Max Healthcare vs Narayana Hrudayalaya: share price, P/E, ROE and financials compared
Max Healthcare Institute
Narayana Hrudayalaya
Max Healthcare and Narayana Hrudayalaya at a glance
Max Healthcare and Narayana Hrudayalaya are both listed in Healthcare. Max Healthcare is the larger by market cap, at ₹90,909 Cr against ₹38,650 Cr for Narayana Hrudayalaya (2.4 times as large). On valuation, Narayana Hrudayalaya has the lower P/E (44.7× against 66.1×) and the lower price-to-book (7.73× against 8.03×). On returns and margins, Max Healthcare has the higher ROCE (12.6% against 11.4%) and the higher operating margin (26.8% against 18.5%), while Narayana Hrudayalaya has the higher ROE (19.1% against 12.8%). Over three years, Max Healthcare has faster 3-year sales growth (+22.4% against +20.5% a year), while Narayana Hrudayalaya has faster 3-year profit growth (+9.9% against +9.3% a year). Max Healthcare carries less debt for its equity, with a debt-to-equity of 0.33× against 1.21×.
Key metrics, side by side
| Metric | Max HealthcareMAXHEALTH | Narayana HrudayalayaNH |
|---|---|---|
| Price (₹) | 934.00 | 1,903.00 |
| Market cap (₹ Cr) | 90,909 | 38,650 |
| P/E | 66.1× | 44.7× (the lower figure, shaded) |
| P/B | 8.03× | 7.73× (the lower figure, shaded) |
| Dividend yield, trailing | 0.21% | 0.24% |
| ROE | 12.8% | 19.1% (the higher figure, shaded) |
| ROCE | 12.6% (the higher figure, shaded) | 11.4% |
| Operating margin (OPM) | 26.8% (the higher figure, shaded) | 18.5% |
| Net margin (NPM) | 15.1% (the higher figure, shaded) | 8.4% |
| Sales CAGR 3Y | +22.4% (the higher figure, shaded) | +20.5% |
| Profit CAGR 3Y | +9.3% | +9.9% (the higher figure, shaded) |
| Debt to equity | 0.33× (the lower figure, shaded) | 1.21× |
| Interest cover | 8.8× (the higher figure, shaded) | 5.0× |
| Net profit TTM (₹ Cr) | 1,381 | 859 |
| 1Y return | −18.1% | +4.7% (the higher figure, shaded) |
| Promoter holding | 23.71% | 63.27% |
Max Healthcare vs Narayana Hrudayalaya: common questions
Which is bigger, Max Healthcare or Narayana Hrudayalaya?
By market cap, Max Healthcare is bigger at ₹90,909 Cr, against ₹38,650 Cr for Narayana Hrudayalaya (prices as of 6 Nov 2026). Net profit over the last twelve months was ₹1,381 Cr for Max Healthcare and ₹859 Cr for Narayana Hrudayalaya.
Which has a lower P/E ratio, Max Healthcare or Narayana Hrudayalaya?
Max Healthcare trades at a P/E of 66.1× and Narayana Hrudayalaya at 44.7×. Narayana Hrudayalaya 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, Max Healthcare or Narayana Hrudayalaya?
Max Healthcare reports a return on equity of 12.8% and Narayana Hrudayalaya 19.1%. Narayana Hrudayalaya has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Max Healthcare or Narayana Hrudayalaya?
Over the last three years: Sales grew +22.4% a year at Max Healthcare and +20.5% at Narayana Hrudayalaya, so Max Healthcare grew sales faster; profit grew +9.3% a year at Max Healthcare and +9.9% at Narayana Hrudayalaya, so Narayana Hrudayalaya grew profit faster. Past growth doesn’t predict future growth.