Max Healthcare Share Price Target 2026: Brokerage firms Nuvama and Emkay have offered mixed outlook on healthcare giant Max Healthcare’s stock following the announcement of its earnings for the fourth quarter of the financial year ending March 2026.
Shares of Max Healthcare closed at Rs 1025.00 on Friday, up 0.17 per cent from the previous close.
Created with AI. Errors are possibleOn the financial front, the company reported a 3 per cent increase in network profit after tax to Rs 387 crore in the fourth quarter ended March 31, 2026.
Max Healthcare Share Price Target 2026
Nuvama on Max Healthcare’s stock
Brokerage firm Nuvama has maintained a Buy rating on the healthcare stock with a target price of Rs 1,023.
“We believe Max is well-positioned to sustain volume-led growth over the next few years with capacity nearly doubling to ~9,400 beds in FY30E, backed by ~70% brownfield expansion at high-occupancy hospitals and ramp-up in new units. Recent addition of clinicians and Kalinga acquisition are near to mid-term triggers. At CMP, the stock trades at 30x/36x FY27E/28E EV/EBITDA; retain ‘BUY’ with a TP of
INR 1,200 valuing the stock at 32x EV/EBITDA on 12M-Sep-27E EBITDA,” the brokerage said in a note.
Emkay on Max Healthcare’s stock
The brokerage firm has retained an Add rating on Max Healthcare’s stock with a target price of Rs 1,125.
“Max Healthcare’s (Max HC) Q4FY26 print was largely in line with our estimates, as network revenue/EBITDA grew 10%/18% YoY, respectively. Revenues were impacted by the discontinuation of select high-value chemo drugs for institutional patients; however, ex-oncology IP revenues grew 15% YoY. Given that ~75% of the planned bed additions over the next two years are brownfield in nature, we expect execution risks to be limited,” Emkay said in a note.
“Further, the management remains focused on progressing its greenfield expansion plans (primarily the Gurugram Sec-56 and new Lucknow units), underpinning Max HC’s long-term growth potential. With Max HC’s proven track record of rapidly ramping up new units, we expect 20% revenue CAGR over FY26-28E, driven by OBD/ARPOB CAGR of 15%/5%. Factoring in the Q4 results and commissioning-related delays, we trim our FY28 revenue/EBITDA estimates by 1%/3%. We retain ADD, with unchanged Mar-27E TP of Rs 1,125 (SoTP methodology), implying 28x Mar-28E EV/EBITDA (~20% premium to the sector average),” the brokerage added.
The company, which had posted a network profit after tax (PAT) of Rs 376 crore in the corresponding quarter previous fiscal, said its board has approved an investment of Rs 1,400 crore for construction of a 712-bed greenfield hospital at Shaheed Path, Lucknow.
Bed occupancy for the quarter was at 75 per cent, with occupied bed days (OBDs) up by 8 per cent YoY, while ARPOB (average revenue per occupied bed) for Q4 FY26 stood at Rs 77,900 compared to Rs 77,100 in Q4 FY25, the company said.
The board of directors has recommended a final dividend of Rs 2 per equity share of face value of Rs 10 for 2025-26, it added.
For the financial year ended March 31, 2026, the network gross revenue stood at Rs 10,538 crore while network PAT after exceptional items stood at Rs 1,631 crore in FY26, compared to Rs 1,336 crore in FY25, up 22 per cent, it added.
Max Healthcare Institute Ltd CMD Abhay Soi said the network delivered its 22nd consecutive quarter of year-on-year growth, with revenue increasing by 10 per cent.
The company has commenced phased commissioning and ramp-up of brownfield expansions across Mohali, Mumbai and Delhi, representing approximately 20 per cent capacity addition, he added.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
