Max Healthcare Institute (MAXHEALT IN) – Q1FY27 Result Update – Growth trajectory will continue to improve – BUY
Published on 16 Aug 2026
Max Healthcare Institute (MAXHEALT) reported in line quarter with EBITDA growth of 15% YoY to Rs 7.04bn. Sequentially growth rebound with new bed addition. The YoY growth was impacted due to ongoing discontinuation of chemo drugs for institutional patients which will be in base from Q3FY27. We expect sequential growth to continue with benefit of new bed addition, CGHS price revision benefit and further ramp up across Noida and Dwarka unit. MAXHEALT operational efficiency has been commendable, especially in competitive markets like NCR. Our FY27E/28E EBITDA remain unchanged and we expect EBITDA to grow at 19% CAGR over FY26-28E. At CMP, stock is trading at 27x EV/EBIDTA on FY28E. We ascribe 30x EV/EBITDA based on FY28E. Maintain ‘BUY’ rating with TP of Rs. 1,150/share.
