NSE: APOLLOHOSP · BSE: 508869
APOLLO HOSPITALS ENTER. L
Operates a hospital-based healthcare business alongside a large pharmacy distribution network and a retail diagnostics chain. In FY26, total revenue was Rs 25,228.5 crore with net profit of Rs 2,002.7 crore. The Healthcare services segment contributed 50.1% of segment revenue (Rs 12,750.1 crore) at a 19.1% EBIT margin, while Digital health & pharmacy distribution contributed 42.5% (Rs 10,808.1 crore) at a 3.7% EBIT margin, and Retail health & diagnostics contributed 7.3% (Rs 1,865.3 crore) at a 3.9% EBIT margin. Major cost lines are other operating expenses at 21.3% of revenue, materials at 12.1% and employee costs at 11.9%, with depreciation at 3.5% and capex of Rs 1,962.0 crore (7.8% of revenue) in the year. The company has filed a composite scheme of arrangement to demerge an identified business undertaking (including Apollo Healthco and Keimed) into a new listed entity called Apollo Healthtech, with equity shareholders having approved the scheme at NCLT-convened meetings in June 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Healthcare services (50%), Digital health & pharmacy distribution (43%), Retail health & diagnostics (7%), Others (0%). Asset-heavy hospital operator with a lower-margin, large-volume pharmacy distribution arm and a small retail diagnostics business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14,663 | 16,612 | 19,059 | 21,794 | 25,229 |
| EBITDA (ex other income) | 2,479 | 2,050 | 2,393 | 3,022 | 3,750 |
| margin % | 16.9 | 12.3 | 12.6 | 13.9 | 14.9 |
| Owners' profit | 1,056 | 819 | 899 | 1,446 | 1,942 |
| EPS, as reported (₹) | 73.42 | 56.97 | 62.50 | 100.56 | 135.04 |
| ROE % · ROCE % | 18.8 · 18.1 | 12.9 · 13.7 | 12.8 · 15.0 | 17.4 · 15.3 | 20.1 · 19.5 |
| Debt / equity (x) | 0.45 | 0.41 | 0.43 | 0.61 | 0.57 |
| Cash from operations | 1,616 | 1,377 | 1,920 | 2,136 | 2,856 |
| Capex | (657) | (1,129) | (1,137) | (1,713) | (1,962) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,589 | 5,527 | 5,592 | 5,842 | 6,304 | 6,477 | 6,606 | 7,044 |
| Profit before tax | 552 | 531 | 505 | 569 | 668 | 667 | 711 | 785 |
| Net profit | 396 | 379 | 415 | 441 | 494 | 516 | 551 | 610 |
| EPS (₹) | 26.34 | 25.89 | 27.10 | 30.10 | 33.19 | 34.94 | 36.82 | 40.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Healthcare services | 3,334 | 13.1 |
| Retail health & diagnostics | 490 | 1.9 |
| Digital health & pharmacy distribution | 2,848 | 11.2 |
| Others | 1 | 0.0 |
| a) Healthcare services | 9,416 | 37.0 |
| b) Retail health and diagnostics | 941 | 3.7 |
| c) Digital health and pharmacy distribution | 5,488 | 21.6 |
| d) Others | 4 | 0.0 |
| b) Retail Health & diagnostics | 435 | 1.7 |
| c) Digital health & pharmacy distribution | 2,472 | 9.7 |
| Total, before eliminations | 25,429 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L ◆ | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.1 | 42.0 | 23 of 30 | 24% |
| P/B | 11.8 | 5.5 | 24 of 24 | 0% |
| ROCE | 16.6 | 10.9 | 3 of 30 | 93% |
| ROE | 20.1 | 11.8 | 4 of 24 | 87% |
| Debt / Equity | 0.6 | 0.2 | 21 of 24 | 13% |
| EBITDA margin | 16.2 | 22.0 | 21 of 24 | 13% |
| Revenue growth | 20.6 | 20.2 | 11 of 23 | 55% |
| Profit growth | 38.4 | 8.1 | 6 of 21 | 75% |
| Market cap | 117168 | 2462 | 1 of 30 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Apollo Hospitals to meet investors at BofA, Morgan Stanley events in Singapore | investor communications | low | — | — |
| 15 Oct 2026 · Apollo Hospitals Q2 FY27 earnings call scheduled for November 5, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Apollo Hospitals board meeting on Nov 4, 2026 for Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Routine SEBI Reg 74(5) demat certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper ads published for IEPF share transfer notice | compliance | minimal | — | — |
| 28 Aug 2026 · Updated Annual Report for FY 2025-26 resubmitted to fix editorial omission | investor communications | low | — | — |
| 25 Aug 2026 · Apollo Hospitals 45th AGM: all 8 resolutions passed with strong majority | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Apollo Hospitals 45th AGM: All 8 resolutions passed, Rs 7,500 mn NCD issue approved | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Apollo Hospitals 45th AGM proceedings and voting results | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.