APOLLOHOSP / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Apollo Hospitals Enterprise · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-08-13Back to quarter ↗

Questions audited

Answered directly

88%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Damayanti Kerai · HSBC

partial

Why is GMV down 14% QoQ despite cost cuts? How to view GMV growth and new services?

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%.

Damayanti Kerai · HSBC

direct

How do you view competition from e-commerce players entering prescription business?

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.

Kunal Dhamesha · Macquarie

direct

What are the growth drivers for 9% YoY ARPP growth? Split by case mix, payer mix, pricing.

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.

Kunal Dhamesha · Macquarie

direct

When will the next tranche of 800+ beds be operationalized?

The following year.

Kunal Dhamesha · Macquarie

direct

Is there an update to the revenue/GMV ratio guidance after GMV redefinition?

No, I wouldn't change that. I think you can go with more or less that kind of a tracker.

Neha Manpuria · Bank of America

direct

Will hospital growth rate inch up to mid-teens with bed expansion?

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.

Neha Manpuria · Bank of America

direct

What is the full year GMV after rebasing? How are new businesses tracking?

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.

Shyam Srinivasan · Goldman Sachs

partial

What will drive organic growth from 11% to 13-14%? Occupancy seems weak.

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...

Shyam Srinivasan · Goldman Sachs

direct

Why is AHLL performance mixed? Diagnostics margin looks odd.

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%.

Raman Venkata Kerti · Sequent Investments

partial

What drove the strong uptick in Apollo 24/7 margin? Guidance for revenue and margin?

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...

Avnish Burman · Vaikarya

direct

How much Keimed EBITDA margin improvement is baked into the 7% combined margin target?

It would be roughly 40 basis points, sir. 3.1% should go up to 3.5%.

Vivek Agrawal · Citigroup

direct

Can hospital margins remain stable given INR 150 crore losses from new hospitals?

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.