NSE: MAXHEALTH · BSE: 543220
MAX HEALTHCARE INS LTD
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital services (in-patient and out-patient), Digital channels (31%), International patient revenue (9%). Asset-heavy multi-specialty hospital operator pursuing a multi-location cluster strategy in large Indian cities, with ongoing brownfield and greenfield capacity additions
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,931 | 4,563 | 5,406 | 7,028 | 8,373 |
| EBITDA (ex other income) | 934 | 1,241 | 1,492 | 1,775 | 2,195 |
| margin % | 23.7 | 27.2 | 27.6 | 25.3 | 26.2 |
| Owners' profit | 605 | 0 | 1,051 | 1,076 | 1,442 |
| EPS, as reported (₹) | 6.25 | 11.38 | 10.89 | 11.07 | 14.83 |
| ROE % · ROCE % | 9.6 · 10.0 | 14.9 · 12.7 | 12.6 · 13.3 | 11.5 · 11.7 | 13.4 · 12.7 |
| Debt / equity (x) | 0.12 | 0.09 | 0.15 | 0.32 | 0.32 |
| Cash from operations | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Capex | (561) | (336) | (779) | (966) | (1,485) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,707 | 1,868 | 1,910 | 2,028 | 2,135 | 2,068 | 2,143 | 2,366 |
| Profit before tax | 374 | 309 | 403 | 400 | 446 | 365 | 465 | 436 |
| Net profit | 282 | 239 | 319 | 308 | 491 | 301 | 342 | 323 |
| EPS (₹) | 2.90 | 2.46 | 3.28 | 3.17 | 5.05 | 3.10 | 3.52 | 3.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD ◆ | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.8 | 42.0 | 24 of 30 | 21% |
| P/B | 7.7 | 5.5 | 20 of 24 | 17% |
| ROCE | 11.1 | 10.9 | 15 of 30 | 52% |
| ROE | 13.4 | 11.8 | 9 of 24 | 65% |
| Debt / Equity | 0.3 | 0.2 | 17 of 24 | 30% |
| EBITDA margin | 27.0 | 22.0 | 8 of 24 | 70% |
| Revenue growth | 16.7 | 20.2 | 16 of 23 | 32% |
| Profit growth | 4.9 | 8.1 | 13 of 21 | 40% |
| Market cap | 82871 | 2462 | 2 of 30 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Postal ballot approves employee share incentives, chairman pay and wider business scope | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Max Healthcare schedules Q2 and H1 FY27 investor results call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 19 Oct 2026 · Shareholders approve ESOP scheme and expansion of business objects | corporate actions | medium | — | — |
| 19 Oct 2026 · Postal Ballot Results: 4 Special Resolutions Passed Including ESOP Scheme 2026 | capital market events | high | — | — |
| 19 Oct 2026 · Postal ballot results: four special resolutions approved with over 97% support | capital market events | medium | — | — |
| 16 Oct 2026 · Max Healthcare gets ESG rating of 66 for FY26 from NSE Sustainability | business updates | medium | — | — |
| 9 Oct 2026 · Credit rating of subsidiary Crosslay Remedies upgraded to AA+ by CARE | credit debt | high | — | — |
| 9 Oct 2026 · CARE Reaffirms Max Healthcare Credit Rating; Facilities Enhanced | credit debt | medium | — | — |
| 7 Oct 2026 · No demat requests received in Q2 FY27, confirms registrar | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.