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Revenue
₹5,589 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹816 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Apollo Hospitals reported a strong Q2 FY25 with consolidated revenue of INR 5,589 crore (+15% YoY) and EBITDA of INR 816 crore (+30% YoY). PAT surged 63% YoY to INR 379 crore, driven by broad-based volume growth and margin improvement. Healthcare services revenue grew 14% to INR 2,903 crore, with occupancy rising to 73% (vs 68% last year). Apollo HealthCo turned profitable for the first time (PAT INR 19 crore). Management guided for 1,400 new beds in FY26, with phased commissioning to protect margins. The 24/7 platform is pivoting to sustainable growth, targeting breakeven in 5-6 quarters. Risk: Bangladesh patient flow disruption and quick commerce competition may pressure near-term ARPOB and GMV growth.
Colored figures show movement against the previous available record.
Guidance to track
- Six facilities in key metros will be commissioned in FY26; half of the beds operationalized in FY26, rest in FY27 to protect margins.
- The online 24/7 platform is expected to achieve breakeven by Q2 FY26, with sustainable GMV growth and reduced marketing spend.
- Including Keimed, the pharmacy platform targets INR 25,000 crore revenue with 7-8% EBITDA margin.
- Management expects 50-60 bps margin expansion for the full year, lower than initial 100-150 bps due to Bangladesh headwinds.
Risks flagged
- International patient revenue from Bangladesh fell 27% in H1, impacting Tamil Nadu volumes. Recovery expected but uncertain.
- Quick commerce players are impacting non-Rx sales, delaying unit economics improvement. Management is rolling out 19-min delivery to counter.
- Health insurers facing high claims ratios may exert pressure on hospital pricing. Management believes network strength mitigates this.
- 1,400 new beds in FY26 could drag EBITDA margins by 1-1.2% during ramp-up, though management expects 12-14 month breakeven.
Key quotes
- We are well poised to commission six facilities with over 1,400 operational beds in key strategic metro markets like NCR, Hyderabad, Kolkata, Pune, and Bangalore in FY 26.
- Apollo HealthCo has reported its first-ever quarterly profit with a PAT of INR 19 crore, contributing to a sharp improvement in the consolidated PAT on a year-on-year basis.
- We are reasonably confident that the GMV will come back, but on a more sustainable basis. Whether it's a 50% growth or not, we will sort of reserve comments, but from a profitability perspective, we will hold on to our EBITDA profitability that we are committed for.
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