Max Healthcare Institute Ltd. share price target

The company's impressive Q1FY26 performance, which saw robust revenue growth, was fuelled by higher occupancy rates and ARPOB. This in turn led to an expansion in margins and profitability. The company's ambitious expansion plan to double its capacity over the next 4-5 years remain on track, with plans to add approximately 1,000 brownfield and 500 greenfield beds. The healthy growth and occupancy trends observed in the existing and recently acquired units further reinforce the positive outlook. The stock is trading at elevated valuations therefore we downgrade...

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...

Dwarka unit achieved break-even vs loss of Rs50mn in Q3. YoY to Rs 6.32bn; in line with our estimates. The company showed phenomenal additions. We expect pick-up in the growth momentum given 1) strong expansion plans (+3500 additional beds over FY24-27E), 2) improving payor mix and 3) Bolt on acquisitions like recently added in Lucknow, Nagpur and...

Bed expansion to bolster growth

We maintain a BUY rating on MAXHEALTH with a target price of Rs 1,315/share, representing an upside potential of 26% from the CMP.

We Initiate coverage on Max Healthcare Ltd. with a BUY rating and a target price of Rs 1,315/share, offering a 18% upside from the CMP.

Max Healthcare (MAXH) delivered slightly better-than-expected operational performance in 2QFY25. The annualized EBITDA per bed improved to INR7.8m from INR7.0m QoQ at its existing centers.

Max Healthcare (MAXHEALT) has aggressively increased its bed capacity through both organic and inorganic routes over the past three years.

Max Healthcare (MAX) delivered in-line performance for 4QFY24. The
quarterly EBITDA continues to inch up since the listing (Aug’20), reaching
INR4.9b for 4QFY24. Max has demonstrated superior execution across its
hospitals, Max Lab, and Max@home segments, supported by a growing
number of patients and improved realizations.

Healthy run continues