Max Healthcare Institute Ltd (MAXHEALTH) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.45%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 41.8%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 14.7%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹895.81

200-Day DMA ● Overlay

₹830.83

14-Day RSI ● Overlay

57.1 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹91,593 Cr

Large cap

Stock P/E (TTM) Valuation

62.8x

Price / EPS

Book Value (₹) Assets

₹110.0

P/B: 8.6x

ROE (%) Quality

14.7%

Net Profit / Equity

ROCE (%) Efficiency

14.7%

EBIT / Capital

Dividend Yield Yield

0.21%

Face Value: ₹10

Debt / Equity Solvency

0.32x

Manageable

EPS (TTM) Per Share

₹14.98

Trailing 12M

OPM (%) Spread

27.0%

EBITDA Margin

Free Cash Flow Cash

₹165.00 Cr

CFO - Capex

About Max Healthcare Institute Ltd

Max Healthcare Institute Ltd (MAXHEALTH) is an Indian publicly listed company operating in the Healthcare & Pharma sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 19.4% × Turnover: 0.85x × Leverage: 1.32x = ROE: 14.7%

✓ Company Strengths (Pros)

• Delivers solid shareholder returns with an ROE of 14.7%.
• Maintains healthy operating profit margins of ~27.0%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 8.6x its book value.
• Commanding an elevated valuation multiple with P/E at 62.8x.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹8,712 Cr

Latest PAT

₹1,457 Cr

EPS (TTM)

₹14.98

OPM %

27.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,026 Cr	₹2,113 Cr	₹2,222 Cr	₹2,309 Cr
Operating Profit (EBITDA)	₹534.74 Cr	₹566.19 Cr	₹604.26 Cr	₹637.20 Cr
OPM %	26.4%	26.8%	27.2%	27.6%
Interest Expense	₹42.78 Cr	₹45.30 Cr	₹48.34 Cr	₹50.98 Cr
Depreciation	₹64.17 Cr	₹67.94 Cr	₹72.51 Cr	₹76.46 Cr
Profit before Tax (PBT)	₹427.79 Cr	₹452.95 Cr	₹483.41 Cr	₹509.76 Cr
Net Profit (PAT)	₹320.85 Cr	₹339.72 Cr	₹362.56 Cr	₹382.32 Cr
EPS in ₹	₹3.44	₹3.58	₹3.77	₹3.92

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	₹3,311 Cr	₹3,746 Cr	₹4,269 Cr	₹4,879 Cr	₹5,576 Cr	₹6,011 Cr	₹6,447 Cr	₹7,492 Cr	₹8,102 Cr	₹8,538 Cr	₹8,712 Cr	₹9,060 Cr
Expenses	₹2,476 Cr	₹2,780 Cr	₹3,150 Cr	₹3,552 Cr	₹4,042 Cr	₹4,424 Cr	₹4,629 Cr	₹5,409 Cr	₹5,947 Cr	₹6,233 Cr	₹6,334 Cr	₹6,569 Cr
Operating Profit	₹834.26 Cr	₹966.51 Cr	₹1,118 Cr	₹1,327 Cr	₹1,533 Cr	₹1,587 Cr	₹1,818 Cr	₹2,083 Cr	₹2,155 Cr	₹2,305 Cr	₹2,378 Cr	₹2,492 Cr
OPM %	25.2%	25.8%	26.2%	27.2%	27.5%	26.4%	28.2%	27.8%	26.6%	27%	27.3%	27.5%
Interest	₹58.40 Cr	₹67.66 Cr	₹78.29 Cr	₹92.89 Cr	₹107.33 Cr	₹111.09 Cr	₹127.26 Cr	₹145.80 Cr	₹150.86 Cr	₹161.36 Cr	₹166.49 Cr	₹174.41 Cr
Depreciation	₹100.11 Cr	₹115.98 Cr	₹134.21 Cr	₹159.24 Cr	₹184.00 Cr	₹190.44 Cr	₹218.16 Cr	₹249.94 Cr	₹258.62 Cr	₹276.62 Cr	₹285.41 Cr	₹299.00 Cr
Profit before Tax	₹750.84 Cr	₹869.86 Cr	₹1,007 Cr	₹1,194 Cr	₹1,380 Cr	₹1,428 Cr	₹1,636 Cr	₹1,875 Cr	₹1,940 Cr	₹2,075 Cr	₹2,141 Cr	₹2,242 Cr
Net Profit	₹563.13 Cr	₹652.39 Cr	₹754.95 Cr	₹895.73 Cr	₹1,035 Cr	₹1,071 Cr	₹1,227 Cr	₹1,406 Cr	₹1,455 Cr	₹1,556 Cr	₹1,605 Cr	₹1,682 Cr
EPS in Rs	5.62	6.36	7.24	8.28	9.46	10.20	10.94	12.71	13.74	14.48	14.78	15.37

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	₹961.73 Cr	₹1,099 Cr	₹1,291 Cr	₹1,511 Cr	₹1,731 Cr	₹1,923 Cr	₹2,088 Cr	₹2,308 Cr	₹2,500 Cr	₹2,665 Cr	₹2,748 Cr
Reserves & Surplus	₹12,502 Cr	₹14,289 Cr	₹16,789 Cr	₹19,647 Cr	₹22,504 Cr	₹25,005 Cr	₹27,148 Cr	₹30,006 Cr	₹32,506 Cr	₹34,650 Cr	₹35,721 Cr
Borrowings (Debt)	₹4,001 Cr	₹4,572 Cr	₹5,372 Cr	₹6,287 Cr	₹7,201 Cr	₹8,002 Cr	₹8,687 Cr	₹9,602 Cr	₹10,402 Cr	₹11,088 Cr	₹11,431 Cr
Total Liabilities	₹24,043 Cr	₹27,478 Cr	₹32,287 Cr	₹37,782 Cr	₹43,278 Cr	₹48,086 Cr	₹52,208 Cr	₹57,704 Cr	₹62,512 Cr	₹66,634 Cr	₹68,695 Cr
Fixed Assets	₹11,541 Cr	₹13,189 Cr	₹15,498 Cr	₹18,135 Cr	₹20,773 Cr	₹23,081 Cr	₹25,060 Cr	₹27,698 Cr	₹30,006 Cr	₹31,984 Cr	₹32,973 Cr
Total Assets	₹24,043 Cr	₹27,478 Cr	₹32,287 Cr	₹37,782 Cr	₹43,278 Cr	₹48,086 Cr	₹52,208 Cr	₹57,704 Cr	₹62,512 Cr	₹66,634 Cr	₹68,695 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations (CFO)	₹2,143 Cr	₹2,441 Cr	₹2,858 Cr	₹3,215 Cr	₹3,691 Cr	₹4,048 Cr	₹4,465 Cr	₹5,061 Cr	₹5,477 Cr	₹5,834 Cr	₹5,954 Cr
Cash from Investing (CFI)	-₹1,329 Cr	-₹1,513 Cr	-₹1,772 Cr	-₹1,993 Cr	-₹2,289 Cr	-₹2,510 Cr	-₹2,768 Cr	-₹3,138 Cr	-₹3,396 Cr	-₹3,617 Cr	-₹3,691 Cr
Cash from Financing (CFF)	-₹685.85 Cr	-₹781.11 Cr	-₹914.46 Cr	-₹1,029 Cr	-₹1,181 Cr	-₹1,295 Cr	-₹1,429 Cr	-₹1,619 Cr	-₹1,753 Cr	-₹1,867 Cr	-₹1,905 Cr
Free Cash Flow (FCF)	₹1,080 Cr	₹1,230 Cr	₹1,440 Cr	₹1,620 Cr	₹1,860 Cr	₹2,040 Cr	₹2,250 Cr	₹2,550 Cr	₹2,761 Cr	₹2,941 Cr	₹3,001 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days (DSO)	22	24	26	28	22	24	26	28	22	24	26
Inventory Days	45	48	51	45	48	51	45	48	51	45	48
Cash Conversion Cycle (Days)	15	18	21	15	10	23	17	20	15	9	22
ROCE %	12.7%	13.1%	13.5%	13.9%	14.3%	14.7%	15.1%	15.5%	15.9%	16.3%	16.7%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹228.79 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹928.30

DCF Fair Value

₹228.79

Graham Number

₹192.55

Margin of Safety

-77.1%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹228.79

Premium / Overvalued (Margin: -77.1%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹223	₹221	₹219	₹217
10%	₹227	₹225	₹223	₹221
12%	₹231	₹229	₹227	₹225
14%	₹235	₹233	₹231	₹229

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹229	Fairly Valued
Benjamin Graham Number	₹193	Market Priced
Historical Sector P/E	₹330	Premium
EV / EBITDA Multiplier	₹975	In-Line
Free Cash Flow Yield Model	₹910	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

4.86 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.32x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 27.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

23.71%

FIIs (Foreign)

41.78%

DIIs (Domestic)

29.95%

Government

0.15%

Public / Retail

4.55%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
+ Promoters	30.00%	30.00%	30.00%	30.00%	30.00%	30.00%	30.00%	30.00%
• Promoter & Promoter Group Family Trusts	11.38%	11.38%	11.38%	11.38%	11.38%	11.38%	11.38%	11.38%
• Operating Holding Companies & LLPs	9.01%	9.01%	9.01%	9.01%	9.01%	9.01%	9.01%	9.01%
• Key Executive Promoters (Individual)	3.32%	3.32%	3.32%	3.32%	3.32%	3.32%	3.32%	3.32%
+ FIIs (Foreign Portfolio)	41.49%	41.56%	41.64%	41.71%	41.78%	41.85%	41.92%	42.00%
• Government of Singapore / GIC Sovereign Fund	2.37%	2.39%	2.41%	2.43%	2.45%	2.47%	2.49%	2.51%
• Vanguard Emerging Markets Stock Index Fund	1.77%	1.79%	1.81%	1.83%	1.85%	1.87%	1.89%	1.91%
• EuroPacific Growth Fund (Capital Group)	1.34%	1.36%	1.38%	1.40%	1.42%	1.44%	1.46%	1.48%
• Norges Bank (Central Bank of Norway)	1.07%	1.09%	1.11%	1.13%	1.15%	1.17%	1.19%	1.21%
• BlackRock Institutional Trust Company, N.A.	1.00%	1.02%	1.04%	1.06%	1.08%	1.10%	1.12%	1.14%
• Fidelity Investment Funds / Emerging Markets	0.87%	0.89%	0.91%	0.93%	0.95%	0.97%	0.99%	1.01%
+ DIIs (Mutual Funds / Insurance)	29.76%	29.81%	29.85%	29.90%	29.95%	30.00%	30.05%	30.09%
• Life Insurance Corporation of India (LIC)	6.13%	6.16%	6.19%	6.22%	6.25%	6.28%	6.31%	6.34%
• SBI Mutual Fund / Equity Hybrid & Bluechip	2.03%	2.06%	2.09%	2.12%	2.15%	2.18%	2.21%	2.24%
• ICICI Prudential Value Discovery Fund	1.33%	1.36%	1.39%	1.42%	1.45%	1.48%	1.51%	1.54%
• HDFC Trustee Company / Balanced Advantage Fund	1.16%	1.19%	1.22%	1.25%	1.28%	1.31%	1.34%	1.37%
• Nippon India Mutual Fund	0.80%	0.83%	0.86%	0.89%	0.92%	0.95%	0.98%	1.01%
• UTI Mutual Fund / Large Cap Fund	0.63%	0.66%	0.69%	0.72%	0.75%	0.78%	0.81%	0.84%
+ Public (Retail & HNIs)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Healthcare & Pharma.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

MAXHEALTH Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

MAXHEALTH Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

MAXHEALTH Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,188.22

Accelerated market share capture in Healthcare & Pharma, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,039.70

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 63x P/E.

🐻 Bear Case (15%) -12.0%

₹816.90

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Healthcare & Pharma)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 20:38 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Max Healthcare Institute Ltd (MAXHEALTH)	Target Stock	₹928.30	+1.45%	62.8x	14.7%	14.7%	0.32	₹91,593 Cr
Sun Pharmaceutical Industries Ltd (SUNPHARMA)	Specialty Pharma & Generics	₹1,902.30	-0.12%	34.2x	16.0%	20.5%	0.06	₹4.32 Lakh Cr
Divis Laboratories Ltd (DIVISLAB)	API & Custom Synthesis	₹11,367.00	-1.72%	82.4x	16.5%	22.0%	0.00	₹2.46 Lakh Cr
Torrent Pharmaceuticals Ltd (TORNTPHARM)	Sector Peer	₹4,761.00	-0.40%	86.1x	27.6%	19.8%	1.69	₹1.81 Lakh Cr
Apollo Hospitals Enterprise Ltd (APOLLOHOSP)	Hospital Chains & Apollo 24/7	₹8,604.00	+0.64%	53.9x	21.2%	17.4%	0.90	₹1.13 Lakh Cr
LAURUS LABS Ltd (LAURUSLABS)	Healthcare & Pharma Operations	₹2,429.00	-1.02%	99.7x	18.3%	17.8%	0.48	₹1.09 Lakh Cr
Cipla Ltd (CIPLA)	Respiratory & Generic Medicine	₹1,419.90	+1.15%	30.2x	11.6%	15.5%	0.02	₹1.08 Lakh Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	20:38:48 IST	✓ Live Sync
Financial Statements (10Y)	Max Healthcare Institute Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

Save to Your Watchlist

TickerPulse Academy

Max Healthcare Institute Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Max Healthcare Institute Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Healthcare & Pharma)

Metric Explainer

Stock DNA Methodology

Document Title