Max Healthcare Share Price: 15.5% CAGR in 3 Years Against Narayana Health, Yatharth and Rainbow

Max Healthcare previous close Rs 915. 3-year CAGR 15.5%. Up 1.5x since 9 Nov 2023. ROE 12.18%. Market cap Rs 89,059 crore.

The Max Healthcare share price offers a clear look at how India's premium hospital leader has rewarded investors. Max Healthcare Institute, the Delhi NCR-based network of multi-speciality hospitals, has compounded steadily over three years while remaining the largest listed hospital group in this comparison.

We compare that record with Narayana Hrudayalaya, Yatharth Hospital and Rainbow Children's Medicare. The article calculates three-year CAGR for all four and sets the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Max Healthcare Share Price Returned in 3 Years?

The Max Healthcare stock closed at Rs 593.25 on 9 November 2023 and at Rs 915.00 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 1.54 lakh, which is a CAGR of 15.5%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Max Healthcare can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Max Healthcare share price has also followed the growth of private healthcare in India, where rising incomes, insurance coverage and demand for tertiary care have lifted occupancy and revenue per bed.

Max Healthcare vs Yatharth Hospital and Trauma Care Services, Narayana Hrudayalaya and Rainbow Children's Medicare: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
Yatharth Hospital and Trauma Care Services	Rs 384.20	Rs 1,055.90	2.7x	40.1%
Narayana Hrudayalaya	Rs 1,060.05	Rs 1,891.70	1.8x	21.3%
Max Healthcare Institute	Rs 593.25	Rs 915.00	1.5x	15.5%
Rainbow Children's Medicare	Rs 1,009.40	Rs 1,275.20	1.3x	8.1%

The Max Healthcare stock ranks third of the four at 15.5%. It sits ahead of Rainbow Children's Medicare (8.1%). The companies ahead are Yatharth Hospital and Trauma Care Services (40.1%) and Narayana Hrudayalaya (21.3%). Yatharth Hospital leads the group from a smaller base, followed by Narayana Health and Max Healthcare, with Rainbow behind. Max is the largest of the four by market cap, so its return came on the biggest base.

Look at the Max Healthcare share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Max Healthcare Institute	Rs 89,059 crore	64.53	61.92	12.18%	0.33
Narayana Hrudayalaya	Rs 38,665 crore	45.00	61.92	17.17%	1.21
Rainbow Children's Medicare	Rs 12,970 crore	43.45	61.92	17.05%	0.56
Yatharth Hospital and Trauma Care Services	Rs 10,200 crore	56.16	61.92	10.16%	0.25

By market cap, Max Healthcare Institute is the largest of the group at Rs 89,059 crore, which gives it the scale advantage over Yatharth Hospital and Trauma Care Services, Narayana Hrudayalaya, Rainbow Children's Medicare. On earnings, Max Healthcare shares trade at a P/E of 64.53 against an industry P/E of 61.92, a premium of about 4%, which signals that the market expects faster earnings growth. Peer multiples are Yatharth Hospital and Trauma Care Services at 56.16, Narayana Hrudayalaya at 45.00 and Rainbow Children's Medicare at 43.45.

Return on equity is 12.18% for the Max Healthcare stock, which ranks third among the four, and debt to equity stands at 0.33. Trailing EPS is Rs 14.18. Hospital companies are valued on bed capacity, occupancy and revenue per bed, so the P/E should be read together with return on equity and the debt needed to build new capacity.

What Is Driving the Max Healthcare Stock?

Max Healthcare runs premium multi-speciality hospitals across Delhi NCR and other cities, with a focus on complex treatments. It is one of the largest private hospital networks in India.

Hospital earnings grow when bed capacity, occupancy and the value of each bed rise together. The company has been adding beds in existing and new cities, which can support revenue growth over time.

Followers of the Max Healthcare share price usually track occupancy, average revenue per occupied bed, bed additions and margins in newer hospitals.

How the Established Players Stack Up

Yatharth Hospital and Trauma Care Services is a Noida-based chain with hospitals across Delhi NCR and neighbouring cities. It compounded at 40.1% a year, on a market cap of Rs 10,200 crore and an ROE of 10.16%.

Narayana Hrudayalaya is a Bengaluru-based group built around cardiac care and affordable treatment, with hospitals across India. It compounded at 21.3% a year, on a market cap of Rs 38,665 crore and an ROE of 17.17%.

Rainbow Children's Medicare is a Hyderabad-based chain that focuses on paediatric and maternity care. It compounded at 8.1% a year, on a market cap of Rs 12,970 crore and an ROE of 17.05%.

What Should Investors Track Next?

Three things are worth watching on the Max Healthcare share price. First, occupancy and revenue per occupied bed. Second, the pace of bed additions and how quickly new hospitals reach profitability. Third, the balance sheet, since expansion is capital heavy.

At a P/E of 65, the stock already prices in healthy growth. A three-year CAGR describes the past, so size any position accordingly.

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How to Compare Hospital Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Max Healthcare stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Max Healthcare share price, the same four checks give a more complete picture than price alone.

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A Premium Hospital Leader With Scale

The Max Healthcare share price compounded at 15.5% a year over three years, against Yatharth Hospital at 40.1%, Narayana Health at 21.3% and Rainbow at 8.1%. It is the largest of the four by market cap at Rs 89,059 crore.

Narayana Health brings the highest ROE, Rainbow brings a specialised niche, and Yatharth Hospital brings a smaller, fast growing base. The choice depends on the balance of scale and growth that suits you.

Frequently Asked Questions

What is the Max Healthcare share price today?

Ans. Max Healthcare Institute closed at Rs 915 on 9 November 2026, according to NSE data. It has a market cap of Rs 89,059 crore and a P/E of 64.53. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Max Healthcare stock?

Ans. Max Healthcare Institute delivered a price CAGR of 15.5% over three years, moving from Rs 593.25 on 9 November 2023 to Rs 915.00 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Max Healthcare better than Narayana Health?

Ans. The Narayana Health stock delivered a higher three-year CAGR at 21.3% than Max Healthcare at 15.5%. Max is larger by market cap at Rs 89,059 crore, while Narayana has the higher ROE at 17.17% against 12.18% and a lower P/E of 45.00 than Max at 64.53.

What does Max Healthcare Institute do?

Ans. Max Healthcare Institute is a Delhi NCR-based hospital group that runs premium multi-speciality hospitals across several Indian cities.

Is the Max Healthcare stock debt free?

Ans. The debt to equity ratio of the Max Healthcare stock is 0.33 and its return on equity is 12.18%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Max Healthcare expensive compared with the industry?

Ans. Max Healthcare trades at a P/E of 64.53 against an industry P/E of 61.92. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which hospital stock gave the highest return in 3 years?

Ans. Among the companies compared here, Yatharth Hospital and Trauma Care Services delivered the highest three-year CAGR at 40.1%, followed by Narayana Hrudayalaya at 21.3%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.