Max Healthcare Institute cash flow

Latest FY26

Cash from operations: ₹1,633cr+11.9% on FY25
Capital spending: ₹1,485cr+53.8% on FY25
Free cash flow: ₹149cr−69.9% on FY25
Cash from financing: ₹59.3cr−₹164 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	447	359	245	232
	—	215	149	37.6	71.3
	—	−110	−105	−153	−96.8
	—	0.0	0.0	14.0	0.9
	—	48.3	54.6	49.6	34.4
	—	2.7	0.7	0.9	0.3
	—	0.0	40.3	−9.4	−16.4
	—	−10.5	0.0	0.0	0.0
	—	−8.7	−19.2	5.9	−14.9
	—	−323	−209	−115	64.7
	—	0.0	0.0	6.3	0.0
	—	−13.1	10.9	−8.1	−75.8
	—	0.0	0.0	−14.1	−1.1
	—	−23.8	−22.7	2.1	−3.4
	—	0.0	0.0	−21.8	−9.4
	—	73.3	81.5	78.3	98.8
	—	0.0	0.0	−118	0.0
	—	4.2	−0.6	14.0	14.5
	—	—	35.2	11.7	7.3
	—	28.6	35.2	3.5	7.3
	—	0.0	0.0	8.2	0.0
Cash from operating activities
	1,711	1,676	1,406	1,365	1,064
	—	330	374	25.8	307
	—	2,005	1,781	1,391	1,370
	—	372	321	269	161
	—	1,633	1,460	1,122	1,209
Cash from investing activities
	—	1,485	966	779	336
	—	16.1	0.0	6.3	3.9
	—	0.0	0.0	7.2	0.0
	—	0.0	6.4	0.0	0.0
	—	3.9	0.8	0.0	0.0
	—	1.3	0.0	0.0	0.0
	—	0.0	625	631	0.5
	—	420	245	0.0	0.0
	—	57.0	0.0	0.0	35.0
	—	119	95.1	153	86.2
	—	26.3	103	−27.8	−976
	—	−1,689	−1,632	−1,285	−1,187
Cash from financing activities
	—	0.0	0.2	0.9	1.3
	—	33.8	0.0	0.0	0.1
	—	568	1,349	642	7.1
	—	144	1,054	564	169
	—	26.1	174	58.4	0.0
	—	—	—	0.0	56.8
	—	227	141	187	71.3
	—	146	146	97.0	0.0
	—	59.3	−164	−264	−289
	—	3.6	−336	−427	−266
	—	0.6	0.1	−1.8	0.0
	—	4.2	−336	−429	−266
	—	666	661	980	42.8
Reference items
	2,318	2,243	1,849	1,492	1,241
	26.6%	26.8%	26.3%	27.6%	27.2%
	149	149	494	343	874
	—	390	2,065	766	—
	₹1.53	₹1.53	₹5.08	₹3.52	₹8.98
	556.91×	—	—	—	—
	—	1.13×	1.36×	1.06×	1.10×
	—	372	321	269	161
	—	227	141	187	71.3

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

MAXHEALTH₹851.50

Max Healthcare Institute Ltd.

· Pharma & Health

₹ CrorePeersAPOLLOHOSP FORTIS MEDANTA DRREDDY CIPLA SUNPHARMA DIVISLAB TORNTPHARMMcap ₹82,862 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	232.2	245.0	359.4	446.5	—
+ Finance Costs	71.3	37.6	148.8	215.0	—
+ Interest Income	-96.8	-152.9	-105.5	-109.7	—
+ Fair Value (Gains) / Losses	0.9	14.0	0.0	0.0	—
+ Share-based Payments	34.4	49.6	54.6	48.3	—
+ Unrealised FX (Gain) / Loss	0.3	0.9	0.7	2.7	—
+ Other Non-cash Items	-16.4	-9.4	40.3	0.0	—
+ Other Reconciling Items	0.0	0.0	0.0	-10.5	—
Changes in Working Capital
+ Inventories	-14.9	5.9	-19.2	-8.7	—
+ Trade Receivables — Current	64.7	-115.0	-209.1	-323.1	—
+ Trade Receivables — Non-current	0.0	6.3	0.0	0.0	—
+ Other Financial Assets — Current	-75.8	-8.1	10.9	-13.1	—
+ Other Financial Assets — Non-current	-1.1	-14.1	0.0	0.0	—
+ Other Current Assets	-3.4	2.1	-22.7	-23.8	—
+ Other Non-current Assets	-9.4	-21.8	0.0	0.0	—
+ Trade Payables — Current	98.8	78.3	81.5	73.3	—
+ Other Financial Liabilities — Non-current	0.0	-118.4	0.0	0.0	—
+ Other Current Liabilities	14.5	14.0	-0.6	4.2	—
+ Provisions	7.3	11.7	35.2	—	—
+ Provisions — Current	7.3	3.5	35.2	28.6	—
+ Provisions — Non-current	0.0	8.2	0.0	0.0	—
Cash from Operating Activities
Profit Before Tax (per I/S)	1,063.7	1,365.3	1,406.4	1,675.6	1,711.5
+ Total Adjustments (incl. Working Capital)	306.6	25.8	374.2	329.6	—
Cash from Operations (pre-tax)	1,370.3	1,391.1	1,780.6	2,005.2	—
+ Income Taxes Paid	161.1	269.3	320.9	371.9	—
Cash from Operating Activities	1,209.2	1,121.8	1,459.7	1,633.3	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	335.6	778.8	965.5	1,484.5	—
+ Disp of Fixed Assets	3.9	6.3	0.0	16.1	—
+ Acq of Investment Property	0.0	7.2	0.0	0.0	—
+ Disp of Investment Property	0.0	0.0	6.4	0.0	—
+ Purchase of Investments (Equity / Debt)	0.0	0.0	0.8	3.9	—
+ Sale of Investments (Equity / Debt)	0.0	0.0	0.0	1.3	—
+ Acq of Subsidiaries / Businesses (net)	0.5	631.2	624.7	0.0	—
+ Loans & Advances Made	0.0	0.0	245.0	420.0	—
+ Loans & Advances Repaid	35.0	0.0	0.0	57.0	—
+ Interest Received — Investing	86.2	153.2	95.1	118.8	—
+ Other Inflows / (Outflows) — Investing	-976.1	-27.8	102.8	26.3	—
Cash from Investing Activities	-1,187.0	-1,285.5	-1,631.7	-1,689.0	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	1.3	0.9	0.2	0.0	—
+ Proceeds from Exercise of Stock Options	0.1	0.0	0.0	33.8	—
+ Proceeds from Borrowings	7.1	642.0	1,349.5	567.7	—
+ Repayment of Borrowings	168.8	563.9	1,053.7	143.8	—
+ Payment of Lease Liabilities	0.0	58.4	173.6	26.1	—
+ Payment of Finance Lease Liabilities	56.8	0.0	—	—	—
+ Interest Paid	71.3	187.4	140.6	226.8	—
+ Dividends Paid	0.0	97.0	145.6	145.6	—
Cash from Financing Activities	-288.6	-263.7	-163.8	59.3	—
Net Changes in Cash (pre-FX)	-266.4	-427.4	-335.9	3.6	—
+ Effect of FX Rate Changes on Cash	0.0	-1.8	0.1	0.6	—
Net Changes in Cash	-266.4	-429.2	-335.8	4.2	—
Closing Cash	42.8	979.8	661.2	665.8	—
Reference Items
EBITDA	1,240.5	1,492.1	1,848.8	2,242.8	2,318.4
EBITDA Margin %	27.19	27.60	26.30	26.79	26.61
Free Cash Flow (CFO − Capex)	873.6	343.0	494.1	148.8	148.8
Free Cash Flow to Equity	—	765.6	2,064.8	390.1	—
Free Cash Flow per Basic Share	8.98	3.52	5.08	1.53	1.53
Price to Free Cash Flow	—	—	—	—	556.91
Cash Flow to Net Income	1.10	1.06	1.36	1.13	—
Cash Paid for Taxes	161.1	269.3	320.9	371.9	—
Cash Paid for Interest	71.3	187.4	140.6	226.8	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 146%.