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Swing Capital

Max Healthcare Institute Ltd

NSE: MAXHEALTH BSE: 543220Healthcare

Max Healthcare Institute Limited is primarily engaged in the providing healthcare services through primary care clinics, multi-speciality hospitals / medical centres and super-speciality hospitals providing operation and management, medical services, clinical, radiology, pathology services and related healthcare services. [1]

₹1,060
52W: ₹903 — ₹1314
PE 147 · Book ₹87.3 · +1114% vs book
Market Cap₹1,03,135 Cr
Stock P/E147Price to Earnings
ROCE12.5%Return on Capital
ROE9.45%Return on Equity
Div. Yield0.14%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 203% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 18.7%

Weaknesses

  • −Stock is trading at 11.9 times its book value
  • −Company has a low return on equity of 9.70% over last 3 years.
  • −Earnings include an other income of Rs.293 Cr.
  • −Debtor days have increased from 33.1 to 40.5 days.

Shareholding Pattern

Promoters23.71%
FIIs45.39%
DIIs26.32%
Public4.58%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters23.74%23.74%23.74%23.74%23.74%23.74%23.72%▼0.023.71%▼0.0
FIIs56.99%57.29%▲0.356.93%▼0.454.74%▼2.254.76%▲0.051.8%▼3.050.55%▼1.345.39%▼5.2
DIIs15.36%15.14%▼0.215.55%▲0.417.59%▲2.017.41%▼0.220.03%▲2.621.2%▲1.226.32%▲5.1
Public3.91%3.84%▼0.13.77%▼0.13.94%▲0.24.09%▲0.14.43%▲0.34.52%▲0.14.58%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales597591610621686697659694737711
Expenses394391407423461461484506523507
Operating Profit203200203198225236175188214204
OPM %34%34%33%32%33%34%27%27%29%29%
Net Profit161158242154231138177166160187
EPS ₹1.661.632.491.592.381.421.821.711.651.92

AI Insights

Revenue Trend

TTM revenue at ₹2,800Cr, up 5.1% YoY. OPM at 28%.

Debt Position

Borrowings at ₹705Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Capex Cycle

CWIP at ₹345Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.32% (+14.42pp change). FIIs: 45.39% (-14.50pp change). Promoters hold 23.71%.

Margin & Efficiency

ROCE improving from 0% (Mar 2013) to 13% (Mar 2025). Working capital days: -24.

Valuation

PE 147x with 12.5% ROCE. Price is 1114% above book value of ₹87.3. Dividend yield: 0.14%.

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