HSBC has maintained a ‘Hold’ rating on Max Healthcare Institute Ltd, assigning a target price of ₹1,055, which implies a 7.8% downside from the current market price of ₹1,144 (as of latest close).
The brokerage termed Q4 FY25 operational performance as in line, with revenue growth driven by newer hospitals, while mature facilities continued to deliver steady numbers. HSBC acknowledged Max’s ongoing bed expansion strategy as a key growth lever, especially with the upcoming capacity additions in FY26.
However, despite the growth visibility, HSBC noted that valuation appears stretched, and it sees limited scope for a meaningful re-rating from current levels.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions.
