Max Healthcare Institute (MAXHEALT IN) – Q2FY27 Result Update – Improving growth visibility – BUY
Published on 04 Nov 2026
Max Healthcare Institute (MAXHEALT) reported strong quarter with EBITDA growth of 18% YoY to INR 8.2bn. Sequentially growth rebound with new bed addition and seasonality. The YoY growth was impacted due to ongoing discontinuation of chemo drugs for institutional patients which will be in base from Q3FY27. We expect growth to further pick-up with benefits of new bed addition (including new brownfield beds at Nanavati, Mohali and Max Smart), CGHS price revision benefit and further ramp up at Noida, Dwarka and turnaround of Kalinga unit at Bhubaneswar. MAXHEALT operational efficiency has been commendable, especially in competitive markets like NCR. Our FY27E/28E EBITDA remains unchanged, and we expect EBITDA to grow at 19% CAGR over FY26-29E. At CMP, stock is trading at 23x EV/EBIDTA on FY28E. We ascribe 26x EV/EBITDA based on Sept 2028E. Maintain ‘BUY’ rating with TP of Rs. 1,080/share.
