Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales.
Read Sunpharma analysis →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.
Read Apollo Hospitals Enterprise analysis →Sun Pharma delivered a strong Q3 FY26 with consolidated revenue of INR 15,469 crore (+15.1% YoY) and EBITDA of INR 4,949 crore (+23.4% YoY), driven by broad-based growth in India (+16.2%) and emerging markets (+21.6%), partially offset by flat US sales. EBITDA margin expanded to 31.9% on better product mix, while PAT grew 16% to INR 3,369 crore despite a higher tax rate. Management highlighted the upcoming launch of generic semaglutide in India as a key growth catalyst, with approvals received for both diabetes and weight management. However, US generic sales remain under pressure from competition and manufacturing compliance issues, and the company faces uncertainty from proposed US pricing reforms. The strong balance sheet (net cash $3.2B) provides M&A flexibility, though management remains disciplined.
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.
India formulation sales grew 16.2% YoY to INR 49,986 million, driven by volume growth of 6.3% vs IPM volume growth of 1.2%.
Global innovative medicine sales grew 14.3% YoY to $423 million, including $55 million milestone income; ex-milestone growth was 13.2%.
US sales were marginally up 0.6% to $477 million, with growth in innovative medicines offset by lower generic sales due to competition.
Sun Pharma's market share in the Indian pharmaceutical market improved to 8.4% from 8.1% a year ago, maintaining the #1 position.
Occupancy remained stable at 67% in Q3 FY26, with insurance and cash patients comprising 83% of inpatient revenues.
Surgical volumes grew 6% YoY, driven by focus on congruent specialties like cardiac and oncology.
Digital platform added 2 million new users in Q3, reaching 46 million total users.
GMV grew 28% YoY to INR 525 crore, with pharmacy online GMV up 32% YoY.
Sun Pharma plans to launch generic semaglutide in India on day one of patent expiry for both chronic weight management and type 2 diabetes, under brands NovelTreat and SemaTrinity.
Management guidance growthManagement indicated they will provide R&D spend guidance for the next fiscal year in the next quarter's call.
Management guidance otherThe phase 2b study for GL0034 in type 2 diabetes has started and is expected to complete within 12-18 months.
Management guidance otherApproximately 1,500 new beds will be added across four new hospitals, with ~50% operationalized in FY27 and balance in early FY28.
Management guidance expansionManagement expects total startup losses of INR 150 crore from new hospitals in FY27, with potential quarterly peaks of INR 50 crore.
Management guidance marginsCash EBITDA breakeven for Apollo 24/7 pushed out by one quarter to Q1 FY27 due to insurance revenue recognition changes.
Management guidance growthManagement expects 100 bps margin improvement in existing hospitals next year through asset utilization and cost optimization.
Management guidance marginsUS generic sales declined due to additional competition on certain products, and recovery depends on resolving manufacturing compliance issues at several sites.
high · management_commentaryCMS proposed pricing models could impact US revenues; management declined to share mitigation strategies, citing commercial sensitivity.
medium · analyst_questionEffective tax rate rose to ~25% from ~15% last year, dampening PAT growth relative to EBITDA growth; expected to remain in that range.
medium · data_observationManagement noted that milestone income of $55 million in Q3 may not recur in future quarters, potentially impacting revenue comparability.
low · management_commentaryGurugram hospital delayed by 2-3 months due to environmental clearance issues; startup losses could exceed INR 150 crore if occupancy ramps slower than expected.
high · management_commentarySome insurance contract renewals have been pushed out, potentially impacting revenue mix and ARPP growth in certain markets.
medium · analyst_questionChanges in GST and insurance commission recognition caused a INR 7 crore revenue deferral in Q3, delaying cash EBITDA breakeven by one quarter.
medium · management_commentaryRecent poaching of a star oncologist by a peer highlights retention risk, though management believes Apollo's brand and platform mitigate this.
low · analyst_questionOur focus is on finding a way to grow our business organically at a rate, so that we continue to be an attractive investment opportunity for shareholders. We would look at an acquisition only if we think that it can help us in terms of strengthening our long-term strategic capability.
What it really offers is balance between efficacy and tolerability. So Enloxit works three ways: It restores adaptive immunity, which is by binding to the PD-L1. It engages the innate immune system based on its active Fc domain that activates natural killer cells, and unlike the existing products, it preserves PD-L2 signaling.
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.
