APOLLOHOSP · Healthcare · filed 4 Nov 2026
Apollo Hospitals Enterprise Ltd. reported revenue of ₹7,615 cr for July to September 2026, +23.0% on the year and +9.9% on the quarter.
Operating profit (EBITDA) was ₹1,191 cr, a margin of 15.6%, +70 bps on the year and +10 bps on the quarter. Operating costs grew +22.0% against revenue growth of +23.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹660 cr, +33.5% on the year and +8.0% on the quarter, with earnings per share of ₹43.74. Profit before other income, one-offs and tax grew faster, at +37.0%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
Of the 4 companies in Hospitals that have reported Q2 FY27 so far, Apollo Hospitals Enterprise Ltd. ranks 3rd on revenue growth; the sector median is +33.6%. Its margin moved +70 bps on the year against a sector median of +258 bps.
Apollo Hospitals Enterprise Ltd. is a Nifty 50 company. Of the 47 Nifty 50 companies reported so far, the median profit growth is +21.2%; Apollo Hospitals Enterprise Ltd.'s +33.5% puts it above that.
A hospital chain grows by filling beds and lifting revenue per bed. New hospitals dilute margins in their first years, so a margin dip during expansion is not on its own a sign of weakness.
On earnings per share of ₹156.51 over the last four quarters, the stock at ₹8,549.50 trades at 54.6 times trailing earnings.
The chief executive left. What does the succession look like?
Source: Filing (p. outcome letter p.2, Annexure B)
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹4,256 cr | ₹3,485 cr | ▲ 22.1% |
| Inventory | ₹623 cr | ₹542 cr | ▲ 14.9% |
| Cash | ₹587 cr | ₹811 cr | ▼ 27.6% |
| Bank balances | ₹783 cr | ₹306 cr | ▲ 156.4% |
| Long-term borrowings | ₹2,449 cr | ₹2,430 cr | ▲ 0.8% |
| Short-term borrowings | ₹3,146 cr | ₹3,228 cr | ▼ 2.5% |
| Trade payables | ₹2,758 cr | ₹2,252 cr | ▲ 22.5% |
| Net block | ₹8,407 cr | ₹8,259 cr | ▲ 1.8% |
| Capital work in progress | ₹1,494 cr | ₹992 cr | ▲ 50.7% |
| Equity | ₹11,157 cr | ₹9,975 cr | ▲ 11.9% |
| Total assets | ₹24,222 cr | ₹22,197 cr | ▲ 9.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,493 cr | ₹1,325 cr |
| Capital expenditure | −₹1,200 cr | −₹707 cr |
| Investing cash flow | −₹1,414 cr | −₹1,070 cr |
| Financing cash flow | −₹295 cr | −₹348 cr |
| Dividends paid | −₹144 cr | −₹144 cr |
Operating cash flow was 1.18× profit. Receivables at 53 days of sales (+2 days against the last year end). Inventory at 8 days of sales (−0 days).
Other matter 1: “We did not review the interim financial results/financial information of 28 subsidiaries included in the consolidated unaudited financial results, whose interim financial results/financial information reflect total assets of Rs. 44,753 million as at September 30, 2026 and, total revenues of… Read in full
We did not review the interim financial results/financial information of 28 subsidiaries included in the consolidated unaudited financial results, whose interim financial results/financial information reflect total assets of Rs. 44,753 million as at September 30, 2026 and, total revenues of Rs. 6,306 million and Rs. 11,982 million for the three months and six months ended September 30, 2026 respectively, total net profit after tax of Rs. 193 million and Rs. 648 million for the three months and six months ended September 30, 2026 respectively and total comprehensive income (net) of Rs. 197 million and Rs. 651 million for the three and six months ended September 30, 2026 respectively and net cash outflows of Rs. 1,394 million for the six months ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs. 124 million and Rs. 254 million for the three months and six months ended September 30, 2026 respectively and total comprehensive income (net) of Rs. 122 million and Rs. 257 million for the three months and six months ended September 30, 2026 respectively, as considered in the Statement, in respect of 1 joint ventures and 5 associates (including 3 subsidiaries of 1 associate), whose interim financial results/financial information have not been reviewed by us.
Other matter 2: “The consolidated unaudited financial results includes the interim financial results/financial information of 9 subsidiaries which have not been reviewed by their auditors, whose interim financial results/financial information reflect total assets of Rs. 720 million as at September 30, 2026 and,… Read in full
The consolidated unaudited financial results includes the interim financial results/financial information of 9 subsidiaries which have not been reviewed by their auditors, whose interim financial results/financial information reflect total assets of Rs. 720 million as at September 30, 2026 and, total revenue of Rs. 60 million and Rs. 106 million for the three months and six months ended September 30, 2026 respectively, total net profit after tax of Rs. 17 million and Rs. 28 million for the three months and six months ended September 30, 2026 respectively and total comprehensive income (net) of Rs. 15 million and Rs. 25 million for the three months and six months ended September 30, 2026 respectively and net cash outflows of Rs. 16 million for the six months ended September 30, 2026, as considered in the Statement. The consolidated unaudited financial information also includes the Group's share of loss after tax of Rs. 12 million and Rs. 13 million for the three months and six months ended September 30, 2026 respectively and total comprehensive loss of Rs. 12 million and Rs. 13 million for the three months and six months ended September 30, 2026 respectively, as considered in the Statement, in respect of 2 associates, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial results/financial information are not material to the Group.
Filing p. consolidated limited review report p.1-3
Dr. Madhu Sasidhar will cease to hold the position of President & CEO - Hospitals Division effective November 14, 2026, consequent to completion of employment tenure. (p. outcome letter p.2, Annexure B)
Designated Dr. Ritu Garg as CEO Multi Region, Mr. Anand Wasker as Chief Business Officer International, and Dr. N. Venkatesan as Chief Procurement Officer effective November 4, 2026. (p. outcome letter Annexure C)
Completed divestment by AHLL of its entire stake in ASHPL and AFCPL to Kids Clinic India Limited ('Cloudnine') on November 3, 2026 for ₹765 Cr cash and ~9.9% equity stake in KCIL. (p. outcome letter p.2-3, consolidated note 8)
Tax: Consolidated tax expense of ₹244.90 crore (current tax ₹254.20 crore, deferred tax credit ₹9.30 crore) on Profit before tax of ₹903.30 crore
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Operational beds | 8,522 | — |
| Occupancy | 73% | 69% |
| ARPOB (₹/day) | 186,880 | — |
| Beds added | 520 | — |
| Healthcare Services Division Revenue (₹ crore) | 3,900 | 3,169 |
| Apollo HealthCo Revenue (₹ crore) | 3,286 | 2,661 |
New hospitals reported revenue of ₹135.00 crore in Q2 FY27 with an EBITDA loss of ₹35.00 crore, while established Healthcare Services mature margin stood strong at 24.0% (EBITDA ₹937.00 crore).
New hospital ramp-up losses are well absorbed by strong mature hospital earnings.
Consolidated trade receivables stood at ₹4,256.20 crore as of September 30, 2026 compared to ₹3,484.90 crore as of March 31, 2026, expanding in line with 23% YoY revenue growth across healthcare and pharmacy distribution.
Receivable expansion aligns with higher IP volumes (+14% YoY) and overall network revenue growth.
Read using the Hospitals framework (named in the filing read). Primary valuation lens: EV/EBITDA, mature and new hospitals separately.
Read more closely in this sector: New-hospital losses against mature margin · Government scheme receivables.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Beds Addition Expansion Target | 5800 | Next 5 years | unchanged or first given |
| Gurugram Facility Capacity Target | 470 | Q3 FY27 | unchanged or first given |
| Commissioning Balance Beds Target | 480 | Next 12 months | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Healthcare services | ₹3,963 cr | ▲ 23.3% | ₹760 cr | ▲ 20.3% |
| Retail health and diagnostics | ₹429 cr | ▲ 19.5% | ₹38.0 cr | ▲ 251.9% |
| Digital health and pharmacy distribution | ₹3,286 cr | ▲ 23.5% | ₹173 cr | ▲ 101.2% |
| Others | ₹6.4 cr | ▲ 28.0% | −₹10.2 cr | — |
| Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|
| Revenue | ₹6,189 cr | ₹6,477 cr | ₹6,606 cr | ₹6,932 cr | ₹7,615 cr |
| YoY | — | — | — | — | +23% |
| EBITDA margin | 14.9% | 14.9% | 15.3% | 15.5% | 15.6% |
| Other income, % of PBT | 8% | 8% | 6% | 6% | 5% |
| Exceptional items | — | — | — | — | — |
| Tax rate | 27% | 24% | 24% | 23% | 27% |
| Net profit | ₹494 cr | ₹516 cr | ₹551 cr | ₹610 cr | ₹660 cr |
| YoY | — | — | — | — | +34% |
| Core profit YoY | — | — | — | — | +37% |
| EPS | ₹33.51 | ₹34.94 | ₹36.82 | ₹41.01 | ₹43.74 |
| Flags | · | · | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Apollo Hospitals Enterprise Ltd. reported revenue of ₹7,615 cr (+23.0% on the year) and net profit of ₹660 cr (+33.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +37.0% on the year, against +33.5% for reported profit.
1 check raised a question: The chief executive left. What does the succession look like?
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