Max Healthcare: Cancer Drugs Band, Valuation Pe Sawal! Kya Hai Scene?

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AuthorIshaan Verma|Published at:
Max Healthcare: Cancer Drugs Band, Valuation Pe Sawal! Kya Hai Scene?
Overview

Yaar, Max Healthcare ne ek bada move liya hai! Company ne kuch cancer drugs ki supply band kar di hai kyuki sarkari pricing policy ke hisaab se woh ab faydemand nahi rahe. Pehle jahan **18%** tak ka margin milta tha, ab woh bhi khatam, seedha procurement cost se bhi neeche chala gaya hai.

Kyun Band Kiye Cancer Drugs? Policy Ka Drama!

Max Healthcare ke Chairman Abhay Soi ne confirm kiya hai ki kuch specific oncology drugs ab nahi milenge. Asal mein, Central Government Health Scheme (CGHS) ne in drugs ke liye price cap laga diya hai, jo maximum retail price ka sirf 70% hai. Is wajah se, company ko yeh drugs khareedne se bhi kam price mein bechna pad raha tha, jo ki bilkul sustainable nahi tha. Is move se CGHS patients ko to government dispensaries se mil jayega, par doosre public sector scheme wale patients ko dikkat ho sakti hai. Yeh dikhata hai ki government regulations kaise hospital ke profits ko seedha affect kar sakte hain.

Paisa Kitna Banega Ya Bigdega?

Waise toh kuch drugs band hone se nuksan ho raha hai, par company ka estimate hai ki overall margins par iska net positive impact lagbhag ₹200 crore ka rahega. Ismein ₹60 crore GST ka impact bhi manage ho jayega. Lekin yeh sab figures dikhate hain ki healthcare sector mein costs badh rahi hain aur government bhi overcharging par nazar rakhe hue hai.

Valuation Pe Sabka Dhyaan!

Max Healthcare ka jo P/E ratio hai woh ~73 ke aaspaas hai, jo ki competitors jaise Apollo Hospitals (~62) aur Fortis Healthcare (~65) se kaafi zyada hai. Narayana Hrudayalaya toh ~42 P/E par hai. Indian hospital industry ka average P/E 57 ke around hai, matlab Max Healthcare ka valuation kafi premium hai.

Analyst bhi is par divide hain. Kuch jaise UBS aur HDFC Securities ne ₹1,550 aur ₹1,200 ka target diya hai, company ke expansion plans ko dekh kar. Par MarketsMojo ne toh October 2025 mein valuation concerns ke karan 'Sell' rating de di thi. Stock ka market cap bhi lagbhag ₹98,000-₹101,000 crore ke beech hai.

Future Kya Kehta Hai?

Company home healthcare aur allied businesses mein achha growth dekh rahi hai, jo 20-25% CAGR se badh rahe hain. Tier-2 cities mein bhi expansion chal raha hai. Lekin, valuation itna high hone ke karan, investors yeh dekh rahe hain ki kya company yeh growth deliver kar payegi, khaas kar jab regulatory risks bhi maujood hain. Stock apne 52-week low range ₹933.80-₹1,314.30 ke paas trade kar raha hai, jo market ki uncertainty dikhata hai.

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