# Max Healthcare Institute (MAXHEALTH.NSE)

Canonical: https://gigainvestors.com/s/MAXHEALTH.NSE

Analysis as of: 2026-10-16T07:33:24.086Z. Financial observations: FY2017–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 858.00 per share; close as of 2026-10-15.

Estimated value: low INR 141.18 per share, central INR 156.74 per share, high INR 176.47 per share. Buy at or below the central value INR 156.74 per share. Valuation as of 2026-10-16T07:33:24.086Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.69×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.01×

- FY2019: 0.03×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.19×

- FY2023: 0.22×

- FY2024: 0.23×

- FY2025: 0.21×

- FY2026: 0.21×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 14.1%

- Conservative return floor, median: 8.2%

- Conservative return floor, second lowest: 1.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.9%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 14.1%

- FY2023: 24.2%

- FY2024: 17.0%

- FY2025: 13.8%

- FY2026: 15.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 50B

- Net income, five-year total: INR 53B

- Return on incremental invested capital: 54.5%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 0.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.98×

- FY2023: 1.00×

- FY2024: 0.94×

- FY2025: 0.84×

- FY2026: 0.98×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: -0.06 to 11.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 2.4%

- Per-share value change: INR 11.07

- Per-share value, starting three-year median: INR -0.06

- Per-share value, ending three-year median: INR 11.01

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 52B

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 0.29

- FY2018: INR -0.47

- FY2019: INR -0.06

- FY2020: INR 1.10

- FY2021: INR -1.59

- FY2022: INR 6.24

- FY2023: INR 11.36

- FY2024: INR 10.84

- FY2025: INR 11.01

- FY2026: INR 14.76

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.5%

- FY2018: -5.8%

- FY2019: -2.7%

- FY2020: -0.5%

- FY2021: -3.0%

- FY2022: -1.5%

- FY2023: -1.0%

- FY2024: -0.5%

- FY2025: -2.4%

- FY2026: -1.1%

## Holders

## Price story

Down 33% since Jun 2025 · sales +19.1%

Story as of 2026-10-16T09:59:56.003Z; price observation 2026-10-15.

Price needs cash profits to grow 23.7% a year for ten years

### Sales · FY2025–2026

sales +19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 16B 

- FY2018: INR 17B 

- FY2019: INR 17B 

- FY2020: INR 11B 

- FY2021: INR 25B 

- FY2022: INR 39B 

- FY2023: INR 46B 

- FY2024: INR 54B 

- FY2025: INR 70B 

- FY2026: INR 84B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in hospital; annual sales are INR 83.7 billion.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2026: revenue 83730000000; operatingIncome 17960000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 21.2% to 23.1% during 2024–26; it earns 15.4% on its capital.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2024: operatingIncome / revenue = 23.1%.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2025: operatingIncome / revenue = 21.2%.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2026: operatingIncome / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.086Z); 10-year return on capital observations [[2022,0.14110137329869835],[2023,0.24159910352126504],[2024,0.16991510963605533],[2025,0.13761523635453302],[2026,0.15390563345476577]]; median 0.15390563345476577. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 73.3% of cash earnings; earns 54.5% on new investment.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2018: growth capex 0; upkeep 660000000; owner earnings 30000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2020: growth capex 0; upkeep 900000000; owner earnings 150000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2022: growth capex 3320000000; upkeep 2210000000; cash acquisitions 1071600000; owner earnings 5908800000. Growth capex plus acquisitions / owner earnings = 0.7432304359599242.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2023: growth capex 1040000000; upkeep 2320000000; cash acquisitions 4800000; owner earnings 11040000000. Growth capex plus acquisitions / owner earnings = 0.09463768115942028.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2024: growth capex 5410000000; upkeep 2450000000; cash acquisitions 6312300000; owner earnings 9996300000. Growth capex plus acquisitions / owner earnings = 1.1726638856376859.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2025: growth capex 5850000000; upkeep 3590000000; cash acquisitions 6247000000; owner earnings 9023900000. Growth capex plus acquisitions / owner earnings = 1.340551202916699.

- Source: https://www.screener.in/company/MAXHEALTH/consolidated/ (filed 2026-10-16T07:33:24.086Z); FY2026: growth capex 10380000000; upkeep 4470000000; cash acquisitions 0; owner earnings 14159100000. Growth capex plus acquisitions / owner earnings = 0.7330974426340657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.086Z); Incremental return on capital 0.5445025417574437, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.086Z); Dividend observations: [[2024,970000000],[2025,1460000000],[2026,1460000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 23.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.086Z); Ten-year compound average after fade. Initial solved rate 0.33302701395948586. Price 858; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2020-09: INR 115.35 per share

- 2020-10: INR 106.55 per share

- 2020-11: INR 127.05 per share

- 2020-12: INR 140.15 per share

- 2021-01: INR 162.20 per share

- 2021-02: INR 181.30 per share

- 2021-03: INR 205.75 per share

- 2021-04: INR 226.95 per share

- 2021-05: INR 222.40 per share

- 2021-06: INR 254.50 per share

- 2021-07: INR 296.45 per share

- 2021-08: INR 385.50 per share

- 2021-09: INR 359.55 per share

- 2021-10: INR 331.35 per share

- 2021-11: INR 380.20 per share

- 2021-12: INR 442.90 per share

- 2022-01: INR 367.45 per share

- 2022-02: INR 374.40 per share

- 2022-03: INR 347.65 per share

- 2022-04: INR 413.85 per share

- 2022-05: INR 380.35 per share

- 2022-06: INR 366.95 per share

- 2022-07: INR 369.65 per share

- 2022-08: INR 388.25 per share

- 2022-09: INR 407.90 per share

- 2022-10: INR 456.30 per share

- 2022-11: INR 450.10 per share

- 2022-12: INR 439.55 per share

- 2023-01: INR 441.70 per share

- 2023-02: INR 426.10 per share

- 2023-03: INR 441.10 per share

- 2023-04: INR 460.05 per share

- 2023-05: INR 549.45 per share

- 2023-06: INR 599.45 per share

- 2023-07: INR 594.90 per share

- 2023-08: INR 589.55 per share

- 2023-09: INR 567.40 per share

- 2023-10: INR 573.75 per share

- 2023-11: INR 635.80 per share

- 2023-12: INR 686.25 per share

- 2024-01: INR 780.80 per share

- 2024-02: INR 793.35 per share

- 2024-03: INR 819.90 per share

- 2024-04: INR 840.30 per share

- 2024-05: INR 751.80 per share

- 2024-06: INR 940.65 per share

- 2024-07: INR 922.25 per share

- 2024-08: INR 862.45 per share

- 2024-09: INR 985.75 per share

- 2024-10: INR 1,017.60 per share

- 2024-11: INR 979.75 per share

- 2024-12: INR 1,128.15 per share

- 2025-01: INR 1,061.25 per share

- 2025-02: INR 978.10 per share

- 2025-03: INR 1,096.95 per share

- 2025-04: INR 1,098.20 per share

- 2025-05: INR 1,125.20 per share

- 2025-06: INR 1,276.00 per share

- 2025-07: INR 1,246.00 per share

- 2025-08: INR 1,154.30 per share

- 2025-09: INR 1,114.70 per share

- 2025-10: INR 1,147.80 per share

- 2025-11: INR 1,162.80 per share

- 2025-12: INR 1,045.10 per share

- 2026-01: INR 956.80 per share

- 2026-02: INR 1,091.95 per share

- 2026-03: INR 962.30 per share

- 2026-04: INR 993.05 per share

- 2026-05: INR 965.10 per share

- 2026-06: INR 1,129.25 per share

- 2026-07: INR 1,098.50 per share

- 2026-08: INR 1,042.10 per share

- 2026-09: INR 929.80 per share

- 2026-10: INR 858.00 per share

## Annual estimated value (INR per share)

- FY2022: low INR 4.99 per share, central INR 5.07 per share, high INR 5.17 per share

- FY2023: low INR 20.39 per share, central INR 21.11 per share, high INR 22.01 per share

- FY2024: low INR 88.00 per share, central INR 96.92 per share, high INR 108.24 per share

- FY2025: low INR 106.61 per share, central INR 118.20 per share, high INR 132.89 per share

- FY2026: low INR 141.18 per share, central INR 156.74 per share, high INR 176.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Max Healthcare Institute

MAXHEALTH · NSE

Nifty 50

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: INR 858.00
Buy up to: INR 156.74
Expected / yr: 4.4% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

3 loss years were recorded (limit 2), and margins varied 69.5% around their average (limit 35%).

Operating margin

10y median: 13.9%
Worst year: 1.1%
Latest · 2026: 21.4%

Capital return excluding acquisitions: median 15.4% (minimum 15%), and the second-worst year 14.1% (minimum 10%).

ROIC excluding acquisitions

5y median: 15.4%
Worst year: 13.8%
Latest · 2026: 15.4%

Each $1 of profit left $0.95 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.95×
Annual median: 0.98×
Latest · 2026: 0.98×

Per-share value rose from -0.06 to 11.01, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 3.67
Worst year: INR -1.59
Latest · 2026: INR 14.76

Profits were backed by cash: accruals were -1.1% of assets (limit 10%).

Sloan accruals

10y median: -1.9%
Worst year: -0.5%
Latest · 2026: -1.1%

Profit record · fail 3 loss years in 10 (at most 2), mean operating margin 12.7%, three-year average owner earnings per share 11.32 INR. 3 loss years in the last 10; at most 2 allowed.

2. Is the price low enough?

PriceEstimated rangeBuy price

2020-09 · Price INR 115.35; 2020-10 · Price INR 106.55; 2020-11 · Price INR 127.05; 2020-12 · Price INR 140.15; 2021-01 · Price INR 162.20; 2021-02 · Price INR 181.30; 2021-03 · Price INR 205.75; 2021-04 · Price INR 226.95; 2021-05 · Price INR 222.40; 2021-06 · Price INR 254.50; 2021-07 · Price INR 296.45; 2021-08 · Price INR 385.50; 2021-09 · Price INR 359.55; 2021-10 · Price INR 331.35; 2021-11 · Price INR 380.20; 2021-12 · Price INR 442.90; 2022-01 · Price INR 367.45 · Value 5.07 · Buy at or below 5.07; 2022-02 · Price INR 374.40 · Value 5.07 · Buy at or below 5.07; 2022-03 · Price INR 347.65 · Value 5.07 · Buy at or below 5.07; 2022-04 · Price INR 413.85 · Value 5.07 · Buy at or below 5.07; 2022-05 · Price INR 380.35 · Value 5.07 · Buy at or below 5.07; 2022-06 · Price INR 366.95 · Value 5.07 · Buy at or below 5.07; 2022-07 · Price INR 369.65 · Value 5.07 · Buy at or below 5.07; 2022-08 · Price INR 388.25 · Value 5.07 · Buy at or below 5.07; 2022-09 · Price INR 407.90 · Value 5.07 · Buy at or below 5.07; 2022-10 · Price INR 456.30 · Value 5.07 · Buy at or below 5.07; 2022-11 · Price INR 450.10 · Value 5.07 · Buy at or below 5.07; 2022-12 · Price INR 439.55 · Value 5.07 · Buy at or below 5.07; 2023-01 · Price INR 441.70 · Value 5.07 · Buy at or below 5.07; 2023-02 · Price INR 426.10 · Value 21.11 · Buy at or below 21.11; 2023-03 · Price INR 441.10 · Value 21.11 · Buy at or below 21.11; 2023-04 · Price INR 460.05 · Value 21.11 · Buy at or below 21.11; 2023-05 · Price INR 549.45 · Value 21.11 · Buy at or below 21.11; 2023-06 · Price INR 599.45 · Value 21.11 · Buy at or below 21.11; 2023-07 · Price INR 594.90 · Value 21.11 · Buy at or below 21.11; 2023-08 · Price INR 589.55 · Value 21.11 · Buy at or below 21.11; 2023-09 · Price INR 567.40 · Value 21.11 · Buy at or below 21.11; 2023-10 · Price INR 573.75 · Value 21.11 · Buy at or below 21.11; 2023-11 · Price INR 635.80 · Value 21.11 · Buy at or below 21.11; 2023-12 · Price INR 686.25 · Value 21.11 · Buy at or below 21.11; 2024-01 · Price INR 780.80 · Value 21.11 · Buy at or below 21.11; 2024-02 · Price INR 793.35 · Value 96.92 · Buy at or below 96.92; 2024-03 · Price INR 819.90 · Value 96.92 · Buy at or below 96.92; 2024-04 · Price INR 840.30 · Value 96.92 · Buy at or below 96.92; 2024-05 · Price INR 751.80 · Value 96.92 · Buy at or below 96.92; 2024-06 · Price INR 940.65 · Value 96.92 · Buy at or below 96.92; 2024-07 · Price INR 922.25 · Value 96.92 · Buy at or below 96.92; 2024-08 · Price INR 862.45 · Value 96.92 · Buy at or below 96.92; 2024-09 · Price INR 985.75 · Value 96.92 · Buy at or below 96.92; 2024-10 · Price INR 1017.60 · Value 96.92 · Buy at or below 96.92; 2024-11 · Price INR 979.75 · Value 96.92 · Buy at or below 96.92; 2024-12 · Price INR 1128.15 · Value 96.92 · Buy at or below 96.92; 2025-01 · Price INR 1061.25 · Value 96.92 · Buy at or below 96.92; 2025-02 · Price INR 978.10 · Value 118.20 · Buy at or below 118.20; 2025-03 · Price INR 1096.95 · Value 118.20 · Buy at or below 118.20; 2025-04 · Price INR 1098.20 · Value 118.20 · Buy at or below 118.20; 2025-05 · Price INR 1125.20 · Value 118.20 · Buy at or below 118.20; 2025-06 · Price INR 1276.00 · Value 118.20 · Buy at or below 118.20; 2025-07 · Price INR 1246.00 · Value 118.20 · Buy at or below 118.20; 2025-08 · Price INR 1154.30 · Value 118.20 · Buy at or below 118.20; 2025-09 · Price INR 1114.70 · Value 118.20 · Buy at or below 118.20; 2025-10 · Price INR 1147.80 · Value 118.20 · Buy at or below 118.20; 2025-11 · Price INR 1162.80 · Value 118.20 · Buy at or below 118.20; 2025-12 · Price INR 1045.10 · Value 118.20 · Buy at or below 118.20; 2026-01 · Price INR 956.80 · Value 118.20 · Buy at or below 118.20; 2026-02 · Price INR 1091.95 · Value 156.74 · Buy at or below 156.74; 2026-03 · Price INR 962.30 · Value 156.74 · Buy at or below 156.74; 2026-04 · Price INR 993.05 · Value 156.74 · Buy at or below 156.74; 2026-05 · Price INR 965.10 · Value 156.74 · Buy at or below 156.74; 2026-06 · Price INR 1129.25 · Value 156.74 · Buy at or below 156.74; 2026-07 · Price INR 1098.50 · Value 156.74 · Buy at or below 156.74; 2026-08 · Price INR 1042.10 · Value 156.74 · Buy at or below 156.74; 2026-09 · Price INR 929.80 · Value 156.74 · Buy at or below 156.74; 2026-10 · Price INR 858.00 · Value 156.74 · Buy at or below 156.74; 2026-10 · Price INR 858.00 · Value 156.74 · Buy at or below 156.74

INR per share · annual estimates

Price & return math
Value range	INR 141.18 – INR 176.47
Buy at or below	Central value INR 156.74
Discount to value	1 − 858.00 / 156.74 = -447.4%
Return / year	About 4.4% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 14.49/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash INR 5.46/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 84B

Revenue

Owner earningsINR 14B

Owner earnings

Operating margin21.4%

Operating margin

Net cash / debtINR -28B

Net cash / debt

Diluted shares977M

Diluted shares

Prices 15 Oct 2026 · FY2026