Max Healthcare Institute (MAXHEALT IN) – Q2FY26 Result Update – Strong quarter; insurance issues resolved – BUY
Published on 19 Nov 2025
Max Healthcare Institute (MAXHEALT) reported strong EBITDA growth of 23% YoY to Rs 6.94bn. 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 FY27E/28E EBITDA stands cut marginally by 2-3% and we expect EBITDA/PAT to grow ~2x over FY25-28E. We ascribe 35x EV/EBITDA based on Sept 2027E. Maintain ‘BUY’ rating with TP of Rs. 1,400/share.
