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Max Healthcare Institute (MAXHEALTH)₹915.00−1.19%Hospital
In the Sep 2026 quarter (consolidated), Max Healthcare Institute reported sales of ₹2,564 Cr, up 20.3% from Sep 2025, and net profit of ₹412 Cr, down 15.7% year on year. For the year to Mar 2026, sales were ₹8,362 Cr and net profit ₹1,436 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,334 | 1,422 | 1,540 | 1,705 | 1,864 | 1,908 | 2,026 | 2,131 | 2,067 | 2,140 | 2,362 | 2,564 |
| Expenses | 949 | 1,041 | 1,155 | 1,256 | 1,368 | 1,399 | 1,504 | 1,560 | 1,529 | 1,536 | 1,769 | 1,856 |
| Operating Profit | 388 | 384 | 388 | 453 | 501 | 514 | 525 | 578 | 540 | 608 | 600 | 714 |
| OPM % | 29.0% | 27.0% | 25.0% | 26.0% | 27.0% | 27.0% | 26.0% | 27.0% | 26.0% | 28.0% | 25.0% | 28.0% |
| Other Income | 45.82 | 44.82 | 34.86 | 40.86 | −39.86 | 46.86 | 36.85 | 32.88 | −2.99 | 47.82 | 40.84 | 40.83 |
| Interest | 10.98 | 20.95 | 23.97 | 33.92 | 51.87 | 54.93 | 54.92 | 53.90 | 59.89 | 66.90 | 70.81 | 73.83 |
| Depreciation | 60.99 | 70.05 | 77.10 | 84.07 | 98.01 | 101 | 104 | 108 | 111 | 123 | 132 | 138 |
| Profit before tax | 360 | 336 | 321 | 374 | 309 | 402 | 400 | 445 | 364 | 464 | 435 | 540 |
| Tax % | 19.9% | 24.9% | 25.9% | 24.9% | 23.0% | 20.9% | 23.0% | −10.1% | 16.9% | 26.0% | 26.0% | 23.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | −52.10 | 0.00 | 0.00 | 0.00 | −40.03 | 0.00 | 0.00 | 0.00 |
| Net Profit | 288 | 251 | 235 | 281 | 238 | 318 | 307 | 489 | 300 | 341 | 322 | 412 |
| EPS (Rs) | 2.99 | 2.58 | 2.42 | 2.89 | 2.45 | 3.27 | 3.18 | 5.06 | 3.08 | 3.51 | 3.30 | 4.25 |
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,607 | 1,725 | 1,689 | 1,058 | 2,503 | 3,929 | 4,560 | 5,400 | 7,021 | 8,362 | 9,133 |
| Expenses | 1,466 | 1,617 | 1,535 | 965 | 2,101 | 2,983 | 3,321 | 3,914 | 5,183 | 6,130 | 6,690 |
| Operating Profit | 142 | 113 | 157 | 94.35 | 408 | 955 | 1,247 | 1,499 | 1,857 | 2,250 | 2,462 |
| OPM % | 9.0% | 7.0% | 9.0% | 9.0% | 16.0% | 24.0% | 27.0% | 28.0% | 26.0% | 27.0% | 27.0% |
| Other Income | 58.81 | 64.75 | 55.76 | 47.86 | −122 | 110 | 139 | 176 | 81.76 | 114 | 127 |
| Interest | 99.86 | 98.88 | 101 | 82.80 | 179 | 101 | 83.91 | 59.87 | 165 | 235 | 271 |
| Depreciation | 95.99 | 94.02 | 103 | 46.04 | 174 | 221 | 232 | 245 | 359 | 447 | 504 |
| Profit before tax | 4.99 | −14.97 | 7.99 | 12.98 | −68.94 | 738 | 1,062 | 1,364 | 1,405 | 1,673 | 1,804 |
| Tax % | −236.1% | 64.9% | 101.9% | −1.0% | 67.0% | 18.0% | −4.0% | 22.9% | 23.9% | 14.0% | — |
| Exceptional items | 1.01 | 0.00 | 0.00 | 0.00 | −279 | −10.02 | 1.01 | 0.00 | −56.06 | −41.07 | −40.03 |
| Net Profit | 15.93 | −24.90 | 0.00 | 58.76 | −137 | 603 | 1,100 | 1,054 | 1,072 | 1,436 | 1,375 |
| EPS (Rs) | 0.28 | −0.48 | −0.05 | 1.11 | −1.43 | 6.25 | 11.38 | 10.87 | 11.06 | 14.81 | 14.14 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 9.1% | 14.1% | 14.1% | 13.0% | — |
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 536 | 536 | 536 | 536 | 966 | 970 | 971 | 972 | 972 | 973 |
| Reserves | 653 | 624 | 424 | 2,010 | 4,664 | 5,305 | 6,427 | 7,434 | 8,400 | 9,759 |
| Borrowings | 872 | 978 | 1,000 | 873 | 1,100 | 911 | 688 | 1,299 | 3,006 | 3,473 |
| Other Liabilities | 1,085 | 1,163 | 1,396 | 549 | 1,812 | 2,003 | 2,013 | 2,304 | 2,808 | 2,973 |
| Total Liabilities | 3,146 | 3,300 | 3,355 | 3,967 | 8,541 | 9,188 | 10,098 | 12,009 | 15,186 | 17,178 |
| Fixed Assets | 2,246 | 2,227 | 2,194 | 851 | 6,538 | 7,022 | 7,040 | 8,795 | 11,507 | 12,990 |
| CWIP | 46.08 | 38.04 | 87.08 | 28.02 | 27.02 | 151 | 252 | 554 | 902 | 594 |
| Investments | 0.00 | 0.00 | 0.99 | 2,177 | 0.99 | 0.99 | 0.99 | 1.99 | 2.99 | 4.98 |
| Other Assets | 855 | 1,034 | 1,073 | 911 | 1,977 | 2,016 | 2,805 | 2,658 | 2,775 | 3,589 |
| Inventories | 23.08 | 28.09 | 26.07 | 27.11 | 54.14 | 61.23 | 76.31 | 80.22 | 106 | 114 |
| Trade receivables | 234 | 279 | 362 | 95.74 | 365 | 384 | 335 | 462 | 685 | 967 |
| Cash & equivalents | 23.08 | 90.32 | 12.04 | 121 | 655 | 501 | 1,474 | 1,102 | 684 | 703 |
| Total Assets | 3,146 | 3,300 | 3,355 | 3,967 | 8,541 | 9,188 | 10,098 | 12,009 | 15,186 | 17,178 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | — | — | 156 | 166 | 88.86 | 76.91 | 118 | 739 | 1,207 | 1,120 | 1,435 | 1,630 |
| Cash from investing activity | — | — | −104 | −124 | −16.99 | −2,642 | 206 | −764 | −1,188 | −1,252 | −1,592 | −1,688 |
| Cash from financing activity | — | — | −47.83 | −47.80 | −73.77 | 2,344 | 190 | −293 | −288 | −263 | −162 | 58.77 |
| Net cash flow | — | — | 3.99 | −5.99 | −2.01 | −210 | 516 | −317 | −266 | −395 | −318 | 4.01 |
| Capex | 72.31 | 42.14 | 116 | 66.28 | 116 | 90.32 | 118 | 555 | 338 | 790 | 947 | 1,491 |
| Free cash flow | — | — | 41.05 | 100 | −27.03 | −13.01 | 1.01 | 192 | 878 | 342 | 500 | 165 |
| CFO / OP % | — | — | 135.0% | 166.0% | 75.0% | 89.0% | 15.0% | 89.0% | 110.0% | 93.0% | 95.0% | 89.0% |
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 53 | 59 | 78 | 33 | 53 | 36 | 27 | 31 | 36 | 42 |
| Inventory days | 19 | 23 | 25 | 42 | 33 | 23 | 29 | 25 | 25 | 22 |
| Days payable | 184 | 227 | 292 | 286 | 274 | 174 | 212 | 207 | 198 | 175 |
| Cash conversion cycle | −112 | −145 | −189 | −211 | −188 | −115 | −156 | −150 | −137 | −111 |
| Working capital days | −11 | −23 | −151 | −136 | −43 | −23 | −45 | −42 | −45 | −40 |
| ROCE % | — | 4.0% | 6.0% | 4.0% | 7.0% | 12.0% | 15.0% | 16.0% | 15.0% | 15.0% |
For the Sep 2026 quarter, Max Healthcare Institute reported sales of ₹2,564 Cr, up 20.3% year on year and net profit of ₹412 Cr, down 15.7% year on year. The operating margin was 28.0%.
Max Healthcare Institute's sales for the year to Mar 2026 were ₹8,362 Cr; over the last twelve months they were ₹9,133 Cr.
Net profit for the year to Mar 2026 was ₹1,436 Cr, and ₹1,375 Cr over the last twelve months. Earnings per share over the same trailing period were ₹14.14.
Max Healthcare Institute reported borrowings of ₹3,473 Cr at Mar 2026, against cash and equivalents of ₹703 Cr.
Cash from operations was ₹1,630 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹165 Cr.