Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Apollo Hospitals delivered a strong Q3 FY26 with consolidated revenue of INR 6,477 crore (+17% YoY) and PAT of INR 502 crore (+35% YoY), driven by double-digit growth across all verticals.
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Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency).
Read Torrent Pharmaceuticals analysis →Apollo Hospitals delivered a strong Q3 FY26 with consolidated revenue of INR 6,477 crore (+17% YoY) and PAT of INR 502 crore (+35% YoY), driven by double-digit growth across all verticals. Healthcare services revenue grew 14% to INR 3,183 crore, supported by 5% volume growth, 5% pricing, and 4% case mix improvement. Apollo Healthco revenue rose 20% to INR 2,827 crore, with digital losses narrowing to INR 67 crore. AHLL EBITDA grew 39% to INR 48 crore. Management guided for INR 150 crore in new hospital startup costs next year, partially offset by 100 bps margin expansion in existing hospitals. The digital business cash EBITDA breakeven is delayed by one quarter to Q1 FY27 due to insurance revenue recognition changes. Risk: new bed ramp-up may pressure near-term margins if occupancy lags.
Torrent Pharma delivered a strong Q3 FY26 with 18% revenue growth to ₹3,333 crore and 19% EBITDA growth to ₹1,088 crore, driven by double-digit expansion in India (+14%) and Brazil (+27% reported, +10% constant currency). The US business grew 19% (12% constant currency) to $36 million, while Germany declined 6% constant currency due to a third-party supplier disruption. The JB Pharma acquisition (48.8% stake) closed in January, with cost synergies of ₹400-450 crore targeted over 2-3 years, though Q4 may see a muted impact from integration. Management expects India to continue outperforming the IPM, and US sales to cross $200 million annually next year. Key risk: Germany supply disruption remains unresolved, with no clear timeline for resolution.
Occupancy remained stable at 67% in Q3 FY26, with insurance and cash patients comprising 83% of inpatient revenues.
Surgical volumes grew 6% YoY, driven by focus on congruent specialties like cardiac and oncology.
Digital platform added 2 million new users in Q3, reaching 46 million total users.
GMV grew 28% YoY to INR 525 crore, with pharmacy online GMV up 32% YoY.
India business grew 14% YoY, outperforming IPM growth of 10%.
Brazil constant currency revenue grew 10% YoY, ahead of market growth of 7%.
US revenue grew 12% constant currency, driven by new launches and higher purchase volumes.
Field force expanded to 6,900, targeting 7,100 by FY26 end and 7,500 by FY27.
Approximately 1,500 new beds will be added across four new hospitals, with ~50% operationalized in FY27 and balance in early FY28.
Management guidance expansionManagement expects total startup losses of INR 150 crore from new hospitals in FY27, with potential quarterly peaks of INR 50 crore.
Management guidance marginsCash EBITDA breakeven for Apollo 24/7 pushed out by one quarter to Q1 FY27 due to insurance revenue recognition changes.
Management guidance growthManagement expects 100 bps margin improvement in existing hospitals next year through asset utilization and cost optimization.
Management guidance margins
Management expects India revenue growth to remain above the IPM growth rate, driven by volume outperformance in chronic therapies.
Management guidance growthManagement targets US annual revenue exceeding $200 million in FY27, driven by 5-7 new launches per year.
Management guidance revenueCost synergies from JB acquisition expected to be ₹400-450 crore, with ~20% in first year, up to 80% in second year, and rest in third.
Management guidance marginsBrazil business expected to grow 10-15% driven by new product launches and moderate price increases.
Management guidance growthGurugram hospital delayed by 2-3 months due to environmental clearance issues; startup losses could exceed INR 150 crore if occupancy ramps slower than expected.
high · management_commentarySome insurance contract renewals have been pushed out, potentially impacting revenue mix and ARPP growth in certain markets.
medium · analyst_questionChanges in GST and insurance commission recognition caused a INR 7 crore revenue deferral in Q3, delaying cash EBITDA breakeven by one quarter.
medium · management_commentaryRecent poaching of a star oncologist by a peer highlights retention risk, though management believes Apollo's brand and platform mitigate this.
low · analyst_question
Third-party supplier disruption continues with no clear timeline for resolution; alternative supplier may take 3-4 quarters.
high · management_commentaryManagement expects Q4 to be muted due to change of control and process integration, potentially impacting sales.
medium · management_commentarySemaglutide launch delayed to next financial year; regulatory approval timeline uncertain despite prioritization.
medium · analyst_questionUS revenue growth is contingent on timely new launches and competitive landscape, which are unpredictable.
medium · management_commentaryWe are pleased to report a strong performance within what is typically a seasonally weak quarter.
Our discount is stabilizing. Our average order value has gone up by almost INR 111 net of the GST, which has a positive impact on our unit economics.
Our two largest branded markets, India and Brazil, each continue to deliver healthy double-digit growth. India business grew at 14% and Brazil grew at 27%.
Our synergy number is looking like 400 to 450 crores over the next 2 to 3 years. Maybe 20% of that could be in the first year, up to 80% of that could be in the second year and the rest in the third year.
