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As of 2026-08-25
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
Upward price movement of 2.60 standard deviations recorded on 2026-08-25.
Unusual market activity that may warrant review of the underlying price, volume, or news context.
Trading volume was unusually high, but the closing price did not show a clear directional move.
This indicates increased participation without a clear directional signal.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | PEAK₹2,366.17 crore | ₹2,142.89 crore | ₹2,067.52 crore | ₹2,135.47 crore | ₹2,027.57 crore |
| Finance Costs | PEAK₹71 crore | ₹66.66 crore | ₹59.67 crore | ₹53.92 crore | ₹54.85 crore |
| Profit Before Exceptional Items And Tax | ₹436.31 crore | PEAK₹464.58 crore | ₹412.78 crore | ₹446.03 crore | ₹400.43 crore |
| Profit Before Tax | ₹436.31 crore | PEAK₹464.58 crore | ₹364.54 crore | ₹446.03 crore | ₹400.43 crore |
| Tax Expense | ₹113.35 crore | PEAK₹122.36 crore | ₹63.62 crore | -₹45.27 crore | ₹92.46 crore |
| Profit Loss For Period | ₹322.96 crore | ₹342.22 crore | ₹300.92 crore | PEAK₹491.30 crore | ₹307.97 crore |
For the quarter ended June 30, 2026 (FY2026-27 Q1), Max Healthcare Institute Limited reported revenue of ₹2,366 crore, an increase of 10.4% from the previous quarter and 16.7% from a year ago. Profit before tax fell 6.1% sequentially to ₹436 crore, as total expenses grew at a faster pace. Year-over-year, profit before tax rose 9.0%, but net profit growth was limited to 4.9% due to a higher effective tax rate.
Revenue from operations of ₹2,366 crore was the highest in the last five quarters. The 10.4% sequential increase followed a 3.6% rise in the prior quarter, marking an acceleration in growth. On a year-over-year basis, revenue expanded 16.7%, continuing its upward trajectory.
Profit before tax declined 6.1% sequentially to ₹436 crore despite higher revenue. This occurred because total expenses, calculated as revenue minus profit before tax, grew 15.0% from ₹1,678 crore in the prior quarter to ₹1,930 crore. The faster expense growth compressed margins relative to the prior quarter.
Year-over-year, profit before tax grew 9.0%, lagging behind the 16.7% revenue expansion. Net profit fell 5.6% sequentially to ₹323 crore and rose 4.9% from a year ago. The narrower annual net profit increase compared to profit before tax resulted from a higher effective tax rate.
Total expenses grew 15.0% sequentially. In the current quarter, the following expense categories were recorded: net purchases of stock in trade adjusted for inventory changes at ₹513 crore, employee benefits at ₹388 crore, finance costs at ₹71 crore, and depreciation and amortisation at ₹132 crore. These four items together accounted for approximately 57% of total expenses. The remaining 43% consists of other operating costs.
Finance costs reached ₹71 crore, up 6.5% from the previous quarter and 29.4% from a year ago. This marks the third consecutive quarterly increase in the reported series.
Tax expense decreased 7.4% sequentially to ₹113 crore but increased 22.6% from a year ago. The effective tax rate rose from 23.1% in the first quarter of the prior fiscal year to 26.0% in the current quarter. Other comprehensive income shifted from a ₹1.3 crore gain in the previous quarter to a ₹4.8 crore loss, a negative swing of ₹6.1 crore. This movement reduces total comprehensive income but does not affect net profit. No exceptional items were recorded in the current or prior quarter.
Revenue expanded 10.4% sequentially and 16.7% year-over-year, reaching a new high. Profitability declined sequentially because total expenses grew faster than revenue. Finance costs have risen for three consecutive quarters, contributing to the overall expense increase. On a year-over-year basis, profit grew but at a slower pace than revenue, and net profit growth was further moderated by a higher effective tax rate. The quarter demonstrates that while top-line sales are expanding, rising costs are compressing margins.
Exchange disclosures and regulatory announcements for Max Healthcare Institute.
Max Healthcare Institute Limited reported Q1 FY27 net revenue of INR 2,982 crore and operating EBITDA of INR 704 crore, reflecting year-on-year growth of 16% and 15% respectively. The company operationalized 50% capacity of its 400-bed Max Smart brownfield tower and acquired an SPV for a new greenfield project in Pune, while approving a fresh INR 425 crore capital expenditure to add 202 beds at Max Vaishali. Additionally, the board granted in-principle approval to enter the medical education business following regulatory changes allowing for-profit entities to establish medical colleges.
On August 19, 2026, the Hon'ble National Company Law Tribunal, Cuttack Bench heard a petition by legal representatives of BRS Capital Two Pte. Limited against Kalinga Hospital Ltd. (a subsidiary of Max Healthcare Institute Limited), another shareholder, and the Company. The petitioners sought an adjournment, which was granted, and the next hearing is scheduled for September 8, 2026.
On August 19, 2026, the National Company Law Tribunal (NCLT), Cuttack Bench, adjourned proceedings regarding petitions filed by legal representatives of BRS Capital Two Pte. Limited against Kalinga Hospital Ltd., a subsidiary of Max Healthcare Institute Limited, and other shareholders. The tribunal granted an adjournment sought by BRS Capital's legal representatives during the hearing and scheduled the next date for September 8, 2026.
Max Healthcare Institute Limited representatives will participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026, in Mumbai. The company has filed an investor presentation for the conference, which discloses its strategy, financial highlights (including Q1 FY27 Network gross revenue of ₹2,982 Cr and operating EBITDA of ₹704 Cr), and plans to expand bed capacity by approximately 8,300 beds.
Max Healthcare Institute Limited notified the National Stock Exchange of India and BSE on August 14, 2026, that the audio recording of its earnings call regarding financial results for the quarter ended June 30, 2026, is available on its website. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and signed by Company Secretary Dhiraj Aroraa.
On August 13, 2026, Max Healthcare Institute Limited received notification from CRISIL ESG Ratings & Analytics Limited that its independent ESG ratings were upgraded without the company's engagement. The company's overall ESG rating increased from CRISIL ESG 63 to CRISIL ESG 68 ('Strong'), while the Core ESG rating rose from 72 to 76 based on public disclosures. This change was formally disclosed via a regulatory filing submitted to the National Stock Exchange and BSE on August 14, 2026.
Max Healthcare Institute Limited disclosed an audio recording of its earnings call held on August 14, 2026, which concluded at 11:53 AM and was uploaded to the company's website at 4:19 PM on the same day. Prior intimation of the call was provided to the exchange on August 8, 2026.
On August 13, 2026, the Board of Directors of Max Healthcare Institute Limited approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following a recommendation by the Audit Committee. The company published these results in Business Standard (English) and Navshakti (Marathi) on August 14, 2026, and made them available on its website and stock exchange portals. The financial statements were accompanied by unmodified limited review reports issued by statutory auditors M/s. S.R. Batliboi & Co. LLP.
Max Healthcare Institute Limited's board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with consolidated revenue from operations of ₹2,36,617 lakhs and profit of ₹32,296 lakhs. The board approved a capital expenditure of ~₹425 Crore for constructing 'Tower 3' at Max Super Speciality Hospital, Vaishali, to add ~202 census beds by November 2029. Mr. Ajay Vij was appointed Director - Chief Supply Chain & Procurement Officer effective August 14, 2026, and Mr. Pawan Kumar Marella as Senior Director - Chief Experience & Brand Officer effective August 17, 2026; Dr. N. Venkatesan resigned as Senior Director & Chief Procurement Officer effective August 31, 2026. The board also granted in-principle approval to explore setting up medical colleges and approved amending the Memorandum of Association.
On August 13, 2026, Max Healthcare Institute Limited granted a total of 361,827 stock options under its Employee Stock Option Scheme 2022 to eligible employees. The grant comprises 161,827 options priced at Rs. 800 each and 200,000 options priced at Rs. 350 each, with each option convertible into one fully paid-up equity share of Rs. 10 face value. These options are exercisable within three years from their respective vesting dates and are administered by the Nomination and Remuneration Committee.
On August 13, 2026, Max Healthcare Institute Limited's Board approved a capital expenditure of Rs. 425 crore to construct Tower 3 at its Super Speciality Hospital in Vaishali, Ghaziabad. This project will add approximately 202 census beds and 48 non-census beds, bringing the total capacity for this specific block to around 387 beds, with operations scheduled to commence by November 2029. The financing will be sourced through a combination of internal accruals and debt to address high capacity utilization exceeding 75% in Q1 FY'27.
Max Healthcare Institute Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP
Max Healthcare Institute Limited has informed the Exchange about Presentation on Earnings Update for the quarter ended June 30, 2026 |SUBJECT: General Updates
Max Healthcare Institute Limited has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL
On August 13, 2026, the Nomination and Remuneration Committee of Max Healthcare Institute Limited approved the grant of 361,827 stock options under the Employee Stock Option Scheme 2022 to eligible employees. The grant consists of two tranches: 161,827 options at an exercise price of ₹800 per option and 200,000 options at ₹350 per option, with each option convertible into one equity share of ₹10 face value. Vesting is scheduled to occur between one and five years from the grant date, subject to pre-vesting conditions, followed by a three-year exercise window.
On August 13, 2026, Max Healthcare Institute Limited disclosed Q1 FY27 financial results showing network gross revenue of ₹2,982 Cr (up 16% YoY) and operating EBITDA of ₹704 Cr (up 15% YoY), with profit after tax at ₹357 Cr. The period included the May 18, 2026 acquisition of a 58.28% stake in Kalinga Hospital Limited for approximately ₹298 Cr and the June 30, 2026 acquisition of Yerawada Properties Private Limited to facilitate a planned 450-bed hospital in Pune. Additionally, the Board approved a ₹425 Cr capital expenditure project to add 202 beds at MSSH Vaishali, while net debt increased to ₹2,384 Cr as of June 30, 2026.
Max Healthcare Institute Limited's board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, with unmodified review reports from S.R. Batliboi & Co. LLP. Consolidated revenue from operations was ₹2,36,617 lakhs and profit after tax was ₹32,296 lakhs; standalone revenue was ₹78,292 lakhs and profit after tax was ₹16,760 lakhs. The board approved a capital expenditure of up to ₹425 crore for construction of 'Tower 3' at Max Super Speciality Hospital, Vaishali, adding ~202 census and ~48 non-census beds, to be commissioned by November 2029. It also approved appointments of Ajay Vij as Director - Chief Supply Chain & Procurement Officer (effective August 14, 2026) and Pawan Kumar Marella as Senior Director - Chief Experience & Brand Officer (effective August 17, 2026), and the resignation of Dr. N. Venkatesan, Senior Director & Chief Procurement Officer, effective August 31, 2026. The board gave in-principle approval to explore setting up medical colleges and approved amending the Memorandum of Association's main object clause, subject to member approval.
On August 13, 2026, Max Healthcare Institute Limited's board appointed Ajay Vij as Director - Chief Supply Chain & Procurement Officer effective August 14, 2026, and Pawan Kumar Marella as Senior Director - Chief Experience & Brand Officer effective August 17, 2026. Separately, N. Venkatesan resigned as Senior Director & Chief Procurement Officer effective August 31, 2026, to pursue opportunities outside the organization.
Max Healthcare Institute Limited announced an institutional investor meeting scheduled for August 18, 2026, at 09:00 AM at the Grand Hyatt in Mumbai. The event, part of the Motilal Oswal 22nd Annual Global Investor Conference, will feature one-on-one and group sessions to discuss business performance, industry outlook, and growth strategy. The company confirmed that no unpublished price-sensitive information will be shared during the meeting.
Max Healthcare Institute Limited representatives will participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 18, 2026, in Mumbai, with physical one-on-one and group meetings. The company stated no unpublished price-sensitive information will be shared.
Max Healthcare Institute Limited announced an earnings call scheduled for Friday, August 14, 2026, at 11:00 AM IST to discuss financial results for the quarter ended June 30, 2026. The company confirmed that Q1 FY27 results will be declared on Thursday, August 13, 2026, prior to the management discussion and interactive session. The disclosure was signed by Company Secretary Dhiraj Aroraa on August 8, 2026, and filed with the National Stock Exchange of India and BSE Limited under Regulation 30 of SEBI regulations.
Max Healthcare Institute Limited scheduled a board meeting for August 13, 2026, to review unaudited standalone and consolidated financial results for the quarterly period ended June 2026. The company closed its trading window from July 1, 2026, through August 15, 2026, in compliance with insider trading regulations during this reporting cycle.
Max Healthcare Institute Limited will hold its Q1 FY27 earnings call on August 14, 2026, at 11:00 AM via a virtual conference call to discuss financial results for the quarter ended June 30, 2026. The company stated that no unpublished price-sensitive information is proposed to be shared during the call.
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Comprehensive Section Breakdown for Max Healthcare Institute
Strategic Vision: Operates a network of private hospitals and healthcare services in India.
Category: Healthcare Services
Operates multi-specialty and quaternary care hospitals providing surgery, oncology, cardiology, neurology, and orthopedics.
Category: Healthcare Services
Provides clinical pathology, biochemistry, hematology, and advanced genetic diagnostics across hospital labs and retail collection points.
Key Products & Services: Max Labs
Category: Healthcare Services
Delivers home nursing, critical care ICU setup, physiotherapy, and medication deliveries.
Key Products & Services: Max@Home
Core Thesis: An integrated healthcare ecosystem coordinates clinical facilities, outpatient diagnostics, and home recovery services.
• Quaternary Hub-and-Spoke Network: Quaternary care hospitals function as high-complexity hubs for advanced treatments, supported by regional spoke clinics for routine care and post-operative follow-ups. • Integrated Diagnostic Sourcing: The Max Labs division provides pathology and imaging services, with systems bidirectionally interfaced with the hospital's EMR for instant data upload. • Post-Discharge Home Care: Max@Home optimizes bed turnaround times by coordinating post-discharge nursing, physical therapy, and remote monitoring, feeding patient vitals back to the EMR. • Centralized Supply Chain Sourcing: A centralized procurement system standardizes pharmaceuticals and medical equipment across all network units to lower unit purchase costs.
• Integrated healthcare ecosystem coordinating facilities, diagnostics, and homecare.
• Hub-and-spoke network model for specialized and regional care.
• Bidirectional EMR integration for diagnostics and homecare services.
• Centralized supply chain sourcing for cost optimization.