Jefferies has retained its buy rating on Max Healthcare with a target price of ₹1,400 after the company reported a better-than-expected revenue performance in the September quarter. While EBITDA was broadly in line, the brokerage said PAT was boosted by a one-off item, with adjusted PAT also tracking in line with estimates. Jefferies added that the recent revision in CGHS rates is expected to lift FY27–28 EBITDA by around 5%.
According to the brokerage, Max is on track to add 1,300 beds during the second half of FY26, with 800 of these being brownfield additions that tend to ramp up faster. Jefferies noted that the company plans to operationalise new beds in phases, which should limit the negative impact on margins typically seen during large-scale capacity expansion.
The brokerage believes the combination of strong volume traction, timely commissioning and favourable reimbursement changes supports a steady medium-term growth outlook.
Disclaimer: The views above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.
