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Last Updated: April 2, 2026, 3:19 am
Author: Getaka|Social: XLinkedIn

Max Healthcare Institute Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹670.82Overvalued by 30.05%vs CMP ₹959.00

P/E (64.0) × ROE (12.7%) × BV (₹103.00) × DY (0.16%)

₹308.20Overvalued by 67.86%vs CMP ₹959.00
MoS: -211.2% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹795.0223%Over (-17.1%)
Graham NumberEarnings₹183.8817%Over (-80.8%)
Earnings PowerEarnings₹58.6311%Over (-93.9%)
DCFCash Flow₹304.5211%Over (-68.2%)
Net Asset ValueAssets₹103.307%Over (-89.2%)
EV/EBITDAEnterprise₹238.639%Over (-75.1%)
Earnings YieldEarnings₹145.907%Over (-84.8%)
ROCE CapitalReturns₹50.567%Over (-94.7%)
Revenue MultipleRevenue₹108.346%Over (-88.7%)
Consensus (9 models)₹308.20100%Overvalued
Key Drivers: Wide model spread (₹51–₹795) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 18.5%

*Investments are subject to market risks

Investment Snapshot

68
Max Healthcare Institute Ltd scores 68/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health73/100 · Strong
ROCE 14.9% GoodROE 12.7% GoodD/E 0.15 Low debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -4.19% (6mo) SellingDII holding up 3.61% MF buyingPromoter holding at 23.7% Stable
Earnings Quality60/100 · Moderate
OPM stable around 27% SteadyWorking capital: -47 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +24% YoY AcceleratingProfit (4Q): +41% YoY Strong
Industry Rank60/100 · Moderate
P/E 64.0 vs industry 75.2 In-lineROCE 14.9% vs industry 14.7% Average3Y sales CAGR: 21% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:19 am

Market Cap 93,319 Cr.
Current Price 959
Intrinsic Value₹308.20
High / Low 1,314/934
Stock P/E64.0
Book Value 103
Dividend Yield0.16 %
ROCE14.9 %
ROE12.7 %
Face Value 10.0
PEG Ratio3.46

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Max Healthcare Institute Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Max Healthcare Institute Ltd 93,319 Cr. 959 1,314/93464.0 1030.16 %14.9 %12.7 % 10.0
Apollo Hospitals Enterprise Ltd 1,05,042 Cr. 7,306 8,100/6,49157.8 6320.26 %16.6 %18.4 % 5.00
Fortis Healthcare Ltd 60,019 Cr. 795 1,105/52159.6 1250.13 %12.0 %10.1 % 10.0
Aster DM Healthcare Ltd 35,559 Cr. 688 732/45098.7 87.50.73 %10.7 %8.26 % 10.0
Dr Lal Pathlabs Ltd 22,178 Cr. 1,324 1,771/1,17640.4 1430.91 %28.9 %24.3 % 10.0
Industry Average26,819.31 Cr611.5975.1783.710.36%14.71%13.91%9.04

All Competitor Stocks of Max Healthcare Institute Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,1421,2151,2851,3631,3351,4231,5431,7071,8681,9102,0282,1352,068
Expenses 8288749489769491,0411,1561,2571,3691,3981,5051,5601,529
Operating Profit 314340337387386382387451499512523575538
OPM % 28%28%26%28%29%27%25%26%27%27%26%27%26%
Other Income 4540414546453541-40473733-3
Interest 2020199112124345255555460
Depreciation 576056586170778498101104108111
Profit before tax 281301303366360336321374309402400446365
Tax % 21%17%21%24%20%25%26%25%23%21%23%-10%17%
Net Profit 222251240277289252236282239319308491301
EPS in Rs 2.292.582.472.852.982.592.432.902.463.283.175.053.09

Last Updated: March 3, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,6081,7291,6911,0592,5053,9314,5635,4067,0288,140
Expenses 1,4671,6161,5359652,1012,9863,3223,9145,1805,992
Operating Profit 141113156944049461,2411,4921,8492,148
OPM % 9%7%9%9%16%24%27%28%26%26%
Other Income 59655648-11911513917882113
Interest 10099101831791018460165224
Depreciation 969410346174221232245359424
Profit before tax 5-15813-697391,0641,3651,4061,614
Tax % -236%65%102%-1%67%18%-4%23%24%
Net Profit 16-25-059-1386051,1041,0581,0761,419
EPS in Rs 0.29-0.47-0.061.10-1.426.2411.3710.8811.0714.59
Dividend Payout % 0%0%0%0%0%0%9%14%14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-256.25%100.00%-333.90%538.41%82.48%-4.17%1.70%
Change in YoY Net Profit Growth (%)0.00%356.25%-433.90%872.30%-455.93%-86.65%5.87%

Max Healthcare Institute Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:30%
3 Years:21%
TTM:33%
Compounded Profit Growth
10 Years:%
5 Years:64%
3 Years:23%
TTM:14%
Stock Price CAGR
10 Years:%
5 Years:59%
3 Years:45%
1 Year:32%
Return on Equity
10 Years:%
5 Years:12%
3 Years:14%
Last Year:13%

Last Updated: Unknown

Balance Sheet

Last Updated: February 1, 2026, 1:03 am

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 537537537537966970971972972972
Reserves 6556274262,0164,6735,3136,4397,4368,4099,080
Borrowings 8749811,0038751,1019136891,2993,0103,275
Other Liabilities 1,0801,1571,3895461,8031,9932,0032,2932,7952,954
Total Liabilities 3,1463,3023,3553,9748,5439,18910,10212,00015,18616,281
Fixed Assets 2,2442,2272,1928516,5367,0187,0398,78411,50211,826
CWIP 46388728271512525539011,226
Investments -0-012,182111235
Other Assets 8561,0361,0759131,9802,0202,8102,6612,7813,223
Total Assets 3,1463,3023,3553,9748,5439,18910,10212,00015,18616,281

Reserves and Borrowings Chart

Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 15616689771187411,2841,1221,459
Cash from Investing Activity + -104-124-17-2,641206-764-102-1,253-1,614
Cash from Financing Activity + -48-48-742,353191-294-289-264-164
Net Cash Flow 4-6-2-210516-317893-395-319
Free Cash Flow 41100-27-131192952342500
CFO/OP 135%166%75%89%15%89%116%93%96%

Free Cash Flow

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-733.00-868.00155.00-781.00403.0033.00-688.000.00-2.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 535978805336273136
Inventory Days 202426403424302626
Days Payable 184227292273274174215207200
Cash Conversion Cycle -111-144-188-153-187-114-158-149-138
Working Capital Days -12-24-152-191-44-24-46-43-47
ROCE %4%6%11%7%12%15%16%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 23.77%23.76%23.76%23.75%23.75%23.74%23.74%23.74%23.74%23.74%23.74%23.72%
FIIs 51.96%59.89%60.39%60.69%57.33%56.99%57.29%56.93%54.74%54.76%51.80%50.55%
DIIs 19.36%11.90%11.40%11.55%14.96%15.36%15.14%15.55%17.59%17.41%20.03%21.20%
Public 4.92%4.45%4.45%3.99%3.97%3.91%3.84%3.77%3.94%4.09%4.43%4.52%
No. of Shareholders 1,04,6561,11,3741,18,6351,11,3381,27,0091,36,2541,37,8561,40,0281,51,6331,62,1191,80,8912,03,837

Shareholding Pattern Chart

No. of Shareholders

Max Healthcare Institute Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Equity Hybrid Fund 7,000,000 0.82 669.76N/AN/AN/A
Nippon India Growth Mid Cap Fund 6,300,000 1.44 602.78N/AN/AN/A
Invesco India Large & Mid Cap Fund 6,175,405 6.6 590.864,882,2272026-02-23 01:01:0426.49%
Kotak Midcap Fund 5,338,730 0.87 510.81N/AN/AN/A
HDFC Large Cap Fund 5,020,569 1.21 480.373,798,3162026-02-23 01:01:0432.18%
Invesco India Midcap Fund 4,774,196 4.54 456.82,738,7612026-02-23 01:01:0474.32%
Canara Robeco Large and Mid Cap Fund 4,490,063 1.74 429.614,239,0962026-02-23 01:01:045.92%
ICICI Prudential Focused Equity Fund 4,350,787 2.79 416.28N/AN/AN/A
Invesco India Smallcap Fund 3,440,559 3.65 329.19N/AN/AN/A
Motilal Oswal Midcap Fund 3,000,000 0.83 287.045,270,0002026-01-26 01:22:25-43.07%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 11.0710.8911.386.25-1.59
Diluted EPS (Rs.) 11.0110.8411.366.24-1.59
Cash EPS (Rs.) 14.7613.4013.768.520.61
Book Value[Excl.RevalReserv]/Share (Rs.) 96.5086.5176.3164.7958.37
Book Value[Incl.RevalReserv]/Share (Rs.) 96.5086.5176.3164.7958.37
Revenue From Operations / Share (Rs.) 72.3055.6246.9940.5525.93
PBDIT / Share (Rs.) 20.6217.1814.2111.035.37
PBIT / Share (Rs.) 16.9214.6611.828.753.57
PBT / Share (Rs.) 14.4714.0510.967.62-0.71
Net Profit / Share (Rs.) 11.0710.8811.376.24-1.19
NP After MI And SOA / Share (Rs.) 11.0710.8811.376.24-1.42
PBDIT Margin (%) 28.5130.8930.2427.2120.70
PBIT Margin (%) 23.4026.3625.1521.5813.75
PBT Margin (%) 20.0025.2523.3118.79-2.74
Net Profit Margin (%) 15.3019.5624.1815.38-4.57
NP After MI And SOA Margin (%) 15.3019.5624.1815.38-5.49
Return on Networth / Equity (%) 11.4612.5714.899.63-2.43
Return on Capital Employeed (%) 12.2713.2512.6710.064.43
Return On Assets (%) 7.078.8110.926.58-1.60
Long Term Debt / Equity (X) 0.240.120.060.100.14
Total Debt / Equity (X) 0.260.130.070.110.15
Asset Turnover Ratio (%) 0.510.480.210.210.18
Current Ratio (X) 0.871.371.861.321.45
Quick Ratio (X) 0.811.301.791.241.38
Inventory Turnover Ratio (X) 75.550.000.000.000.00
Dividend Payout Ratio (NP) (%) 13.559.180.000.000.00
Dividend Payout Ratio (CP) (%) 10.157.450.000.000.00
Earning Retention Ratio (%) 86.4590.820.000.000.00
Cash Earning Retention Ratio (%) 89.8592.550.000.000.00
Interest Coverage Ratio (X) 12.1527.8916.4510.612.89
Interest Coverage Ratio (Post Tax) (X) 7.9718.6614.167.091.66
Enterprise Value (Cr.) 108421.5379785.8541914.3233863.1120147.55
EV / Net Operating Revenue (X) 15.4314.769.198.618.04
EV / EBITDA (X) 54.0947.7730.3831.6538.85
MarketCap / Net Operating Revenue (X) 15.1714.759.388.567.95
Retention Ratios (%) 86.4490.810.000.000.00
Price / BV (X) 11.379.485.785.353.53
Price / Net Operating Revenue (X) 15.1714.759.388.567.95
EarningsYield 0.010.010.020.01-0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Max Healthcare Institute Ltd. is a Public Limited Listed company incorporated on 18/06/2001 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L72200MH2001PLC322854 and registration number is 111313. Currently Company is involved in the business activities of Hospital activities. Company's Total Operating Revenue is Rs. 2663.60 Cr. and Equity Capital is Rs. 972.14 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Hospitals & Medical Services401, 4th Floor, Man Excellenza, Mumbai Maharashtra 400056Contact not found
Management
NamePosition Held
Mr. Abhay SoiChairman & Managing Director
Mr. Pranav AminIndependent Director
Mr. Michael Thomas NeebIndependent Director
Mr. K Narasimha MurthyIndependent Director
Mr. Anil Kumar BhatnagarNon Executive Director
Mr. Narayan K SeshadriNon Executive Director
Ms. Amrita GangotraIndependent Woman Director
Mr. Mahendra Gumanmalji LodhaIndependent Director
Dr. Pranav C MehtaIndependent Director

FAQ

What is the intrinsic value of Max Healthcare Institute Ltd and is it undervalued?

As of 16 April 2026, Max Healthcare Institute Ltd's intrinsic value is ₹308.20, which is 67.86% lower than the current market price of ₹959.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.7 %), book value (₹103), dividend yield (0.16 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Max Healthcare Institute Ltd?

Max Healthcare Institute Ltd is trading at ₹959.00 as of 16 April 2026, with a FY2026-2027 high of ₹1,314 and low of ₹934. The stock is currently near its 52-week low. Market cap stands at ₹93,319 Cr..

How does Max Healthcare Institute Ltd's P/E ratio compare to its industry?

Max Healthcare Institute Ltd has a P/E ratio of 64.0, which is below the industry average of 75.17. This is broadly in line with or below the industry average.

Is Max Healthcare Institute Ltd financially healthy?

Key indicators for Max Healthcare Institute Ltd: ROCE of 14.9 % is moderate. Dividend yield is 0.16 %.

Is Max Healthcare Institute Ltd profitable and how is the profit trend?

Max Healthcare Institute Ltd reported a net profit of ₹1,076 Cr in Mar 2025 on revenue of ₹7,028 Cr. Compared to ₹605 Cr in Mar 2022, the net profit shows an improving trend.

Does Max Healthcare Institute Ltd pay dividends?

Max Healthcare Institute Ltd has a dividend yield of 0.16 % at the current price of ₹959.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Max Healthcare Institute Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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