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Apollo Hospitals Enterprise Margin Trend — Quarter by Quarter

Apollo Hospitals Enterprise's EBITDA margin moved from 15.0% in Q1 FY26 to 15.0% in Q3 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q3 FY26	15.0%	+120 bps
Q2 FY26	15.0%	—
Q1 FY26	15.0%	—

What management said about ebitda margin

Q3 FY26 · Start-up losses of ~₹150 crore in FY27

Management expects total pre-opening and ramp-up losses of around ₹150 crore for new hospitals in the next fiscal year.

Q3 FY26 · Digital business cash break-even by Q1 FY27

Cash EBITDA break-even for Apollo 24/7 delayed by one quarter due to insurance revenue recognition mismatch; otherwise on track.

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

Management expects to improve existing hospital EBITDA margins by about 100 basis points through asset utilization and cost initiatives.

Q2 FY26 · New hospital EBITDA losses of ~₹150 crore in FY27

Pre-opening EBITDA losses from six new hospitals are expected to be around ₹150 crore, with break-even targeted within 12 months.

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

Apollo HealthCo aims for a revenue run rate of ₹25,000 crore and 7% EBITDA margin by Q4 FY27, with current H1 margin at 4.4%.

Q1 FY26 · Digital business breakeven by Q4 FY26

Apollo 24/7 is on track to achieve breakeven by end of FY26, with losses narrowing to ₹73 crore in Q1 from ₹116 crore last year.

Q1 FY26 · Hospital margin expansion to 25%+

Healthcare services margins are expected to improve from 24.5% to 25% or higher, before a marginal 100 bps dip from new hospital losses.

Q1 FY26 · Healthco + Keimed combined revenue of ₹25,000 crore by FY27

The merged entity (Apollo Healthco + Keimed) is expected to achieve a revenue run rate of ₹25,000 crore with 7% EBITDA margin by end of FY27.