Max Healthcare – Price cap, team exits hurt oncology; bed ramp-up aided growth; maintain BUY

Max Healthcare posted a stable performance in Q1FY27, with revenue/EBITDA/PAT rising by 15/15/4% y/y. Consolidated revenue grew 15% y/y to Rs28.3bn (ex-Onco up 20% y/y), while Max Labs/Max@Home revenue came in at Rs580/780m (up 20/32% y/y). Overall occupancy remained flat y/y at 75%, while ARPOB rose 5% y/y to Rs81,900. Other highlights: (a) The board...