MAXHEALTH · Healthcare
Max Healthcare Institute Ltd. reported revenue of ₹2,366 cr for April to June 2026, +16.7% on the year and +10.4% on the quarter. That is slower than this quarter has grown in recent years (+25.8% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹8,712 cr, +16.0% on the four before.
Operating profit (EBITDA) was ₹598 cr, a margin of 25.3%, −51 bps on the year and −300 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 25.3% to 28.3%). Operating costs grew +17.5%, faster than revenue at +16.7%, so operating profit grew less than sales.
Net profit was ₹323 cr, +4.9% on the year and −5.6% on the quarter, with earnings per share of ₹3.32. Profit before other income, one-offs and tax grew faster, at +8.8%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,457 cr, +26.9% on the four before.
On earnings per share of ₹14.98 over the last four quarters, the stock at ₹847.30 trades at 56.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,363 cr | ₹1,335 cr | ₹1,423 cr | ₹1,543 cr | ₹1,707 cr | ₹1,868 cr | ₹1,910 cr | ₹2,028 cr | ₹2,135 cr | ₹2,068 cr | ₹2,143 cr | ₹2,366 cr |
| YoY | — | — | — | +20% | +25% | +40% | +34% | +31% | +25% | +11% | +12% | +17% |
| EBITDA margin | 28.4% | 28.9% | 26.8% | 25.1% | 26.4% | 26.7% | 26.8% | 25.8% | 26.9% | 26.0% | 28.3% | 25.3% |
| Other income, % of PBT | 12% | 13% | 13% | 11% | 11% | −13% | 12% | 9% | 7% | −1% | 10% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 20% | 25% | 26% | 25% | 23% | 21% | 23% | −10% | 17% | 26% | 26% |
| Net profit | ₹277 cr | ₹289 cr | ₹252 cr | ₹236 cr | ₹282 cr | ₹239 cr | ₹319 cr | ₹308 cr | ₹491 cr | ₹301 cr | ₹342 cr | ₹323 cr |
| YoY | — | — | — | −2% | +2% | −17% | +27% | +31% | +74% | +26% | +7% | +5% |
| Core profit YoY | — | — | — | +9% | +4% | +11% | +22% | +27% | +24% | +5% | +17% | +9% |
| EPS | ₹2.85 | ₹2.98 | ₹2.59 | ₹2.43 | ₹2.90 | ₹2.46 | ₹3.28 | ₹3.17 | ₹5.05 | ₹3.09 | ₹3.52 | ₹3.32 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Max Healthcare Institute Ltd. reported revenue of ₹2,366 cr (+16.7% on the year) and net profit of ₹323 cr (+4.9% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +8.8% on the year, against +4.9% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.