Max Healthcare Institute Limited has received another significant GST demand order from Delhi tax authorities, this time involving a substantially higher amount of ₹55.20 crores including interest and penalties. The latest order was received on December 30, 2025, marking another regulatory challenge for the healthcare provider.

Latest GST Order Details

The Office of The GST Officer (Ward-92&96), Department of Trade and Taxes, GNCT of Delhi issued the new order alleging excess availment of Input Tax Credit by the company. The order represents a significant escalation from previous GST matters.

The order was formally received by the company on December 30, 2025 at 3:01 PM IST, as disclosed in the regulatory filing.

Previous GST Matter

This development comes after the company had earlier received a GST demand order from the Office of the Principal Commissioner, Central Goods and Service Tax, Delhi South Commissionerate. That previous order involved a demand of ₹6.37 crores with an equal penalty amount, bringing the total liability to over ₹12.73 crores.

Company's Response Strategy

Max Healthcare Institute's management is currently in the process of seeking rectification of the latest order. In case of an unfavorable outcome from the rectification process, the company may file an appeal before the appropriate authority. This approach mirrors the company's strategy for addressing previous GST matters.

Regulatory Compliance and Disclosure

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company trades on both NSE (Symbol: MAXHEALTH) and BSE (Scrip Code: 543220), requiring timely disclosure of material developments that could impact investor interests.

Cumulative GST Exposure

With both orders combined, Max Healthcare Institute now faces potential GST-related liabilities exceeding ₹67 crores. The company will need to navigate multiple appeal processes while managing the financial implications of these demand orders. The final liability will depend on the outcomes of rectification processes and potential appeals before tax tribunals.

Goldman Sachs has issued a Buy rating for Max Healthcare Institute , setting a target price of ₹1,325.00 per share. This recommendation reflects the investment bank's positive assessment of the healthcare provider's investment prospects.

Analyst Recommendation Details

The following table summarizes Goldman Sachs' recommendation:

Company Profile

Max Healthcare Institute operates as a prominent player in the healthcare sector. The company is classified as a large-cap stock, indicating its substantial market capitalization and established market position. As a healthcare provider, the company operates in a sector that has shown resilience and growth potential.

Investment Implications

The Buy rating from Goldman Sachs suggests that the investment bank views Max Healthcare Institute favorably for potential investors. The target price of ₹1,325.00 represents the analyst's assessment of the stock's fair value based on their evaluation of the company's fundamentals and market position.

This recommendation comes from one of the leading global investment banks, adding credibility to the positive outlook for Max Healthcare Institute's stock performance.