Delhi's healthcare infrastructure could see a significant boost under the Master Plan Delhi 2047 (MPD), according to brokerages, which aims to strengthen the city's healthcare ecosystem by promoting an integrated network of hospitals, medical colleges, specialty healthcare facilities, and wellness centres. According to a note by Jefferies, the MPD augurs well for NCR-focused operators such as Max, Fortis, and Global Health, which operates the Medanta chain of hospitals. Jefferies maintained a 'buy' rating on all these stocks with an upside potential of up to 23 percent from current levels. PL Capital analysts also have a positive view on Global Health, expecting the stock to rally around 19 percent from current levels to ₹1,750. Prabhudas Lilladher has now joined the bullish sentiment, recommending a buy rating on Global Health with a target price of ₹1,750 in its research report dated August 25, 2026.
For hospital operators, the Jefferies note said the MPD introduces several measures that could improve asset productivity and enable higher capacity creation in land-constrained areas. A key provision is the removal of height restrictions for healthcare facilities, subject to approvals, in line with the revised National Building Code (NBC) provisions. As reported by Jefferies, higher Floor Area Ratio (FAR) norms and the development of High Density Corridors (HDCs) could further support denser hospital projects, expected to lower land costs per bed and improve the long-term productivity of hospital assets. Improved regional connectivity could also widen hospital catchment areas and increase patient throughput from surrounding regions.
Among hospital companies under Jefferies' coverage, Medanta, Max, Fortis and Apollo — including Apollo's upcoming facility — are likely to benefit from these developments in the wider Delhi-NCR region. According to the analysis, Max is expected to add 2,108 beds, representing a 55 percent increase over its existing capacity, while Medanta is expected to add 1,267 beds, or 68 percent of its current capacity. PL Capital analysts expect Medanta's earnings trajectory to strengthen as operational challenges ease, with the company's EBITDA expected to grow at around 24 percent CAGR between FY26 and FY29. The hospital chain reported moderate EBITDA growth of 7 percent compounded annually during FY24-26, primarily due to issues at its Lucknow unit and start-up losses related to its Noida facility in FY26.
At the current market price, Medanta stock trades at 24 times FY28 estimated EV/EBITDA and 21 times FY29 estimated EV/EBITDA. PL Capital has a 'buy' on Medanta with a target price of ₹1,750 per share, valuing the company at 28 times EV/EBITDA based on September FY28 estimates. Anand Rathi expects Max's revenue and EBITDA to clock 18 percent CAGR each over FY26-28e, maintaining a 'buy' rating on the stock and valuing its hospital/laboratory business at 32/26x FY28e EV/EBITDA. The direct impact of MPD-2047 will be limited to the National Capital Territory (NCT) of Delhi, as the plan does not govern Gurugram in Haryana or Noida and Faridabad in Uttar Pradesh, which are covered by separate state master plans.
Fortis Healthcare shares gained 2.9% to hit an intraday high of ₹941.9 apiece on Friday following positive commentary from IHH Healthcare regarding its stake increase plans. At the end of the June quarter, promoter entities held 31.17% stake in Fortis Healthcare while public shareholders held 69%. IHH Healthcare arm Northern TK Venture Pte Ltd held the 31.17% stake in Fortis Healthcare at the end of the first quarter. Nomura brokerage said IHH has reiterated its plan to increase its stake in Fortis from 31% to 51% over the next three to five years through fresh capital infusion or creeping acquisitions of less than 5% annually. Morgan Stanley added that any incremental stake increase must be return on equity-accretive within two to three years. The Fortis-Gleneagles integration is progressing well, with systems and operations largely integrated, as Gleneagles Hospitals is an IHH Healthcare-owned international healthcare brand.
