How Health Services sector is valued, where its profits sit and how widely its strength is spread across 45 listed companies.
45 companies · ₹7.16L cr combined market cap · prices to 9 Nov
Twelve months of earnings momentum against price strength relative to the market.
Earnings is the sector’s median fundamental score minus 50; price is the sector index’s 6-month return minus the market’s. Each dot is a month-end.
618.9 index level · −1.4% over 12 months
618.9 index level · +69.8% over 3 years
618.9 index level · +516.8% since Jan '19
ApnaFunda's market-cap-weighted index of today's Health Services companies.
Roughly flat.
Mostly earnings.
"pts" are percentage points of the return. The parts add up to the total shown for each period. Because market value = P/E × net profit, higher profit and a higher P/E both push it up.
Example: if the sector rose 30%, profit growth accounts for +45 pts and a lower P/E for -15 pts, then 45 - 15 = 30. The +45 is not the profit growth rate itself: it is the part of the move that profit growth explains.
Not shown for 5 years: too few companies with data at both ends.
Only companies with positive profit at both ends are included, so figures can differ slightly from the headline.
Profit is trailing twelve months, with a 60 day reporting lag.
Usual range 36.2x to 69.2x since Jan 2019.
Usual range 2.6x to 7.8x since Jan 2019.
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Usual range 1.7x to 6.1x since Jan 2019.
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Percentiles describe where today's median sits in the sector's own history.
Each month, the line is the median multiple of the sector's companies with a positive multiple, and the band covers the middle half of them (25th to 75th percentile). At least 5 companies are needed for a month to be shown.
The aggregate divides the sector's total market cap by its total net profit (or book value), so it is weighted towards the largest companies. Constituents are today's listed companies, so companies that have since delisted are missing (survivorship bias).
Each band is a company's share of the sum of positive net profit (TTM, reported with a 60-day lag), sampled quarterly. The seven largest earners today keep their own band throughout; the rest are grouped as Others.
Company by company, the typical share price implies 8.9 pts a year more growth than the company delivered. Delivered is the typical company's growth over the last 10 years. Implied vs delivered →
Of the +56.4 pts growth in the market's combined reported earnings, 12 months to Nov '26. See Market Pulse
Higher on the chart is a better rank.
Sectors are ranked each month on price, earnings and FII/DII buying together.
The share of Health Services companies doing well on each measure.
Above 50% means most companies are.
Each chart runs from 0% (bottom) to 100% (top), monthly.
Hover or tap for a month's value.
Companies below ₹500 cr market cap are left out. A ROCE or ROE change within ±1 pt, or an FII holding change within ±0.25 pt, counts as unchanged. Shareholding is reported quarterly, so the FII chart moves in steps and starts later, when shareholding history begins.
Based on 35 companies' 12-month price returns, weighted by market cap 12 months ago.
A year with an index move under 5% is called flat. Narrow means the top 3 contributors made up at least 60% of the move, or fewer than 35% of companies beat the index in a rising year. Broad means most companies moved with the index.
The highest- and lowest-ranked of 37 Health Services companies above ₹500 cr on each lens, as of 9 Nov 2026.
Rankings combine price (3-month change), earnings (12-month change in EPS growth, ROCE and operating margin) and FII/DII buying (12-month change in holding).
Market-cap-weighted holding of Health Services companies over the last 8 quarters.
Public and others is what the three groups leave.
See the Sep 2026 sector flows
The sector's market value is split across 45 companies, but unevenly: as evenly as 11 equal-sized companies would split it.
Higher means market value is spread across more companies; lower means a few companies dominate.
This is the effective number of companies: 1 divided by the sum of squared market-cap weights. A sector of 7 equal-sized companies scores 7. One giant among many small companies scores close to 1. Under 5 reads as highly concentrated, 5 to 15 as moderately concentrated, and over 15 as broad.
Each industry's slice of the sector's market value and of its profit.
A profit bar longer than the market-cap bar means the industry earns more than it is valued for.
Select an industry to filter the company list.
Industries with fewer than 3 companies are grouped as "Other industries". Both bars share one scale.
12m return is the market-cap-weighted 12-month price return of the industry's constituents, with weights from 12 months ago. Mcap and profit shares are each industry's part of the sector total.
| Company | Industry | Mcap | Weight | 12m return | P/E | P/B | ROCE | OPM | D/E | FII Δ 1y | Promoter | 52w range |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTERPRISES L | Hospital/Nursing Management | ₹1.23L cr | 17.2% | +17%Q3 | 58.8xQ3 | 13.0xQ4 | 17.0%Q3 | 16.0%Q1 | 0.9xQ4 | -2.0Q2 | 28.0% | 78% |
| MAX HEALTHCARE INSTITUTE LTD | Hospital/Nursing Management | ₹89058 cr | 12.4% | -21%Q2 | 61.1xQ3 | 8.3xQ3 | 15.0%Q2 | 25.0%Q3 | 0.3xQ3 | -13.0Q1 | 23.7% | 30% |
| MANIPAL HEALTH ENTERPRI L | Hospital/Nursing Management | ₹87511 cr | 12.2% | — | 88.0xQ4 | 10.4xQ4 | 12.0%Q2 | — | 1.5xQ4 | — | — | — |
| ASTER DM QUALITY CARE LIMITED | Hospital/Nursing Management | ₹63951 cr | 8.9% | +10%Q3 | 119.3xQ4 | 15.2xQ4 | 12.0%Q2 | 20.0%Q2 | 0.6xQ4 | -9.1Q1 | 40.4% | 58% |
| FORTIS HEALTHCARE LIMITED | Hospital/Nursing Management | ₹58487 cr | 8.2% | -16%Q2 | 55.8xQ3 | 5.9xQ2 | 13.0%Q2 | 21.0%Q2 | 0.3xQ3 | -2.0Q2 | 31.2% | 21% |
| NARAYANA HRUDAYALAYA LIMITED | Hospital/Nursing Management | ₹38663 cr | 5.4% | -3%Q2 | 47.4xQ2 | 8.5xQ3 | 16.0%Q3 | 17.0%Q1 | 1.3xQ4 | -1.1Q3 | 63.3% | 60% |
| GLOBAL HEALTH LIMITED | Hospital/Nursing Management | ₹38381 cr | 5.4% | +15%Q3 | 69.0xQ3 | 9.7xQ4 | 17.0%Q3 | 22.0%Q2 | 0.3xQ2 | -2.1Q2 | 33.0% | 80% |
| DR. LAL PATHLABS LIMITED | Medical/Nursing Services | ₹33854 cr | 4.7% | +32%Q4 | 62.4xQ3 | 13.5xQ4 | 28.0%Q4 | 31.0%Q4 | 0.1xQ1 | -4.3Q1 | 53.2% | 92% |
| KRISHNA INSTITUTE OF MED SCI | Hospital/Nursing Management | ₹30301 cr | 4.2% | +5%Q3 | 142.9xQ4 | 13.5xQ4 | 10.0%Q1 | 19.0%Q2 | 1.9xQ4 | -0.8Q3 | 32.5% | 52% |
| DR AGARWALS HEALTH CARE LTD | Hospital/Nursing Management | ₹17042 cr | 2.4% | +1%Q3 | 114.6xQ4 | 8.4xQ3 | 11.0%Q1 | 28.0%Q3 | 0.5xQ3 | -1.3Q2 | 32.3% | 82% |
| VIJAYA DIAGNOSTIC CENTRE LTD | Medical/Nursing Services | ₹15223 cr | 2.1% | +48%Q4 | 81.1xQ4 | 15.9xQ4 | 21.0%Q3 | 43.0%Q4 | 0.4xQ3 | -7.9Q1 | 52.5% | 85% |
| RAINBOW CHILDRENS MEDICARE LTD | Hospital/Nursing Management | ₹12949 cr | 1.8% | -6%Q2 | 45.4xQ2 | 7.8xQ3 | 17.0%Q3 | 29.0%Q4 | 0.5xQ3 | -7.6Q1 | 49.8% | 36% |
| METROPOLIS HEALTHCARE LIMITED | Medical/Nursing Services | ₹12074 cr | 1.7% | +21%Q4 | 59.9xQ3 | 8.0xQ3 | 18.0%Q3 | 25.0%Q3 | 0.1xQ1 | -1.8Q2 | 48.9% | 86% |
| PARK MEDI WORLD LIMITED | Hospital/Nursing Management | ₹11391 cr | 1.6% | — | 39.8xQ2 | 5.6xQ2 | 19.0%Q3 | 26.0%Q3 | 0.2xQ2 | — | 82.9% | 76% |
| YATHARTH HOSPITAL TRAUMA LTD | Hospital/Nursing Management | ₹10173 cr | 1.4% | +49%Q4 | 56.2xQ3 | 5.7xQ2 | 13.0%Q2 | 23.0%Q3 | 0.1xQ1 | +1.3Q4 | 55.8% | 80% |
| JUPITER LIFE LINE HOSP. LTD | Hospital/Nursing Management | ₹9585 cr | 1.3% | -1%Q3 | 51.1xQ3 | 6.2xQ2 | 15.0%Q2 | 19.0%Q2 | 0.4xQ3 | -0.4Q3 | 40.9% | 55% |
| HEALTHCARE GLOBAL ENTP LTD | Hospital/Nursing Management | ₹8777 cr | 1.2% | -19%Q2 | 384.5xQ4 | 6.6xQ3 | 8.0%Q1 | 18.0%Q2 | 1.3xQ4 | +0.6Q4 | 64.2% | 29% |
| PARAS HEALTHCARE LTD | Hospital/Nursing Management | ₹8107 cr | 1.1% | — | 172.7xQ4 | 20.5xQ4 | 12.0%Q2 | — | 3.5xQ4 | — | — | — |
| THYROCARE TECHNOLOGIES LIMITED | Medical/Nursing Services | ₹7730 cr | 1.1% | -2%Q3 | 43.8xQ2 | 13.2xQ4 | 35.0%Q4 | 32.0%Q4 | 0.1xQ1 | +2.2Q4 | 60.9% | 45% |
| KOVAI MEDICAL CENTER & HOSPITA | Hospital/Nursing Management | ₹6573 cr | 0.9% | +168%Q4 | 113.4xQ4 | 22.7xQ4 | 24.0%Q4 | — | 0.7xQ4 | — | 56.5% | 90% |
| ARTEMIS MEDICARE SERVICES LTD | Hospital/Nursing Management | ₹4887 cr | 0.7% | +8%Q3 | 41.4xQ2 | 5.2xQ2 | 15.0%Q2 | 20.0%Q2 | 0.3xQ2 | +12.0Q4 | 58.4% | 60% |
| JEENA SIKHO LIFECARE LIMITED | Medical/Nursing Services | ₹4140 cr | 0.6% | -53%Q1 | 17.5xQ1 | 8.9xQ3 | 64.0%Q4 | 41.0%Q4 | 0.3xQ2 | -1.1Q2 | 63.6% | 3% |
| INDRAPRASTHA MEDICAL CORPORATI | Hospital/Nursing Management | ₹3036 cr | 0.4% | -35%Q1 | 16.2xQ1 | 4.1xQ2 | 36.0%Q4 | 20.0%Q2 | 0.1xQ1 | +0.0Q4 | 51.0% | 11% |
| KMC SPECIALITY HOSPITALS INDIA | Hospital/Nursing Management | ₹2690 cr | 0.4% | — | 48.1xQ2 | 12.8xQ4 | 26.0%Q4 | 31.0%Q4 | 0.4xQ3 | — | 75.0% | — |
| DRAGARWALS EYE HOSPITAL LTD | Hospital/Nursing Management | ₹2683 cr | 0.4% | — | 35.2xQ2 | 7.8xQ3 | 17.0%Q3 | 30.0%Q4 | 0.9xQ4 | — | 72.7% | — |
| BLUSPRING ENTERPRISES LIMITED | Medical Laboratories | ₹2427 cr | 0.3% | +125%Q4 | — | 3.6xQ2 | 5.0%Q1 | 2.2%Q1 | 0.2xQ2 | -3.1Q1 | 58.0% | 86% |
| SURAKSHA DIAGNOSTIC LIMITED | Medical Laboratories | ₹1827 cr | 0.3% | +20%Q4 | 50.9xQ3 | 7.5xQ3 | 17.0%Q3 | 35.0%Q4 | 0.5xQ3 | -0.5Q3 | 49.1% | 93% |
| FISCHER MEDICAL VENTURES LTD | Hospital/Nursing Management | ₹1742 cr | 0.2% | -48%Q1 | 65.6xQ3 | 4.5xQ2 | 11.0%Q1 | 13.7%Q1 | 0.3xQ2 | -0.1Q3 | 62.1% | 4% |
| KRSNAA DIAGNOSTICS LIMITED | Medical/Nursing Services | ₹1600 cr | 0.2% | -39%Q1 | 16.4xQ1 | 1.6xQ1 | 13.0%Q2 | 25.0%Q3 | 0.5xQ4 | +0.9Q4 | 27.1% | 8% |
| SHALBY LIMITED | Hospital/Nursing Management | ₹1290 cr | 0.2% | -43%Q1 | 32.9xQ2 | 1.3xQ1 | 6.0%Q1 | 13.0%Q1 | 0.6xQ4 | -0.7Q3 | 74.3% | 7% |
| GUJARAT KIDNEY N SUPSL LTD | Hospital/Nursing Management | ₹1224 cr | 0.2% | — | 72.4xQ3 | 4.8xQ2 | 14.0%Q2 | 24.4%Q3 | 0.1xQ1 | — | 71.5% | 51% |
| GPT HEALTHCARE LIMITED | Hospital/Nursing Management | ₹1188 cr | 0.2% | +2%Q3 | 27.8xQ1 | 7.5xQ3 | 24.0%Q4 | — | 0.6xQ4 | -1.9Q2 | 65.6% | 50% |
| UNIHEALTH HOSPITALS LIMITED | Hospital/Nursing Management | ₹866 cr | 0.1% | +62%Q4 | 33.1xQ2 | 6.3xQ3 | 24.0%Q4 | — | 0.2xQ2 | 0.0Q4 | 69.5% | 59% |
| MAX INDIA LIMITED | Medical/Nursing Services | ₹842 cr | 0.1% | -25%Q2 | — | 2.1xQ1 | -23.0%Q1 | -58.0%Q1 | 0.2xQ2 | -0.1Q3 | 49.8% | 29% |
| GAUDIUM IVF AND WOMEN HEALTH | Hospital/Nursing Management | ₹774 cr | 0.1% | — | 30.3xQ1 | 5.1xQ2 | 30.0%Q4 | 12.5%Q1 | 0.2xQ2 | — | 71.3% | — |
| CHANDAN HEALTHCARE LIMITED | Medical/Nursing Services | ₹587 cr | 0.1% | -28%Q1 | 23.7xQ1 | 3.4xQ1 | 23.0%Q4 | 24.2%Q3 | 0.3xQ3 | -3.9Q1 | 49.6% | 32% |
| RAYS OF BELIEF LIMITED | Medical/Nursing Services | ₹529 cr | 0.1% | — | 79.7xQ4 | 17.2xQ4 | — | — | 0.3xQ3 | — | — | — |
| KRM AYURVEDA LTD | Hospital/Nursing Management | ₹495 cr | 0.1% | — | 24.6xQ1 | 4.3xQ2 | 35.0%Q4 | — | 0.0xQ1 | — | 69.2% | — |
| LOTUS EYE HOSPITAL AND INS LTD | Medical/Nursing Services | ₹208 cr | 0.0% | -5%Q2 | 1429.3xQ4 | 3.5xQ1 | 1.4%Q1 | 17.3%Q1 | 0.3xQ2 | -0.0Q4 | 40.1% | 5% |
| VAIDYA SANE AYURVED LAB LTD | Medical/Nursing Services | ₹148 cr | 0.0% | -48%Q1 | 16.5xQ1 | 1.7xQ1 | 15.0%Q2 | — | 0.0xQ1 | — | 66.3% | 5% |
| NEPHRO CARE INDIA LIMITED | Hospital/Nursing Management | ₹132 cr | 0.0% | -41%Q1 | 39.2xQ2 | 2.3xQ1 | — | — | 0.0xQ1 | -2.5Q1 | 61.7% | 28% |
| INVICTA DIAGNOSTIC LTD | Medical/Nursing Services | ₹92 cr | 0.0% | — | 18.8xQ1 | 1.9xQ1 | 19.4%Q3 | — | 0.1xQ1 | — | 66.7% | 33% |
| SANGANI HOSPITALS LIMITED | Hospital/Nursing Management | ₹80 cr | 0.0% | -6%Q2 | 26.7xQ1 | 1.9xQ1 | 17.0%Q3 | — | 0.1xQ1 | -0.0Q3 | 74.1% | 53% |
| AATMAJ HEALTHCARE LIMITED | Hospital/Nursing Management | ₹57 cr | 0.0% | +25%Q4 | 80.7xQ4 | 1.1xQ1 | 3.6%Q1 | — | 0.4xQ3 | — | 64.3% | 81% |
| NIDAN LABORATORIES AND HEALTH | Medical/Nursing Services | ₹19 cr | 0.0% | -41%Q1 | 12.3xQ1 | 0.3xQ1 | 6.0%Q1 | — | 0.2xQ2 | — | 57.0% | 14% |
Sorted by market cap.
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Dots show a company's quartile within this sector (Q1 = lowest value in the sector, Q4 = highest) for the metrics that have one; hover for the percentile. This is a relative position within this sector only, not a quality score. A hollow dot means loss-making.
Lenders show ROE in place of ROCE and n/a for operating margin and debt/equity. Companies without their own page are listed unlinked. 12m return is the 12-month price change.