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
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why is GMV down 14% QoQ despite cost cuts? How to view GMV growth and new services?
Asked by Damayanti Kerai, HSBC
Answered but changed GMV definition, making comparison unclear.
restated GMV definitionno clear GMV growth trajectory given
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Question
How should we look at your GMV growth ahead? ... Additionally, if you can update on some of the newer services which were added to the platform, like insurance and the corporate tie-ups, et cetera.
Madhivanan Balakrishnan, CEO, Apollo HealthCo Limited
On the GMV question... we have restated some of the GMV numbers... focusing only on the new customer business... The restated numbers ensure that we will basically indicate that we have grown on a sequential basis at an 8%, whereas, on a year-on-year basis, we have moved on to 23%.
Answered
Medium priority
How do you view competition from e-commerce players entering prescription business?
Asked by Damayanti Kerai, HSBC
Provided a clear view on competition and Apollo's strategy.
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Question
How do you see competition in this space from some of these e-com players where I see, I guess, a lot of aggressive push coming in the last few months?
Madhivanan Balakrishnan, CEO, Apollo HealthCo Limited
I wouldn't say last few months... Incremental players coming in with aggressive strategies, in my mind, will expand the digital market... Apollo, given its very strong trust, very strong supply chain capabilities... should hold on in the long run.
Answered
High priority
What are the growth drivers for 9% YoY ARPP growth? Split by case mix, payer mix, pricing.
Asked by Kunal Dhamesha, Macquarie
Provided a clear split between pricing and case mix contributions.
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Question
If you could provide the growth drivers for this in terms of case mix, payer mix, and pricing creep, if you can split this 9%?
Madhu Sasidhar, President and CEO of Hospitals Division, Apollo Hospitals Limited
If you were to average out the tariff... the land effect is probably in the 4%-5% on a year-on-year basis. The remaining comes from a combination of case mix... especially gastro sciences and orthopedics, which have grown at about 16% and 17% on a revenue basis year-on-year.
Answered
Medium priority
When will the next tranche of 800+ beds be operationalized?
Asked by Kunal Dhamesha, Macquarie
Gave a clear timeline.
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Question
When would the next tranche of, let's say, 800+ beds shall be expected to be operationalized?
Suneeta Reddy, Managing Director, Apollo Hospitals Limited
The following year.
Answered
Medium priority
Is there an update to the revenue/GMV ratio guidance after GMV redefinition?
Asked by Kunal Dhamesha, Macquarie
Confirmed no change to guidance.
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Question
With this redefinition, is there an update to the guidance or that guidance being in the redefinition of the IPOP GMV revenue conversion?
Madhivanan Balakrishnan, CEO, Apollo HealthCo Limited
No, I wouldn't change that. I think you can go with more or less that kind of a tracker.
Answered
High priority
Will hospital growth rate inch up to mid-teens with bed expansion?
Asked by Neha Manpuria, Bank of America
Affirmed growth acceleration.
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Question
Is it fair to assume that the hospital growth rate, which has been in the 10%, 11%, will inch up to the mid-teens along with the bed expansion?
Suneeta Reddy, Managing Director, Apollo Hospitals Limited
Yes, Neha, it will certainly go up. I think you will see also an improvement in existing assets as well as the addition of new hospitals.
Answered
High priority
What is the full year GMV after rebasing? How are new businesses tracking?
Asked by Neha Manpuria, Bank of America
Provided specific GMV guidance and growth rate.
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Question
What would be the GMV for the full year based on this rebasing that we have done? Also, if you could give us some color on the new businesses...
Sanjiv Gupta, CFO, Apollo HealthCo Limited
We closed Q1 with INR 682 crore. We strongly believe that... we should be hitting a number of about INR 3,000 crore-INR 3,200 crore for the full year... This should represent roughly 25% to 30% growth versus the previous year.
Partial answer
High priority
What will drive organic growth from 11% to 13-14%? Occupancy seems weak.
Asked by Shyam Srinivasan, Goldman Sachs
Listed initiatives but no concrete numbers on occupancy improvement.
no specific volume growth levers quantified
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Question
When you guide for organic growth of about 13% to 14%, we did 11% for this quarter. I just want to understand what should change...
Suneeta Reddy, Managing Director, Apollo Hospitals Limited
I think that there is a huge focus on volume... we will also focus on secondary care... hope to see an uplift in international patients coming in in the second and third quarter...
Answered
Medium priority
Why is AHLL performance mixed? Diagnostics margin looks odd.
Asked by Shyam Srinivasan, Goldman Sachs
Explained one-off costs and normalized margin.
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Question
It's kind of all over the place... diagnostics is one I noticed, which is looking odd. Also, I think primary care...
Sriram Iyer, CEO, AHLL
We opened the central reference laboratory in Chennai on 30th April... we had certain one-off validation cost... If I normalize that, my EBITDA margin is about, in diagnostic, is at about 10.3%.
Partial answer
Medium priority
What drove the strong uptick in Apollo 24/7 margin? Guidance for revenue and margin?
Asked by Raman Venkata Kerti, Sequent Investments
Explained Q1 margin drivers but declined to give multi-year guidance.
no long-term margin guidance given
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Question
What drove this strong uptick in terms of margin? Can you give any guidance for Apollo Healthcare from perspective in terms of revenue growth and margin improvement for the next one, two years?
Sanjiv Gupta, CFO, Apollo HealthCo Limited
Our margin for the quarter one has been 15.4% versus Q4 of 12%, which is about 340 basis points up... on account of renegotiated rates... better unit economics on the pharmacy side... insurance uptake...
Answered
Medium priority
How much Keimed EBITDA margin improvement is baked into the 7% combined margin target?
Asked by Avnish Burman, Vaikarya
Provided specific margin improvement expectation.
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Question
How much increase in Keimed EBITDA margins are you baking in when you drive for 7% for these overall margins by full year?
Sanjiv Gupta, CFO, Apollo HealthCo Limited
It would be roughly 40 basis points, sir. 3.1% should go up to 3.5%.
Answered
High priority
Can hospital margins remain stable given INR 150 crore losses from new hospitals?
Asked by Vivek Agrawal, Citigroup
Quantified the expected margin dip.
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Question
Does the company have enough room to absorb the entire losses? ... whether they can remain stable, can move up or down.
Krishnan Akhileswaran, CFO, Apollo Hospitals Limited
It will be a marginal dip, right? 100 basis points marginal dip... we hope to take it higher to 25% or 25% plus number. From there, you will see a dip of 100 basis points.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q1 FY26 Apollo 24/7 margin 15.4% vs Q4 12% | 15.4% | 15% | Matches filing |
| Apollo 24/7 GMV growth 25-30% YoY | 27.5% | 15% | Overstated vs filing |
| Hospital EBITDA margin 24.5% in Q1 FY26 | 24.5% | 15% | Overstated vs filing |
| Hospital EBITDA run rate INR 2,800 crore | ₹2,800 cr | ₹852 cr | Overstated vs filing |
| Combined HealthCo+Keimed revenue run rate INR 17,000 crore | ₹17,000 cr | ₹5,842 cr | Overstated vs filing |
| Combined HealthCo+Keimed revenue target INR 25,000 crore by FY27 | ₹25,000 cr | ₹5,842 cr | Overstated vs filing |
| Combined HealthCo+Keimed EBITDA margin target 7% by FY27 | 7% | 15% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.