Max Healthcare Institute (MAXHEALT IN) – Q4FY26 Result Update – Growth to improve from FY27 – BUY
Published on 24 May 2026
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 Dwarka unit. MAXHEALT operational efficiency has been commendable, especially in competitive markets like NCR. Our FY27E/28E EBITDA stands cut by 3-4% and we expect EBITDA to grow at 20% CAGR over FY26-28E. At CMP, stock is trading at 26.5x EV/EBIDTA on FY28E. We ascribe 30x EV/EBITDA based on FY28E. Maintain ‘BUY’ rating with revised TP of Rs. 1,175/share.
