Buy Max Healthcare; target of Rs 1240: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Max Healthcare

Max Healthcare (MAXH) delivered slightly better-than-expected operational performance in 2QFY25. The annualized EBITDA per bed improved to INR7.8m from INR7.0m QoQ at its existing centers, led by superior case mix and payor mix during the quarter. Maxlab has also witnessed strong improvement in margins (up 500bp YoY/ QoQ each to 17%). We largely retain our estimates for FY25/FY26/FY27. We value MAXH on an SoTP basis (35x EV/EBITDA for hospital business, 26x EV/EBITDA for Maxlab business, 6x EV/Sales for Max@home) to arrive at our TP of INR1,240.

Outlook

We largely retain our estimates for FY25/FY26/FY27. We value MAXH on an SoTP basis (35x EV/EBITDA for hospital business, 26x EV/EBITDA for Maxlab business, 6x EV/Sales for Max@home) to arrive at our TP of INR1,240.

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Max Healthcare_08112024_Motilal Oswal