Medanta and Max Healthcare: Noida Hospitals visit takeaways

研报英文原文证据摘录

Medanta and Max Healthcare: Noida Hospitals visit takeaways

capacity additions: Noida is well positioned for sustained healthcare growth Price (17 Jun 26): Rs1,254.40

despite capacity additions, supported by a large, under-served catchment that Price Target (Mar-27): Rs1,500.00

extends beyond the city into Greater Noida and key feeder corridors such as

Ghaziabad/Meerut and wider Western UP. A supportive macro tailwind is the

continued build-out of industrial and corporate corridors in and around Noida,

alongside a growing working population and improving paying capacity

(Western UP in particular is viewed as a cash-rich belt). Historically, the region

was served largely by government hospitals and smaller nursing homes, with

complex cases often referred into Delhi, underscoring the headroom for

organized tertiary/quaternary care locally. With core NCR population

expected to reach ~147mn by 2041 (~79mn currently, per PIB), we believe

overcapacity concerns are somewhat overstated. In terms of competitive

landscape, the key organised/corporate chains in the market include Max,

Yatharth and Medanta, while providers such as Felix and Kailash are more

secondary-care oriented.

• Medanta: High-quality build, encouraging ramp-up, and strong

operating leverage ahead: Facility & positioning: Medanta Noida is a high-

quality, patient-centric facility with ~1,000-1,200 sqft/bed, with direct metro

connectivity, ~90+ ICU beds and 4 cath labs, positioned as a regional

quaternary platform with a capability/complexity-led ramp. Most clinicians

have joined from Max, Fortis and Apollo. Ramp-up metrics: The unit has

~380 beds operational (270+ census beds) with headroom to expand to ~550,

it is almost touching ~Rs240+mn/month revenue, with management planning