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Revenue
₹6,304 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹941 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Apollo Hospitals delivered a solid Q2 FY26 with consolidated revenue of INR 6,304 crore (+13% YoY) and EBITDA of INR 941 crore (+15% YoY). Healthcare services revenue grew 9% to INR 3,169 crore, driven by a 14% increase in high-complexity CONGO specialties, offsetting a 6% decline in medical admissions due to seasonality and a 1% impact from reduced Bangladesh patients. Apollo HealthCo revenue rose 17% to INR 2,661 crore, with digital losses narrowing to INR 71 crore from INR 101 crore. Management guided for organic hospital growth to return to 13% and expects six new hospitals to commission over the next four quarters, with aggregate EBITDA losses of ~INR 150 crore in FY27. A key risk is the potential margin drag from new hospital ramp-up costs, which management aims to mitigate through a INR 120 crore cost-saving program.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects healthcare services organic growth to revert to 13% as Bangladesh patients return (60% already back in October) and new markets are explored.
- 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.
- Digital platform on course to break even by end of fiscal year, with all three lines (pharmacy, diagnostics, consults) already CM1 positive.
- 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.
Risks flagged
- EBITDA losses from six new hospitals could be ~INR 150 crore in FY27, potentially dragging consolidated margins if ramp-up is slower than expected.
- Insurance contracts are reset every two years; with some contracts up for renewal, pricing may not keep pace with inflation, impacting revenue per patient.
- Despite recent CGHS rate increases, government business remains significantly less profitable than insurance or cash, limiting margin expansion from that segment.
Key quotes
- We are quite confident that we will get back into 13% growth. Bangladesh, at least 60%, has started coming back in October, and we believe that we will mitigate the impact of losing one territory.
- Our internal target is to get all of them to break even in 12 months.
- All the three lines of businesses that I spoke about, pharmacy, diagnostics, and consult business, at a CM1 level, has turned positive, each one of them at an individual level.
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