Max Healthcare Institute (MAXHEALTH) — Financial Results

Investor Takeaways

Revenue reached INR 2,982 crore in Q1 FY27, reflecting a 16% YoY increase

PAT stood at INR 357 crore with EBITDA margin at 24.8%

Operating EBITDA grew 15% YoY, supported by capacity expansions and acquisitions

Free cash flow was recorded at INR 397 crore

Net debt increased to INR 2,384 crore, currently below 1x EBITDA

Institutional revenue share declined below 22%

New hospital projects include Max Vaishali (202 beds targeting FY30) and Max Lucknow (100 beds)

Medical college ventures require INR 300 crore capital to achieve 25-30% ROCE

Insurance renewals in September-October 2026 include automatic 6% inflation-linked price hikes

Litigation persists over Bhubaneswar acquisition minority shares

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	2,982	16%
Net Profit	357	N/A
EBITDA	N/A	N/A
EPS	N/A	N/A
OPM	24.8%	N/A

What Changed

The filing indicates that Max Healthcare Institute Limited reported INR 2,982 crore gross revenue for Q1 FY27, up 16% YoY, with PAT at INR 357 crore and EBITDA margin at 24.8%. Operating EBITDA grew 15% YoY, driven by capacity expansions and acquisitions like Max Bhubaneswar, while free cash flow reached INR 397 crore. New bed projects including Max Vaishali (202 beds targeting FY30) and Max Lucknow (100 beds) are underway, alongside medical college ventures requiring INR 300 crore capital to achieve 25-30% ROCE. Insurance renewals in September-October 2026 include automatic 6% inflation-linked price hikes, and litigation persists over Bhubaneswar acquisition minority shares. Net debt stands at INR 2,384 crore, currently below 1x EBITDA, with strategic targets of 2.5x for future acquisitions. Quarterly trend data shows revenue growth from ₹1,422.9 Cr in Q4FY24 to ₹1,868.31 Cr in Q3FY25, with OPM fluctuating between 25.11% and 26.81% and EPS ranging from ₹2.43 to [amount not verified]over the last four quarters.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
MAXHEALTH	101.17	N/A	N/A	1,02,200.33
SUNPHARMA	41.28	15.11%	20.34%	4,50,643.09
DIVISLAB	72.41	16.56%	22.09%	1,79,470.03
TORNTPHARM	80.06	N/A	N/A	1,49,108.91

The company's P/E ratio of 101.17 is significantly higher than Sun Pharmaceutical (41.28), Divi's Laboratories (72.41), and Torrent Pharmaceuticals (80.06), indicating a premium valuation relative to peers.

Risks & Concerns

Litigation persists over Bhubaneswar acquisition minority shares

Net debt increased to INR 2,384 crore due to acquisitions

Institutional revenue share declined below 22%

Medical college ventures require INR 300 crore capital with target ROCE of 25-30%

Working capital pressures may affect cash flow conversion

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1,868.31	238.8	26.72
Q2FY25	1,707.46	281.81	26.39
Q1FY25	1,542.95	236.27	25.11
Q4FY24	1,422.9	251.54	26.81

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About Max Healthcare Institute Limited (MAXHEALTH)

Healthcare · Healthcare · Listed on NSE

Market Cap: ₹99,173.54 Cr P/E: 68.0 ROE: 13.6% ROCE: 14.4% Div Yield: 0.20%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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