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Today's prices ask more of Apollo Hospitals than of Max Healthcare.
At current prices, buyers of Apollo Hospitals are assuming about 21% growth against 16% in its own record; for Max Healthcare it is 19% against 22%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Apollo Hospitals is worth about 1.3 times Max Healthcare on the stock market.
- Record: Max Healthcare has grown revenue faster: Apollo Hospitals compounded at about 15% a year (FY2018–FY2026) and Max Healthcare at about 27% (FY2021–FY2026).
- What to watch: hospital occupancy and pricing at Apollo Hospitals; revenue per bed at Max Healthcare.
| Apollo Hospitals | Max Healthcare | |
|---|---|---|
| Price | ₹8,526 | ₹947 |
| Market cap | ₹1.23L Cr | ₹0.92L Cr |
| P/E | 54.7 | 66.8 |
| P/B | 12.93 | 8.58 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
India's largest private hospital group
Apollo Hospitals Enterprise was founded in Chennai in 1983 by Dr Prathap C. Reddy and opened one of India's first corporate hospitals. Today it runs a network of large multi-speciality hospitals across the country, along with clinics, diagnostics and day-care centres.
High-end hospitals, mostly in the north
Max Healthcare Institute, led by Abhay Soi after his Radiant Life Care took control in 2020, runs a network of large hospitals concentrated in Delhi-NCR, with others in Mumbai, Punjab, Uttarakhand and elsewhere.
02The records side by side
Max Healthcare has grown revenue faster: Apollo Hospitals compounded at about 15% a year (FY2018–FY2026) and Max Healthcare at about 27% (FY2021–FY2026). By revenue, Apollo Hospitals is about 3.0 times the size of Max Healthcare. Apollo Hospitals kept 7.9% of revenue as net profit in FY2026; Max Healthcare kept 17.2% of revenue as net profit in FY2026. Apollo Hospitals was profitable in every year shown; Max Healthcare reported a net loss in FY2021.
Full ten-year tables and charts are on each company's page: Apollo Hospitals · Max Healthcare.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Hospital occupancy and pricingFuller beds and more complex procedures lift margins.
- New bedsApollo is adding capacity; new hospitals take years to mature.
- Revenue per bedComplex procedures and pricing drive earnings.
- New bedsExpansion doubles capacity over several years.
05What could go wrong
- Price regulationCaps on treatment or drug prices would squeeze margins.
- Expansion costsNew hospitals lose money before they fill up.
- Price capsGovernment pricing rules could squeeze margins.
- Expansion strainNew beds dilute returns until they mature.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Apollo Hospitals or Max Healthcare better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Apollo Hospitals trades at 54.7 times earnings and 12.93 times book value, and Max Healthcare at 66.8 times earnings and 8.58 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Apollo Hospitals and Max Healthcare?
Apollo Hospitals Enterprise was founded in Chennai in 1983 by Dr Prathap C. Max Healthcare Institute, led by Abhay Soi after his Radiant Life Care took control in 2020, runs a network of large hospitals concentrated in Delhi-NCR, with others in Mumbai, Punjab, Uttarakhand and elsewhere.
Are Apollo Hospitals and Max Healthcare valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Apollo Hospitals and Max Healthcare?
Worked backwards from the share price, Apollo Hospitals needs about 21% growth and Max Healthcare about 19% growth, against 16% and 22% in their own records.