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Model Note · APOLLO HOSPITALS ENTER. L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
APOLLO HOSPITALS ENTER. L Discounted cash flow · base FY26
APOLLO HOSPITALS ENTER. L
Value per share, this model₹2,832
CMP 2026-09-10₹8,836.00
Difference(67.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of APOLLO HOSPITALS ENTER. L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
16% a year
FY26 15.8% · 5-yr CAGR 19.0%
EBITDA margin
14.9%
FY26 14.9% · 5-yr average 14.1%
Depreciation · capex, % of revenue
3.5% · 7.8%, fading to 1.2× depreciation
FY26 3.5% · 7.8%
Working capital, % of added revenue · tax
7% · 25.2%
26 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,847 · ₹0 · ₹0 cr
FY26 net debt ₹4,847 cr
Shares
14.38 crore
14.38 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
25,229
29,265
33,947
39,379
45,680
52,988
growth %
15.8
16.0
16.0
16.0
16.0
16.0
EBITDA
3,750
4,360
5,058
5,867
6,806
7,895
Depreciation
(876)
(1,024)
(1,188)
(1,378)
(1,599)
(1,855)
NOPAT
2,150
2,495
2,895
3,358
3,895
4,518
less capex
(1,962)
(2,283)
(2,342)
(2,363)
(2,330)
(2,226)
less working-capital build
—
(283)
(328)
(380)
(441)
(512)
Free cash flow to firm
—
955
1,413
1,993
2,723
3,636
Present value
906
1,208
1,536
1,890
2,273
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · APOLLO HOSPITALS ENTER. L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7,813
PV of the terminal value (83% of EV)
37,760
Enterprise value
45,573
less net debt
(4,847)
less non-controlling interest
0
add non-operating investments
0
Equity value
40,726
÷ 14.38 crore shares
₹2,832
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,942
3,204
3,518
3,902
4,381
10.5%
2,669
2,887
3,144
3,452
3,829
11.0%
2,436
2,619
2,832
3,084
3,387
11.5%
2,234
2,389
2,569
2,779
3,027
12.0%
2,057
2,191
2,344
2,521
2,727
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
