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Max Healthcare Institute Limited is primarily engaged in the providing healthcare services through primary care clinics, multi-speciality hospitals / medical centres and super-speciality hospitals providing operation and management, medical services, clinical, radiology, pathology services and related healthcare services.[1]
Leadership[1]The company is India’s largest hospital chain in terms of market cap and 2nd largest hospital in terms of revenue and EBITDA.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Max Healthcare | 1083.90 | 151.97 | 105384.72 | 0.14 | 160.42 | -30.64 | 736.62 | 7.36 | 12.54 | 2786.74 | 29.14 | 693.44 | 160.42 | 12.40 | 7.93 | 0.08 |
| 2. | Apollo Hospitals | 7201.00 | 61.97 | 103613.61 | 0.26 | 494.00 | 25.98 | 6303.50 | 12.78 | 16.64 | 23264.70 | 14.29 | 1671.90 | 477.20 | 11.39 | 7.77 | 0.88 |
| 3. | Fortis Health. | 888.55 | 66.61 | 67100.49 | 0.11 | 328.82 | 40.23 | 2331.44 | 17.25 | 11.96 | 8433.62 | 22.03 | 1007.34 | 304.11 | 7.11 | 6.67 | 0.34 |
| 4. | Narayana Hrudaya | 1937.60 | 46.56 | 39593.91 | 0.23 | 258.49 | 29.64 | 1643.79 | 20.28 | 20.75 | 5961.09 | 23.53 | 850.33 | 258.16 | 9.75 | 12.22 | 0.58 |
| 5. | Aster DM Health. | 653.25 | 92.30 | 33877.26 | 0.77 | 121.31 | 13.83 | 1197.21 | 10.20 | 10.68 | 4325.23 | 18.61 | 367.05 | 110.24 | 7.47 | 2.44 | 0.46 |
| 6. | Global Health | 1200.80 | 54.07 | 32327.01 | 0.04 | 158.40 | 21.09 | 1099.22 | 14.91 | 19.74 | 4004.75 | 23.87 | 597.87 | 158.44 | 8.71 | 11.46 | 0.25 |
| 7. | Krishna Institu. | 706.55 | 86.02 | 28273.82 | 0.00 | 72.00 | -37.45 | 960.70 | 23.59 | 15.00 | 3401.60 | 22.98 | 328.68 | 67.18 | 12.45 | 8.32 | 1.40 |
| – | Median: 27 Co. | 503.35 | 54.07 | 4507.59 | 0.0 | 29.96 | 20.0 | 285.43 | 14.96 | 14.94 | 1122.38 | 19.13 | 95.36 | 29.69 | 6.51 | 7.78 | 0.34 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 482 | 591 | 697 | 544 | 621 | 694 | 507 | 610 | 659 | 474 | 597 | 686 | 737 |
Expenses | 328 | 391 | 461 | 384 | 423 | 506 | 354 | 407 | 484 | 322 | 394 | 461 | 523 |
Operating Profit | 154 | 200 | 236 | 160 | 198 | 188 | 154 | 203 | 175 | 152 | 203 | 225 | 214 |
Other Income | 44 | 43 | 18 | 43 | 43 | 80 | 41 | 134 | 98 | 32 | 48 | 134 | 47 |
Profit before tax | 157 | 203 | 198 | 161 | 203 | 223 | 151 | 291 | 227 | 144 | 210 | 318 | 216 |
Tax % | 22% | 22% | 30% | 22% | 24% | 26% | 16% | 17% | 22% | -149% | 23% | 27% | 26% |
Net Profit | 122 | 158 | 138 | 126 | 154 | 166 | 126 | 242 | 177 | 359 | 161 | 231 | 160 |
EPS in Rs | 1.26 | 1.63 | 1.42 | 1.30 | 1.59 | 1.71 | 1.30 | 2.49 | 1.82 | 3.70 | 1.66 | 2.38 | 1.65 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 591 | 790 | 912 | 984 | 1,059 | 1,008 | 59 | 1,031 | 1,775 | 1,905 | 2,341 | 2,664 | 2,787 |
Expenses | 615 | 768 | 890 | 941 | 1,048 | 976 | 65 | 870 | 1,332 | 1,321 | 1,579 | 1,830 | 1,975 |
Operating Profit | -24 | 22 | 22 | 43 | 11 | 31 | -6 | 161 | 443 | 584 | 762 | 833 | 812 |
Other Income | 39 | 33 | 35 | 30 | 51 | 47 | 66 | -104 | 128 | 144 | 271 | 293 | 244 |
Interest | 42 | 43 | 30 | 35 | 41 | 44 | 60 | 112 | 59 | 52 | 52 | 48 | 51 |
Depreciation | 31 | 49 | 50 | 51 | 49 | 53 | 3 | 91 | 112 | 113 | 117 | 131 | 141 |
Profit before tax | -58 | -38 | -24 | -13 | -28 | -18 | -3 | -146 | 400 | 563 | 865 | 947 | 864 |
Net Profit | -58 | -38 | -24 | -13 | -28 | -23 | -3 | -164 | 332 | 694 | 687 | 701 | 642 |
EPS in Rs | -1.46 | -0.78 | -0.44 | -0.24 | -0.51 | -0.43 | -0.06 | -1.70 | 3.42 | 7.15 | 7.07 | 7.21 | 6.60 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 14% | 21% | 21% | – |
Standalone figures in ₹ crores
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 395 | 489 | 533 | 537 | 537 | 537 | 537 | 966 | 970 | 971 | 972 | 972 | 972 |
Reserves | 167 | 523 | 762 | 770 | 773 | 749 | 2,338 | 4,973 | 5,342 | 6,071 | 6,709 | 7,317 | 7,523 |
Borrowings | 505 | 296 | 273 | 314 | 386 | 390 | 658 | 480 | 556 | 534 | 443 | 612 | 705 |
Other Liabilities | 223 | 141 | 171 | 210 | 278 | 274 | 20 | 724 | 945 | 845 | 945 | 1,065 | 1,176 |
Total Liabilities | 1,290 | 1,449 | 1,740 | 1,832 | 1,973 | 1,951 | 3,553 | 7,143 | 7,812 | 8,420 | 9,069 | 9,967 | 10,376 |
Fixed Assets | 468 | 430 | 424 | 429 | 502 | 479 | 90 | 2,989 | 4,493 | 4,485 | 4,717 | 4,871 | 4,890 |
Gross Block | 603 | 631 | 471 | 516 | 629 | 653 | 105 | 3,079 | 4,715 | 4,813 | 5,131 | 5,401 | – |
Accumulated Depreciation | 135 | 202 | 47 | 88 | 127 | 174 | 15 | 90 | 222 | 328 | 414 | 531 | – |
CWIP | 10 | 15 | 6 | 30 | 7 | 10 | 0 | 8 | 60 | 103 | 235 | 277 | 345 |
Investments | 238 | 451 | 840 | 866 | 799 | 770 | 2,471 | 2,379 | 1,447 | 1,475 | 1,915 | 2,614 | 2,613 |
Other Assets | 574 | 554 | 469 | 508 | 665 | 693 | 992 | 1,766 | 1,811 | 2,358 | 2,202 | 2,206 | 2,527 |
Total Assets | 1,290 | 1,449 | 1,740 | 1,832 | 1,973 | 1,951 | 3,553 | 7,143 | 7,812 | 8,420 | 9,069 | 9,967 | 10,376 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | 39 | 64 | 33 | 52 | -19 | -36 | 219 | 447 | 696 | 613 | 598 |
Cash from Investing Activity | – | -200 | -330 | -66 | -89 | 55 | -2,536 | -84 | -670 | -843 | -806 | -873 |
Cash from Financing Activity | – | 176 | 251 | 34 | 36 | -36 | 2,332 | 397 | -161 | -54 | -246 | -29 |
Net Cash Flow | – | 15 | -16 | 0 | -0 | -0 | -240 | 532 | -384 | -201 | -438 | -304 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2013 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 97 | 67 | 48 | 55 | 68 | 103 | 517 | 109 | 56 | 27 | 32 | 40 |
Inventory Days | 18 | 20 | 18 | 19 | 22 | 25 | – | 33 | 20 | 31 | 24 | 20 |
Days Payable | 158 | 171 | 183 | 206 | 250 | 335 | – | 297 | 159 | 226 | 225 | 191 |
Cash Conversion Cycle | -42 | -85 | -117 | -132 | -161 | -206 | 517 | -155 | -83 | -169 | -169 | -130 |
Working Capital Days | -54 | -15 | -33 | -20 | -27 | 14 | -493 | 27 | 5 | -45 | -32 | -24 |
ROCE % | – | – | 0% | 1% | 1% | 2% | 2% | 4% | 7% | 9% | 12% | 13% |
Direct from BSE filings, auto-summarised
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