Tepid Mar-Q, delays in bed additions drive sharp Ebitda cuts

Research evidence excerpt

Tepid Mar-Q, delays in bed additions drive sharp Ebitda cuts

India | Pharmaceuticals

Max Healthcare Institute EquityMayResearch22, 2026

TARGET | ESTIMATE CHANGETepid Mar-Q, delays in bed additions drive

RATING BUYsharp Ebitda cuts

PRICE INR1,023.25^

Mar-Q was tepid but broadly in line, with revenue/Ebitda up 10%/11% YoY.

INR1,230 (INR1,320) |

ARPOB (~INR77.9k) and occupancy (~75%) held steady. Lower contribution PRICE TARGET | % TO PT +20%

from oncology therapy weighed on revenue along with upfront costs for 52W HIGH-LOW INR1,314.30 - INR903.50

recently commissioned brownfield facility at Saket and Nanavati. Expansion FLOAT (%) | ADV MM (USD) 69.9% | 24.78

pipeline strengthened (Lucknow, Kalinga acquisition), though timelines MARKET CAP INR1.0T | $10.4B

remain aggressive; multiple delays lead to 6% EBITDA cut. Maintain Buy with TICKER MAXHEALT IN

PT of INR1,230. ^Prior trading day's closing price unless otherwise

noted.

Mar-Q was in-line: Mar-Q Revenue grew 10% YoY to Rs25.4bn (in-line), Ebitda grew 11% YoY

to Rs6.78bn (in-line) while PAT grew 3% YoY to Rs3.9bn (3% miss due to higher tax). ARPOB in FY (Mar) CHANGE TO JEFe JEF vs CONS

the quarter was at 77.9k/day, in-line with our estimates, occupancy was at 75% (JEFe: 75.4%). 2027 2028 2027 2028

Revenue was impacted by discontinuation of select onco drugs for insti. patients, ex oncology, REV* NM -2% NA NA

gross revenue grew 15% YoY. EBITDA -6% -6% NA NA

Bed commissioning gathers pace in Mar-Q: 400-bed brownfield tower at Max Smart hospital

was commissioned in April-26 with 156 beds already operational. 160 brownfield beds were 2027 (INR) Q1 Q2 Q3 Q4 FY

started at MSSH, Mohali and 116 beds have been operational at Nanavati out of the 280 bed EBITDA -- -- -- -- 31,224.1

brownfield capacity. PREV 33,263.4

*Rev. (MM)