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Apollohosp Ltd — Q1 FY26
Apollo Hospitals delivered a strong Q1 FY26 with consolidated revenue of INR 5,842 crore (+15% YoY) and PAT of INR 433 crore (+42% YoY).
bullish
high
✓ Verified against BSE filing
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Apollo Hospitals delivered a strong Q1 FY26 with consolidated revenue of INR 5,842 crore (+15% YoY) and PAT of INR 433 crore (+42% YoY). Healthcare Services revenue grew 11% to INR 2,935 crore, with EBITDA margins at 24.5% (+88bps YoY). Apollo HealthCo revenue rose 19% to INR 2,472 crore, driven by pharmacy distribution and narrowing digital losses (EBITDA loss of INR 73 crore vs INR 116 crore last year). The company added 700 beds in the pipeline and expects to operationalize them in FY26. Management guided for 13-14% organic hospital growth and Apollo 24/7 breakeven by Q4 FY26. Risk: New hospital ramp-up may cause a ~100bps margin dip in the near term.
अपोलो हॉस्पिटल्स ने पहली तिमाही में अच्छा प्रदर्शन किया। कुल कमाई 5,842 करोड़ रुपये रही, जो पिछले साल से 15% ज्यादा है। मुनाफा 433 करोड़ रुपये रहा, जो 42% बढ़ा। अस्पताल सेवाओं से कमाई 11% बढ़कर 2,935 करोड़ रुपये हुई। फार्मेसी और डिजिटल सेवाओं वाली कंपनी अपोलो हेल्थको की कमाई 19% बढ़कर 2,472 करोड़ रुपये रही। डिजिटल घाटा पिछले साल के 116 करोड़ से घटकर 73 करोड़ रुपये रह गया। कंपनी ने 700 नए बिस्तर जोड़े हैं, जो इसी साल चालू हो जाएंगे। अस्पतालों की वृद्धि 13-14% रहने का अनुमान है। अपोलो 24/7 साल के अंत तक घाटा खत्म कर देगा। नए अस्पतालों के कारण मुनाफा मार्जिन में थोड़ी गिरावट आ सकती है।
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Risks
3 risks
Risk Intelligence
New hospital ramp-up margin dilution
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Transcript
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Occupancy
65%
flat YoY
Group-wide occupancy remained at 65% in Q1 FY26, with ALOS down 6% indicating higher efficiency.
ARPP
INR 172,282
+9% YoY
Average revenue per patient grew 9% driven by case mix and tariff increases, reflecting pricing power.
Apollo 24/7 GMV
INR 682 crore
+23% YoY
Platform GMV grew 23% YoY, with 1 million new users added in the quarter.
CONGO Revenue Growth
15%
+15% YoY
Cardiac, oncology, neuro, gastro, and orthopedics specialties grew 15% YoY, driving case mix improvement.
What Changed vs Last Quarter
NEW
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.
NEW
700 beds operational in FY26
New hospitals in Delhi, Pune, Bangalore, and Kolkata to add 700 beds during FY26.
NEW
Hospital EBITDA margin target of 25%+
Existing hospital margins expected to expand to 25%+ before new bed dilution of ~100bps.
UPDATED
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.
DROPPED
Healthcare services low-to-mid teens organic growth in FY26
Management expects organic revenue growth of low-to-mid teens for healthcare services in FY26, with new hospitals contributing from FY27.
DROPPED
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.
DROPPED
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.
NEW RISK
International patient recovery uncertainty
Bangladesh patient flow remains below pre-crisis levels; recovery timeline is uncertain despite new markets like Iraq.
RISK GONE
Bangladesh patient flow disruption
Continued impact from reduced Bangladesh patient inflows, expected to persist through Q1 FY26, affecting hospital revenue and margins.
RISK GONE
Keimed merger integration risks
The Keimed merger process is expected to take 15 months; integration challenges could delay synergy realization.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25, Q4 FY25
Apollo HealthCo (including Keimed) targets revenue of INR 24,000 crore in FY27, with exit run rate crossing INR 25,000 crore.
Mentioned in Q2 FY25, Q4 FY25
Continued impact from reduced Bangladesh patient inflows, expected to persist through Q1 FY26, affecting hospital revenue and margins.
Mentioned in Q1 FY25, Q2 FY25
1,400 new beds in FY26 could drag EBITDA margins by 1-1.2% during ramp-up, though management expects 12-14 month breakeven.
Fast read
Guidance and risk preview
Digital business expected to achieve EBITDA breakeven by end of fiscal year, with GMV run-rate of INR 800-900 crore.
Management expects ~100bps margin dip from new hospitals, with total EBITDA impact of INR 100-150 crore over two years.
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