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Apollo Hospitals Enterprise Margin Trend — Quarter by Quarter

Apollo Hospitals Enterprise's EBITDA margin moved from 12.0% in Q1 FY24 to 15.0% in Q1 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q1 FY2615.0%—
Q4 FY2514.0%—
Q3 FY2514.0%—
Q2 FY2515.0%—
Q1 FY2513.0%—
Q3 FY2413.0%—
Q2 FY2413.0%—
Q1 FY2412.0%—

What management said about ebitda margin

G

Q3 FY26 · Startup losses of INR 150 crore in FY27

Management expects total startup losses of INR 150 crore from new hospitals in FY27, with potential quarterly peaks of INR 50 crore.

G

Q3 FY26 · Digital business cash EBITDA breakeven delayed to Q1 FY27

Cash EBITDA breakeven for Apollo 24/7 pushed out by one quarter to Q1 FY27 due to insurance revenue recognition changes.

G

Q3 FY26 · Existing hospital margin expansion of 100 bps in FY27

Management expects 100 bps margin improvement in existing hospitals next year through asset utilization and cost optimization.

G

Q2 FY26 · Six new hospitals to commission by Q1 FY27

Pune and Defence Colony in Q3, Sarjapur and Kolkata in Q4, Hyderabad and Gurugram in Q1 FY27. Aggregate EBITDA losses from these hospitals expected at ~INR 150 crore in FY27.

G

Q2 FY26 · Apollo 24/7 break-even by Q4 FY26

Digital platform on course to break even by end of fiscal year, with all three lines (pharmacy, diagnostics, consults) already CM1 positive.

G

Q2 FY26 · HealthCo margin target of 7% by Q4 FY27

Apollo HealthCo targeting INR 25,000 crore revenue run rate with 7% EBITDA margin by Q4 FY27, supported by KEIMED integration and digital break-even.

G

Q1 FY26 · Apollo 24/7 breakeven by Q4 FY26

Digital business expected to achieve EBITDA breakeven by end of fiscal year, with GMV run-rate of INR 800-900 crore.

G

Q1 FY26 · HealthCo+Keimed revenue run-rate of INR 25,000 crore by FY27

Combined entity targeting INR 25,000 crore revenue with 7% EBITDA margin by end of FY27.

G

Q1 FY26 · Hospital EBITDA margin target of 25%+

Existing hospital margins expected to expand to 25%+ before new bed dilution of ~100bps.

G

Q4 FY25 · Digital business cash break-even by Q3-Q4 FY26

Apollo 24/7 is on track to achieve cash break-even between Q3 and Q4 of FY26, driven by cost reduction and revenue growth.

G

Q4 FY25 · HealthCo blended EBITDA margin of 7%+ by FY27

Blended EBITDA margin for HealthCo (including Keimed) is expected to exceed 7% by FY27, driven by digital break-even and margin expansion.

G

Q3 FY25 · Apollo 24/7 break-even by Q2/Q3 FY26

Digital platform expected to achieve EBITDA break-even by end of Q2 or Q3 of next fiscal year, with GMV target of INR 900-1,000 crore.