Max Healthcare Institute Limited share price

Key numbers

Market cap

₹ 98,694 Cr

Current price

₹ 1,014.00

52-week high / low

₹ 1,222 / 903

Stock P/E

68.0

Book value

₹ 110.4

Dividend yield

0.20%

ROCE

14.2%

ROE

14.3%

Debt to equity

0.32

Sales growth (3 yrs)

22.4%

Profit growth (3 yrs)

9.3%

1-year return

-10.5%

About Max Healthcare Institute Limited

Max Healthcare Institute Limited provides medical and healthcare services in India. It offers services in various specialties, including cardiac sciences, orthopedics, oncology, renal sciences, neurosciences, minimal access and general surgery, pulmonology, obstetrics, bone marrow transplant, bariatric/weight loss surgery, gynecology, minimal access/laparoscopic surgery, eye care/ophthalmology, robotic surgery, paediatrics, nephrology, liver and biliary sciences, gastroenterology and GI surgery, internal medicine, organ transplants, and plastic and reconstructive surgery. The company also provides Max@Home, a platform that offers health and wellness services at home; and Max Lab, which provides diagnostic testing services to patients. In addition, it offers organ and tissue donation, preventive health checks, ambulance and immigration, air ambulance, and insurance and TPA services. The company provides healthcare services through a network of primary care clinics, multi-specialty hospitals/medical centres, and super-specialty hospital facilities. Max Healthcare Institute Limited was incorporated in 2001 and is based in Gurugram, India.

Quarterly results

Consolidated figures in ₹ crores

Concall summary (2026-08-20)

AI summary of the earnings call transcript · tone: Positive · source document

Guidance & outlook

• The remaining 50% beds are expected to be handed over to operations during the course of the current quarter.
• The hospital contributed INR 19 crore in revenue and INR 2 crore in EBITDA during the post -acquisition period in Q1 FY27, with an occupancy of 50% and ARPOB of INR 35,000, both of which provide significant levers for growth.

Margins & costs

• The EBITDA seems to have grown by 15%, however your free cash flow, operating free cash flow seems to have grown by 3%.
• Keshav Gupta It is coming from the point that our revenue has grown by 15% and direct cost has grown by 16%.

Capex & expansion

• At Max Smart, we have currently operationalized 50% capacity of the 400 -bed brownfield tower.
• To further strengthen our existing Network, the board has approved a cap ital expenditure of INR 425 crore for a new brownfield tower at Max Vaishali.

Balance sheet & cash

• So, I just had a question around the bookkeeping of free cash flow.
• So, that has in a way eaten into the into the free cash flow conversion because this absorbs the working capital changes also.

Risks & challenges

• In IP revenue growth actually, if we look at non - onco business has done well, but onco business continues to remain under pressure and some kind of challenges.
• It has contributed historically to some delays in materials, when you are importing furniture for hospitals from overseas and so on, but a lot of that delays are behind us.

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