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Informist, Tuesday, May 19, 2026

By Gunjan Rajput

NEW DELHI - Max Healthcare Institute Ltd. is expected to report a nearly 38% on-year rise in its revenue and net profit for the March quarter, driven primarily by volume growth, led by bed additions, and a ramp-up of newly commissioned facilities, according to analysts.

The healthcare service provider's consolidated net profit is expected to be INR 4.39 billion and revenue is estimated to be INR 26.33 billion for the reporting quarter, according to the average of estimates from seven brokerages. Sequentially, the net profit and the revenue are seen rising nearly 26% and over 27%, respectively.

The highest estimate for the bottom line is INR 5.73 billion from Anand Rathi Share and Stock Brokers Ltd. and the lowest is INR 3.90 billion from Emkay Global Financial Services Ltd. The highest revenue estimate for the company is INR 27.15 billion from Anand Rathi Share and Stock Brokers, while the lowest is INR 25.65 billion from Emkay Global Financial Services.

The addition of 140 beds at Nanavati and Mohali hospitals, along with improved contribution from new hospital units, is likely to support revenue growth for the reporting quarter, according to brokerages. Growth is expected to be largely volume-driven, with average revenue per occupied bed remaining stable on a sequential basis and rising marginally on a year-on-year basis.

"Average revenue per occupied bed is expected to remain stable at INR 77,800, impacted by the addition of institutional and insurance patients," said Motilal Oswal Financial Services Ltd. The average revenue per occupied bed for the December quarter was INR 77,900. Motilal Oswal Financial Services also said revenue growth is likely to be supported by the normalisation of cashless insurance disruption.

However, overall occupancy is likely to decline year-on-year due to the addition of new beds during the March quarter, which expands the base, even as patient volumes increase. "Overall occupancy is likely to decline due to the addition of new beds at Nanavati and Mohali during Q4 (March Quarter), Nuvama Wealth Management Ltd. said in its report.

The revenue is also expected to be supported by contributions from other businesses, such as Max Lab and Max@Home. "We expect Max Lab and Max@Home to post 12% yoy (year-on-year) and 20% yoy (year-on-year) sales growth, respectively," Kotak Securities Ltd. said in its report.

The company's earnings before interest, tax, depreciation, and amortisation are pegged at INR 6.80 billion, according to the estimates of six brokerages. The highest EBITDA estimate for the company is INR 7.14 billion from Nuvama Wealth Management, while the lowest is INR 6.55 billion from Kotak Securities.

"We anticipate moderate EBITDA growth of 9% YoY (year-on-year) impacted by Central Government Health Scheme drug-related impact to oncology segment," said Prabhudas Lilladher Pvt. Ltd.

For the financial year 2025-26 (Apr-Mar), the company is expected to report consolidated net profit at INR 16.24 billion–INR 16.90 billion. The highest estimate is from Emkay Global Financial Services and the lowest estimate from Prabhudas Lilladher. The company's revenue for FY26 is expected in the range of INR 100.56 billion–INR 100.90 billion. The highest estimate is from Prabhudas Lilladher and the lowest estimate is from Emkay Global Financial Services.

Max Healthcare Institute will declare its March quarter results on Thursday. At IST 1413, shares of the company traded at INR 1,070.65 on the National Stock Exchange, up over 1%. The shares are up nearly 3% since the company reported its December quarter results.

Out of the seven brokerage reports on the company available with Informist, six have 'buy' recommendation on the stock with an average target price of INR 1,268. This is over 18% higher than the current market price. One brokerage has a 'sell' rating on the stock with a target price of INR 988.

The following are the March quarter earnings estimates for Max Healthcare Institute from seven brokerages in descending order of the estimate of net profit in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Akul Nishant Akhoury

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