The brokerage has assigned a target price of Rs 1,320, translating to an upside of 29% from current levels. Max Healthcare plans to double its bed capacity over the next three to four years, with most of the expansion coming through brownfield additions, which typically have shorter breakeven periods and higher EBITDA margins. The company’s new Dwarka facility broke even in a record six months and began contributing to EBITDA from 4QFY25, underscoring strong demand in Max’s largest market.
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