APOLLOHOSP
Large CapApollo Hospitals Enterprise Limited
Pharma
Apollo Hospitals Enterprise Limited is a diversified healthcare provider operating hospitals, diagnostics & retail health clinics (AHLL), and a digital health & pharmacy distribution platform (Apollo HealthCo). It is India's largest pan-India hospital chain with a growing presence in out-of-hospital care and digital healthcare.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +18% YoY · PAT +33% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,606 Cr | +18.1% | +2.0% |
| EBITDA | ₹1,011 Cr | +31.3% | +4.8% |
| Operating margin | 15.0% | +100 bps | +0 bps |
| PAT | ₹551 Cr | +33.1% | +6.8% |
| PAT margin | 8.3% | +94 bps | +37 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Apollo Hospitals reported strong Q4 FY26 and FY26 consolidated performance with double-digit revenue, EBITDA, and PAT growth, driven by robust performance across all segments, particularly Diagnostics and Digital Health.
The company demonstrated solid growth across its diversified healthcare portfolio. Healthcare Services maintained strong margins and average revenue per inpatient. Diagnostics saw significant growth, while the Digital Health segment substantially reduced cash burn and scaled its platform, indicating improving operational efficiency and monetization. The planned demerger of HealthCo could unlock further value.
Consolidated Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Hospital Network Expansion
Commissioned 4 new hospitals in FY26 with 855 census beds; 185 beds operationalized and 670 beds to be operationalized in 12-18 months.
Digital Health Platform Scaling
Apollo HealthCo achieved 20% YoY GMV growth in Q4 FY26 and significantly reduced digital cash loss, indicating platform scale and efficiency.
Diagnostics Business Growth
AHLL Diagnostics segment revenue grew 52% YoY in Q4 FY26, driven by network expansion with 10 Satellite Labs & 279 Collection Centers added in FY26.
Specialty Care Focus
Healthcare Services saw 18% revenue growth in CONGO-T (Cardio, Onco, Neuro, Gastro, Ortho, Transplants) in Q4 FY26, driven by clinical intensity.
FY26 Commissioned Hospitals
4 new hospitals (Pune, Sonarpur, Gachibowli, Defence Colony) with 855 census beds were commissioned in FY26, with 185 beds operationalized.
Near-term Bed Operationalization
The balance 670 beds from FY26 commissioned hospitals are expected to be operationalized over the next 12-18 months.
FY27 Expected Commissioning
835 census beds are expected to be commissioned in FY27 across Gurgaon, Sarjapur-1, Jubilee Hills, Secunderabad, Malleswaram & Mysore.
FY29-FY30 Expected Commissioning
1,970 census beds are planned for commissioning in FY29-FY30 across Worli, Sarjapur-2, OMR Chennai, Varanasi, Lucknow, and Hyderabad Cancer Care.
Increasing Clinical Intensity
Healthcare Services saw 18% revenue growth in CONGO-T in Q4 FY26, indicating a shift towards higher value and complex medical procedures.
Digital Monetization & Efficiency
Apollo HealthCo achieved positive contribution in Q4 via leaner operations, higher per-order monetization, and disciplined discounting.
Wellness Segment Growth in Diagnostics
AHLL's wellness segment grew ~34% YoY in FY26, contributing ~21% of Diagnostics revenue, indicating strong demand for preventive care.
New Unit Pre-operative Expenses
New hospitals incurred `414 mio in pre-operative expenses/losses in Q4 FY26, impacting overall profitability.
Discontinuation of Amazon Partnership
Apollo HealthCo discontinued its Amazon partnership, which may require adjustments to its digital distribution strategy.
New Labour Code Impact
An exceptional item of `192 million was provisioned in FY26 due to increased gratuity and leave liabilities from the New Labour Code.
Execution Risk in Expansion
Large-scale hospital expansion plans (3,475 beds, `5,100 crs balance capex) carry inherent risks of delays, cost overruns, and slower-than-expected ramp-up.
Digital Business Profitability
While digital cash loss reduced, sustained profitability for Apollo HealthCo remains a key monitorable given its historical cash burn.
Regulatory Approvals for Demerger
The composite scheme for Apollo HealthCo's demerger and listing is subject to requisite corporate and regulatory approvals, which could face delays.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both quarterly (Q4 FY26 vs Q4 FY25) and annual (FY26 vs FY25) comparisons. Quarterly data highlights recent momentum and efficiency gains, especially in the digital segment, while annual data provides a broader view of sustained growth across the diversified business lines.
Healthcare Services Occupancy (Established Units)
Established Units Occupancy was 69% in Q4 FY26.
Healthcare Services Avg Revenue per IP Patient
Avg Revenue per Inpatient grew by 9% YoY to `187,208 in Q4 FY26.
Healthcare Services EBITDA Margin (Established Units)
EBITDA margin of established units expanded by 105 bps to 25.5% in Q4 FY26 vs 24.4% in Q4 FY25.
Diagnostics Revenue Growth
AHLL Diagnostics segment revenue grew by 52% YoY in Q4 FY26 and 41% YoY in FY26.
Future Revenue Target for HealthCo
Company expects to achieve INR 250 bn of run rate annualized revenue in Q4 FY27 for the combined HealthCo.
Future EBITDA Margin Target for HealthCo
Combined HealthCo EBITDA margin is targeted in the range of ~6.5% - 7.0% by Q4 FY27.
HealthCo Demerger & Listing Timeline
NCLT has directed a shareholders' meeting on June 24, 2026, for the scheme approval, with estimated listing by Q4 FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Healthcare Services Occupancy | 68% (Overall Q4 FY26) | Sustained improvement, especially in new and non-metro units, indicating efficient capacity utilization. |
| Apollo HealthCo Digital Cash Loss | `163 Mn (Q4 FY26) | Continued reduction in digital cash loss and clear progress towards achieving profitability targets. |
| New Hospital Bed Operationalization | 185 beds operationalized from FY26 additions | Timely operationalization of the balance 670 beds and subsequent ramp-up in occupancy and ARPP. |
| HealthCo Demerger Progress | NCLT directed shareholders' meeting on June 24, 2026 | Successful scheme approval and adherence to the estimated Q4 FY27 listing timeline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +10.8% / mo · near 52W high
Technical chart
APOLLOHOSPdaily · 1Y+13.6%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 69.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 69 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Growth contributes 15/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -50.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 74th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 1.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 74th pctile, median 70 · Large: 63rd pctile, median 74
108 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 1.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 61.40
- P/B
- 12.68
- EV/EBITDA
- 27.70
- Market Cap
- 120182.00Cr
Profitability
- ROE
- 22.10%
- ROCE
- 17.90%
- ROA
- 6.78%
- Dividend Y
- 0.23%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 78.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.90
- Interest Coverage
- 8.38×
- Altman Z
- 8.11
- Book Value
- 659.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 2856.00 Cr
- EPS TTM
- 135.04
Shareholding
- Promoter Hold
- 28.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.