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Max Healthcare Institute (MAXHEALT) reported healthy EBITDA growth of 23% YoY to Rs 6.14bn; in line with our estimates. The company showed phenomenal growth with ~19% EBITDA CAGR over FY22-25. We expect pick-up in the growth momentum given 1) strong expansion plans (+3700 additional beds over FY25-28E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and Noida. Operational efficiency has also been commendable, especially in competitive markets like NCR. Our FY26E/27E...
SAMHI IN reported a miss at operating level with EBITDA margin of 33.2% (PLe 34.7%) as revenue growth in May-25 dropped to mid-single digit due to geopolitical events. However, recovery was swift in June-25 with same-store RevPAR registering a growth of 10.3% YoY to Rs4,760 in 1QFY26. We expect top-line CAGR of 13% over the next 2 years led by addition of 245 keys with an EBITDA margin of 37.5%/38.8% in FY26E/FY27E. After the fund infusion by GIC...
Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs8.5bn (up 26% YoY), was 6% above our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.2bn), EBITDA was Rs9.7bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business complemented by the fastgrowing omni-channel digital health business. Scale-up in Apollo HealthCo has been on track with likely breakeven in EBITDA of digital business over the next 3-4 quarters. The management guidance of Rs20bn EBITDA of the merged entity by FY28 provides comfort. Further, mgmt. has also announced the...
We downgrade our rating from “BUY” to ‘ACCUMULATE on the stock, as we expect elevated capex, minimal immediate revenue delta from localization, and a cautious domestic demand outlook in the near term.
Net profit slightly beat estimates by 1.4% (up by 12.1% y-o-y and down by 4.3%) to Rs. 224 crore driven by AUM and NII growth, however partially offset by higher credit cost.
Suzlon has been delivering strong performance over the last few quarters. It had a very good FY25, wherein it: bagged wind turbine orders worth ~3.6GW – its order book (OB) swelled to >5GW; entered PSU orders, potentially opening the door for further penetration in the fast-growing PSU segment.
