Buy

We maintain a BUY rating on Fortis Healthcare with a target price of Rs 1,070/share

We met IKS’ management at I-Sec conference. IKS is focusing on continuing the traction on full-platform deals, increasing cross-selling with AQuity clients, using AI to gain operating margin leverage and increase non-linearity between revenue and headcount growth and working with hospitals.

We maintain a BUY rating on the stock.

We maintain our BUY rating on the stock.

Global Health (Medanta) delivered better-than-expected revenue (9% beat) in 2QFY26. However, it delivered marginally lower-than-expected EBITDA/PAT (3%/2% miss) for the quarter.

Apollo Hospitals Enterprises (APHS) delivered largely in-line revenue for the quarter. It delivered better-than expected EBITDA/PAT, led by improved profitability in the hospitals/Healthco business.

Quarterly Update Q2FY26

Metropolis delivered a strong beat in operational performance in Q2FY26 led by renewed focus on margin improvement. Metropolis is unlikely to pursue any acquisition in the near term, until the company completes the integration of its recently acquired assets like Core Diagnostics.

Q2FY26 Results- well-rounded growth with continued margin expansion- Revenues grew ~13% YoY to 6303 crore, driven by growth across segments. EBITDA grew 15% to 941 crore and EBITDA Margins improved 34 bps to 14.9%, driven by improved profitability at AHLL (Diagnostic and Retail Healthcare) and Healthcare Services (Hospitals). Healthcare services division (Hospitals) revenues grew 9% YoY to 3169 crore on the back of growth in Inpatient Volume (up 2%) and 7% increase in Price & case...

In-line with our estimate, Indraprastha Medical Corporation’s Q2 revenue/EBITDA/PAT rose 9/12/17% y/y. The EBITDA margin rose 50bps y/y to 18.7% (vs. ARe of 19.3%), on improved volume and prices.

Dr. Agarwal Health Care’s (DAHL) 2QFY26 revenue was in line with our expectation, whereas EBITDA/PAT came in 5%/11% above our estimates. Robust growth in surgeries and opitcals/pharmacy products was supported by better realization.

BUY with a target price of Rs 792, implying an upside of ~10% from the CMP.

Thyrocare Technologies (Thyrocare) Q2FY26 revenue/EBITDA/PAT was ~1%/14%/26% ahead of our expectations. Both the pathology divisions continue to boost growth with partnership/franchise segment posting 35%/20% growth driven by an uptick in volumes (up ~24%/11%, respectively).

BUY with a target price of Rs 702 implying an upside of 10% from the CMP

We initiate coverage on Rainbow Children's Medicare with a BUY recommendation and a DCF based Target Price (TP) of Rs 1,625/share (EV/EBITDA of 23x H1FY28E EBITDA), implying an upside of 20% from the CMP.

Well planned expansion based on proven track record incorporated in the year 2000 and is one of the largest corporate healthcare groups in Andhra Pradesh and Telangana in terms of patients treated and treatments offered. The hospital operates in five geographic clusters- i) Andhra Pradesh; ii)...

In Q1FY26, Krsnaa Diagnostics (Krsnaa) reported revenue of ?193 crores, up 13.4% YoY. EBITDA improved 20.5% YoY to ?51.4 crores, resulting in a margin expansion to 26.6% in Q1FY26 vs. 25.1% in Q1FY25, showing efficiency, cost controls, and disciplined execution across PPP and retail units.

The proposed merger of Dr. Agarwal Eye Hospital (AEHL) with Dr. Agarwal Healthcare (AHCL) would consolidate the businesses of AHCL and AEHL into a single entity.

We maintain a BUY rating on the stock with a TP of Rs 1,450/share, implying an upside potential of 19% from the CMP.

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...