Max Healthcare, Oil India, Ahluwalia Contracts, Ashoka Buildcon Q2 Results Review - HDFC Securities

Max Healthcare's Ebitda grew 23% YoY, with 21% YoY sales growth (hospital sales up 22% and Max Labs up 17%). Ahluwalia Contracts reported a revenue/Ebitda/APAT of Rs 11.8/1.3/0.8 billion, a beat/miss of +13.7/+44.4/+55.4%, led by improved execution albeit on an extended monsoon..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Institutional Equities.Max Healthcare Institute - Sales and margin improvement hinges on execution Ebitda grew 23% YoY, with 21% YoY sales growth (hospital sales up 22% and Max Labs up 17%). Average revenue per occupied bed grew 1% YoY (+3% growth in existing units), and occupancy was at 76% (vs 79% YoY). Its expansion plan for the next 1-2 years is on track for both brownfield (commissioned 160 beds at Mohali in Q2, to commission 268 beds at Nanavati, Mumbai in mid-Nov 25, and Max Saket 400 beds by Dec 25) and greenfield (Gurgaon 501 in Q4FY26) beds, and margin should be steady for brownfield hospitals (cost synergies) for the next couple of years. Its existing units (grew 14% YoY in Q2) were led by higher occupancy (75%+) with modest growth in ARPOB (+3% YoY in Q2), and we see limited headroom for further improvement; it expects steady ARPOB growth over the next few years. The company has resolved the insurance enrolment-related issues (for cashless) with major companies, and business will get normalized in H2 FY26. Moreover, it expects the CGHS price revision to benefit revenues up to ~Rs 2 billion from Dec 25 onwards with full benefits in FY27. While we expect the company to see 20/21% sales/Ebitda CAGRs over FY25-28E, led by bed capacity addition, the margin will remain at ~27/26.8% in FY27/28E (vs ~26.4% in FY25) due to the drag of new hospitals. Factoring in Q2, we tweaked Ebitda for FY26/27E with unchanged SoTP of Rs 1,180 (31x Q2 FY28E EV/Ebitda. Reduce stays..Oil India - Crude production volume declines Our Buy recommendation on Oil India Ltd. with a revised target price of Rs 508 is premised on gas production growth at 9% CAGR and oil production growth at 4% CAGR over FY25-27E. Q2 FY26 standalone Ebitda at Rs 13.25 billion (-39.3% YoY, - 17.5% QoQ) and PAT at Rs 10.44 billion (-43.1% YoY, +28.3% QoQ) were below our estimates. The miss was due to lower-than-expected gas sales volume and higherthan-expected opex. Oil and gas production stood at 1.65mmtoe (-1.3%YoY, -1.7% QoQ)..Click on the attachment to read the full report:.Q2 Review: Midcaps Standout In A Flattish Quarter; SBI, ONGC Among Motilal Oswal's Top Upgrades— Check Details.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.