Max Healthcare Institute share price
NSE: MAXHEALTHBSE: 543220Healthcare ServicesMid Cap
Max Healthcare Institute Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Aug 2020
Last close ₹845.00up ₹10.00 (1.20%)BSE ₹848.00
Share price at the NSE close on 27 Oct 2026. Previous close ₹835.00.
27 Oct: open ₹843.00, high ₹861.60, low ₹840.45
52-week range of traded prices to 27 Oct 2026
₹797.00Low, 22 Oct 2026₹1,194.40High, 29 Oct 2025
- Next results date: the board meets on 30 Oct 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹82,245 Cr111th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 56.43
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.65
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.24%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 14.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 13.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.32
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 41,95,14061.6% delivered
About Max Healthcare Institute
Max Healthcare Institute Limited runs hospitals and medical centres in India that provide tertiary and quaternary care (complex, specialised treatment) in oncology, cardiac sciences, neurosciences, orthopaedics, renal sciences and organ transplants.1 Its network is centred on Delhi NCR and extends to Lucknow, Mohali, Bathinda, Dehradun, Mumbai, Nagpur and Bhubaneswar.2 It also provides care at patients' homes through Max@Home and diagnostic tests through Max Lab.3
The network combines hospitals it owns and runs, those of its subsidiaries, hospitals it manages, and partner healthcare facilities: hospitals owned and run by societies under long-term contracts with the group.45 It reports a single business segment, medical and healthcare services.6 With its subsidiaries it runs patient assistance centres, which arrange treatment in India for patients from abroad, in 7 countries, among them Kenya, the United Arab Emirates, Oman, Nepal and Bangladesh.7
It was incorporated in 2001.8 On 1 Jun 2020, the healthcare business of Radiant Life Care Private Limited and the remaining business of Max India Limited were merged into the company.9 It has made recent acquisitions in Noida, Lucknow and Nagpur, which it was integrating in the year to Mar 2026.10
At the end of March 2026 the promoter group held 23.71% of the shares; Abhay Soi, the Chairman and Managing Director, is listed with 23.71%.1112
Max Healthcare Institute key points
Results
- In the year to Mar 2026, consolidated revenue from operations rose 19.1% to ₹8,373 crore from ₹7,028 crore, and PBIDT (profit before interest, depreciation, tax and one-off items) rose 20.0% to ₹2,405 crore from ₹2,004 crore.1314
- Consolidated net profit after tax for the year to Mar 2026 rose 34% to ₹1,442 crore; the tax charge was lower mainly because of a one-time gain of ₹141 crore from merging 2 wholly owned subsidiaries.15
- In the quarter to Jun 2026, the network (the group plus managed hospitals and partner hospitals it does not own) had gross revenue of ₹2,982 crore, up 16%, and operating EBITDA (operating profit before interest, tax, depreciation and amortisation) of ₹704 crore, up 15%.1617
- Network profit after tax for the quarter was ₹357 crore, up 3% from ₹345 crore; net debt (borrowings less cash) was ₹2,384 crore at the end of June 2026, against ₹1,908 crore at the end of March 2026.18
Market position
Hospitals and beds
- The network has 21 healthcare facilities with bed capacity of more than 6,100 as of 17 Aug 2026, of which 5,379 beds were operational at the end of June 2026.212022
- Network occupancy was 75% in the quarter to Jun 2026 and occupied bed days rose 10%; network average revenue per occupied bed (ARPOB) was ₹81,900, up 5%.2223
- In the quarter to Jun 2026, hospitals in Delhi had gross revenue of ₹1,543 crore, 79% occupancy and 2,548 operational beds; Uttar Pradesh had gross revenue of ₹617 crore, 78% occupancy and 1,181 operational beds.24
Revenue mix
- Patients from abroad brought revenue of ₹247 crore in the quarter to Jun 2026, up 18%, about 9% of hospital revenue.25
- Oncology's share of in-patient revenue fell to 22% in the quarter to Jun 2026 from 26% a year earlier, after the company stopped select high-value chemotherapy drugs for institutional patients (those whose care is paid for by bodies such as government).26
Home care and diagnostics
Expansion and capital spending
- In its presentation of 17 Aug 2026, the company said it has the potential to add about 8,300 beds, about 4,000 of them in the next 3-4 years.30
- On its earnings call of 14 Aug 2026, the company said it expects to start phased commissioning of a 500-bed hospital at Sector 56, Gurugram, by the end of 2026.3132
- In its exchange filing of 13 Aug 2026, the company said its board approved ₹425 crore for a tower adding 202 beds to Max Super Speciality Hospital, Vaishali (387 beds), expected to be commissioned in the quarter to Mar 2030.33
- In its exchange filing of 21 May 2026, the company said its board approved about ₹1,400 crore for a greenfield hospital (built on new land) at Shaheed Path, Lucknow, expected to be commissioned in the year to Mar 2030.34
Recent events
- On 9 Oct 2026, the company said CARE Ratings reaffirmed its CARE AA+; Stable rating on ₹1,818.88 crore of long-term bank facilities, enhanced from ₹1,296.02 crore, and CARE A1+ on short-term bank facilities (CARE's grades for very low and the lowest credit risk).35
- On 30 Jun 2026, the company bought all Class A shares of Yerawada Properties, representing 100% of the voting rights and about 50.22% of the economic interest; by 13 Aug 2026, a proposed 450-bed hospital on its Pune land had preliminary municipal approval.36
- On 18 May 2026, the company bought about 58.28% of Kalinga Hospital Ltd, which runs a 250-bed hospital in Bhubaneswar, Odisha, for ₹297.97 crore, funded by an external commercial borrowing (a loan from abroad) from Standard Chartered Bank.37
Litigation and regulatory matters
- BRS Capital, a Kalinga Hospital shareholder, has petitioned the National Company Law Tribunal, Cuttack, against Kalinga Hospital, the shareholder that sold the company its stake, and the company, alleging oppression and mismanagement. As of 29 Sep 2026, the hearing was adjourned to 29 Oct 2026.383940
- Haryana Shehri Vikas Pradhikaran cancelled the company's allotment of about 6.11 acres at Sector 53, Gurugram, on 21 Dec 2022. As of its annual report of 8 Jul 2026, the Punjab and Haryana High Court had admitted the company's petition and ordered status quo.41
Last updated
All 41 sources, each with its page
- 1. Annual report, 8 Jul 2026, page 122
- 2. Annual report, 8 Jul 2026, page 28
- 3. Investor presentation, 17 Aug 2026, page 43
- 4. Annual report, 8 Jul 2026, page 122
- 5. Investor presentation, 17 Aug 2026, page 24
- 6. Annual report, 8 Jul 2026, page 133
- 7. Annual report, 8 Jul 2026, page 132
- 8. Annual report, 8 Jul 2026, page 3
- 9. Investor presentation, 17 Aug 2026, page 24
- 10. Annual report, 8 Jul 2026, page 125
- 11. Annual report, 8 Jul 2026, page 171
- 12. Annual report, 8 Jul 2026, page 153
- 13. Annual report, 8 Jul 2026, page 127
- 14. Annual report, 8 Jul 2026, page 128
- 15. Annual report, 8 Jul 2026, page 128
- 16. Exchange filing, 13 Aug 2026, page 2
- 17. Investor presentation, 17 Aug 2026, page 27
- 18. Exchange filing, 13 Aug 2026, page 3
- 19. Investor presentation, 17 Aug 2026, page 6
- 20. Investor presentation, 17 Aug 2026, page 6
- 21. Investor presentation, 17 Aug 2026, page 43
- 22. Exchange filing, 13 Aug 2026, page 2
- 23. Earnings call, 14 Aug 2026, page 4
- 24. Investor presentation, 17 Aug 2026, page 25
- 25. Exchange filing, 13 Aug 2026, page 2
- 26. Earnings call, 14 Aug 2026, page 4
- 27. Exchange filing, 13 Aug 2026, page 3
- 28. Earnings call, 14 Aug 2026, page 5
- 29. Exchange filing, 13 Aug 2026, page 3
- 30. Investor presentation, 17 Aug 2026, page 17
- 31. Earnings call, 14 Aug 2026, page 5
- 32. Annual report, 8 Jul 2026, page 22
- 33. Exchange filing, 13 Aug 2026, page 3
- 34. Exchange filing, 21 May 2026, page 3
- 35. Exchange filing, 9 Oct 2026, page 1
- 36. Exchange filing, 13 Aug 2026, page 2
- 37. Annual report, 8 Jul 2026, page 134
- 38. Exchange filing, 19 May 2026, page 2
- 39. Exchange filing, 29 Sep 2026, page 1
- 40. Exchange filing, 29 Sep 2026, page 2
- 41. Annual report, 8 Jul 2026, page 230
Results
Consolidated; ₹ crore.Max Healthcare Institute quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +16.0%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +27.0%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,366 Crup 10.42%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹323 Crdown 5.63%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 13.6%
Revenue by quarter
Peak revenue ₹2,366 Cr, quarter to Jun 2026; lowest ₹1,707 Cr, quarter to Sep 2024
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 | 2,366 |
| Net profit | 282 | 239 | 319 | 308 | 491 | 301 | 342 | 323 |
| Net margin | 16.5% | 12.8% | 16.7% | 15.2% | 23.0% | 14.6% | 16.0% | 13.6% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹8,373 Crup 19.14%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,442 Crup 34.07%
- Net margin
- 17.2%
Revenue by year
Peak revenue ₹8,373 Cr, year to Mar 2026; lowest ₹2,505 Cr, year to Mar 2021
Net profit by year, a loss in red
- Net profit
- Loss
A loss in 1 of the 6 years shown
| ₹ crore | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Revenue | 2,505 | 3,931 | 4,563 | 5,406 | 7,028 | 8,373 |
| Net profit | −138 | 605 | 1,104 | 1,058 | 1,076 | 1,442 |
| Net margin | −5.5% | 15.4% | 24.2% | 19.6% | 15.3% | 17.2% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, Medical and Healthcare Services, which carries all its revenue.
Valuation
Today, against the company's own history.Max Healthcare Institute PE ratio and valuation
Price to earnings
At or below today's level on 21% of 1,226 trading days since Nov 2021.
LowestHighest
Its median71.31Industry median42.64
Price to book
At or below today's level on 39% of 1,239 trading days over the last 5 years.
LowestHighest
Its median9.14Industry median4.47
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 99.6% of 1,239 trading days over the last 5 years.
LowestHighest
Its median0.12%Industry median0.26%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −12.1% | +34.0% | −34.5% | 0.2% |
| 3 years | +29.9% | +9.2% | +18.7% | 0.2% |
| 5 years | +36.3% | – | – | 0.2% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
291 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 147 of the 200 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 2 more funds filed their first portfolio on record, holding it.All 291 funds holding Max Healthcare Institute
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 114
- CutCut. Funds that held fewer shares than at the end of the month before.
- 86
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 86
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 16
| Fund | |||
|---|---|---|---|
 HDFC Flexi Cap FundHDFC Mutual Fund | 1,70,86,991 | 1.46% | ₹1,588.7 Cr |
 SBI Nifty 50 ETFSBI Mutual Fund | 1,44,34,879 | 0.66% | ₹1,342.2 Cr |
 Invesco India Mid Cap FundInvesco Mutual Fund | 1,22,18,168 | 7.21% | ₹1,136.0 Cr |
| Invesco India Large & Mid Cap FundInvesco Mutual Fund | 87,39,598 | 6.67% | ₹812.6 Cr |
 Nippon India Growth Mid Cap FundNippon India Mutual Fund | 79,00,000 | 1.46% | ₹734.5 Cr |
 Kotak Mid Cap FundKotak Mahindra Mutual Fund | 72,33,902 | 1.01% | ₹672.6 Cr |
 ICICI Prudential Large Cap FundICICI Prudential Mutual Fund | 70,96,906 | 0.86% | ₹659.9 Cr |
| SBI Aggressive Hybrid FundSBI Mutual Fund | 70,00,000 | 0.76% | ₹650.9 Cr |
| HDFC Large Cap FundHDFC Mutual Fund | 66,09,447 | 1.65% | ₹614.5 Cr |
 Motilal Oswal Midcap FundMotilal Oswal Mutual Fund | 57,29,985 | 1.33% | ₹532.8 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 28 Oct 2025.Max Healthcare Institute insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Others: no market trade · 23 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Max Healthcare Institute competitors and peers
Hospital, 39 listed companies, priced on 27 Oct 2026. The table lists the 8 companies closest to Max Healthcare Institute in market cap.Healthcare companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Apollo Hospitals EnterpriseAPOLLOHOSP | 1,12,030 | 53.62 | 11.82 | +17.2% | +32.8% | 23.6% | 19.9% | 0.26% |
| Manipal Health EnterprisesMANIPALHOS | 83,928 | – | – | – | – | – | – | 0.00% |
 Aster DM Quality CareASTERDM | 57,774 | 181.29 | – | +15.7% | +0.2% | 8.0% | 12.4% | 0.45% |
 Fortis HealthcareFORTIS | 55,603 | 53.06 | 5.62 | +17.5% | +20.7% | 11.1% | 12.7% | 0.14% |
 Narayana HrudayalayaNH | 35,011 | 42.90 | 7.72 | +57.8% | +3.9% | 20.0% | 13.1% | 0.26% |
 Global HealthMEDANTA | 33,894 | 60.94 | 8.56 | +21.3% | +4.1% | 15.1% | 14.2% | 0.04% |
 Krishna Institute of Medical SciencesKIMS | 29,302 | 143.28 | 13.04 | +30.9% | −46.2% | 9.3% | 8.7% | 0.00% |
 Dr. Agarwal's Health CareAGARWALEYE | 15,109 | 101.84 | 7.46 | – | – | 7.6% | 14.1% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Max Healthcare Institute dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹2.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 3 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹2.00 |
| 4 Jul 2025 | Final | ₹1.50 |
| 23 Aug 2024 | Final | ₹1.50 |
| 8 Sep 2023 | Final | ₹1.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Max Healthcare Institute announcements
Oct 2026
27 Oct · Meeting
23 Oct · Analysts
23 Oct · Board meeting
Max Healthcare Institute share price by year
Each calendar year to 2025.Max Healthcare Institute share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,045.10 | −7.4% | 1,301.40 | 964.30 |
| 2024 | 1,128.15 | +64.4% | 1,208.75 | 677.85 |
| 2023 | 686.25 | +56.1% | 722.90 | 419.15 |
| 2022 | 439.55 | −0.8% | 464.75 | 328.25 |
| 2021 | 442.90 | +216.0% | 442.90 | 141.75 |
| 2020 | 140.15 | – | 148.70 | 103.65 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2020 is from its first session, 21 Aug 2020.
Recent sessions
The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | 819.05 | 843.00 | 812.05 | 835.00 | 831.57 | 24,75,019 | 50.8% |
| 23 Oct 2026 | 810.50 | 819.40 | 803.00 | 815.00 | 814.79 | 36,26,505 | 65.5% |
| 22 Oct 2026 | 811.20 | 817.70 | 797.00 | 817.00 | 807.03 | 29,80,196 | 48.0% |
| 21 Oct 2026 | 835.50 | 838.00 | 811.60 | 819.90 | 821.64 | 32,63,649 | 50.3% |
| 19 Oct 2026 | 848.05 | 855.55 | 828.60 | 830.00 | 840.00 | 20,42,848 | 51.6% |
| 16 Oct 2026 | 864.45 | 865.40 | 842.30 | 846.00 | 846.68 | 40,34,520 | 67.1% |
| 15 Oct 2026 | 853.00 | 873.00 | 851.30 | 858.00 | 864.62 | 21,49,474 | 56.2% |
| 14 Oct 2026 | 864.00 | 869.50 | 850.00 | 852.50 | 858.38 | 33,56,468 | 57.2% |
| 13 Oct 2026 | 860.00 | 863.65 | 842.05 | 861.00 | 856.35 | 40,55,650 | 52.0% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- MAXHEALTH
- BSE code
- 543220
- ISIN
- INE027H01010
- Industry
- Healthcare Services
- Website
- www.maxhealthcare.in
- CIN
- L72200MH2001PLC322854
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2001
- Registered office
- 401, 4th Floor, Man Excellenza, S. V. Road, Vile Parle (West), Mumbai 400056, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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