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Apollo Hospitals Enterprise Limited — Q3 FY26
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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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.
अपोलो हॉस्पिटल्स ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कुल कमाई 6,477 करोड़ रुपये रही, जो पिछले साल से 17% ज्यादा है। मुनाफा 502 करोड़ रुपये रहा, जो 35% बढ़ा। सभी कारोबारों में दोहरे अंकों की बढ़त हुई। अस्पताल सेवाओं की कमाई 14% बढ़कर 3,183 करोड़ रुपये हुई। इसमें मरीजों की संख्या, कीमतें और बेहतर इलाज का मिश्रण शामिल है। अपोलो हेल्थको की कमाई 20% बढ़कर 2,827 करोड़ रुपये हुई। डिजिटल कारोबार का घाटा घटकर 67 करोड़ रुपये रह गया। अगले साल नए अस्पतालों पर 150 करोड़ रुपये खर्च होंगे, लेकिन पुराने अस्पतालों का मुनाफा बढ़ेगा। डिजिटल कारोबार में ब्रेकईवन एक तिमाही देर से होगा। जोखिम: नए बिस्तरों की संख्या बढ़ने से अगर मरीज कम आए तो मुनाफा दबाव में आ सकता है।
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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Promises
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Promise Tracker
0 delivered, 0 close, 3 missed.
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Risks
4 risks
Risk Intelligence
New hospital ramp-up delays and cost overruns
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Transcript
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Read Transcript →Quarter Snapshot
Group-wide occupancy
67%
flat YoY
Occupancy remained stable at 67% in Q3 FY26, with insurance and cash patients comprising 83% of inpatient revenues.
Surgical volume growth
6%
+6% YoY
Surgical volumes grew 6% YoY, driven by focus on congruent specialties like cardiac and oncology.
Apollo 24/7 users
46M
+2M QoQ
Digital platform added 2 million new users in Q3, reaching 46 million total users.
Platform GMV
INR 525 Cr
+28% YoY
GMV grew 28% YoY to INR 525 crore, with pharmacy online GMV up 32% YoY.
What Changed vs Last Quarter
NEW
New bed additions of ~1,500 over next two years
Approximately 1,500 new beds will be added across four new hospitals, with ~50% operationalized in FY27 and balance in early FY28.
NEW
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.
NEW
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.
NEW
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.
DROPPED
Organic hospital growth to return to 13%
Management expects healthcare services organic growth to revert to 13% as Bangladesh patients return (60% already back in October) and new markets are explored.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
New hospital ramp-up delays and cost overruns
Gurugram hospital delayed by 2-3 months due to environmental clearance issues; startup losses could exceed INR 150 crore if occupancy ramps slower than expected.
NEW RISK
Insurance contract renegotiation delays
Some insurance contract renewals have been pushed out, potentially impacting revenue mix and ARPP growth in certain markets.
NEW RISK
Digital business revenue recognition changes
Changes in GST and insurance commission recognition caused a INR 7 crore revenue deferral in Q3, delaying cash EBITDA breakeven by one quarter.
NEW RISK
Talent poaching risk in competitive market
Recent poaching of a star oncologist by a peer highlights retention risk, though management believes Apollo's brand and platform mitigate this.
RISK GONE
New hospital ramp-up costs may pressure margins
EBITDA losses from six new hospitals could be ~INR 150 crore in FY27, potentially dragging consolidated margins if ramp-up is slower than expected.
RISK GONE
Insurance pricing reset may limit ARPP growth
Insurance contracts are reset every two years; with some contracts up for renewal, pricing may not keep pace with inflation, impacting revenue per patient.
RISK GONE
CGHS rate hike still at 65% discount to private tariffs
Despite recent CGHS rate increases, government business remains significantly less profitable than insurance or cash, limiting margin expansion from that segment.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25
Digital business expected to achieve EBITDA breakeven by end of fiscal year, with GMV run-rate of INR 800-900 crore.
Mentioned in Q2 FY26, Q3 FY25, Q4 FY25
Digital platform on course to break even by end of fiscal year, with all three lines (pharmacy, diagnostics, consults) already CM1 positive.
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 Q1 FY25, Q2 FY25, Q2 FY26
EBITDA losses from six new hospitals could be ~INR 150 crore in FY27, potentially dragging consolidated margins if ramp-up is slower than expected.
Mentioned in Q1 FY26, Q2 FY25, Q4 FY25
Aggressive entry of quick commerce players into prescription medicines could pressure margins and customer acquisition costs.
Fast read
Guidance and risk preview
Approximately 1,500 new beds will be added across four new hospitals, with ~50% operationalized in FY27 and balance in early FY28.
Gurugram hospital delayed by 2-3 months due to environmental clearance issues; startup losses could exceed INR 150 crore if occupancy ramps slower...
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