Max Healthcare Institute Ltd(MAXHEALTH)

NSE: MAXHEALTHBSE: 543220

₹ 835+2.20%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 81,271 crNext results: 30 Oct 2026Website: www.maxhealthcare.inUpdated: 27 Oct 2026

About

Max Healthcare Institute Ltd operates 21 healthcare facilities with 6,000+ beds across India, offering hospital care, diagnostics (Max Lab), and home healthcare (Max@Home). Patients from over 800 cities and 182 countries use its services, with international patients contributing 6.55% of total turnover in FY26.^[1][2]

Key operating metrics

Network ARPOB was ₹81,900 in Q1 FY27, up 5% YoY. Excluding the oncology drag from discontinued chemotherapy drugs, ARPOB grew 9% YoY.^[3]
Bed occupancy was 75% in Q1 FY27, with occupied bed days (OBDs) growing 10% YoY and average length of stay (ALOS) at 4.1 days.^[3]
Outpatient consults reached 10.5 lakh in Q1 FY27, up 12% YoY.^[3]
Annualised EBITDA per bed was ₹71.2 lakhs in Q1 FY27, up 4% YoY. Pre-tax ROCE (excluding units under four years old and CWIP) was 29.2%.^[3]
Network gross revenue was ₹2,982 Cr in Q1 FY27 (+16% YoY); operating EBITDA was ₹704 Cr (+15% YoY) at a 24.8% margin.^[3]

Bed capacity and network

Operational bed capacity stood at 5,379 beds as of end-June 2026 (including 246 beds for Kalinga Hospital, Bhubaneswar), with 630 net beds added in the prior 12 months.^[3]
The network comprises 21 healthcare facilities. 18 are NABH-accredited and 4 hold JCI accreditation.^[1]
Max Lab has a presence in over 60 cities through more than 1,500 active partners, tested 22 lakh+ patients in FY26, and recorded ~15% YoY revenue growth in FY26.^[1]
Max@Home handled 4,700+ daily transactions as of FY26; the company has 42 robotic surgery systems across its network.^[1]

Specialty and payor mix

Oncology was the largest specialty at 24.1% of specialty revenues in FY26, followed by Orthopaedics at 10.9% and Cardiac Sciences at 10.6%.^[1]
Oncology's share of inpatient revenues fell to 22% in Q1 FY27 from 26% in Q1 FY26, due to discontinuation of select high-value chemotherapy drugs for institutional patients. Management guided normalisation from Q3 FY27.^[3]
Institutional patient bed share was 32.3% in Q1 FY27, down from 34.1% in Q1 FY26 and 35.5% in Q4 FY26, reflecting a deliberate payor mix improvement.^[3]
International patient revenue was ₹247 Cr in Q1 FY27, up 18% YoY, accounting for ~9% of hospital revenues. Max has 12 international patient assistance centres worldwide and PACs across the Middle East, Africa, and South Asia.^[3][1]

Workforce and clinical capabilities

Total workforce was 19,902 employees (47% women) in FY26, including over 6,000 doctors and 14,000+ nurses and paramedics.^[1]
Over 750 clinical research studies have been initiated across the network, conducted by 250 clinician-investigators.^[1]

Expansion and capex pipeline

Network targeted at 10,000+ operational beds by FY30, with potential to reach ~14,500 beds including the FY31+ pipeline.^[3]
Gurgaon Sector 56 (~500 beds) greenfield is expected to commence phased commissioning by end of calendar year 2026.^[3]
Board approved ₹1,400 Cr investment for a 712-bed greenfield at Shaheed Path, Lucknow (second city facility), targeted for FY30 commissioning.^[4]
Board approved ₹425 Cr capex for a 202-bed brownfield tower at Max Vaishali, expected commissioning in Q4 FY30.^[3]
Pune ~450-bed greenfield (via YPPL acquisition) and Patparganj 400-bed brownfield (D-wall started) are both targeted for FY29 - FY30 commissioning.^[5][3]
Zirakpur Mohali (400-bed asset-light BTS) and Max Nagpur (100 beds) are both targeted for FY28 commissioning.^[3]

Recent developments

Max acquired a 58.28% controlling stake in Kalinga Hospital Limited (250 beds, Bhubaneswar) on 18 May 2026 for ~₹298 Cr funded via ECB, marking entry into Eastern India. Post-acquisition occupancy is 50% and ARPOB ₹35,000.^[3]
Board granted in-principle approval to enter the medical education business. A 150-seat medical college requires ~₹300 Cr spend; initial plans focus on the Lucknow campus (27 acres). Management targets ROCEs above 25 - 30%.^[3]
A UK office was set up in Q1 FY27 to develop medical tourism from developed markets.^[3]
CARE Ratings upgraded subsidiary Crosslay Remedies Limited: long-term bank facilities rated AA+ stable; short-term facilities upgraded from AA- to A1+ stable (October 2026).^[6]
Insurance renewals with SAHI insurers due September - October 2026 include a pre-agreed 6% automatic price revision; further CII-IRDAI engagement is underway for inflation-linked annual increases.^[3]

Market Cap

₹81,271 Cr

High / Low

₹1,221 / 797

Stock P/E

54.5

Price / Book

7.4

Book Value

₹110

EPS

₹14.8

No. of Shares

97.31 Cr

ROCE

14.4%

ROE

14.3%

OPM

22.9%

Debt / Equity

0.32

Sales

₹8,373 Cr

Net Profit

₹1,442 Cr

Promoter holding

23.7%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials