Max Vs Apollo

(Correct me if I am wrong) EV/EBITDA Ratio is better for evaluating hospitals stocks due to high capex and depreciation cost so why the ratio of Max (73) is almost double than that of Apollo (40) I know Max has slightly better ARPOB (Around 10-12% greater than Apollo) and very similar occupancy rates, the Operating EBITDA is also slightly better in Max Are these differences significant enough to justify the valuation gap or Apollo has chances of value expansion if it reaches an EV/EBITDA equivalent to Max Am I missing something? I have another mathematical reasoning Apollo has a borrowing of ₹7,371 hence it's interest cost is more so while computing EV/EBITDA it's numerator is higher But denominator doesn't factor the interest cost as EBITDA doesn't include interest which reduces denominator If Interest cost is considered then denominator would decrease which would result in a higher EV/EBITDA And Max has significantly less debt compared to Apollo Is this the reason why Apollo looks cheaper than Max?