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Apollo Hospitals Enterprise

APOLLOHOSP · Healthcare Facilities · INE437A01024

Analyst mean 1.74 · 27 analysts · 93% bullish
₹8,935.00
Close 2026-07-31 · Moderate risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 143% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹2,856 cr against trailing net profit ₹2,002 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (15.8% and 33%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹25,229 cr, trailing profit ₹2,002 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Free cash flow is variable

Free cash flow swings between positive and negative across the cycle.

Full read

Latest ₹925 cr, negative in 4 of 12 years.

Borrowing while holding investments

Borrowings rose 59% over two years while the company also carries ₹2,179 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.

Full read

Borrowings moved to ₹8,493 cr from ₹5,333 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation
P/E (TTM) 54.9x
P/B 13.5x
P/S 5.07x
PEG 1.98
P/FCF 210.1x
Dividend Yield 0.22%
Leverage
Debt / Equity moderate 0.9
Payout Ratio 7.4%
Returns & Margins
Operating Margin (TTM) 11.4%
Net Margin (TTM) 7.8%
Return on Equity 22%
Return on Assets 9.1%
Implied Growth (Graham) growth the market is pricing in 23.2%
Rule of 40 29.5
Growth 18.1% + Margin 11.4% — below 40

Ownership & Skin in the Game

Promoter28.02% ▲ 0.00
FII41.49%
DII
Mutual Funds17.33%

Quarterly Financials ₹ cr

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue5,0865,5895,5275,5925,8426,3046,4776,606
Expenses4,4104,7744,7654,8224,9905,3625,5125,594
Other Income4944697254614854
Depreciation177184185211215218219224
Profit before tax430557536516583675682722
Net Profit316396379414441494516551
EPS21.2326.3425.8927.1030.1033.1934.9336.81

Balance Sheet ₹ cr, annual

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital727272727272
Reserves4,5315,5516,1266,8648,1409,408
Borrowings4,1604,0684,3325,3337,8648,493
Fixed Assets6,7788,2968,5209,66410,98812,312
CWIP23446610873921992
Investments1,3438165749862,4872,179
Total Assets11,39213,26114,41616,74220,64422,197
DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.