# MAXHEALTH (MAXHEALTH) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/maxhealth

## Current market snapshot

- Exchange: BSE
- Country: India
- Price: ₹861
- Change: -0.57%
- As of: 2026-10-13
- 1D return: -0.57%
- 5D return: -4.60%
- 1M return: -17.03%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-10-13_

### Technical Outlook

As of October 13, 2026, MAXHEALTH is exhibiting a bearish technical setup on the daily and weekly charts, contrasting with a bullish monthly trend. Daily and weekly timeframes show the price below key moving averages and the Supertrend indicator, with established bearish trend strength on the daily chart (ADX 37.34) and weak trend conviction on the weekly chart (ADX 18.93). The monthly timeframe, however, indicates a bullish Supertrend direction despite prices being below moving averages and showing weak trend conviction (ADX 18.11). The stock is positioned near the lower end of its trading range across 20, 50, and 252-day periods, indicating limited upside participation. Recent activity includes a high-severity upward gap on October 9, 2026, and a high-severity volume-with-price-move on October 1, 2026, alongside an extreme-severity volume-with-price-move on September 30, 2026.

Risk is elevated, with annualized volatility at +30.9% and a current drawdown of -33.8%, matching the maximum drawdown. The Average True Range (ATR) as a percentage of price is 3.57%. The nearest resistance is at ₹871.58 (1.23% above current price), with further resistance at ₹889.17 (3.27% above). Support is located at ₹848.37 (1.47% below current price), followed by ₹830.78 (3.51% below). The current setup would be confirmed by a sustained break below the ₹848.37 support level, while invalidation would occur on a decisive move above the ₹871.58 resistance.

- Daily and weekly charts show a bearish trend, while the monthly chart is bullish.
- The stock is trading near the lower end of its 20, 50, and 252-day trading ranges.
- Annualized volatility is +30.9% and the current drawdown is -33.8%.
- Nearest resistance is at ₹871.58 (1.23% above current price) and nearest support is at ₹848.37 (1.47% below current price).
- A break below ₹848.37 would confirm the bearish setup; a move above ₹871.58 would invalidate it.

- Doji
- Harami
- Inside Bar

### News Context

On October 12, 2026, news reports indicated that the Supreme Court of India questioned the central government regarding the applicability of margin caps on all medicines. This development led to a decline in hospital stocks, with Apollo Hospitals and Fortis Healthcare experiencing drops of up to 6.5%. The specific impact on Max Healthcare was not detailed in the provided evidence, but the broader sector reaction suggests potential regulatory scrutiny affecting hospital profitability.

- October 12, 2026: Supreme Court of India questioned the central government on applying margin caps to all medicines.
- Hospital stocks, including Apollo Hospitals and Fortis Healthcare, fell up to 6.5% following the news.

- [Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)

### What Changed

On October 13, 2026, Max Healthcare's stock experienced a slight decrease, closing at ₹861.0 compared to its previous price of ₹865.95. This movement occurred amidst broader market news affecting hospital stocks, including Apollo and Fortis Healthcare, following a Supreme Court inquiry into the applicability of margin caps on medicines. The company's profile on the BSE remains unchanged.

- Max Healthcare stock closed at ₹861.0 on October 13, 2026, down from ₹865.95 previously.
- News on October 13, 2026, indicated that hospital stocks, including competitors, saw declines following a Supreme Court query on medicine margin caps.

- [Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)

### Official Filings

Max Healthcare Institute Limited's credit rating was reaffirmed by CARE Ratings on October 8, 2026. The long-term bank facilities received a CARE AA+ rating with a stable outlook, while short-term facilities were rated CARE A1+. Notably, the company's long-term facilities were enhanced to ₹1,818.88 crore from ₹1,296.02 crore. This reaffirmation indicates continued confidence in the company's creditworthiness.

Separately, the company is seeking shareholder approval via postal ballot for several key items. These include the adoption of a new Performance Linked Restricted Stock Unit Scheme 2026 for employees, approval of remuneration for Chairman and Managing Director Abhay Soi, and an alteration to the company's Memorandum of Association. The proposed remuneration for Mr. Soi is substantial, set at ₹41,12,71,050 for the period June 19, 2026, to June 18, 2027, and ₹44,15,11,568 for the subsequent year. Shareholder voting on these matters concludes on October 19, 2026. In line with SEBI regulations, the trading window for designated persons has been closed from October 1, 2026, until 48 hours after the declaration of the financial results for the quarter and half-year ending September 30, 2026.

- CARE Ratings reaffirmed Max Healthcare Institute's long-term bank facilities at CARE AA+ (Stable) and short-term facilities at CARE A1+ on October 8, 2026.
- Long-term bank facilities were enhanced to ₹1,818.88 crore from ₹1,296.02 crore.
- Shareholders are voting via postal ballot on a new Performance Linked Restricted Stock Unit Scheme 2026.
- Remuneration for Chairman and Managing Director Abhay Soi is proposed at ₹41,12,71,050 for the period June 19, 2026, to June 18, 2027.
- The trading window for designated persons closed on October 1, 2026, and will reopen 48 hours after the declaration of Q2 FY27 results.

- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026115625_SE_Intimation_Credit_Rating.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026222417_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07102026193634_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/MAXHEALTH_29092026223824_SE_Disclosure.pdf)
- [MAX HEALTHCARE INSTITUTE LIMITED has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260929_225126137.xml)
- [Max Healthcare Institute Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/MAXHEALTH_25092026183809_SE_Intimation_Closure_of_Trading_Window.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_18642_WebXMLFile_20260925_184902486.xml)
- [Max Healthcare Institute Limited has informed the Exchange about Copy of Newspaper Publication for Postal Ballot Notice |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXHEALTH_20092026153717_SE_Intimation_NP.pdf)
- [Max Healthcare Institute Limited has informed the Exchange regarding Postal Ballot Notice. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/MAXHEALTH_19092026194356_SE_Intimation_Postal_Ballot_Notice.pdf)
- [MAX HEALTHCARE INSTITUTE LIMITED has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot |SUBJECT: Notice Of Shareholders Meetings-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_18642_WebXMLFile_20260919_200246250.xml)

### Fundamentals

Max Healthcare reported a sequential decrease in revenue from operations for Q1 FY2026-27, which stood at ₹2,366.17 crore, down from ₹2,142.89 crore in Q4 FY2025-26. This revenue decline was accompanied by a decrease in Profit Before Tax, falling to ₹436.31 crore from ₹464.58 crore in the prior quarter. Consequently, Net Profit also saw a sequential reduction, declining to ₹322.96 crore from ₹342.22 crore. The company's operating profit showed a similar sequential trend, decreasing to ₹436.31 crore from ₹464.58 crore. Finance costs increased sequentially to ₹71 crore from ₹66.66 crore. The company's balance sheet shows a significant increase in borrowings from ₹1299 crore in March 2024 to ₹3010 crore in March 2025, and further to ₹3478 crore in March 2026. Fixed assets have also grown substantially over the same periods, from ₹8784 crore to ₹12991 crore. Equity capital has remained relatively stable, increasing only marginally from ₹972 crore to ₹973 crore between March 2024 and March 2026. Cash flow from operating activities has shown consistent growth, rising from ₹1122 crore in March 2024 to ₹1633 crore in March 2026, though free cash flow decreased from ₹500 crore in March 2025 to ₹165 crore in March 2026. The most important checkpoint for the next reporting period will be the sustainability of revenue growth and operating profit margins.

- Revenue from operations sequentially decreased to ₹2,366.17 crore in Q1 FY2026-27.
- Net Profit sequentially decreased to ₹322.96 crore in Q1 FY2026-27, indicating margin pressure.
- Borrowings have increased significantly, reaching ₹3478 crore by March 2026.
- Monitor revenue growth and operating profit margins in the upcoming reporting period.

### Bull Case

The company's monthly technical trend indicates a bullish setup, with the Super Trend direction showing positive momentum. However, daily and weekly trends are currently exhibiting a bearish direction, suggesting short-term caution. The stock is trading at ₹861.0 as of October 13, 2026, with a market capitalization of ₹842,838,011,853.45. Nearest support is observed at ₹848.37, representing a 1.47% decrease from the current price, while the nearest resistance is at ₹871.58, a 1.23% increase.

- Monthly technical trend shows a bullish Super Trend direction.
- Current stock price is ₹861.0 as of October 13, 2026.
- Nearest support level identified at ₹848.37.
- Nearest resistance level identified at ₹871.58.

- [Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026115625_SE_Intimation_Credit_Rating.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026222417_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07102026193634_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/MAXHEALTH_29092026223824_SE_Disclosure.pdf)
- [MAX HEALTHCARE INSTITUTE LIMITED has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260929_225126137.xml)
- [Max Healthcare Institute Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/MAXHEALTH_25092026183809_SE_Intimation_Closure_of_Trading_Window.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_18642_WebXMLFile_20260925_184902486.xml)
- [Max Healthcare Institute Limited has informed the Exchange about Copy of Newspaper Publication for Postal Ballot Notice |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXHEALTH_20092026153717_SE_Intimation_NP.pdf)
- [Max Healthcare Institute Limited has informed the Exchange regarding Postal Ballot Notice. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/MAXHEALTH_19092026194356_SE_Intimation_Postal_Ballot_Notice.pdf)

### Bear Case

Max Healthcare's daily and weekly technical trends indicate a bearish setup, with indicators such as the ADX (14) at 37.34 on the daily chart suggesting strong downward momentum. The exponential moving average (EMA) 20 slope on the daily chart is -45.15, and the supertrend direction is bearish. This is further supported by a significant drawdown of -33.8%, which is also the maximum drawdown observed. Recent period returns are negative across multiple timeframes, including a -24.7% return over the last year and -18.0% year-to-date. A recent news headline indicates that hospital stocks, including competitors, experienced declines of up to 6.5% amid discussions regarding potential margin caps on medicines by the Supreme Court, introducing regulatory uncertainty.

- Daily technical indicators show a bearish trend with ADX at 37.34 and EMA 20 slope at -45.15.
- The stock has experienced a maximum drawdown of -33.8%.
- Year-to-date returns are -18.0%, with a one-year return of -24.7%.
- Potential regulatory uncertainty exists due to Supreme Court discussions on medicine margin caps, which impacted hospital stocks.

- [Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026115625_SE_Intimation_Credit_Rating.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026222417_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07102026193634_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/MAXHEALTH_29092026223824_SE_Disclosure.pdf)
- [MAX HEALTHCARE INSTITUTE LIMITED has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260929_225126137.xml)
- [Max Healthcare Institute Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/MAXHEALTH_25092026183809_SE_Intimation_Closure_of_Trading_Window.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_18642_WebXMLFile_20260925_184902486.xml)
- [Max Healthcare Institute Limited has informed the Exchange about Copy of Newspaper Publication for Postal Ballot Notice |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXHEALTH_20092026153717_SE_Intimation_NP.pdf)
- [Max Healthcare Institute Limited has informed the Exchange regarding Postal Ballot Notice. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/MAXHEALTH_19092026194356_SE_Intimation_Postal_Ballot_Notice.pdf)

### FAQs

**What is the current credit rating for Max Healthcare Institute Limited?**

CARE Ratings has reaffirmed Max Healthcare Institute's long-term bank facilities at CARE AA+ with a Stable outlook and short-term bank facilities at CARE A1+. The long-term facilities were increased to ₹1,818.88 crore from ₹1,296.02 crore. This rating action was communicated on October 8, 2026.

**What are the recent technical trends for Max Healthcare Institute Limited?**

As of October 13, 2026, the daily and weekly technical trends for Max Healthcare Institute Limited are indicated as 'bearish', with negative slopes on moving averages and a higher Minus DI than Plus DI. However, the monthly trend is indicated as 'bullish'.

**What are the nearest support and resistance levels for Max Healthcare Institute Limited?**

The nearest support level is at ₹848.37, which is 1.47% below the current price. The nearest resistance level is at ₹871.58, which is 1.23% above the current price.

**What has been the recent stock performance of Max Healthcare Institute Limited?**

As of October 13, 2026, Max Healthcare Institute Limited has experienced negative returns across various periods. The one-year return is -24.7%, year-to-date return is -18.0%, and the one-month return is -17.0%.

- [Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026115625_SE_Intimation_Credit_Rating.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026222417_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07102026193634_SE_Intimation.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about disclosure under regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company](https://nsearchives.nseindia.com/corporate/MAXHEALTH_29092026223824_SE_Disclosure.pdf)
- [MAX HEALTHCARE INSTITUTE LIMITED has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260929_225126137.xml)
- [Max Healthcare Institute Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/MAXHEALTH_25092026183809_SE_Intimation_Closure_of_Trading_Window.pdf)
- [Max Healthcare Institute Limited has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_18642_WebXMLFile_20260925_184902486.xml)
- [Max Healthcare Institute Limited has informed the Exchange about Copy of Newspaper Publication for Postal Ballot Notice |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXHEALTH_20092026153717_SE_Intimation_NP.pdf)
- [Max Healthcare Institute Limited has informed the Exchange regarding Postal Ballot Notice. |SUBJECT: Shareholders meeting](https://nsearchives.nseindia.com/corporate/MAXHEALTH_19092026194356_SE_Intimation_Postal_Ballot_Notice.pdf)
## Technical analytics

- As of: 2026-10-13
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹871.58
- Risk regime: Higher Price Risk

### Support levels
- 848.3666666666668
- 830.7833333333334
- 807.5666666666668

### Resistance levels
- 1025.29765625
- 1047.5
- 1074.5398437499998

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.57% |
| return_10 | -13.91% |
| return_1m | -17.03% |
| return_1y | -24.69% |
| return_20 | -17.03% |
| return_3m | -22.17% |
| return_5 | -4.60% |
| return_6m | -9.53% |
| return_since_start | -24.45% |
| return_ytd | -17.95% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -33.84% |
| annualized_volatility | +30.86% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Revenue reaches a new peak while sequential profit falls as expenses accelerate

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 Growth

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.

## Profitability and Margins

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.

## Expense Composition

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

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 and Other Items

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.

## Key Takeaway

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.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +23.71%
- FII holding: +41.78%
- DII holding: +29.95%
- Mutual fund holding: +18.68%
- Retail holding: +2.29%
- Promoter pledged: +0.00%

### Major reported shareholders

- Abhay Soi — +23.71%
- Nps Trust A/C through various schemes — +3.45%
- New World Fund Inc — +3.29%
- Government Of Singapore — +3.28%
- Hdfc Mutual Fund through various schemes — +3.04%
- Life Insurance Corporation of India through various schemes — +3.00%
- SBI Mutual Fund through various schemes — +2.55%
- Invesco Mutual Fund through various schemes — +2.19%
- ICICI Prudential Mutual Fund through various schemes — +1.69%
- Nippon India Mutual Fund through various schemes — +1.53%

## Official filings

- 2026-10-09 — Credit Rating Update: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026115625_SE_Intimation_Credit_Rating.pdf)
- 2026-10-09 — Credit Rating Update: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_09102026222417_SE_Intimation.pdf)
- 2026-10-07 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07102026193634_SE_Intimation.pdf)
- 2026-09-29 — Litigation Disclosure: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_29092026223824_SE_Disclosure.pdf)
- 2026-09-29 — Litigation Disclosure: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260929_225126137.xml)
- 2026-09-25 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_25092026183809_SE_Intimation_Closure_of_Trading_Window.pdf)
- 2026-09-25 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_18642_WebXMLFile_20260925_184902486.xml)
- 2026-09-20 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_20092026153717_SE_Intimation_NP.pdf)
- 2026-09-19 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_19092026194356_SE_Intimation_Postal_Ballot_Notice.pdf)
- 2026-09-19 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_18642_WebXMLFile_20260919_200246250.xml)
- 2026-09-18 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_18092026162842_SE_Intimation_Niche99_ESG_Rating.pdf)
- 2026-09-14 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_14092026145741_SEIntimation1.pdf)
- 2026-09-14 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_14092026150838_SEIntimation2.pdf)
- 2026-09-14 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_18642_WebXMLFile_20260914_152324845.xml)
- 2026-09-14 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_18642_WebXMLFile_20260914_152514215.xml)
- 2026-09-11 — Litigation Disclosure: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_11092026160125_SE_Disclosure_Kalinga_Hearing.pdf)
- 2026-09-11 — Litigation Disclosure: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_18642_WebXMLFile_20260911_161107516.xml)
- 2026-09-07 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07092026215505_SE_Disclosure_Kalinga_Right_Issue.pdf)
- 2026-09-07 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_07092026221812_SE_Intimation.pdf)
- 2026-09-04 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_04092026090546_SEIntimation.pdf)
- 2026-09-04 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_18642_WebXMLFile_20260904_091525677.xml)
- 2026-09-03 — Press Release: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_03092026134329_SE_Intimation.pdf)
- 2026-09-03 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_03092026152852_SE_Disclosure.pdf)
- 2026-09-03 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_18642_WebXMLFile_20260903_174303292.xml)
- 2026-08-26 — Generic Announcement: Max Healthcare Institute Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXHEALTH_26082026163240_SE_Intimation_GST_SCN.pdf)

## News and market events

- 2026-10-12 — MONEYCONTROL: **Why can't margin cap apply to all medicines, SC asks Centre; Apollo, other hospital stocks fall up to 6.5%** — hospital stocks, Apollo Hospitals, Fortis Healthcare — [Source](https://www.moneycontrol.com/news/business/markets/why-can-t-margin-cap-apply-to-all-medicines-sc-asks-centre-apollo-other-hospital-stocks-fall-up-to-6-5-14050215.html)
- 2026-10-06 — CNBC-TV18: **Sensex, Nifty end higher for 2nd straight day: 5 reasons why market rallied today** — Indian equity markets ended higher for the second straight session on Tuesday, with the Sensex rising 685 points to 73,068 and the Nifty gaining 220 points to 22,776. Falling crude prices, largely in-line quarterly updates and broad-based buying supported the gains, while IT and hospital stocks remained under pressure. — [Source](https://www.cnbctv18.com/market/sensex-nifty-end-higher-for-2nd-straight-day-5-reasons-why-market-rallied-today-20005771.htm)
- 2026-10-05 — Times of India: **Wall Street's $10 billion bet on Indian hospitals becomes a blame game among stakeholders** — img border="0" hspace="10" align="left" style="margin-top:3px;margin-right:5px;" src="https://timesofindia.indiatimes.com/photo/134700050.cms" /Wall Street has significantly invested in Indian hospitals, focusing on expanding hospital infrastructure and care capacity. This influx of foreign capital has helped private healthcare providers grow, yet costs are escalating for patients. Medical inflation is alarming, with treatment at private facilities vastly outpacing public healthcare costs. Insurers and hospitals are grappling over rising medical expenses and coverage limitations for patients — [Source](https://timesofindia.indiatimes.com/business/india-business/wall-streets-10-billion-bet-on-indian-hospitals-becomes-a-blame-game-among-stakeholders/articleshow/134700050.cms)
- 2026-10-01 — Economic Times: **Fortis, Apollo, other hospital stocks slump up to 10% in 2 days after SC questions steep markups. Buying opportunity?** — Hospital stocks extended losses for a second session after the Supreme Court questioned steep markups on cancer drugs and raised concerns over hospitals requiring patients to buy medicines from their own or designated pharmacies. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/fortis-apollo-other-hospital-stocks-slump-up-to-10-in-2-days-after-sc-questions-steep-markups-buying-opportunity/articleshow/134608717.cms)
- 2026-10-01 — BUSINESSTODAY: **Fortis, Max, Apollo, Medanta, Manipal: Buy hospital stocks for 22-46% upside, says Jefferies** — Hospital stocks, Hospital stocks news, Fortis Healthcare share price, Max share porice, Apollo Hospitals share rpice, Medanta share price, Manipal Health share price — [Source](https://www.businesstoday.in/markets/stocks/story/fortis-max-apollo-medanta-manipal-buy-hospital-stocks-for-22-46-upside-says-jefferies-558954-2026-10-01)
- 2026-10-01 — Economic Times: **Jefferies picks 6 hospitals as Buy after steep correction offers 'excellent' entry points. Check target price** — Jefferies has maintained a Buy rating on six hospital stocks, including Apollo Hospitals and Fortis Healthcare, following a sharp correction driven by regulatory concerns over drug and consumable price caps. The brokerage expects strong fundamentals and strategic price adjustments to help limit long-term EBITDA impact. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/jefferies-picks-6-hospitals-as-buy-after-steep-correction-offers-excellent-entry-points-check-target-price/articleshow/134607485.cms)
- 2026-10-01 — MONEYCONTROL: **Hospital stocks extend losses as drug-pricing regulation concerns linger; Apollo, Max among top Nifty losers** — hospital stocks today, healthcare stocks update, nifty healthcare update, apollo hospitals shares fall, max healthcare shares crash — [Source](https://www.moneycontrol.com/news/business/markets/hospital-stocks-extend-losses-as-drug-pricing-regulation-concerns-linger-apollo-max-among-top-nifty-losers-14042456.html)
- 2026-10-01 — Economic Times: **Sensex Today | Nifty 50 | Stock Market Live Updates: GIFT Nifty signals a negative start; Asian shares trade mixed - The Economic Times** — Sensex Today | Nifty 50 | Stock Market Live Updates: Benchmark indices pared gains from the day’s highs and ended near the day’s lows amid heightened volatility at the start of the new series. Persistent global uncertainty and an intraday spike in Brent crude oil prices kept investors cautious. — [Source](https://economictimes.indiatimes.com/markets/stocks/live-blog/bse-sensex-today-nifty50-stock-market-live-updates-gift-nifty-infosys-hdfc-bank-share-price-01-october-2026/liveblog/134606042.cms)
- 2026-10-01 — Economic Times: **Max Healthcare Institute among 3 F&O stocks with a sharp rise in futures open interest** — On September 30, three stocks in the NSE F&O segment recorded over 7% increases in futures open interest, indicating higher active contract positions and increased market participation. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/max-healthcare-institute-among-3-fampo-stocks-with-a-sharp-rise-in-futures-open-interest/slideshow/134607334.cms)
- 2026-10-01 — Economic Times: **Hospital stocks slip after SC query on steep cancer drug markups** — In a landmark ruling, the Supreme Court of India highlighted troubling markups on cancer drugs enforced by hospitals, urging a probe into reports of patients being directed to specific pharmacies for their medications. Following this announcement, the BSE Hospitals Index faced a steep 5% drop, leading to notable losses for industry giants like Apollo Hospitals and Fortis Healthcare. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/hospital-stocks-slip-after-sc-query-on-steep-cancer-drug-markups/articleshow/134605708.cms)
- 2026-09-30 — Mint: **Top 2 stocks to buy or sell for short-term: Cyient, Max Healthcare by Nagaraj Shetti - Check stop loss, targets** — Indian equity benchmarks faced their largest monthly drop since March, with the Nifty 50 and Sensex declining by 6.1% and 5.8%, respectively. Rising oil prices and global interest rate hikes pressured emerging-market assets, while volatility continued amid geopolitical risks. — [Source](https://www.livemint.com/market/stock-market-news/top-2-stocks-to-buy-or-sell-for-short-term-cyient-max-healthcare-by-nagaraj-shetti-check-stop-loss-targets-11790768211784.html)
- 2026-09-30 — CNBC-TV18: **Market Close Explained: Why Nifty ended lower despite gains in banking stocks** — The Nifty Bank was the relative outperformer, rising 373 points to 54,633, while the Nifty Midcap index gained 13 points to 59,332. — [Source](https://www.cnbctv18.com/market/market-close-explained-why-nifty-ended-lower-despite-gains-in-banking-stocks-20002098.htm)
- 2026-09-30 — Economic Times: **Hospital stocks fall up to 6%: Apollo, Fortis, KIMS tumble as SC questions drug mark-ups** — Hospital stocks came under pressure after the Supreme Court raised concerns over steep mark-ups on medicines sold through corporate hospitals. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/hospital-stocks-fall-up-to-6-apollo-fortis-kims-tumble-as-sc-questions-drug-mark-ups/articleshow/134589671.cms)
- 2026-09-30 — MONEYCONTROL: **Live: Nifty starts Oct series on a positive note; Hospital stocks drop | Closing Bell** — Sensex, Nifty, NSE, BSE, stock market, video, share market — [Source](https://www.moneycontrol.com/news/videos/business/markets/live-nifty-starts-oct-series-on-a-positive-note-hospital-stocks-drop-closing-bell-14041914.html)
- 2026-09-30 — BUSINESSTODAY: **Yatharth, Apollo, KIMS, Fortis, Max Healthcare stocks fall: Why hospital stocks are declining today** — Yatharth Hospital, Apollo Hospitals, KIMS, Fortis Healthcare, Max Healthcare, hospital stocks, healthcare stocks, Supreme Court, cancer medicine markup, medicine pricing, corporate hospitals, hospital shares, healthcare sector, hospital stocks today — [Source](https://www.businesstoday.in/markets/stocks/story/yatharth-apollo-kims-fortis-max-healthcare-stocks-fall-why-hospital-stocks-are-declining-today-558704-2026-09-30)
- 2026-09-30 — MONEYCONTROL: **Apollo Hospitals, Yatharth, others fall up to 6% on SC's 'corporate hospitals don't spare anyone' remark** — Apollo Hospitals, Yatharth, Supreme Court, Max Healthcare — [Source](https://www.moneycontrol.com/news/business/markets/apollo-hospitals-yatharth-others-fall-up-to-6-on-sc-s-corporate-hospitals-don-t-spare-anyone-remark-14041699.html)
- 2026-09-30 — Mint: **Hospital stocks Max Healthcare, Apollo Hospitals, Fortis plunge up to 7% - What is driving the stocks down?** — Stocks, such as Max Healthcare Institute (down 7%), Apollo Hospitals Enterprise (down 6%), Yatharth Hospital (down 5%), Fortis Healthcare (down 6%), Artemis Medicare Services (down 5%), and Aster DM Quality Care (down 5%), crashed 5-7%. — [Source](https://www.livemint.com/market/stock-market-news/hospital-stocks-max-healthcare-apollo-hospitals-fortis-plunge-up-to-7-what-is-driving-the-stocks-down-11790743999700.html)
- 2026-09-25 — CNBC-TV18: **Sensex gains 315 points, Nifty ends above 23,100: 3 reasons behind market recovery** — The Sensex ended at 73,896, up 315 points, while the Nifty closed at 23,141, gaining 77 points. The Nifty Bank rose 142 points to 55,580, while the Nifty Midcap index slipped 84 points to 60,906. — [Source](https://www.cnbctv18.com/market/sensex-gains-315-points-nifty-ends-above-23100-3-reasons-behind-market-recovery-19998661.htm)
- 2026-09-16 — Mint: **Vedanta to IDFC First Bank - Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segment** — On 16 September, the Indian stock market is set to open flat with mixed global cues. The Nifty 50 fell below 23,200 in the previous session, and bank indices face selling pressure. Watch for market trends in response to the FOMC meeting and oil prices. — [Source](https://www.livemint.com/market/stock-market-news/vedanta-to-idfc-first-bank-jay-thakkar-suggests-3-stocks-to-buy-or-sell-for-short-term-in-f-o-segment-11789524071178.html)
- 2026-09-15 — The Hindu: **Sensex today | Stock Market Live: Stock to buy today: Max Healthcare Institute (₹1,037.20)** — Sensex, Nifty, Share Prices Live Updates: Traders can buy now at ₹1,037 and accumulate if the price dips to ₹1,010; place initial stop-loss at ₹960 — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-15th-september-2026/article71466165.ece)
- 2026-09-15 — The Hindu: **Stock to buy today: Max Healthcare Institute (₹1,037.20)** — Buy Max Healthcare Institute stock at ₹1,037; consider accumulating at ₹1,010 with a stop-loss at ₹960. — [Source](https://www.thehindubusinessline.com/portfolio/technical-analysis/stock-to-buy-today-max-healthcare-institute103720/article71456276.ece)
- 2026-09-10 — Mint: **Stock market today: Gift Nifty hints at a volatile trend | Vaishali Parekh recommends three stocks to buy today** — Stock market today: Vaishali Parekh recommends three stocks to buy today — Meesho, Torrent Power, and Max Healthcare Institute — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-hints-at-a-volatile-trend-vaishali-parekh-recommends-three-stocks-to-buy-today-11789006668121.html)
- 2026-09-09 — Mint: **BEL to Glenmark - Jay Thakkar suggests 3 stocks to buy or sell for short-term in F&O segment** — Domestic benchmark indices opened lower on September 9 due to rising crude oil prices amid Middle East tensions. Nifty 50 fell 0.56% to 23,511.40. Key stocks like Coforge declined sharply, reflecting broader market pressure as FII positions remained negative. — [Source](https://www.livemint.com/market/stock-market-news/bel-to-glenmark-jay-thakkar-suggests-3-stocks-to-buy-or-sell-for-short-term-in-f-o-segment-11788922718925.html)
- 2026-09-04 — CNBC-TV18: **Max Healthcare’s Saket hospital adds 400 bed tower, takes capacity to 1,200** — Max Smart Super Speciality Hospital in Saket has added a 400-bed tower, taking its capacity to around 1,200 beds. The expansion makes it the largest private hospital in Delhi by bed capacity and adds advanced robotic surgical technology. Separately, Max Healthcare has approved an additional investment in its subsidiary Kalinga Hospital to support its capital expenditure and modernisation programme. — [Source](https://www.cnbctv18.com/market/max-healthcare-saket-hospital-adds-400-bed-tower-takes-capacity-to-1200-19983297.htm)
- 2026-09-03 — FREEPRESSJOURNAL.IN: **Union HM Amit Shah Inaugurates New 400-Bed Tower At Max Saket, Hospital Capacity Rises To 1,200 Beds** — Union Home Minister Amit Shah inaugurated a new 400-bed tower at Max Smart Super Speciality Hospital in Delhi’s Saket, increasing its capacity to around 1,200 beds. The facility aims to strengthen tertiary and quaternary healthcare services with advanced technologies, including robotic surgical systems, for patients from India and abroad. — [Source](https://www.freepressjournal.in/india/amit-shah-inaugurates-new-400-bed-tower-at-max-saket-hospital-capacity-rises-to-1200-beds)

## Business profile

**Strategic vision:** Operates a network of private hospitals and healthcare services in India.

### Business segments
- **Healthcare Facilities (Hospitals):** Operates multi-specialty and quaternary care hospitals providing surgery, oncology, cardiology, neurology, and orthopedics.
- **Max Labs (Diagnostics):** Provides clinical pathology, biochemistry, hematology, and advanced genetic diagnostics across hospital labs and retail collection points.
- **Max@Home (Homecare Services):** Delivers home nursing, critical care ICU setup, physiotherapy, and medication deliveries.

### Competitive strengths
- 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.

## Related stocks

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## Freshness and sources

- Data as of: 2026-10-13
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/maxhealth
Markdown representation: https://faxioms.com/stocks/maxhealth?render=md