Max Healthcare Institute Ltd. share price target

Sec 56 Gurgaon bed commercialization by FY27 end. Max Healthcare Institute (MAXHEALT) reported soft quarter with EBITDA growth of 8% YoY to Rs 6.82bn. The growth was impacted due to ongoing discontinuation of chemo drugs for institutional patients. Further bed addition was negligible which also impacted growth in FY26. We expect growth to improve from FY27 with benefit of new bed addition, CGHS price revision benefit and further ramp up across Noida and...

Max Healthcare's prospects are promising, given its steady operational performance. The Lucknow hospital expansion plan remains on track and is expected to support topline growth. The government's renewed focus on healthcare infrastructure upgrade is providing a long-term boost, and the recent revision in Central Government Health Scheme (CGHS) prices is likely to support its revenue in the future. Owing to the solid foundation, promising outlook, and strong track...

Broadly in-line with Ce and ARe, Max Healthcare reported a steady performance in Q3FY26, with revenue/EBITDA/PAT rising by 9/4/10% y/y.

Multiple levers to unlock growth from existing capacity, normalization of payor mix, CGHS benefit flow-through, and commissioning of new beds. Max Healthcare Institute (MAXHEALT) reported muted EBITDA growth of 4% YoY to Rs 6.5bn. The growth was impacted due to weak seasonality and certain offs. Further delay in bed addition also impacted growth in FY26. We expect growth to improve from FY27 with benefit of new bed addition, CGHS price revision benefit and further ramp up across Noida and Dwarka unit....

We maintain a BUY rating on the stock.

Max Healthcare (MAXH) reported a largely in-line financial performance in 3QFY26. After several quarters of strong YoY growth in EBITDA, MAXH posted a modest 2% YoY growth in 3Q.

We maintain a BUY rating on the stock with a TP of Rs 1,425/share, implying an upside potential of 27% from the CMP.

Max Healthcare (MAXH) reported in-line revenue and slightly better-thanexpected EBITDA in 2QFY26. The overall performance was robust, with consistent 20%+ YoY revenue growth and better or in-line EBITDA YoY growth.

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.