MAXHEALTH
Large CapMax Healthcare Institute Limited
Pharma
Max Healthcare is India's second-largest hospital chain by revenue & EBITDA, operating 21 facilities with 6,000+ beds. ~73% of beds are in metros, focusing on high-end quaternary care, research, and academics. The company aims for clinical excellence and patient care, supported by technology and research.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +12% YoY · PAT +7% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,143 Cr | +12.2% | +3.6% |
| EBITDA | ₹606 Cr | +18.4% | +12.6% |
| Operating margin | 28.0% | +100 bps | +200 bps |
| PAT | ₹342 Cr | +7.2% | +13.6% |
| PAT margin | 16.0% | -74 bps | +140 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 net revenue grew 16% YoY to 10,065 Cr, with operating EBITDA up 14% YoY to 2,638 Cr. PAT increased 22% YoY to 1,631 Cr. Q4 FY26 saw net revenue up 9% YoY and operating EBITDA up 8% YoY, with PAT up 3% YoY. Occupancy for FY26 was ~76%.
The company delivered strong FY26 financial results with double-digit revenue and EBITDA growth, supported by high occupancy and ARPOB. Significant capacity expansion plans via brownfield, greenfield, and asset-light models, coupled with growth in capital-light adjacencies and digital platforms, position it for continued expansion. However, rising direct costs and finance costs warrant monitoring.
FY26 Payor Mix (revenue share)
Latest issuer-disclosed distribution across 4 reported categories.
Bed Capacity Expansion
Potential to expand capacity by 8,400+ beds, with ~4,000 beds in next 3-4 years via brownfield, greenfield, and asset-light models.
Capital Light Adjacencies
Max Lab (non-captive pathology) net revenue 144 Cr in FY26 (+30% YoY non-COVID), Max@Home gross revenue 263 Cr in FY26 (+23% YoY).
Medical Value Travel
India's foreign medical tourism industry growing, projected ~3.0 million medical tourists by 2030e, with MHIL well-equipped.
Digital Platform
'Max MyHealth' platform has 1.35 lakh+ Monthly Active Users, digital revenue ~31% of overall revenue in FY26.
Max Mohali Tower 2
160 beds fully operationalized.
Nanavati-Max Tower 2 (Phase 1)
116 of 280 beds operationalized, balance over next 3 months. Phase 2 (271 beds) to commence July 2026.
Max Smart Tower 2
156 of 400 beds handed over to operations, remaining expected over next quarter.
Asset-light & Greenfield Projects
Executed ATLs for Mohali (400 beds), Thane (500 beds), Dehradun (130 beds); O&M for Pitampura (200 beds). Acquired land for ~1,000 beds in Gurgaon and ~550 beds in Lucknow.
Demand-Supply Gap
High demand-supply gap of quality beds in India.
Rising Insurance Penetration
Health insurance Gross Premiums grew at 18% CAGR, coupled with rising insurance penetration.
Metro-centric Presence
Dominant presence in attractive metros (Delhi, Mumbai) with high per capita income and propensity to pay for high-end care.
Increasing Direct Costs
Direct costs as a percentage of net revenue increased to 41.0% in FY26 (vs 39.4% in FY25) and 41.1% in Q4 FY26 (vs 39.4% in Q4 FY25).
Higher Finance Costs
Finance cost (Net) increased to 162 Cr in FY26 (vs 84 Cr in FY25), representing 1.6% of net revenue (vs 1.0% in FY25).
Cost Inflation
Increase in direct cost primarily attributable to higher doctor compensation costs and additional manpower for brownfield expansion.
Integration of Acquisitions
While management claims strong track record, integration of ~1,300 beds acquired in last 18 months and future M&A carries inherent risks.
Execution Risk for Capacity Expansion
Ambitious plan to add 8,400+ beds, with ~4,000 beds in next 3-4 years, requires efficient project execution and ramp-up.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (YoY) comparison is essential for assessing overall business growth and profitability trends in the hospital sector. Quarterly (YoY) comparison provides insight into recent operational momentum and the impact of newly commissioned capacities.
Occupancy Rate
StrongFY26 Occupancy ~76%.
ARPOB (Average Revenue per Occupied Bed)
StrongFY26 ARPOB 78,000.
Operating EBITDA Margin
StrongFY26 Operating EBITDA margin 26.2%; Q4 FY26 Operating EBITDA margin 26.8%.
In-patient Revenue Growth
StrongGross in-patient revenue 8,324 Cr (+16% YoY) in FY26.
Vision for Healthcare Provider
To be the most well regarded healthcare provider in India committed to the highest standards of clinical excellence and patient care supported by latest technology and cutting edge research.
Strategic Pillars
Strategy includes optimizing existing infrastructure, building clinical expertise, pursuing M&A, leveraging technology, expanding bed capacity, and focusing on capital-light adjacencies.
Long-term Growth Goal
Strong free cash flow generation and minimally leveraged balance sheet along with brand equity, capability and track record to generate industry leading ROCEs and deliver long-term growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Occupancy Rate | ~76% (FY26) | Sustained high utilization across existing and new capacities. |
| Operating EBITDA Margin | 26.2% (FY26) | Stability or improvement, especially with rising direct costs and new capacity ramp-up. |
| Bed Capacity Additions & Ramp-up | 160 beds operationalized at Mohali, 116 beds at Nanavati-Max, 156 beds at Max Smart. | Timely commissioning and utilization ramp-up of the remaining beds and future projects. |
| Max Lab & Max@Home Growth | Max Lab net revenue +30% YoY (non-COVID), Max@Home gross revenue +23% YoY (FY26). | Continued double-digit growth and margin contribution from these capital-light adjacencies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -3.9% / mo
Technical chart
MAXHEALTHweekly · 5Y-7.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 24% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Fair-value margin of safety is negative at -672.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 66th percentile within Pharma. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding is only 23.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 66th pctile, median 70 · Large: 52nd pctile, median 74
143 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding is only 23.7%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 67.50
- P/B
- 9.83
- EV/EBITDA
- —
- Market Cap
- —
Profitability
- ROE
- 12.70%
- ROCE
- 14.90%
- ROA
- 1.85%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 46.00%
- EPS 5Y
- 81.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 8.97×
- Altman Z
- 0.00
- Book Value
- 103.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 1459.00 Cr
- EPS TTM
- 3.09
Shareholding
- Promoter Hold
- 23.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.