Max Healthcare Institute Limited (MAXHEALTH) fair value: what the stock is really worth
We calculate from audited financials what Max Healthcare Institute Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range ₹242.61 – ₹1,298 · fair‑value band ₹197.55 – ₹625.40 · the ₹1,057 price screens above the ₹490.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
Max Healthcare Institute Limited provides medical and healthcare services in India.
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Max Healthcare Institute Limited provides medical and healthcare services in India. It offers services in various specialties, including cardiac sciences, orthopedics, oncology, renal sciences, neurosciences, minimal access and general surgery, pulmonology, obstetrics, gynecology, pediatrics, and nephrology, liver and biliary sciences, gastroenterology and Gi surgery, plastic and reconstructive surgery, and organ transplants, as well as ear, nose, and throat. The company also provides Max@Home, a platform that offers health and wellness services at home; and MaxLab, which provides diagnostic services to patients outside its network of hospitals through various channels comprising third-party hospital laboratory management. It operates through a network of healthcare facilities, including hospitals and medical centres. The company was incorporated in 2001 and is based in Gurugram, India.
Stock analysis
Max Healthcare Institute Limited (MAXHEALTH) currently trades at ₹1,057, while our model-based Fair Value estimate is ₹490.37, implying the stock looks roughly 115.5% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹469.19 per share, and 0 of the 26 models we run sit above the ₹1,057 price.
Bear case: the Asset-Based group reads lowest at ₹73.98, and 26 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹197.55 (bear) to ₹625.40 (bull), the price of ₹1,057 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Max Healthcare Institute Limited reported revenue of ₹83.7B in FY2026 versus ₹39.4B in FY2022, a compound +20.8%/yr. Reported net income was ₹14.4B in FY2026, compounding +24.3%/yr from FY2022.
Key figures
Market cap ₹1.0T (≈ $10.8B) · P/E ratio 71.8 · P/S ratio 12.4 · EPS (TTM) ₹14.71 · Dividend yield 0.2% · Net margin 17.2% · Return on equity 14.3% · Return on assets (EBIT) 16.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −54%, MAXHEALTH screens richer than that median.
Fair Value models
Bear ₹197.55Fair Value ₹490.37Bull ₹625.40
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹6.12 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.3%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+32.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.1%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.32% vs 48%, slowing
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.4%
Yearly sales growth analysts expect, extended to five years.
Compare Max Healthcare Institute Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Care Facilities · 257 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−50% · Bottom 25%
Profitability
Return on equity (TTM)14% · Above median
Return on assets7% · Above median
Net margin (TTM)17% · Top 25%
Operating margin (TTM)23% · Top 25%
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.23× · Above median
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
P/E (TTM)71.8× · Priciest 25%
P/B9.93× · Priciest 25%
P/S (TTM)12.75× · Priciest 25%
P/FCF7.6× · Pricier than median
EV/EBITDA49.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 33
FUTURE (revenue growth)61· sector 28
PAST (return on equity)57· sector 31
HEALTH (low debt)89· sector 90
DIVIDEND (yield)4· sector 43
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Max Healthcare Institute Limited Fair Value". https://www.fairvalue-calculator.com/stock/MAXHEALTH
Frequently asked questions
Is Max Healthcare Institute Limited (MAXHEALTH) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of ₹490.37 versus a price of ₹1,057, about −54% upside (overvalued).
What is the fair value of MAXHEALTH?
Our model-based fair value for Max Healthcare Institute Limited is ₹490.37 (as of Sep 18, 2026), built from audited fundamentals. The current price: ₹1,057.
What is the quality score of MAXHEALTH?
Max Healthcare Institute Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Max Healthcare Institute Limited (MAXHEALTH)?
Our model-based price target is the fair value of ₹490.37 (as of Sep 18, 2026) from 26 valuation models. Cautious scenario ₹197.55, optimistic scenario ₹625.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Max Healthcare Institute Limited stock forecast for 2026?
Our models put fair value at ₹490.37, about −54% upside versus a price of ₹1,057 (overvalued). Cautious scenario ₹197.55, optimistic scenario ₹625.40. The calculation is refreshed regularly with new filings.
What is the revenue of Max Healthcare Institute Limited (MAXHEALTH)?
Max Healthcare Institute Limited reported trailing-twelve-month revenue of about ₹83.7B (latest available figure, as of Sep 18, 2026).
Does Max Healthcare Institute Limited pay a dividend?
Max Healthcare Institute Limited currently shows a dividend yield of about 0.19% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Max Healthcare Institute Limited (MAXHEALTH)?
For today's price to be fair in a discounted-cash-flow model, Max Healthcare Institute Limited would have to grow free cash flow by more than 80 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.3 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of MAXHEALTH use?
Our models discount Max Healthcare Institute Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.08, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Max Healthcare Institute Limited that is more than 80 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Max Healthcare Institute Limited (MAXHEALTH) delivered so far?
Over the past 5 years revenue at Max Healthcare Institute Limited grew +27.3 % a year. The price currently implies more than 80 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Max Healthcare Institute Limited (MAXHEALTH) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Max Healthcare Institute Limited (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Max Healthcare Institute Limited (MAXHEALTH)?
The free-cash-flow yield on the price is 0.15 %: that much free cash flow Max Healthcare Institute Limited produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Max Healthcare Institute Limited (MAXHEALTH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Max Healthcare Institute Limited it is ₹490.37 per share (as of Sep 18, 2026), against a price of ₹1,057. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Max Healthcare Institute Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, MAXHEALTH trades above its calculated fair value: price ₹1,057, fair value ₹490.37, a gap of about −54% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAXHEALTH?
No. The price is what the market pays today (₹1,057); the fair value is what the company's own numbers justify (₹490.37). For Max Healthcare Institute Limited the two are ₹566.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is Max Healthcare Institute Limited worth?
The market values Max Healthcare Institute Limited at about ₹1.0T (market capitalisation, as of Sep 18, 2026). Per share that is ₹1,057; our models calculate a fair value of ₹490.37 per share.
What do the bullish and bearish scenarios say about MAXHEALTH?
Our models span a range for Max Healthcare Institute Limited: cautious scenario ₹197.55, base ₹490.37, optimistic ₹625.40 per share (as of Sep 18, 2026, price ₹1,057). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MAXHEALTH?
Max Healthcare Institute Limited trades at a price-to-earnings ratio of 71.8 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹490.37 is built from several models across several years. Other multiples: P/B 9.9, P/S 12.7, EV/EBITDA 49.8.
How solid is the balance sheet of Max Healthcare Institute Limited (MAXHEALTH)?
Balance-sheet figures for Max Healthcare Institute Limited (as of Sep 18, 2026): return on equity 14.3%, debt of 0.23 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is MAXHEALTH from its 52-week high?
Max Healthcare Institute Limited trades at ₹1,057, about 20% below its 52-week high of ₹1,314 and 17% above the low of ₹903.00 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of ₹490.37 is for.
Which stocks are comparable to Max Healthcare Institute Limited?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, IHH Healthcare Berhad, an investment holding company,, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Max Healthcare Institute Limited stock attractive at the current price?
The data as of Sep 18, 2026: price ₹1,057, calculated fair value ₹490.37 (−54%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAXHEALTH calculated?
We run Max Healthcare Institute Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹490.37, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Max Healthcare Institute Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Max Healthcare Institute Limited (MAXHEALTH)?
The closing price on Sep 22, 2026 was ₹1,057. Our model-based fair value is ₹490.37, about −54% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Max Healthcare Institute Limited right now?
The price sits above even our optimistic bull case (₹625.40). The favourable scenario is already priced in. The model range is unusually wide (₹197.55 to ₹625.40). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Max Healthcare Institute Limited
How large is the market capitalisation of Max Healthcare Institute Limited (MAXHEALTH)?
The market capitalisation of Max Healthcare Institute Limited is ₹1.0T (≈ $10.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Max Healthcare Institute Limited (MAXHEALTH)?
The price-to-sales ratio of Max Healthcare Institute Limited is 12.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Max Healthcare Institute Limited (MAXHEALTH)?
Earnings per share at Max Healthcare Institute Limited are ₹14.71 (price ÷ EPS = P/E 71.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Max Healthcare Institute Limited (MAXHEALTH)?
The dividend yield of Max Healthcare Institute Limited is 0.2% (payout 13.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Max Healthcare Institute Limited (MAXHEALTH)?
The net margin of Max Healthcare Institute Limited is 17.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Max Healthcare Institute Limited (MAXHEALTH)?
The return on equity (ROE) of Max Healthcare Institute Limited is 14.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Max Healthcare Institute Limited (MAXHEALTH)?
On an EBIT basis the return on assets of Max Healthcare Institute Limited is 16.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Max Healthcare Institute Limited (MAXHEALTH)?
The operating margin of Max Healthcare Institute Limited is 22.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Max Healthcare Institute Limited (MAXHEALTH)?
Revenue at Max Healthcare Institute Limited is growing +12.2% versus a year earlier (3y avg +22.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Max Healthcare Institute Limited (MAXHEALTH)?
Earnings per share at Max Healthcare Institute Limited are growing +7.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Max Healthcare Institute Limited (MAXHEALTH) carry?
The net debt of Max Healthcare Institute Limited is ₹28.1B (fiscal year 2026, ≈ 18.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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