Companies›Healthcare›Healthcare›Healthcare Services
NSE:MAXHEALTH

MAX HEALTHCARE INS LTD

Healthcare › Healthcare Services·NIFTY 100NIFTY 200NIFTY 50NIFTY 500+7
₹851.50
at close · 28 Oct 2026
▲ 6.50 (+0.77%)
ThemesArtificial Intelligence· growing

Latest filings

Next results: Fri, 30 Oct · Financial Results
  1. Postal ballot approves employee share incentives, chairman pay and wider business scope · Board & Shareholder Meetings
  2. Max Healthcare schedules Q2 and H1 FY27 investor results call · Board & Shareholder Meetings
  3. Board to approve September quarter and half-year results · Results
All filings ↓
Ask Nexa about MAX HEALTHCARE INS LTD

Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Operates a network of hospitals across India providing in-patient and out-patient services across multiple specialties including oncology, with FY26 network revenue of INR 10,538 crore (+16% YoY) and network EBITDA margin of 26.2%; the FY26 BRSR filing separately reports turnover of Rs 8,373 crore with healthcare services contributing 98.23% of revenue. Network occupancy ran above 75% with ARPOB at INR 77,900. Digital channels contributed 31% of revenue (INR 838 crore) and international patient revenue was INR 227 crore (+12% YoY), forming 9% of hospital revenue. The largest identifiable cost line is employee costs at 16.2% of revenue, with other opex at 35.6%, depreciation at 5.3% and capex at 17.7% of revenue. Capacity is being expanded: more than 20% additional brownfield beds are being commissioned in phases, a 500-bed Gurgaon greenfield is targeted for end-FY27 commissioning, a 700-bed Lucknow Shaheed Path greenfield has been board-approved at INR 1,400 crore, a 450-bed super-specialty hospital is planned in Pune, and the acquired 250-bed Kalinga Hospital Bhubaneswar marks entry into Eastern India.

Revenue mix · reported segments
Digital channels31.0%
International patient revenue9.0%
Operating scale
Network occupancy
>75%Q4 FY26
ARPOB (Average Revenue Per Occupied Bed)
INR 77,900Q4 FY26
Brownfield capacity addition
>20% additional beds (Mohali, Nanavati, Max Smart, Lucknow)Commissioning over 2-3 months from Q4 FY26
Gurgaon greenfield hospital
500 beds (Phase 1 ~200 beds)Targeted commissioning end-FY27
Lucknow Shaheed Path greenfield
700 beds (expandable to ~900); INR 1,400 crore investmentFY29+
Workforce and locations
31,127 employees across 69 national locationsFY26 BRSR
Who pays it
Hospital patients across in-patient, out-patient and day-care settings, including CGHS/government-sponsored patients and international patients
Biggest cost
Employee costs at 16.2% of revenue (with other opex at 35.6% and depreciation at 5.3%)
Kind of business
Asset-heavy multi-specialty hospital operator pursuing a multi-location cluster strategy in large Indian cities, with ongoing brownfield and greenfield capacity additions
Where it sits
National hospital network with recent entry into Eastern India via the 250-bed Kalinga Hospital Bhubaneswar acquisition and ongoing plans to nearly double bed capacity over the next five years
Market Cap
₹82,871 Cr
P / E (TTM)
56.8×
EV / EBITDA
35.2×
Div Yield
0.18%
Growth
27.3%▲
Revenue 5y CAGR
PAT — · EBITDA +52.6%
Quality
12.7%▲
ROCE (5y median)
ROE 12.6% (5y median) · margin 28.2%
Leverage
0.32·
Debt / Equity · low
Net debt ₹2,813 Cr
Revenue FY21→FY26
3.3×▲
Margin +22.7 pts
₹2,505 Cr → ₹8,373 Cr
Cash conversion
1.17×▲
Operating cash ÷ profit · 5 yrs
₹6,172 Cr on ₹5,284 Cr
Moves on a normal day
0.96%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves
Where it sits among 29 Hospital peersBar = share of peers beaten · tick = industry median · latest reported figures
P/E (TTM)#24/30
P/B#20/24
ROCE#15/30
ROE#9/24
Debt / Equity#17/24
EBITDA margin#8/24
Revenue growth#16/23
Profit growth#13/21

Scorecard

Measured from the filed financials, judged against its Hospital peers · as of FY26 — not investment advice

Strengths
Revenue compounding 27% a year over 5 years
Over 5 years it reported ₹5,284 Cr of profit and ₹6,172 Cr of operating cash — 1.17×
Profit is converting into cash
Concerns
Nothing flagged in the filed numbers.

Charts

How has the market priced it — with filings on the timeline?

MAXHEALTH · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Peers

How does it stack up on valuation, returns and growth?

Loading peers…

Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

Loading financials…

Ownership

Who owns it — and is the promoter stake clean?

Loading shareholding…

Sign up to see the full company file

Governance, sustainability, compliance, earnings calls, presentations, events, reactions and the full filings feed — free with an account.

Common questions

Answered from MAX HEALTHCARE INS LTD's filed financials and exchange disclosures

What does MAX HEALTHCARE INS LTD do?

MAX HEALTHCARE INS LTD is a Healthcare Services company listed on NSE and BSE, trading under the symbol MAXHEALTH.

Is MAX HEALTHCARE INS LTD profitable?

Yes. Over the trailing twelve months MAX HEALTHCARE INS LTD reported a net profit of ₹1,457 Cr on revenue of ₹8,712 Cr.

Does MAX HEALTHCARE INS LTD pay a dividend?

Yes. The dividend yield is 0.18% at the current price. It paid out 10% of its profit as dividend in FY26.

Is MAX HEALTHCARE INS LTD debt-free?

No. It reported borrowings of ₹3,478 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹2,813 Cr after cash. Debt stands at 0.32× equity. That is higher than 70% of its 24 Hospital peers.

Is MAX HEALTHCARE INS LTD expensive compared with its peers?

On trailing P/E, MAX HEALTHCARE INS LTD ranks 24 of 30 in Hospital — cheaper than 21% of them, against an industry median of 42.0×. This is a position, not a valuation judgement.

How much does the MAX HEALTHCARE INS LTD share price move in a day?

On a typical session MAX HEALTHCARE INS LTD moves 0.96% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

When are MAX HEALTHCARE INS LTD's next results?

Financial Results on Fri, 30 Oct. MarketPing alerts you on WhatsApp the moment the filing lands.

Where can I track MAX HEALTHCARE INS LTD's announcements?

Every NSE and BSE filing by MAX HEALTHCARE INS LTD appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.