The Discounted Cash Flow (DCF) valuation of Max Healthcare Institute Ltd (MAXHEALTH.NS) is 297.56 INR. With the latest stock price at 1,219.20 INR, the upside of Max Healthcare Institute Ltd based on DCF is -75.6%.

Is MAXHEALTH.NS a buy or a sell?

Based on the latest price of 1,219.20 INR and our DCF valuation, Max Healthcare Institute Ltd (MAXHEALTH.NS) is a sell. Selling MAXHEALTH.NS stocks now will result in a potential gain of 75.6%.

	Range	Selected
WACC / Discount Rate	11.8% - 14.7%	13.2%
Long-term Growth Rate	3.0% - 5.0%	4.0%
Fair Price	236.17 - 402.65	297.56
Upside	-80.6% - -67.0%	-75.6%

1,219.20 INR

Stock Price

297.56 INR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

MAXHEALTH.NS DCF Valuation: Revenue & Expenses Forecast

(INR in millions)		Projections

	03-2025	03-2026	03-2027	03-2028	03-2029	03-2030

Revenue	70,285	113,683	139,021	159,456	202,042	247,580
% Growth	30%	62%	22%	15%	27%	23%

Cost of goods sold	(14,770)	(22,696)	(26,367)	(28,731)	(34,584)	(40,259)
% of Revenue	21%	20%	19%	18%	17%	16%

Selling, G&A expenses	(26,487)	(42,842)	(52,391)	(60,092)	(76,141)	(93,302)
% of Revenue	38%	38%	38%	38%	38%	38%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(14,963)	(24,203)	(29,597)	(33,947)	(43,014)	(52,709)
% of Revenue	21%	21%	21%	21%	21%	21%

Tax expense	(3,305)	(5,395)	(6,911)	(8,267)	(10,885)	(13,816)
Tax rate	23%	23%	23%	23%	23%	23%

Net profit	10,759	18,547	23,755	28,419	37,419	47,493
% Margin	15%	16%	17%	18%	19%	19%