MAX HEALTHCARE INSTITUTE LTD (MAXHEALTH): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹915 latest close · −20.7% over the last 90 sessions

₹915 month-end · −21.3% over 12 months

₹915 month-end · +43.9% over 3 years

₹915 month-end · +760.0% since Aug '20

52-week range ₹797.00 to ₹1185.40 · 1-year volatility 26.6%

Was the rally earned?

1 year3 years

-21%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 21 points, but investors now pay less per rupee of profit (P/E 98.5x to 61.1x), which took 42 points back.
The share count barely moved.

Net profit growth+21 ptsNet profit rose about 27%, which lifts the price.

P/E change-42 ptsThe P/E fell from 98.5x to 61.1x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+44%share price, 3 yearsEarnings-driven

Mostly yes.

Per-share earnings added 33 points to the rise, while the multiple moved less (P/E 55.9x to 61.1x).
The share count barely moved.

Net profit growth+34 ptsNet profit rose about 32%, which lifts the price.

P/E change+11 ptsThe P/E rose from 55.9x to 61.1x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with APOLLO HOSPITALS ENTERPRISES L

How rough has the ride been?

Maximum drawdown-37.4%not yet recovered

1-year volatility26.6%annualised

Beta vs sector index0.913-year daily, correlation 0.44

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-37.4% (2025-07 peak to 2026-10 low, not yet recovered)

-25.9% (2021-12 peak to 2022-03 low, recovered 2022-10)

-21.2% (2020-09 peak to 2020-10 low, recovered 2020-12)

Most recent volume spikes

2026-09-30: 7.9x the 50-day median, price -5.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

61.1xP/E todayNear its historic low

Against its own history17th percentile

CheapestMedian 74.5xDearest

Usual range 57.9x to 115.4x since 2020-08.

Against Health Services61.1x vs 50.9x

This company

61.1x

Sector median

50.9x

20% above the Health Services median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianHealth Services median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Services median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Services is valued

Where does it rank among Health Services peers?

Each cell is the company's percentile rank among its Health Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE45th▼ 7 pts vs a year ago
Op. margin66th▼ 5 pts vs a year ago
Revenue growth39th▼ 54 pts vs a year ago
EPS growth79th▲ 39 pts vs a year ago
Debt/equity ↓47thflat vs a year ago
Cash cycle ↓89th▼ 11 pts vs a year ago
P/E ↓37th▲ 16 pts vs a year ago
12M momentum31st▼ 35 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Services sector page Watch it move against Health Services in the Observatory

What is the price implying?

~33%annual earnings growth implied by the price

At a P/E of 84.3x, the price would imply about 32.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Health Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹915.00
P/E: 61.1x
ROCE: 15.0%
Market Cap: ₹89058 cr
Revenue (TTM): ₹8712 cr
P/S: 10.2x
P/B: 8.3x
ROE: 13.6%
Operating Margin: 25.0%
Debt / Equity: 0.3x
Promoter Holding: 23.7%
12M Momentum: -21.3%

52-week range

₹797.00₹1185.40

30% of the way from its 52-week low to its high

Price risk

1Y volatility

26.6%

Beta vs sector

1-year daily

0.88

Balance sheet & cash

Interest cover

operating profit ÷ interest

7.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.17x

Share count, 1Y

+0.1%

Are profits backed by cash?

7 of 7checks within rangeAll clear

Other income reliance7%Within range

Other income as a share of pre-tax profit (trailing twelve months): 7.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.17xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.17x (cash from operations ₹4,193 cr, net profit ₹3,576 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow5 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 5. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+11 daysWithin range

Debtor days are above the median of the previous three fiscal years by 11 days (42 vs 31). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-32 days / 2 yrsWithin range

Days payable changed by -32 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs trimmed 18.6 pts; DIIs added 18.5 pts.
The number of shareholders rose from 1.2 lakh to 2.2 lakh (+89%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters23.8%23.7%-0.1 pts

FIIs60.4%41.8%-18.6 pts

DIIs11.4%29.9%+18.5 pts

Public and others4.5%4.5%+0.1 pts

Number of shareholders

2.2 lakhshareholders+89% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.9%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like MAX HEALTHCARE INSTITUTE LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −16% to +17% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (−3.2%, 80% range −11.5% to +2.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months

Similar setups' median

−6.9%

All companies' median

−3.7%

Beat the market

40% vs 46%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SHREECEM Non-Energy Minerals	Jan 2021	54x	15%	−1%	−12%	−22%
AARTIIND Process Industries	May 2021	55x	15%	+72%	−6%	−16%
SYNGENE Commercial Services	Nov 2023	65x	15%	+24%	−11%	−3%
GODREJCP Consumer Non-Durables	Jun 2025	65x	19%	−14%	−22%	−15%
INDHOTEL Consumer Services	Jun 2024	71x	15%	+59%	−5%	+19%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
METROBRAND Retail Trade	Mar 2025	67x	20%	−12%	−27%	−9%
FLUOROCHEM Process Industries	Oct 2025	66x	10%	−13%	−17%	+20%
TATACONSUM Consumer Non-Durables	Jun 2024	93x	11%	+28%	−13%	−1%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, drawdown from 12-month high and revenue growth. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MAX HEALTHCARE INSTITUTE LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

INDIAN HOTELS COINDHOTEL

Consumer Services

73%similar

P/Evolatility

SONA BLW PRECISION FORGINGSSONACOMS

Producer Manufacturing

70%similar

promoter holdingrevenue growth

PHOENIX MILLSPHOENIXLTD

Finance

68%similar

volatilityP/E

NAVIN FLUORINE INTERNATIONAL LNAVINFLUOR

Process Industries

65%similar

debt/equityP/E

JUBILANT FOODWORKSJUBLFOOD

Consumer Services

64%similar

ROCErevenue growth

GLOBAL HEALTHMEDANTA

Health Services

80%similar

debt/equityP/E

FORTIS HEALTHCAREFORTIS

Health Services

76%similar

volatilityrevenue

ASTER DM QUALITY CAREASTERDM

Health Services

64%similar

market capvolatility

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Mar '22

2026
OctPriceFell 37% from the Jul 2025 peak to the Oct 2026 low.
OctValuationP/E fell below the 10th percentile of its own history to date (57.4x).
SepPriceVolume reached 7.9x its 50-day median on 2026-09-30; price -5.3% that day.
MayPriceVolume reached 6.2x its 50-day median on 2026-05-29; price -2.9% that day.
MarPeer rankMoved into the top quartile of Health Services on EPS growth (from the 2nd quartile).
2025
DecPeer rankSlipped to the 3rd quartile of Health Services on ROCE (from the 2nd quartile).
DecPriceVolume reached 5.5x its 50-day median on 2025-12-30; price -2.2% that day.
SepPriceVolume reached 23.3x its 50-day median on 2025-09-29; price -1.0% that day.

Show 22 earlier events

2025
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankSlipped to the 2nd quartile of Health Services on operating margin (from the top quartile).
JunPriceVolume reached 5.5x its 50-day median on 2025-06-27; price +1.0% that day.
MarPeer rankMoved into the top quartile of Health Services on operating margin (from the 2nd quartile).
2024
DecPeer rankSlipped to the bottom quartile of Health Services on EPS growth (from the 3rd quartile).
SepPriceVolume reached 8.2x its 50-day median on 2024-09-20; price +8.4% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankMoved into the 2nd quartile of Health Services on ROCE (from the 3rd quartile).
MarPriceVolume reached 12.4x its 50-day median on 2024-03-01; price -7.1% that day.
2023
AugValuationP/E fell below the 10th percentile of its own history to date (51.9x).
JunResultsRevenue (TTM) reached a new high of ₹4,563 cr.
JunPeer rankMoved into the top quartile of Health Services on EPS growth (from the bottom quartile).
JunDividendStarted paying a dividend (payout 9% of profit).
MayPriceVolume reached 45.3x its 50-day median on 2023-05-31; price +2.6% that day.
2022
OctPriceRegained the 2021-12 peak, 7 months after the low.
OctPriceVolume reached 5.8x its 50-day median on 2022-10-20; price +2.0% that day.
AugPriceVolume reached 58.6x its 50-day median on 2022-08-16; price +9.7% that day.
JunResultsEPS (TTM) turned positive.
JunPeer rankSlipped to the 3rd quartile of Health Services on ROCE (from the 2nd quartile).
AprPriceVolume reached 8.3x its 50-day median on 2022-04-20; price +10.3% that day.
MarPriceFell 26% from the Dec 2021 peak to the Mar 2022 low.
MarPriceVolume reached 92.3x its 50-day median on 2022-03-31; price -3.7% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history76 months · 2020-08 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	61.1x	₹8712 cr	13.6%	15.0%	0.3x
2026-10	57.4x	₹8712 cr	13.6%	15.0%	0.3x
2026-09	62.1x	₹8712 cr	13.6%	15.0%	0.3x
2026-08	70.3x	₹8374 cr	13.4%	15.0%	0.3x
2026-07	74.1x	₹8374 cr	13.4%	15.0%	0.3x
2026-06	76.1x	₹8374 cr	13.4%	15.0%	0.3x
2026-05	66.1x	₹8141 cr	15.1%	15.0%	0.3x
2026-04	68.1x	₹8141 cr	15.1%	15.0%	0.3x
2026-03	66.0x	₹8141 cr	15.1%	15.0%	0.3x
2026-02	78.2x	₹7941 cr	14.5%	15.0%	0.3x
2026-01	68.5x	₹7941 cr	14.5%	15.0%	0.3x
2025-12	74.9x	₹7941 cr	14.5%	15.0%	0.3x
2025-11	98.5x	₹7513 cr	12.2%	15.0%	0.3x
2025-10	97.2x	₹7513 cr	12.2%	15.0%	0.3x
2025-09	94.4x	₹7513 cr	12.2%	15.0%	0.3x
2025-08	104.3x	₹7028 cr	11.5%	15.0%	0.3x
2025-07	112.6x	₹7028 cr	11.5%	15.0%	0.3x
2025-06	115.3x	₹7028 cr	11.5%	15.0%	0.3x
2025-05	108.4x	₹6541 cr	12.0%	16.0%	0.2x
2025-04	105.8x	₹6541 cr	12.0%	16.0%	0.2x
2025-03	105.7x	₹6541 cr	12.0%	16.0%	0.2x
2025-02	89.7x	₹6008 cr	12.6%	16.0%	0.2x
2025-01	97.4x	₹6008 cr	12.6%	16.0%	0.2x
2024-12	103.5x	₹6008 cr	12.6%	16.0%	0.2x
2024-11	90.3x	₹5664 cr	12.5%	16.0%	0.2x
2024-10	93.8x	₹5664 cr	12.5%	16.0%	0.2x
2024-09	90.9x	₹5664 cr	12.5%	16.0%	0.2x
2024-08	79.3x	₹5406 cr	12.6%	16.0%	0.2x
2024-07	84.8x	₹5406 cr	12.6%	16.0%	0.2x
2024-06	86.5x	₹5406 cr	12.6%	16.0%	0.2x
2024-05	66.1x	₹4563 cr	14.9%	15.0%	0.1x
2024-04	73.9x	₹4563 cr	14.9%	15.0%	0.1x
2024-03	72.1x	₹4563 cr	14.9%	15.0%	0.1x
2024-02	69.8x	₹4563 cr	14.9%	15.0%	0.1x
2024-01	68.7x	₹4563 cr	14.9%	15.0%	0.1x
2023-12	60.4x	₹4563 cr	14.9%	15.0%	0.1x
2023-11	55.9x	₹4563 cr	14.9%	15.0%	0.1x
2023-10	50.5x	₹4563 cr	14.9%	15.0%	0.1x
2023-09	49.9x	₹4563 cr	14.9%	15.0%	0.1x
2023-08	51.9x	₹4563 cr	14.9%	15.0%	0.1x
2023-07	52.3x	₹4563 cr	14.9%	15.0%	0.1x
2023-06	52.7x	₹4563 cr	14.9%	15.0%	0.1x
2023-05	88.1x	₹3937 cr	9.6%	12.0%	0.1x
2023-04	73.7x	₹3937 cr	9.6%	12.0%	0.1x
2023-03	70.7x	₹3937 cr	9.6%	12.0%	0.1x
2023-02	68.3x	₹3937 cr	9.6%	12.0%	0.1x
2023-01	70.8x	₹3937 cr	9.6%	12.0%	0.1x
2022-12	70.4x	₹3937 cr	9.6%	12.0%	0.1x
2022-11	72.1x	₹3937 cr	9.6%	12.0%	0.1x
2022-10	73.1x	₹3937 cr	9.6%	12.0%	0.1x
2022-09	65.4x	₹3937 cr	9.6%	12.0%	0.1x
2022-08	62.2x	₹3937 cr	9.6%	12.0%	0.1x
2022-07	59.2x	₹3937 cr	9.6%	12.0%	0.1x
2022-06	58.8x	₹3937 cr	9.6%	12.0%	0.1x
2022-05	—	₹2508 cr	-2.4%	7.0%	0.2x
2022-04	—	₹2508 cr	-2.4%	7.0%	0.2x
2022-03	—	₹2508 cr	-2.4%	7.0%	0.2x
2022-02	—	₹2508 cr	-2.4%	7.0%	0.2x
2022-01	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-12	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-11	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-10	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-09	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-08	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-07	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-06	—	₹2508 cr	-2.4%	7.0%	0.2x
2021-05	202.2x	₹1059 cr	2.3%	4.0%	0.3x
2021-04	206.3x	₹1059 cr	2.3%	4.0%	0.3x
2021-03	187.0x	₹1059 cr	2.3%	4.0%	0.3x
2021-02	164.8x	₹1059 cr	2.3%	4.0%	0.3x
2021-01	147.5x	₹1059 cr	2.3%	4.0%	0.3x
2020-12	127.4x	₹1059 cr	2.3%	4.0%	0.3x
2020-11	115.5x	₹1059 cr	2.3%	4.0%	0.3x
2020-10	96.9x	₹1059 cr	2.3%	4.0%	0.3x
2020-09	104.9x	₹1059 cr	2.3%	4.0%	0.3x
2020-08	96.7x	₹1059 cr	2.3%	4.0%	0.3x

Methodology and data notes