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Max Healthcare Institute Results: Latest Quarterly Results & Analysis

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Max Healthcare Institute Ltd. 17 Nov 2025 12:15 PM

Q2FY26 Quarterly Result Announced for Max Healthcare Institute Ltd.

Healthcare Facilities company Max Healthcare Institute announced Q2FY26 results

  • Gross Revenue stood at Rs 2,692 crore, a growth of 21% YoY and 5% QoQ.
  • Network Operating EBITDA stood at Rs 694 crore, a growth of 23% YoY.
  • Operating Margin was 26.9% compared to 26.6% in Q2FY25 and 24.9% in Q1FY26.
  • Network PAT was Rs 554 crore, compared to Rs 349 crore in Q2FY25 and Rs 345 crore in Q1FY26, reflecting a growth of 59% YoY. This includes favourable tax impact of ~Rs 149 crore, arising from accounting of merger of two WoS i.e croreosslay Remedies Limited (CRL) and Jaypee Healthcare Limited (JHL). Excluding this one-time impact, PAT stood at Rs 406 crore, 16% YoY.
  • Free Cash from Operations was Rs 291 crore in Q2FY26 compared with Rs 464 crore in Q2FY25 and Rs 389 crore in Q1FY26.
  • EBITDA per bed was Rs 73.4 lakh compared to Rs 71.2 lakh in Q2FY25 and Rs 68.5 lakh in Q1FY26.
  • Bed occupancy for the quarter was at 77%, with Occupied Bed Days (OBDs) up by 19% YoY.
  • ARPOB for Q2FY26 stood at Rs 77.3k compared to Rs 76.2k in Q2FY25 and Rs 78.0k in Q1FY26.
  • Free treatment provided to 42,522 patients in OPD and 1,547 patients in IPD from the economically weaker sections by the Network Hospitals.
  • Pursuant to the binding term sheet executed in July 2025, JHL, a wholly owned subsidiary (WoS) of the Company, has divested its hospitals located in Village Chitta and Anoopshahr, District Bulandshahr effective September 18, 2025.
  • Hon’ble NCLT Chandigarh Bench approved Scheme of Amalgamation of JHL and CRL, both wholly owned subsidiaries of the Company, with an appointed date of October 5, 2024.
  • The 160 bed brownfield tower, including the additional radiation oncology program, has been commissioned at MSSH Mohali.
  • The 268 bed brownfield tower at Nanavati-Max, Mumbai, is to be commissioned next week.

Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “We continued our strong performance this quarter with Revenue and Operating EBITDA growth of 21% and 23%, respectively. Integration of newly acquired Max Super Speciality Hospital, Noida (erstwhile Jaypee Hospital) is nearly complete. Commissioning of brownfield capacities at Max Mohali, Nanavati-Max and Max Smart is underway and operating leverage from the same will start reflecting in the financial and operating metrics soon.

On-streaming of brownfield capacities and strong underlying demand in our micro markets will further bolster our leadership position in the delivery of quality healthcare to our patients”.

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q1FY26 results

  • Gross Revenue stood at Rs 2,574 crore for Q1FY26, a growth of 27% YoY and 6% QoQ.
  • Network Operating EBITDA stood at Rs 613 crore in Q1FY26, a growth of 23% YoY.
  • Operating Margin stood at 24.9% compared to 25.8% in Q1FY25 and 27.2% in Q4FY25.
  • PAT stood at Rs 345 crore in Q1FY26, up 17%, compared to Rs 295 crore in Q1FY25 and Rs 376 crore in Q4FY25.
  • Free Cash from Operations was Rs 389 crore in Q1FY26 compared with Rs 258 crore in Q1FY25 and Rs 422 crore in Q4 FY25.
  • EBITDA per bed was Rs 68.5 lakh compared to Rs 70.0 lakh in Q1FY25 and Rs 73.9 lakh in Q4FY25.
  • Bed occupancy for the quarter was at 76%, with Occupied Bed Days (OBDs) up by 26% YoY.
  • ARPOB for Q1FY26 stood at Rs 78.0k compared to Rs 77.1k in Q1FY25 and Q4FY25.
  • Free treatment was provided to 39,219 patients in OPD and 1,501 patients in IPD from the economically weaker sections.
  • On August 13, 2025, the Board of Directors of the Company has approved the execution of an agreement to lease for a built-to-suit 130-bed hospital in Dehradun.
  • Jaypee Healthcare Limited, a WoS of the Company, has executed a Binding Term Sheet for the divestment of Chitta (Bulandshahr) and Anoopshahr hospitals consistent with its strategic focus on super-speciality healthcare in larger cities.
  • ~160 beds new tower at Max Mohali is complete, and the company has initiated trial runs in July.

Abhay Soi, Chairman & Managing Director, Max Healthcare Institute, said: “Our sustained growth is a reflection of our strategy and execution capabilities. The commissioning of the 160-bed brownfield tower at Max Mohali, along with additional brownfield capacities coming online at Max Smart and Nanavati-Max shortly, will significantly enhance the clinical and financial performance of the Network.

In parallel, we are scaling up our clinical and support teams, while optimising our service mix to ensure rapid and effective utilisation of the new capacities.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Network gross revenue was Rs 2,429 crore, reflecting a growth of 29% YoY and 2% QoQ. YoY growth was driven by increase in OBDs.
  • Network Operating EBITDA was Rs 632 crore, reflecting a growth of 26% YoY & 2% QoQ. EBITDA Margin for the Network stood at 27.2% compared to 28.0% in Q4FY24 and 27.3% in Q3FY25.
  • Overall EBITDA per bed was Rs 73.9 lakhs compared to Rs 76.0 lakhs in Q4FY24 and Rs 73.0 lakhs in Q3FY25.
  • Profit after tax (PAT) for the quarter stood at Rs 376 crore compared to Rs 311 crore in Q4FY24, and Rs 372 crore in Q3FY25.
  • Free cash from operations was Rs 422 crore versus Rs 412 crore in Q4FY24 and Rs 303 crore in Q3FY25.

FY25 Financial Highlights:

  • For the year ended Mar’25, the Network gross revenue stood at Rs 9,065 crore representing a growth of 26% over the corresponding period last fiscal, mainly driven by increase in OBDs.
  • The Network Operating EBITDA grew by 22% over the year ended Mar’24, and stood at Rs 2,319 crore.
  • The operating margin for year ended Mar’25 was 26.8%, including New Units vs 27.8% in last year.
  • PAT before Exceptional Items for year ended Mar’251 stood at Rs 1,392 crore vs Rs 1,278 crore in year ended Mar’24, registering a growth of 9%.
  • Cash from operations for the Network during year ended Mar’25 was Rs 1,447 crore. Net Debt at the end of year ended Mar’25 stood at Rs 1,576 crore.

Commenting on Q4 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute said: “We are proud to report the 18th consecutive quarter of year-on-year growth in both Revenue and Operating EBITDA — a testament to the strength of our operating model, the trust of our patients, and the relentless efforts of our teams.

We also took significant strategic steps in Q4 to position the Company for long-term growth, including corporate actions and two M&A transactions. Notably, we completed the acquisition of land adjoining MSSH, Vaishali, paving the way for a brownfield expansion in this very busy hospital. As we look ahead, we are excited about commencing the operations at our 3 new brownfield towers in Saket, Nanavati and Mohali hospitals in the next 3 months and adding 1,500 beds to the capacity in the current financial year, which will further reinforce our leadership in quality healthcare delivery across geographies that we operate in.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q3FY25 results

  • Gross Revenue stood at Rs 2,381 crore for Q3FY25, growth of 34% YoY & 7% QoQ.
  • Network Operating EBITDA was Rs 622 crore, a growth of 32% YoY.
  • Operating Margin stood at 27.3% compared to 27.9% in Q3FY24 and 26.6% in Q2FY25.
  • PAT before Exceptional Itemsstood at Rs 390 crore in Q3FY25 compared to Rs 338 crore in Q3FY24 and Rs 349 crore in Q2FY25.
  • Free Cash from Operations was Rs 303 crore in Q3FY25.
  • EBITDA per bed was Rs 73.0 lakh compared to Rs 75.6 lakh in Q3FY24 and Rs 71.2 lakh in Q2FY25.
  • Bed occupancy for the quarter was at 75%, with Occupied Bed Days (OBDs) up by ~36% YoY.
  • ARPOB for Q3FY25 stood at Rs 75.9k as compared to Rs 76.8k in Q3FY24 and Rs 76.2k in Q2FY25.
  • Free treatment provided to 37,465 patients in OPD and 1,264 patients in IPD from the economically weaker sections.
  • Max Dwarka, a 303-bed greenfield hospital launched on July 2, 2024, reported EBITDA breakeven in December, 2024.
  • The Board has approved execution of Agreement-to-Lease, a “built-to-suit” 500-bed hospital in Thane, Maharashtra.
  • The Board has accorded approval for enhancing the bed capacity of upcoming “built-to-suit” hospital in Zirakpur (Mohali) to 400 beds from previous planned capacity of 250 beds.
  • Jaypee Healthcare Limited (JHL) became a wholly-owned subsidiary of MHIL effective November 11, 2024.

Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “We are delighted with our performance this quarter where we have delivered a robust growth of 34% in revenue and 32% in operating EBITDA.

Over the course of this year we have been able to demonstrate remarkable operating efficiencies in all formats of inorganic growth namely greenfield, acquisitions and brownfield.

We have achieved EBITDA breakeven within record time of 6 months from launch at our greenfield hospital in Dwarka.

In addition, at our recently acquired hospitals in Lucknow and Nagpur, we have demonstrated a 67% and 118% YoY EBITDA growth respectively within 9 months of acquisition.

Moreover, we continue to successfully pursue inorganic opportunities. We acquired the marquee Jaypee Hospital, Noida spread over 18 acres, in this quarter. We have also agreed to enter into a builtto-suit (‘BTS’) agreement for establishing a 500-bed hospital in the attractive Thane micro market to expand our footprint in the Mumbai Metropolitan Region and enhance planned capacity at the BTS hospital at Zirakpur, Mohali from 250 to 400 beds.

Finally, with significant brownfield bed additions being commissioned within 6 months, we are poised for an exciting phase of accelerated growth.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q2FY25 results

  • Gross Revenue stood at Rs 2,228 crore for Q2FY25, growth of 22% YoY & 10% QoQ.
  • Network Operating EBITDA was Rs 591 crore excluding Rs 18 crore loss at MSSH Dwarka and Jaypee Hospital one-time transaction expenses of Rs 7 crore, a growth of 19% YoY.
  • Operating Margin excluding loss at MSSH Dwarka and Jaypee Hospital one-time transaction expenses stood at 28.2% compared to 28.7% in Q2FY24 and 25.8% in Q1FY25.
  • PAT stood at Rs 349 crore in Q2FY25 Vs Rs 338 crore in Q2FY24 and Rs 295 crore in Q1FY25. PAT excluding net loss of Rs 26 crore from MSSH Dwarka was Rs 375 crore.
  • Free Cash from Operations was Rs 464 crore in Q2FY25. Of this, Rs 217 crore was deployed for the ongoing expansion plans and upgradation of facilities at New Units. Net Cash as on Sep 30, 2024 was Rs 313 crore.
  • EBITDA per bed,* was Rs 74.5 lakh compared to Rs 75.0 lakh in Q2FY24 and Rs 70.9 lakh in Q1FY25

Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “With the successful launch of MSSH Dwarka and acquisition of Jaypee Hospital, Noida, we have significantly augmented our capacity and capabilities to deliver high quality patient centric care in NCR.

We are encouraged by the enthusiastic response and strong community support to our healthcare offeringsin the new geographies, leading to exceptional performance at New Units. With the planned expansions coming on stream in FY26, we are set to further enhance our capabilities, widen our reach, and deepen our services to cater to the varied needs of our patients.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q1FY25 results:

  • Started commercial operations of 303-bedded Max Super Specialty Hospital located in the heart of South West Delhi (Dwarka) on July 2 2024, (Max Dwarka)
  • Executed agreement to lease for built-to-suit 250-bed hospital at Zirakpur (Mohali), to be developed as per Max specifications by FY28
  • Gross Revenue stood at Rs 2,028 crore for Q1FY25, growth of 18% YoY & 7% QoQ. Revenue from Existing Units grew to Rs 1,929 crore ( 12% YoY and 4% QoQ)
  • Network Operating EBITDA was Rs 499 crore, growth of 14% YoY. This is net off pre-start-up cost of Rs ~6 crore for Max Dwarka. EBITDA from Existing Hospitals stood at Rs 487 crore ( 12% YoY)
  • Operating Margin for Existing Units stood at 26.5% versus 26.8% in Q1FY24 and 28.4% in Q4FY24, New Units acquired in Q4FY24 reported 18% margin
  • EBITDA per bed for Existing Units improved by 6% YoY to Rs 74.7 lakhs in Q1FY25, from Rs 70.4 lakhs in Q1FY24 and Rs 78.5 lakhs in Q4FY24. Overall EBITDA per bed was 70.0 Lakhs
  • PAT stood at Rs 295 crore in Q1FY25 Vs Rs 291 crore in Q1FY24 and Rs 311 crore in Q4FY24
  • Free Cash from Operations5 was Rs 258 crore in Q1FY25. Of this, Rs 213 crore was deployed on the ongoing expansion plans & for upgradation of facilities at New Units. Net Cash6 as on Jun 30, 2024 stood at Rs 66 crore
  • Bed occupancy for Existing Units was 76.6%, withOBDs up by ~5% YoY while New Units reported occupancy of 59%. During the quarter, overall OBDs grew by~14% YoY
  • ARPOB for Existing Units improved by 7% YoY to Rs 80.1k in Q1FY25 vs. Rs 74.8k in Q1FY24 and Rs 78.1K in Q4FY24. New Units reported an ARPOB of Rs 45.3K
  • Free treatment provided to 36,832 patients in OPD and 1,152 patients in IPD from the economically weaker sections

Commenting on Q1 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said: “With launch of Max Super Specialty Hospital, Dwarka, we have added over 900 beds to our capacity so far and have successfully supplemented the momentum of growth in revenues and profitability before augmentation of bed capacity through brown field expansion plans in FY26. In the meanwhile, consistent performance in existing hospitals and encouraging response to our offerings at new units is providing us with confidence to further pursue growth opportunities including newly entered builtto-suit arrangement in Mohali.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q4FY24 & FY24 results:

  • Consummated transactions for 200 bedded Alexis Hospital, Nagpur and 550 bedded Sahara Hospital, Lucknow, and the results of these hospitals have been consolidated effective Feb 9, 2024 and March 7, 2024 respectively
  • Gross Revenue stood at Rs 1,890 crore for Q4 FY24, growth of 15% YoY & 6% QoQ. This includes Rs 42 crore from two acquired hospitals. On a like-to-like basis, the Gross Revenue grew by 13% YoY and 4% QoQ
  • Network Operating EBITDA was Rs 503 crore, growth of 15% YoY & 7% QoQ. This includes Rs 3 crore (net of deal expenses) from two new hospitals. Accordingly, Network Operating EBITDA from Existing Hospitals stood Rs 500 crore, 14% YoY & 6% QoQ
  • Operating Margin3 on a like-to-like basis stood at 28.4% versus 28.2% in Q4 FY23 and 27.9% in Q3FY24
  • EBITDA per bed4 on a like-to-like basis improved by 12% YoY to Rs 78.5 lakhs in Q4 FY24, from Rs 70.3 lakhs in Q4 FY23 and Rs 75.6 lakhs in Q3 FY24
  • PAT stood at Rs 311 crore in Q4 FY24 Vs Rs 320 crore in Q4 FY23 and Rs 338 crore in Q3 FY24
  • Free Cash from Operations was Rs 412 crore in Q4 FY24. During the quarter, Rs 1,341 crore was spent on acquisition of two hospitals, Rs 176 crore was deployed towards ongoing capacity expansion projects & Rs 168 crore was spent towards purchase of land at Shaheed Path, Lucknow. In addition, Net Cash6 as on Mar 31, 2024 stood at Rs 22 crore
  • Bed occupancy on a like-to-like basisin Q4FY24 stood at 75.1% largely owing to capacity constraints. OBDs were up by ~1% YoY on like-to-like basis and ~5% YoY on overall basis
  • ARPOB on a like-to-like basis improved to Rs 78.1k in Q4 FY24 vs. Rs 70.7k in Q4FY23 and 76.8K in Q3FY24. New hospitals reported an ARPOB of 46.1K
  • Free treatment provided to 35,224 patients in OPD and 1,190 patients in IPD from the economically weaker sections
  • Gross Revenue for the year ended Mar 31, 2024 stood at Rs 7,215 crore, up 16%, Network Operating EBITDA in FY24 was Rs 1,907 crore, an increase of 17%. Operating Margin for FY24 stood at 27.8%

Commenting on Q4 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute Ltd., said: “We are happy to consummate two long drawn inorganic deals during the quarter. These transactions add significant capacity going forth and allow for additional brownfield opportunities in the fastgrowing markets of UP & Maharashtra. The existing hospital network is consistently improving its performance and generating stable cashflows, enabling us to look for more inorganic opportunities while we expand the existing capacities.”

Result PDF

Healthcare Facilities company Max Healthcare Institute announced Q3FY24 results:

  • Gross Revenue stood at Rs 1,779 crore for Q3FY24, 14% growth YoY
  • Network Operating EBITDA was Rs 471 crore, growth of 12% YoY
  • Operating Margin stood at 27.9% versus 28.3% in Q3FY23 and 28.7% in Q2FY24
  • EBITDA per bed improved to Rs 75.6 lakhs in Q3FY24, from Rs 66.9 lakhs in Q3FY23 and Rs 75.0 lakhs in Q2FY24
  • PAT grew by 26% YoY to Rs 338 crore in Q3FY24 Vs Rs 269 crore in Q3FY23 and Rs 338 crore in Q2FY24
  • Cash from Operations was Rs 226 crore in Q3FY24 of this Rs 137 crore was spent towards ongoing capacity expansion projects & Rs 97 crore was paid as dividend; Net Cash as of Dec 31, 2023, stood at Rs 1,295 crore
  • Bed occupancy in Q3FY24 stood at 73% and OBDs were lower by ~1% YoY
  • ARPOB improved to Rs 76.8k in Q3FY24 vs. Rs 66.8k in Q3FY23 and 74.6K in Q2FY24
  • Free treatment provided to 36,695 patients in OPD and 1,249 patients in IPD from the economically weaker sections
  • YoY growth in EBITDA was impacted due to movement in provision for doubtful debts, reversal of provision for Phantom Stock Plan in Q3FY23, GST costs on variable fees and one-time litigation costs, with an overall impact of ~Rs 25 crore on a like-to-like basis

Commenting on Q3 results, Abhay Soi, Chairman, and Managing Director, Max Healthcare Institute, said: “We continue to witness positive trends on all parameters like ARPOB, EBITDA per bed, etc. even during this quarter, translating into revenue and profitability growth, despite expected softness in occupancies due to festive season. Further, our entry into central UP through the acquisition of Sahara Hospital will strengthen our presence in Northern India and will act as a stepping stone in growing Max Healthcare’s presence in the region.”

 

Result PDF

Max Healthcare Institute announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Gross Revenue stood at Rs 1,827 crore for Q2FY24, 17% growth YoY & 6% growth QoQ
    • Network Operating EBITDA was Rs 497 crore, growth of 21% YoY and 14% QoQ
    • Operating Margin stood at 28.7% versus 27.7% in Q2FY23 and 26.8% in Q1FY24
    • EBITDA per bed improved to Rs 75.0 lakhs in Q2FY24, from Rs 64.3 lakhs in Q2FY23 and Rs 70.4 lakhs in Q1FY24
    • PAT stood at Rs 338 crore in Q2FY24 versus Rs 267 crore in Q2FY23 and Rs 291 crore in Q1FY24
    • Free Cash from Operations stood at Rs 436 crore in Q2FY24, of this Rs 90 crore was spent towards ongoing capacity expansion projects; Net Cash surplus as of Sep 30, 2023, was Rs 1,303 crore
    • Bed occupancy in Q2FY24 stood at 77% and Occupied Bed Days (OBD) grew by 3% YoY
    • ARPOB improved to Rs 74.6k in Q2FY24 vs. Rs 66.0k in Q2FY23 and 74.8k in Q1FY24, growth of 13% YoY & flat QoQ
    • Free treatment provided to 38,972 patients in OPD and 1,295 patients in IPD from the economically weaker sections
  • H1FY24:
    • For H1FY24 the Network gross revenue stood at Rs 3,546 crore representing a growth of ~17% over H1FY23, driven by growth in ARPOB and an increase in OBDs.
    • The Network Operating EBITDA grew by 20% over H1FY23, and stood at Rs 933 crore.
    • Further the Operating margin for H1FY24 was 27.8%, compared to 27.1% in H1FY23.
    • PAT for H1FY24 stood at Rs 628 crore, representing a growth of 27% on a like-to-like basis

Commenting on Q2 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said, “Q2 results are in line with our expectations and reflect the continuous focus on execution at the grass root level. We are well-poised to absorb the addition to network bed capacity in the coming years, while we evaluate M&A targets for inorganic growth. I am happy to note that Max Dwarka has applied for an occupancy certificate and we look forward to operationalising the hospital in Q4FY24. We continue to see attractive opportunities for significant investments in the sector.”

 

Result PDF

Max Healthcare Institute announced Q1FY24 results:

  • Gross revenue stood at Rs 1,719 crore for Q1FY24, 17% growth YoY & 5% growth QoQ
  • Network operating EBITDA was Rs 436 crore, with growth of 18% YoY and flat QoQ, despite Q1 traditionally being a weak quarter compared to Q4
  • Operating margin stood at 26.8% versus 26.5% in Q1FY23 and 28.2% in Q4FY23
  • EBITDA per bed improved to Rs 70.4 lakh in Q1FY24, from Rs 62.0 lakh in Q1FY23 and Rs 70.3 lakh in Q4FY23
  • PAT stood at Rs 291 crore in Q1FY24 versus Rs 229 crore in Q1FY23 and Rs 320 crore in Q4FY23
  • Cash from operations was Rs 261 crore in Q1FY24, of this Rs 38 crore was spent towards ongoing capacity expansion projects; net cash as on June 30, 2023, stood at Rs 957 crore
  • Bed occupancy in Q1FY24 stood at 74% and Occupied Bed Days (OBD) grew by 3% YoY. Network bed capacity stood at 3,550 Beds after the addition of 30 new beds at Max Shalimar Bagh, over and above the 92-bed Oncology Block commissioned in Mar 2023
  • ARPOB5 improved to Rs 74.8k in Q1FY24 vs. Rs 66.0k in Q1FY23 and 70.7K in Q4FY23
  • Free treatment provided to 37,516 patients in OPD and 1,260 patients in IPD from the economically weaker sections

Commenting on Q1FY24 results, Abhay Soi, Chairman and Managing Director, Max Healthcare Institute, said, “I am happy that despite the traditionally weak Q1, we could deliver our highest ever quarterly revenue and improve profitability at bed level. While our installed capacity increased by 4% on a YoY basis, we maintained our occupancy levels with higher occupied beds across the Network. In the past year, we have significantly strengthened our projects and digital teams to reinforce our thrust in both these areas, which is intrinsic to our growth going forward. I am proud of the success and positive feedback received for our Max MyHealth app which has now been fully rolled out.”

 

Result PDF

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