2026.)

## What is the latest news on Max Healthcare? 3 Nov 2026: Max Healthcare closed at ₹895.50, up 9.9% on the week and down 4.8% 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.)

## What dividend does Max Healthcare pay? Max Healthcare paid ₹2 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.22% at the ₹895.50 close on 3 November 2026. The last was a dividend of ₹2 a share, ex-date 3 July 2026. ### Max Healthcare dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 3 Jul 2026 | ₹2 | Dividend |
| 4 Jul 2025 | ₹1.50 | Dividend |
| 23 Aug 2024 | ₹1.50 | Dividend |
| 8 Sep 2023 | ₹1 | Dividend |

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. 3 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Max Healthcare management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/40577/Conference Call/CC-Aug26.pdf). (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.)

## What could change the Max Healthcare story? What are the risks? 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.)

## What to watch in Max Healthcare's next results? 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. - What to check (from the call)
- Smart and Nanavati new-bed ramp to convert occupancy into operating profit - check payer-mix refinement and bottom-line flow-through. - CGHS portal processing and collections to improve - check receivables, cash conversion and renewal pricing. - Oncology normalization to begin after the MOA disruption - check inpatient mix and hospital revenue recovery. - Kalinga integration to advance through renovation, clinician hiring and clinical-program rollout - check occupancy, ARPOB and operating profit trajectory. ## Which stock lists is Max Healthcare on? Max Healthcare is on 2 of our India lists: Nifty 50 companies and Small & mid cap stocks. - [Nifty 50 companies](https://www.sectoralpha.in/nifty-50-stocks-list)
- [Small & mid cap stocks Size rank in India: 130](https://www.sectoralpha.in/small-cap-stocks-india)

## Is Max Healthcare profitable? 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. 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. ## How much revenue does Max Healthcare make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Max Healthcare keep? 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. 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. ## Is Max Healthcare's profit turning into cash? 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. 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. ## Where does Max Healthcare's cash go? 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. 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. ## What is Max Healthcare's P/E ratio, and how does it compare with its own history? Max Healthcare Institute Ltd's P/E is 61.3×, near the low end of its own history: it has been lower only 25% 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. 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 −22.0%. 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 +21.0% a year; about +34.3% a year came from earnings growth and about −13.3 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. ## Is the Max Healthcare business getting better or worse? 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. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Max Healthcare story, and has it been checked? 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. 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. ## Did Max Healthcare management deliver what it promised? 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. ## How much does Max Healthcare earn on its capital? 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. 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. ## Does Max Healthcare have too much debt? 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. 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. ## What is the Max Healthcare shareholding pattern? 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. 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. ## How far is Max Healthcare from balance-sheet trouble? 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. ## How does Max Healthcare rank in its industry? 48.7 out of 100, rank 12 of 20 in Hospitals, with 85% of the evidence available. Max Healthcare Institute Ltd scores 48.7 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 + 15.1 + 8.6 + 7.9 = 48.7. 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. ## Which companies is Max Healthcare compared with? Max Healthcare ranks 12 of 20 Hospitals companies on the 4-Factor Sector Score, with 48.7 out of 100. 1. [KMC Speciality Hospitals (India) Ltd](https://www.sectoralpha.in/stocks/kmc-speciality-hospitals-indialtd) KMCSHIL · breaking out · Sector-leading setup · 81% evidence 80.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 31.0/35 · Revenue 35.1% · Profit 100% · Operating margin change 6 points · 88% evidence Capital efficiency 23.1/25 · ROCE 26.2% · Operating margin 31% · 100% evidence Valuation 14.1/20 · P/E 43.4× · PEG 0.68 · 100% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 45.6% · 1 year 115.4% · 25% evidence · 5 of 5 weeks ahead Exact sum: 31 + 23.1 + 14.1 + 12.5 = 80.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sakar Healthcare Ltd](https://www.sectoralpha.in/stocks/sakar-healthcare-ltd) SAKAR · leader · Most evidence points up · 100% evidence 68.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.5/35 · Revenue 47.5% · Profit 100% · Operating margin change 8 points · 100% evidence Capital efficiency 11.5/25 · ROCE 12.4% · Operating margin 28% · 100% evidence Valuation 11.1/20 · P/E 49× · PEG 1.05 · 100% evidence Relative strength 13.8/20 · Lead over its industry 41.8% · Lead over NIFTY 500 45.4% · 1 year 161.6% · 100% evidence · 12 of 12 weeks ahead Exact sum: 32.5 + 11.5 + 11.1 + 13.8 = 68.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Apollo Hospitals Enterprise Ltd](https://www.sectoralpha.in/stocks/apollo-hospitals-enterprise-ltd) APOLLOHOSP · turning · Most evidence points up · 78% evidence 68.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 17.2% · Profit 33.2% · Operating margin change 1 points · 83% evidence Capital efficiency 15.2/25 · ROCE 17.4% · Operating margin 16% · 76% evidence Valuation 12.7/20 · P/E 57.7× · PEG n/a · 50% evidence Relative strength 16.6/20 · Lead over its industry 6.6% · Lead over NIFTY 500 11.2% · 1 year 10% · 100% evidence · 4 of 12 weeks ahead Exact sum: 24 + 15.2 + 12.7 + 16.6 = 68.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Dr Agarwals Eye Hospital Ltd](https://www.sectoralpha.in/stocks/dr-agarwals-eye-hospital-ltd) DRAGARWQ · breaking out · Evidence leans up · 81% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.1/35 · Revenue 20.1% · Profit 31.6% · Operating margin change -2 points · 88% evidence Capital efficiency 17.4/25 · ROCE 17.2% · Operating margin 30% · 100% evidence Valuation 12.5/20 · P/E 33.7× · PEG 1.36 · 100% evidence Relative strength 11.6/20 · Lead over its industry n/a · Lead over NIFTY 500 9.2% · 1 year 0.8% · 25% evidence · 8 of 12 weeks ahead Exact sum: 21.1 + 17.4 + 12.5 + 11.6 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Kovai Medical Center & Hospital Ltd](https://www.sectoralpha.in/stocks/kovai-medical-center-hospital-ltd) KOVAI · breaking out · Evidence leans up · 96% evidence 61.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/35 · Revenue 15% · Profit 15.8% · Operating margin change 1 points · 88% evidence Capital efficiency 19.1/25 · ROCE 22.6% · Operating margin 29% · 100% evidence Valuation 8.9/20 · P/E 24.8× · PEG 2.01 · 100% evidence Relative strength 14.7/20 · Lead over its industry 1.9% · Lead over NIFTY 500 6.6% · 1 year -9.2% · 100% evidence · 10 of 12 weeks ahead Exact sum: 18.8 + 19.1 + 8.9 + 14.7 = 61.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [GPT Healthcare Ltd](https://www.sectoralpha.in/stocks/gpt-healthcare-ltd) GPTHEALTH · quiet · Evidence leans up · 81% evidence 61.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.4/35 · Revenue 18% · Profit 0% · Operating margin change 3 points · 88% evidence Capital efficiency 18.2/25 · ROCE 19.9% · Operating margin 19% · 100% evidence Valuation 18.5/20 · P/E 23× · PEG 0.94 · 100% evidence Relative strength 9.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -2.1% · 1 year -10.7% · 25% evidence · 4 of 12 weeks ahead Exact sum: 15.4 + 18.2 + 18.5 + 9.1 = 61.2 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Yatharth Hospital & Trauma Care Services Ltd](https://www.sectoralpha.in/stocks/yatharth-hospital-trauma-care-services-ltd) YATHARTH · breaking out · Evidence leans up · 78% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 43.9% · Profit 22.5% · Operating margin change -2 points · 83% evidence Capital efficiency 12.4/25 · ROCE 12.9% · Operating margin 23% · 76% evidence Valuation 6.7/20 · P/E 49.3× · PEG n/a · 50% evidence Relative strength 19.1/20 · Lead over its industry 17.1% · Lead over NIFTY 500 21.6% · 1 year 16.4% · 100% evidence · 10 of 12 weeks ahead Exact sum: 19.4 + 12.4 + 6.7 + 19.1 = 57.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Artemis Medicare Services Ltd](https://www.sectoralpha.in/stocks/artemis-medicare-services-ltd) ARTEMISMED · leader · Evidence leans up · 100% evidence 56.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.4/35 · Revenue 14.7% · Profit 20% · Operating margin change 0 points · 100% evidence Capital efficiency 12.8/25 · ROCE 14.6% · Operating margin 18% · 100% evidence Valuation 8.0/20 · P/E 39.7× · PEG 2.44 · 100% evidence Relative strength 16.7/20 · Lead over its industry 8.4% · Lead over NIFTY 500 12.9% · 1 year 18.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 19.4 + 12.8 + 8 + 16.7 = 56.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Indraprastha Medical Corporation Ltd](https://www.sectoralpha.in/stocks/indraprastha-medical-corporation-ltd) INDRAMEDCO · quiet · Evidence leans up · 85% evidence 51.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.3/35 · Revenue 10.8% · Profit 10.9% · Operating margin change 0 points · 100% evidence Capital efficiency 17.6/25 · ROCE 35.8% · Operating margin 19% · 100% evidence Valuation 13.2/20 · P/E 14.6× · PEG 1.47 · 100% evidence Relative strength 7.7/20 · Lead over its industry n/a · Lead over NIFTY 500 -19.7% · 1 year -49.6% · 25% evidence · 0 of 12 weeks ahead Exact sum: 13.3 + 17.6 + 13.2 + 7.7 = 51.8 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Global Health Ltd](https://www.sectoralpha.in/stocks/global-health-ltd) MEDANTA · losing its lead · Evidence leans up · 96% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.5/35 · Revenue 21.3% · Profit 3.4% · Operating margin change -2 points · 88% evidence Capital efficiency 17.3/25 · ROCE 17.4% · Operating margin 22% · 100% evidence Valuation 5.5/20 · P/E 59.7× · PEG 9.11 · 100% evidence Relative strength 14.2/20 · Lead over its industry 3.7% · Lead over NIFTY 500 8.1% · 1 year -3.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 13.5 + 17.3 + 5.5 + 14.2 = 50.5 · What this means: Relative strength against the index is 8.1%, and revenue and profit growth are weak. 11. [Rainbow Childrens Medicare Ltd](https://www.sectoralpha.in/stocks/rainbow-childrens-medicare-ltd) RAINBOW · quiet · Evidence leans up · 100% evidence 50.3 out of 100 Growth Capital Valuation Relative
12. Max Healthcare Institute Ltd this page MAXHEALTH · quiet · Evidence leans down · 85% evidence 48.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.1/35 · Revenue 15.2% · Profit 1.7% · Operating margin change 1 points · 100% evidence Capital efficiency 15.1/25 · ROCE 14.7% · Operating margin 28% · 100% evidence Valuation 8.6/20 · P/E 58.9× · PEG 2.67 · 100% evidence Relative strength 7.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -12.2% · 1 year -25.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 17.1 + 15.1 + 8.6 + 7.9 = 48.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 13. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) FORTIS · basing · Evidence leans down · 78% evidence 45.1 out of 100 Growth Capital Valuation Relative
14. [Shalby Ltd](https://www.sectoralpha.in/stocks/shalby-ltd) SHALBY · quiet · Evidence leans down · 63% evidence 42.0 out of 100 Growth Capital Valuation Relative
15. [Narayana Hrudayalaya Ltd](https://www.sectoralpha.in/stocks/narayana-hrudayalaya-ltd) NH · quiet · Evidence leans down · 78% evidence 40.8 out of 100 Growth Capital Valuation Relative
16. [Aster DM Quality Care Ltd](https://www.sectoralpha.in/stocks/aster-dm-quality-care-ltd) ASTERDM · quiet · Evidence leans down · 96% evidence 35.2 out of 100 Growth Capital Valuation Relative
17. [Krishna Institute of Medical Sciences Ltd](https://www.sectoralpha.in/stocks/krishna-institute-of-medical-sciences-ltd) KIMS · quiet · Most evidence points down · 78% evidence 34.8 out of 100 Growth Capital Valuation Relative
18. [Jupiter Life Line Hospitals Ltd](https://www.sectoralpha.in/stocks/jupiter-life-line-hospitals-ltd) JLHL · quiet · Most evidence points down · 100% evidence 33.0 out of 100 Growth Capital Valuation Relative
19. [Healthcare Global Enterprises Ltd](https://www.sectoralpha.in/stocks/healthcare-global-enterprises-ltd) HCG · quiet · Most evidence points down · 71% evidence 31.1 out of 100 Growth Capital Valuation Relative
20. [Manipal Health Enterprises Ltd](https://www.sectoralpha.in/stocks/manipal-health-enterprises-ltd) MANIPALHOS · Too little evidence to rank firmly · 38% evidence 42.4 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Hospitals](https://www.sectoralpha.in/sectors/hospitals), all 20 compared on one page. ## Which companies are close to Max Healthcare in size? Max Healthcare is the 3rd largest of 20 Hospitals companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Apollo Hospitals Enterprise and Manipal Health Enterprises. Just below it: Aster DM Quality Care, Fortis Healthcare, Narayana Hrudayalaya and Global Health. ### Hospitals companies close in size

1. [Apollo Hospitals Enterprise Ltd](https://www.sectoralpha.in/stocks/apollo-hospitals-enterprise-ltd) ₹1,21,469 crore
2. [Manipal Health Enterprises Ltd](https://www.sectoralpha.in/stocks/manipal-health-enterprises-ltd) ₹88,018 crore
3. Max Healthcare Institute Ltd ₹83,705 crore
4. [Aster DM Quality Care Ltd](https://www.sectoralpha.in/stocks/aster-dm-quality-care-ltd) ₹59,374 crore
5. [Fortis Healthcare Ltd](https://www.sectoralpha.in/stocks/fortis-healthcare-ltd) ₹57,992 crore
6. [Narayana Hrudayalaya Ltd](https://www.sectoralpha.in/stocks/narayana-hrudayalaya-ltd) ₹35,154 crore
7. [Global Health Ltd](https://www.sectoralpha.in/stocks/global-health-ltd) ₹34,156 crore

[All 20 Hospitals companies, largest first](https://www.sectoralpha.in/sectors/hospitals#all-companies)

### Companies close in size in other industries

1. [Federal Bank Ltd](https://www.sectoralpha.in/stocks/federal-bank-ltd) ₹84,008 crore · Banks - Private
2. [Godrej Consumer Products Ltd](https://www.sectoralpha.in/stocks/godrej-consumer-products-ltd) ₹83,719 crore · FMCG - Personal Care
3. Max Healthcare Institute Ltd ₹83,705 crore
4. [Shree Cement Ltd](https://www.sectoralpha.in/stocks/shree-cement-ltd) ₹82,968 crore · Cement
5. [Bharti Hexacom Ltd](https://www.sectoralpha.in/stocks/bharti-hexacom-ltd) ₹81,810 crore · Telecom Services

## What else do people ask about Max Healthcare? ### What is Max Healthcare's share price today? Max Healthcare Institute Ltd's share price is ₹895.50, −22.0% over the past year. The whole company is worth ₹87,160 Cr on the market. In the last 52 weeks it traded between ₹815 to ₹1,181; today it is 22% of the way up from the low, 11.8% below its 200-day average (as of 3 November 2026). ### What were Max Healthcare's latest quarterly results? Max Healthcare Institute Ltd reported revenue of ₹2,569 Cr and net profit of ₹414 Cr for the Sep 2026 quarter. Revenue rose 20.3% and profit fell 15.7% compared with a year earlier. Earnings per share were ₹4.26. The operating margin was 28.0%, 1.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Max Healthcare's market cap? Max Healthcare Institute Ltd's market capitalisation is ₹87,160 Cr at a share price of ₹895.50. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Max Healthcare performing? Max Healthcare Institute Ltd's share price has been falling for 6 weeks. In its latest quarter, revenue rose 20.3% and profit fell 15.7% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 13 weeks running (as of 3 November 2026). ### Will Max Healthcare's share price go up? This page does not forecast Max Healthcare Institute Ltd's share price. What it shows instead: the share price is ₹895.50, and it has been falling for 6 weeks. Its P/E of 61.3× is higher than 25% of its own last 6 years (as of 3 November 2026). ### Does Max Healthcare have too much debt? Max Healthcare Institute Ltd has a moderate amount of debt: its debt is 0.32× its equity, and its operating profit is 10 times its interest bill. FY26 borrowings were ₹3,478 Cr against equity of ₹10,747 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Max Healthcare in its business cycle? Max Healthcare Institute Ltd's FY26 operating margin was 27.0%, against a 10-year range of 7.0% to 28.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 28.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Max Healthcare story? The main question: yearly earnings per share moved +33.9% while the share price moved −22.0%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Max Healthcare a stock worth studying right now? What the numbers show: Max Healthcare Institute Ltd's earnings have grown faster than its share price. Earnings per share grew +33.9% in a year while the price moved −22.0%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Max Healthcare share price forecast for 2026? What management itself 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. What would change the story: 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. ## Lists

- Nifty 50 companies: https://www.sectoralpha.in/nifty-50-stocks-list
- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india

This is research, not advice. We’re not SEBI-registered.