APOLLOHOSP / Q3-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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PositiveQ3-FY26 · 2026-02-14Back to quarter ↗

Questions audited

Answered directly

79%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Binay Singh · Morgan Stanley

partial

Updated thoughts on INR 150 crore cost headwind from hospital ramp-up.

We continue to believe that INR 150 crore is a good number for now. Currently, in the embedded numbers, we have approximately INR 15 crore of losses in the overall reported numbers for Pune and Asansol.

Binay Singh · Morgan Stanley

direct

Reason for sequential drop in digital business GMV and revenue-to-GMV ratio increase.

Two things: GST reduction on 21st September impacted GMV by INR 30-35 crore a quarter, and we stopped supplying to Amazon in early Q2. Accumulated impact roughly INR 75 crore for Q3.

Neha Manpuria · Bank of America

direct

Revenue base for digital business and cash EBITDA break-even guidance.

Our pharmacy online business grew 32%. Cash EBITDA break-even pushed out by one quarter to Q1 FY27 due to insurance revenue recognition mismatch of INR 7 crore.

Karan Vora · Goldman Sachs

direct

Bed operationalization timeline and ramp-up for new hospitals.

Sonarpur 225 beds, half in Q1. Hyderabad 300, 50% in Q1. Pune add 100 beds by Q1. Gurugram 200-250 by Q2. Sarjapur 100 out of 150 by Q1. Roughly 40-50% of new beds operationalized by Q1.

Karan Vora · Goldman Sachs

direct

ARPP growth drivers and discrepancy between 3% and 5% price growth.

3% was tariff increase during the year, 5% is effective price realization including insurance contract resets. ARPP growth from higher complexity cases and surgical growth.

Karan Vora · Goldman Sachs

evasive

Target for digital business EBITDA break-even including ESOPs.

ESOP cost maximum is getting consumed until this year. After that, very less cost on ESOP. But overall question, I request to wait for Q4 earnings call.

Bino Pathiparampil · Elara Capital

partial

Whether price increase kicked in Q3 and if it drove the step-up in growth.

It was there in Q2 also. But the more important point is higher complexity of cases and specialty focus. We should be able to sustain as we move forward.

Damayanti Kerai · HSBC

partial

Negotiation with health insurance companies and empanelment for new hospitals.

We have good relationship with all insurance companies. Some delays in certain markets but we are on course. We start negotiations much before operationalization.

Damayanti Kerai · HSBC

direct

Clarification on GMV adjustments and revenue growth for digital business.

Two factors: GST reduction and closure of Amazon channel. Accumulated impact roughly INR 75 crore for Q3. Excluding these, revenue growth would be 32% vs reported 15%.

Tushar Manudhane · Motilal Oswal Financial Services

direct

Scope for further EBITDA improvement in base hospitals given high occupancy.

Opportunities: length of stay reduction, minimizing seasonal volatility, consistent focus on case mix and high-complexity cases like transplants (50% revenue increase vs last quarter).

Vivek Agrawal · Citigroup

direct

Sustainability of 10% ARPP growth and margin trajectory next year.

We would like half on volume and half on case mix and pricing. Existing business can expand margins by at least 100 bps next year to offset new unit losses.

Madhu Marda · FIL

direct

Base network margin expansion and impact of new unit losses.

Yes.