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North India-focused private hospital chain concentrated in Delhi-NCR and surrounding states.
North India-focused private hospital chain concentrated in Delhi-NCR and surrounding states.
Earns per patient treated, so income depends on how many beds are occupied and the revenue each occupied bed brings, which rises with complex surgery, cancer care and transplants. The cost of building or buying hospitals comes upfront, before the beds fill.
In one line: A regional HCA Healthcare for North India.
Moat: narrow (brand, scale, installed base). Leading private-hospital brand and bed capacity concentrated in the affluent Delhi-NCR catchment.
Headquarters: New Delhi, India · Founded: 2000 · Employees: 31,127
Size Max Healthcare Institute (MAXHEALTH.NS) is an India Health Care company (Hospital/Nursing Management) with a market value of $9.61B, the 128th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹934.00 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against +15.1% for the median peer and 0.0% for the India market (cap-weighted) — 3rd lowest of 17 in its peer set.
Growth Revenue grew 15.2% over the last twelve months (peer median +8.0%); the operating margin is 21.3% (peer median 12.7%).
Valuation It trades at 49.7× forward earnings against a peer median of 34.5× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points below its cost of capital (13.3% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹91.5B | ₹83.5B | ₹70.1B | ₹53.9B | ₹45.5B |
| Revenue growth | — | +19% | +30% | +18% | — |
| Gross profit | ₹32.6B | ₹43.0B | ₹36.1B | ₹17.5B | ₹14.1B |
| EBITDA | ₹24.5B | ₹22.8B | ₹19.1B | ₹15.2B | ₹12.6B |
| Net income | ₹13.8B | ₹14.4B | ₹10.8B | ₹10.6B | ₹11.0B |
| Free cash flow | n/a | ₹948M | ₹4.93B | ₹3.17B | ₹9.05B |
| Capital expenditure | n/a | ₹14.8B | ₹9.44B | ₹7.86B | ₹3.36B |
| Total debt | ₹38.0B | ₹34.8B | ₹30.1B | ₹15.1B | ₹9.08B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Max Healthcare Institute MAXHEALTH.NS | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% |
| Fortis Healthcare FORTIS.NS | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% |
| Manipal Health Enterprises MANIPALHOS.NS | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAXHEALTH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | +7.2% | 5th lowest of 18 |
| 6-month return | -8.0% | +15.1% | 3rd lowest of 17 |
| Distance from 52-week high | -21.2% | -9.1% | 3rd lowest of 18 |
| Revenue growth (TTM) | +15.2% | +8.0% | 8th highest of 18 |
| Operating margin | 21.3% | 12.7% | 2nd highest of 18 |
| Forward P/E | 49.7× | 34.5× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 43.2% | 13.6% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +27.2% | +8.7% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | +16.0 pp | +1.6 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | -3.5 pp | -0.3 pp | 6th lowest of 18 |
| EV / EBITDA | 38.4× | 22.2× | 3rd most expensive of 15 |
| Net debt / EBITDA | 1.3× | 2.2× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Fresenius SE & Co. KGaA FRE.DE | Germany | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% | -8.8% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |