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Max Healthcare Institute shares decline 1.77% amid volume surge

The stock's last traded price was Rs 1,160.30, and Moneycontrol analysis suggests a very bearish sentiment.

September 02, 2025 / 12:04 IST
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Shares of Max Healthcare Institute Limited experienced a decline of 1.77% to trade at Rs 1,160.30 in Tuesday's session, amidst high volume. The stock is a constituent of the Nifty Midcap 150 index.

Financial Snapshot:

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Here's a look at the consolidated financial performance of Max Healthcare Institute Limited:

Consolidated Quarterly Performance:

HeadingJun 2024Sep 2024Dec 2024Mar 2025Jun 2025
RevenueRs 1,542.95 CroreRs 1,707.46 CroreRs 1,868.31 CroreRs 1,909.74 CroreRs 2,027.57 Crore
Net ProfitRs 236.27 CroreRs 281.81 CroreRs 238.80 CroreRs 319.00 CroreRs 307.97 Crore
EPS2.432.902.463.283.17

The company's revenue has shown consistent growth over the quarters. Revenue increased from Rs 1,542.95 Crore in June 2024 to Rs 2,027.57 Crore in June 2025. Net profit also saw fluctuations but remained generally strong, with a peak of Rs 319.00 Crore in March 2025. The EPS has mirrored this trend, with the highest value of Rs 3.28 in March 2025.

Consolidated Yearly Performance:

Heading20212022202320242025
RevenueRs 2,504.67 CroreRs 3,931.46 CroreRs 4,562.60 CroreRs 5,406.02 CroreRs 7,028.46 Crore
Net Profit-114.50 Crore605.05 Crore1,103.51 Crore1,057.64 Crore1,075.88 Crore
EPS-1.596.2511.3810.8911.07
BVPS58.3764.7976.3186.5196.50
ROE-2.439.6314.8912.5711.46
Debt to Equity0.160.120.080.140.27

The yearly data reveals a strong turnaround from a net loss in 2021 to consistent profits in subsequent years. Revenue has also grown substantially year-over-year. In 2025, the revenue increased by 29.99% compared to 2024. The debt-to-equity ratio has increased from 0.14 in 2024 to 0.27 in 2025.

Consolidated Yearly Income Statement:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
SalesRs 7,028 CroreRs 5,406 CroreRs 4,562 CroreRs 3,931 CroreRs 2,504 Crore
Other IncomeRs 155 CroreRs 178 CroreRs 139 CroreRs 127 CroreRs 114 Crore
Total IncomeRs 7,184 CroreRs 5,584 CroreRs 4,701 CroreRs 4,058 CroreRs 2,619 Crore
Total ExpenditureRs 5,612 CroreRs 4,158 CroreRs 3,554 CroreRs 3,219 CroreRs 2,508 Crore
EBITRs 1,571 CroreRs 1,425 CroreRs 1,147 CroreRs 839 CroreRs 110 Crore
InterestRs 165 CroreRs 59 CroreRs 83 CroreRs 100 CroreRs 179 Crore
TaxRs 330 CroreRs 307 CroreRs -39 CroreRs 133 CroreRs 45 Crore
Net ProfitRs 1,075 CroreRs 1,057 CroreRs 1,103 CroreRs 605 CroreRs -114 Crore

The consolidated yearly income statement shows consistent growth in sales and total income. Total expenditure has also increased, but the company has maintained strong earnings before interest and taxes (EBIT). Net profit has improved significantly since 2021.

Consolidated Quarterly Income Statement:

Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024
SalesRs 2,027 CroreRs 1,909 CroreRs 1,868 CroreRs 1,707 CroreRs 1,542 Crore
Other IncomeRs 36 CroreRs 46 CroreRs 33 CroreRs 40 CroreRs 34 Crore
Total IncomeRs 2,064 CroreRs 1,956 CroreRs 1,901 CroreRs 1,748 CroreRs 1,577 Crore
Total ExpenditureRs 1,608 CroreRs 1,498 CroreRs 1,540 CroreRs 1,341 CroreRs 1,232 Crore
EBITRs 455 CroreRs 457 CroreRs 361 CroreRs 407 CroreRs 345 Crore
InterestRs 54 CroreRs 55 CroreRs 52 CroreRs 33 CroreRs 23 Crore
TaxRs 92 CroreRs 83 CroreRs 70 CroreRs 91 CroreRs 85 Crore
Net ProfitRs 307 CroreRs 319 CroreRs 238 CroreRs 281 CroreRs 236 Crore

The consolidated quarterly income statement demonstrates consistent growth in sales and total income. Total expenditure has also increased, but the company has maintained strong earnings before interest and taxes (EBIT). Net profit has remained strong over the quarters.

Consolidated Cash Flow:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Operating ActivitiesRs 1,459 CroreRs 1,121 CroreRs 1,209 CroreRs 748 CroreRs 117 Crore
Investing ActivitiesRs -1,631 CroreRs -1,285 CroreRs -1,187 CroreRs -771 CroreRs -73 Crore
Financing ActivitiesRs -163 CroreRs -263 CroreRs -288 CroreRs -294 CroreRs 191 Crore
OthersRs 17 CroreRs 32 CroreRs 0 CroreRs 0 CroreRs 279 Crore
Net Cash FlowRs -318 CroreRs -394 CroreRs -266 CroreRs -317 CroreRs 515 Crore

The cash flow statement shows positive cash flow from operating activities but negative cash flow from investing and financing activities in recent years.

Consolidated Balance Sheet:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Share CapitalRs 972 CroreRs 971 CroreRs 970 CroreRs 969 CroreRs 965 Crore
Reserves & SurplusRs 8,408 CroreRs 7,368 CroreRs 6,397 CroreRs 5,290 CroreRs 4,646 Crore
Current LiabilitiesRs 1,813 CroreRs 1,248 CroreRs 1,045 CroreRs 757 CroreRs 776 Crore
Other LiabilitiesRs 4,019 CroreRs 2,410 CroreRs 1,688 CroreRs 2,171 CroreRs 2,155 Crore
Total LiabilitiesRs 15,214 CroreRs 11,999 CroreRs 10,101 CroreRs 9,189 CroreRs 8,544 Crore
Fixed AssetsRs 8,922 CroreRs 6,384 CroreRs 4,836 CroreRs 4,714 CroreRs 4,108 Crore
Current AssetsRs 1,592 CroreRs 1,706 CroreRs 1,943 CroreRs 1,000 CroreRs 1,124 Crore
Other AssetsRs 4,699 CroreRs 3,909 CroreRs 3,322 CroreRs 3,474 CroreRs 3,311 Crore
Total AssetsRs 15,214 CroreRs 11,999 CroreRs 10,101 CroreRs 9,189 CroreRs 8,544 Crore
Contingent LiabilitiesRs 1,374 CroreRs 1,169 CroreRs 326 CroreRs 515 CroreRs 388 Crore

The balance sheet shows consistent growth in total assets and liabilities over the years. Reserves and surplus have also increased, reflecting the company's profitability. Fixed assets have increased from Rs 6,384 Crore in 2024 to Rs 8,922 Crore in 2025.

Financial Ratios:

RatioMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Basic EPS (Rs.)11.0710.8911.386.25-1.59
Diluted EPS (Rs.)11.0110.8411.366.24-1.59
Book Value / Share (Rs.)96.5086.5176.3164.7958.37
Dividend / Share (Rs.)1.501.500.000.000.00
Face Value1010101010
Gross Profit Margin (%)28.5130.8930.2427.2120.70
Operating Margin (%)23.4026.3625.1521.5813.75
Net Profit Margin (%)15.3019.5624.1815.38-4.57
Return on Equity (%)11.4612.5714.899.63-2.43
ROCE (%)12.2713.2512.6710.064.43
Return On Assets (%)7.078.8110.926.58-1.60
Current Ratio (X)0.881.371.861.321.45
Quick Ratio (X)0.821.301.791.241.38
Debt to Equity (x)0.270.140.080.120.16
Interest Coverage Ratios (X)12.1527.8916.4510.611.92
Asset Turnover Ratio (%)0.520.490.220.2229.31
Inventory Turnover Ratio (X)74.280.000.000.0046.56
3 Yr CAGR Sales (%)33.7146.91107.566,170.144,904.67
3 Yr CAGR Net Profit (%)33.35203.92824.542,359.78970.05
P/E (x)99.0975.2938.7655.62-129.40
P/B (x)11.379.485.785.353.53
EV/EBITDA (x)54.0947.7730.3831.6538.85
P/S (x)15.1714.759.388.567.95

Key financial ratios for Max Healthcare Institute Limited show a P/E ratio of 99.09 and a P/B ratio of 11.37. The company reported a debt-to-equity ratio of 0.27 as of the year-ending March 2025.

The company announced a final dividend of Rs 1.50 per share on May 20, 2025, with an effective date of July 4, 2025. Another final dividend of Rs 1.50 per share was announced on May 22, 2024, with an effective date of August 23, 2024.