MAXHEALTH · NSE
Max Healthcare
Phase 4 · Capital Return
Profitable, cash-generative, and returning capital to shareholders through dividends.
Phase 1
Startup
Phase 2
Hyper Growth
Phase 3
Operating Leverage
Phase 4
Capital Return
Phase 5
Decline
Revenue growth (YoY)
19.1%
Mar 2026 vs Mar 2025
Net profit growth (YoY)
34.0%
Operating cash flow
₹1633 Cr
Mar 2026
Returning capital?
Yes
Last dividend ex-date 2026-07-02
Revenue, profit & operating cash flow
₹ crore, by fiscal year
RevenueNet profitOperating cash flowRevenue ends at ₹8373 Cr. Net profit ends at ₹1442 Cr. Operating cash flow ends at ₹1633 Cr.
Judge management on
Capital allocation — are dividends sized sensibly against free cash flow?
Key metric to watch
Free cash flow and the dividend payout ratio.
Typically valued on
Price/earnings and dividend yield.
| Fiscal year | Revenue | Net profit | Operating cash flow |
|---|---|---|---|
| Mar 2021 | ₹2508 Cr | -₹138 Cr | ₹118 Cr |
| Mar 2022 | ₹3937 Cr | ₹605 Cr | ₹741 Cr |
| Mar 2023 | ₹4563 Cr | ₹1104 Cr | ₹1209 Cr |
| Mar 2024 | ₹5406 Cr | ₹1058 Cr | ₹1122 Cr |
| Mar 2025 | ₹7028 Cr | ₹1076 Cr | ₹1438 Cr |
| Mar 2026 | ₹8373 Cr | ₹1442 Cr | ₹1633 Cr |
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