MAX HEALTHCARE INSNSE: MAXHEALTHBSE: 543220Healthcare · HospitalMAX HEALTHCARE INS Financial Statements
For May 2026, MAX HEALTHCARE INS reported revenue of ₹8,373 crore and net profit of ₹1,442 crore. Return on equity stands at 13.42%. Profit & loss, balance sheet and cash flow across 12 reported years are below.
- Latest year revenue
- ₹8,373 Cr
- EBITDA
- ₹2,243 Cr
- Operating margin
- 26.79%
- Profit after tax
- ₹1,442 Cr
- Net margin
- 17.23%
- EPS
- ₹14.82
- Latest year
- May 2026
- Years reported
- 12
MAX HEALTHCARE INS revenue and profit trend
The quickest view of reported annual business performance. Revenue and profit use separate scales.
MAX HEALTHCARE INS profit & loss
Reported annual performance for MAX HEALTHCARE INS, oldest to newest. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2022 | May 2022 | Mar 2023 | May 2023 | Mar 2024 | May 2024 | Mar 2025 | May 2025 | Mar 2026 | May 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 3,931 | 3,931 | 4,563 | 4,563 | 5,406 | 5,406 | 7,028 | 7,028 | 8,373 | 8,373 |
| Sales Growth YoY % | 56.97% | — | 16.05% | 16.05% | 18.49% | 18.49% | 30.01% | 30.01% | 19.14% | 19.14% |
| Other Income | 127 | 127 | 139 | 139 | 178 | 178 | 156 | 156 | 163 | 163 |
| Total Income | 4,059 | 4,059 | 4,702 | 4,702 | 5,584 | 5,584 | 7,184 | 7,184 | 8,536 | 8,536 |
| Cost of Goods Sold (COGS) | 923 | 923 | 922 | 922 | 1,119 | 1,119 | 1,477 | 1,477 | 1,790 | 1,790 |
| Purchases of Stock-in-Trade | 930 | 930 | 937 | 937 | 1,119 | 1,119 | 1,496 | 1,496 | 1,799 | 1,799 |
| Changes in Inventories | -8 | -8 | -15 | -15 | -1 | -1 | -19 | -19 | -9 | -9 |
| Gross Profit | 3,009 | 3,009 | 3,641 | 3,641 | 4,288 | 4,288 | 5,551 | 5,551 | 6,583 | 6,583 |
| Gross Margin % | 76.53% | 76.53% | 79.79% | 79.79% | 79.31% | 79.31% | 78.98% | 78.98% | 78.62% | 78.62% |
| Total Operating Expenses | 2,066 | 2,066 | 2,400 | 2,400 | 2,795 | 2,795 | 3,703 | 3,703 | 4,341 | 4,341 |
| Employee Benefit Expense | 760 | 760 | 809 | 809 | 934 | 934 | 1,174 | 1,174 | 1,357 | 1,357 |
| Other Expenses | 1,306 | 1,306 | 1,591 | 1,591 | 1,861 | 1,861 | 2,529 | 2,529 | 2,983 | 2,983 |
| EBITDA | 943 | 943 | 1,241 | 1,241 | 1,492 | 1,492 | 1,849 | 1,849 | 2,243 | 2,243 |
| OPM % | 23.97% | 23.97% | 27.19% | 27.19% | 27.6% | 27.6% | 26.3% | 26.3% | 26.79% | 26.79% |
| Total Non-Operating Expenses | 313 | 313 | 316 | 316 | 305 | 305 | 451 | 451 | 633 | 633 |
| Depreciation & Amortisation | 221 | 221 | 232 | 232 | 245 | 245 | 359 | 359 | 447 | 447 |
| Finance Costs | 101 | 101 | 84 | 84 | 60 | 60 | 165 | 165 | 235 | 235 |
| Exceptional Items (Before Tax) | -9 | -9 | 0 | 0 | 0 | 0 | -74 | -74 | -48 | -48 |
| Profit Before Tax (PBT) | 739 | 739 | 1,064 | 1,064 | 1,365 | 1,365 | 1,406 | 1,406 | 1,676 | 1,676 |
| Tax Expense | 134 | 134 | -40 | -40 | 308 | 308 | 330 | 330 | 233 | 233 |
| Current Tax | 116 | 116 | 205 | 205 | 271 | 271 | 336 | 336 | 211 | 211 |
| Deferred Tax | 18 | 18 | -245 | -245 | 36 | 36 | -6 | -6 | 22 | 22 |
| Effective Tax % | 18.11% | 18.11% | -3.74% | -3.74% | 22.54% | 22.54% | 23.5% | 23.5% | 13.92% | 13.92% |
| Total Profit for Period | 605 | 605 | 1,104 | 1,104 | 1,058 | 1,058 | 1,076 | 1,076 | 1,442 | 1,442 |
| Net Profit (Owner's PAT) | 605 | 605 | 1,104 | 1,104 | 1,058 | 1,058 | 1,076 | 1,076 | 1,442 | 1,442 |
| Net Profit Margin % | 15.39% | 15.39% | 24.19% | 24.19% | 19.56% | 19.56% | 15.31% | 15.31% | 17.23% | 17.23% |
| PAT Growth YoY % | 539.88% | — | 82.38% | 82.38% | -4.16% | -4.16% | 1.72% | 1.72% | 34.07% | 34.07% |
| Earnings Per Share (EPS) | ₹6.24 | ₹6.24 | ₹11.37 | ₹11.37 | ₹10.88 | ₹10.88 | ₹11.07 | ₹11.07 | ₹14.82 | ₹14.82 |
| Diluted Shares Outstanding (Cr.) | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 | 97 |
| Profit/Loss from Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Comprehensive Income (Net of Tax) | 3 | 3 | -0 | -0 | -6 | -6 | -5 | -5 | -2 | -2 |
| Expenses | 3,320 | 3,320 | 3,638 | 3,638 | 4,219 | 4,219 | 5,778 | 5,778 | 6,860 | 6,860 |
| Material Cost % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Employee Cost % | 19.33% | 19.33% | 17.74% | 17.74% | 17.28% | 17.28% | 16.7% | 16.7% | 16.21% | 16.21% |
| Other Cost % | 33.22% | 33.22% | 34.86% | 34.86% | 34.42% | 34.42% | 35.98% | 35.98% | 35.63% | 35.63% |
| Interest Coverage (x) | 7.15 | 7.15 | 12.02 | 12.02 | 20.82 | 20.82 | 9.03 | 9.03 | 7.64 | 7.64 |
Showing the most recent 10 of 12 reported periods.
MAX HEALTHCARE INS balance sheet
Assets, liabilities and shareholders' equity as reported, in Schedule III order. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Total Equity | 5,639 | 6,282 | 7,410 | 8,408 | 9,381 | 10,747 |
| Equity Share Capital | 966 | 970 | 971 | 972 | 972 | 973 |
| Reserves & Surplus | 4,673 | 5,313 | 6,439 | 7,436 | 8,409 | 9,774 |
| Total Equity | 5,639 | 6,282 | 7,410 | 8,408 | 9,381 | 10,747 |
| Non-Current Liabilities | 2,129 | 2,149 | 1,647 | 2,343 | 4,020 | 4,297 |
| Long-term Borrowings | 843 | 629 | 604 | 1,188 | 2,768 | 2,978 |
| Deferred Tax Liabilities | 582 | 681 | 437 | 515 | 648 | 688 |
| Non-Current Provisions | 60 | 60 | 60 | 75 | 98 | 128 |
| Other Non-Current Liabilities | 237 | 230 | 225 | 224 | 234 | 235 |
| Non-Current Financial Liabilities | 1,250 | 1,178 | 924 | 1,529 | 3,040 | 3,247 |
| Current Liabilities | 777 | 757 | 1,046 | 1,249 | 1,814 | 2,187 |
| Short-term Borrowings | 54 | 97 | 85 | 110 | 243 | 500 |
| Trade Payables | 436 | 452 | 543 | 677 | 808 | 859 |
| Current Financial Liabilities | 683 | 650 | 913 | 1,070 | 1,572 | 1,932 |
| Other Current Financial Liabilities | 193 | 101 | 285 | 282 | 522 | 573 |
| Other Current Liabilities | 55 | 65 | 85 | 118 | 163 | 174 |
| Current Provisions | 39 | 42 | 48 | 61 | 79 | 81 |
| Total Liabilities | 2,906 | 2,907 | 2,692 | 3,592 | 5,834 | 6,484 |
| Total Non-Current Assets | 7,420 | 8,189 | 8,159 | 10,294 | 13,622 | 15,286 |
| Property, Plant & Equipment (PPE) | 1,748 | 1,954 | 2,019 | 3,246 | 5,462 | 6,980 |
| Capital Work-in-Progress | 27 | 105 | 207 | 445 | 900 | 592 |
| Intangible Assets | 2,334 | 2,609 | 2,565 | 2,522 | 2,555 | 2,518 |
| Investment Property | — | — | — | 63 | 5 | 5 |
| Non-Current Investments | 1 | 1 | 1 | 2 | 3 | 5 |
| Loans – Non-Current | 357 | 173 | 138 | 138 | 383 | 746 |
| Other Non-Current Assets | 376 | 463 | 420 | 490 | 512 | 621 |
| Non-Current Financial Assets | 479 | 557 | 448 | 467 | 679 | 1,035 |
| Net Fixed Assets | 4,108 | 4,668 | 4,791 | 6,213 | 8,917 | 10,090 |
| Total Current Assets | 1,124 | 1,000 | 1,943 | 1,706 | 1,593 | 1,945 |
| Inventories | 54 | 61 | 76 | 80 | 106 | 114 |
| Trade Receivables | 366 | 385 | 336 | 463 | 687 | 970 |
| Cash & Cash Equivalents | 627 | 309 | 43 | 980 | 662 | 666 |
| Loans – Current | 5 | 3 | — | — | 10 | — |
| Current Financial Assets | 1,046 | 917 | 1,835 | 1,603 | 1,438 | 1,741 |
| Other Current Assets | 18 | 22 | 16 | 19 | 49 | 55 |
| Other Current Financial Assets | 22 | 30 | 31 | 41 | 58 | 71 |
| Current Tax Assets | 7 | — | 16 | 4 | — | 35 |
| Net Working Capital | 348 | 243 | 898 | 457 | -221 | -242 |
| Additional Asset Fields | 1 | — | — | — | 28 | 46 |
| Def Tax Assets | 1 | — | — | — | 28 | 46 |
| Total Assets | 8,544 | 9,189 | 10,102 | 12,000 | 15,214 | 17,231 |
| Total Borrowings | 897 | 727 | 689 | 1,299 | 3,010 | 3,478 |
| Net Debt | 270 | 418 | 646 | 319 | 2,349 | 2,813 |
| Debt to Equity (x) | 0.16 | 0.12 | 0.09 | 0.15 | 0.32 | 0.32 |
| Current Ratio (x) | 1.45 | 1.32 | 1.86 | 1.37 | 0.88 | 0.89 |
MAX HEALTHCARE INS cash flow statement
Cash generated and used across operating, investing and financing activities. Figures in ₹ crore unless a row states otherwise.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Net Cash from Operating Activities | 748 | 1,209 | 1,122 | 1,460 | 1,633 |
| Profit Before Tax | 739 | 1,064 | 1,365 | 1,406 | 1,676 |
| Depreciation & Amortisation | 221 | 232 | 245 | 359 | 447 |
| Finance Costs | 0 | 71 | 38 | 149 | 215 |
| Working Capital Changes | -132 | 81 | -159 | -124 | -263 |
| Tax Paid | -109 | -161 | -269 | -321 | -372 |
| Net Cash from Investing Activities | -772 | -1,187 | -1,285 | -1,632 | -1,689 |
| Purchase of PPE | -561 | -336 | -779 | -966 | -1,485 |
| Sale of Fixed Assets | -166 | 4 | 6 | 6 | 16 |
| Interest Received | 74 | 86 | 153 | 95 | 119 |
| Net Cash from Financing Activities | -294 | -289 | -264 | -164 | 59 |
| Proceeds from Borrowings | 57 | 7 | 642 | 1,349 | 568 |
| Repayment of Borrowings | -250 | -169 | -564 | -1,054 | -144 |
| Interest Paid | -91 | -71 | -187 | -141 | -227 |
| Dividend Paid | 0 | 0 | -97 | -146 | -146 |
| Buyback / Redemption of Shares | 0 | 0 | 0 | 0 | 0 |
| Lease Liabilities Paid | -14 | 0 | -58 | -174 | -26 |
| Net Change in Cash | -317 | -266 | -429 | -336 | 4 |
| Effect of Foreign Exchange Changes | 0 | 0 | -2 | 0 | 1 |
| Free Cash Flow | 187 | 874 | 343 | 494 | 149 |
| CFO / PBT (x) | 1.01 | 1.14 | 0.82 | 1.04 | 0.97 |
MAX HEALTHCARE INS key ratios
Valuation, profitability, return, leverage and per-share measures computed from reported statements — not from adjusted or normalised earnings.
MAX HEALTHCARE INS trades at a P/E of 56.84× against a sector median of 44.93× — a 27% premium. Sector comparisons can mislead for conglomerates with mixed business lines.
| Ratio | Category | Value |
|---|---|---|
| P/E (TTM) | Valuation | 56.84 |
| Forward P/E | Valuation | 45.04 |
| P/B | Valuation | 7.71 |
| PEG (TTM) | Valuation | 3.67 |
| EV / EBITDA (TTM) | Valuation | 38.18 |
| P/S (TTM) | Valuation | 12.8 |
| Operating margin | Profitability | 22.82% |
| Net margin (TTM) | Profitability | 17.23% |
| Return on equity | Return ratios | 13.42% |
| Return on capital employed | Return ratios | 12.13% |
| Return on assets | Return ratios | 6.92% |
| Debt to equity | Leverage & liquidity | 0.32 |
| Beta | Leverage & liquidity | 0.7 |
| EPS (TTM) | Per share | ₹3.32 |
| Book value | Per share | ₹110.42 |
| Revenue / share (TTM) | Per share | ₹86.04 |
| Cash flow / share | Per share | ₹16.78 |
| Dividend yield | Shareholder returns | 0.24% |
| Dividend payout (TTM) | Shareholder returns | 23.36% |
How this is calculated
Statements are as filed with the exchanges. Consolidated figures are shown where reported. Figures are in rupees crore unless the table states otherwise. Ratios are computed from the same reported statements, not from adjusted or normalised earnings.
Index membership reflects the Nifty 100 as published by NSE Indices, effective 2026-03-30.
MAX HEALTHCARE INS: frequently asked questions
What is MAX HEALTHCARE INS's annual revenue?
MAX HEALTHCARE INS reported revenue of ₹8,373 crore in May 2026, up 0.0% on the previous financial year.
Is MAX HEALTHCARE INS profitable?
MAX HEALTHCARE INS reported a net profit of ₹1,442 crore in May 2026, up 0.0% on the previous financial year.
What is MAX HEALTHCARE INS's EPS?
MAX HEALTHCARE INS reported earnings per share of ₹14.82 for May 2026.
What is MAX HEALTHCARE INS's operating margin?
MAX HEALTHCARE INS's operating margin for May 2026 was 26.79%.
What is MAX HEALTHCARE INS's return on equity?
MAX HEALTHCARE INS's return on equity stands at 13.42%. ROE measures profit generated per rupee of shareholder equity.
How many years of MAX HEALTHCARE INS financials are shown?
12 reported financial years are tabulated on this page, the most recent being May 2026.
Are these figures consolidated or standalone?
Consolidated figures are shown wherever the company reports them, and standalone otherwise. The basis in use is labelled on the statement table.
More MAX HEALTHCARE INS data
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The data, ratios and commentary about MAX HEALTHCARE INS (MAXHEALTH) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.