Max Healthcare Institute (MAXHEALT IN) – Q3FY26 Result Update – Seasonality and certain offs impacted Q3 – BUY
Published on 09 Feb 2026
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. MAXHEALT operational efficiency has been commendable, especially in competitive markets like NCR. Our FY27E/28E EBITDA stands cut by 4% and we expect EBITDA to grow at 21% CAGR over FY26-28E. At CMP, stock is trading at 26x EV/EBIDTA on FY28E. We ascribe 32x EV/EBITDA based on FY28E. Maintain ‘BUY’ rating with revised TP of Rs. 1,300/share.
