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Model Note · MAX HEALTHCARE INS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAX HEALTHCARE INS LTD Discounted cash flow · base FY26
MAX HEALTHCARE INS LTD
Value per share, this model₹386
CMP 2026-09-10₹1,037.70
Difference(62.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MAX HEALTHCARE INS LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
19% a year
FY26 19.1% · 5-yr CAGR 27.3%
EBITDA margin
26.2%
FY26 26.2% · 5-yr average 26.0%
Depreciation · capex, % of revenue
5.3% · 17.7%, fading to 1.2× depreciation
FY26 5.3% · 17.7%
Working capital, % of added revenue · tax
2.7% · 13.9%
10 working-capital days · effective 13.9%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,813 · ₹0 · ₹0 cr
FY26 net debt ₹2,813 cr
Shares
97.32 crore
97.32 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
8,373
9,964
11,858
14,111
16,792
19,982
growth %
19.1
19.0
19.0
19.0
19.0
19.0
EBITDA
2,195
2,611
3,107
3,697
4,399
5,235
Depreciation
(447)
(528)
(628)
(748)
(890)
(1,059)
NOPAT
1,505
1,793
2,134
2,539
3,022
3,596
less capex
(1,485)
(1,764)
(1,763)
(1,698)
(1,544)
(1,271)
less working-capital build
—
(43)
(51)
(61)
(72)
(86)
Free cash flow to firm
—
515
948
1,529
2,295
3,298
Present value
488
811
1,178
1,593
2,062
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · MAX HEALTHCARE INS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,132
PV of the terminal value (85% of EV)
34,249
Enterprise value
40,381
less net debt
(2,813)
less non-controlling interest
0
add non-operating investments
0
Equity value
37,568
÷ 97.32 crore shares
₹386
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
401
436
478
529
593
10.5%
364
393
428
469
519
11.0%
333
357
386
420
460
11.5%
306
327
351
379
412
12.0%
282
300
321
344
372
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
