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Revenue
₹6,477 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
₹965 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Approximately 1,500 new beds will be added across four new hospitals, with ~50% operationalized in FY27 and balance in early FY28.
- Management expects total startup losses of INR 150 crore from new hospitals in FY27, with potential quarterly peaks of INR 50 crore.
- Cash EBITDA breakeven for Apollo 24/7 pushed out by one quarter to Q1 FY27 due to insurance revenue recognition changes.
- Management expects 100 bps margin improvement in existing hospitals next year through asset utilization and cost optimization.
Risks flagged
- 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.
- Some insurance contract renewals have been pushed out, potentially impacting revenue mix and ARPP growth in certain markets.
- Changes in GST and insurance commission recognition caused a INR 7 crore revenue deferral in Q3, delaying cash EBITDA breakeven by one quarter.
- Recent poaching of a star oncologist by a peer highlights retention risk, though management believes Apollo's brand and platform mitigate this.
Key quotes
- We are pleased to report a strong performance within what is typically a seasonally weak quarter.
- Our discount is stabilizing. Our average order value has gone up by almost INR 111 net of the GST, which has a positive impact on our unit economics.
- We will continue to be able to maintain margins. We are carefully balancing the EBITDA deterioration in our new hospitals with how we are managing our existing hospitals.
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