India's Max Healthcare gains as brokerage starts with 'buy'

ReutersSep 10, 2025 4:29 AM

Hospital operator Max Healthcare MAXE.NS climbs 1.6% to 1,171.1 rupees

Nuvama initiates coverage with "buy" rating, PT of 1,430 rupees - implying 24% upside to last close

Says MAXE is set for strong volume-led growth as capacity doubles by FY29; expects revenue CAGR of 20% over FY25-28

Adds, co likely to retain leadership in North India, backed by tech-driven clinical solutions, lower attrition, strong balance sheet and healthy cash flow

MAXE is rated "buy" on avg by 20 analysts, same as rival Apollo Hospitals APLH.NS by 26 analysts - data compiled by LSEG

Median PT on MAXE 1,310 rupees, APLH at 8,788 rupees

YTD, MAXE up nearly 4% vs about 8% rise in APLH

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