Max Healthcare is in focus following its Q4 FY25 results, with brokerages offering mixed views on the stock. While UBS turned more bullish, raising its target price to Rs 1,350 and reiterating a buy call, HSBC has maintained a hold rating with a more cautious outlook.
UBS – Buy, Target Price: Rs 1,350
UBS believes Max Healthcare delivered an impressive Q4 performance and expects further upside. The brokerage highlighted that the company plans to add 1,200 beds (a 25 percent increase)—mostly through brownfield expansion—in FY26, which should support medium-term growth. UBS sees room for consensus earnings upgrades and believes Max will continue trading at premium multiples.
HSBC – Hold, Target Price: Rs 1,055
HSBC maintained a neutral stance, stating Q4 was operationally in line with growth driven by newer hospitals while mature units remained steady. While acknowledging Max’s ongoing bed expansion, HSBC expressed limited confidence in valuation re-rating, citing already rich valuations and a balanced risk-reward.
Summary
| Brokerage | Rating | Target Price | View |
|---|---|---|---|
| UBS | Buy | Rs 1,350 | Bullish; earnings upgrades likely, strong growth outlook |
| HSBC | Hold | Rs 1,055 | Cautious; expansion priced in, limited upside seen |
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a financial advisor before making any investment decisions.
