Apollo Hospitals vs Max Healthcare: share price, P/E, ROE and financials compared
Apollo Hospitals Enterprise
Max Healthcare Institute
Apollo Hospitals and Max Healthcare at a glance
Apollo Hospitals and Max Healthcare are both listed in Healthcare. Apollo Hospitals is the larger by market cap, at ₹1.2L Cr against ₹90,909 Cr for Max Healthcare (1.3 times as large). On valuation, Apollo Hospitals has the lower P/E (54.0× against 66.1×), while Max Healthcare has the lower price-to-book (8.03× against 11.45×). On returns and margins, Apollo Hospitals has the higher ROCE (19.2% against 12.6%) and the higher ROE (22.5% against 12.8%), while Max Healthcare has the higher operating margin (26.8% against 15.1%). Over three years, Apollo Hospitals has faster 3-year profit growth (+33.3% against +9.3% a year), while Max Healthcare has faster 3-year sales growth (+22.4% against +14.8% a year). Max Healthcare carries less debt for its equity, with a debt-to-equity of 0.33× against 0.73×.
Key metrics, side by side
| Metric | Apollo HospitalsAPOLLOHOSP | Max HealthcareMAXHEALTH |
|---|---|---|
| Price (₹) | 8,446.00 | 934.00 |
| Market cap (₹ Cr) | 1,21,441 | 90,909 |
| P/E | 54.0× (the lower figure, shaded) | 66.1× |
| P/B | 11.45× | 8.03× (the lower figure, shaded) |
| Dividend yield, trailing | 0.24% | 0.21% |
| ROE | 22.5% (the higher figure, shaded) | 12.8% |
| ROCE | 19.2% (the higher figure, shaded) | 12.6% |
| Operating margin (OPM) | 15.1% | 26.8% (the higher figure, shaded) |
| Net margin (NPM) | 8.1% | 15.1% (the higher figure, shaded) |
| Sales CAGR 3Y | +14.8% | +22.4% (the higher figure, shaded) |
| Profit CAGR 3Y | +33.3% (the higher figure, shaded) | +9.3% |
| Debt to equity | 0.73× | 0.33× (the lower figure, shaded) |
| Interest cover | 8.5× | 8.8× |
| Net profit TTM (₹ Cr) | – | 1,381 |
| 1Y return | +7.2% (the higher figure, shaded) | −18.1% |
| Promoter holding | 28.02% | 23.71% |
Apollo Hospitals vs Max Healthcare: common questions
Which is bigger, Apollo Hospitals or Max Healthcare?
By market cap, Apollo Hospitals is bigger at ₹1.2L Cr, against ₹90,909 Cr for Max Healthcare (prices as of 6 Nov 2026).
Which has a lower P/E ratio, Apollo Hospitals or Max Healthcare?
Apollo Hospitals trades at a P/E of 54.0× and Max Healthcare at 66.1×. Apollo Hospitals has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Apollo Hospitals or Max Healthcare?
Apollo Hospitals reports a return on equity of 22.5% and Max Healthcare 12.8%. Apollo Hospitals has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Apollo Hospitals or Max Healthcare?
Over the last three years: Sales grew +14.8% a year at Apollo Hospitals and +22.4% at Max Healthcare, so Max Healthcare grew sales faster; profit grew +33.3% a year at Apollo Hospitals and +9.3% at Max Healthcare, so Apollo Hospitals grew profit faster. Past growth doesn’t predict future growth.