04-Nov-2026 08:21:56

CLSA on Max Health ; O-P, TP Rs 1160

Reported network revenue growth of 18% YoY, mainly driven by an increase in operational beds, while its margin remained flattish YoY despite high bed additions. Max’s plan to increase bed capacity by c.65% over FY27-30 is progressing as planned. It expects its greenfield/brownfield facilities to breakeven within 1-year/1-quarter of operations (achieved historically) Expect margins to improve as operating leverage increases from higher occupancies at its newer facilities.

MAX HEALTHCARE INS LTD

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