Healthcare demand is outstripping supply in Noida, says MOFSL; prefers Medanta, Max Healthcare

Motilal Oswal Financial Services (MOFSL) highlights that healthcare demand in Noida is outstripping supply, driven by a 5.4% CAGR population growth to about 1.3 million over five years and rising cases in cardiology, oncology, diabetes, maternity and chronic disease management. The brokerage maintains Buy ratings on Medanta (target around Rs 1,490) and Max Healthcare (target around Rs 1,260), estimating a robust 28% earnings CAGR for Medanta over FY26-28. Key risks include intensifying competition for specialist doctors and rising talent costs as multiple hospital operators expand simultaneously in the region.