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Apollo Hospitals Enterprise Q2 FY27 results: net profit up 33.5% to ₹659.50 crore, revenue up 20.8%
Apollo Hospitals Enterprise Limited reported consolidated revenue of ₹7,615 crore in Q2 FY27, up 20.8% from Q2 FY26. Profit after tax was ₹659.50 crore, up 33.5%, while basic EPS rose 32.0% to ₹43.82 and EBITDA margin increased 0.7 percentage points to 15.6%.
Key points
- Consolidated Q2 FY27 revenue was ₹7,615 crore, up 20.8% from ₹6,304 crore in Q2 FY26 and 8.1% from ₹7,044 crore in Q1 FY27.
- EBITDA rose 26.5% year on year to ₹1,191 crore, with margin increasing 0.7 percentage points to 15.6%.
- A net profit of ₹659.50 crore was up 33.5% from ₹494 crore in Q2 FY26 and 8.0% from ₹610.40 crore in Q1 FY27.
- Basic EPS increased to ₹43.82 from ₹33.19 in Q2 FY26 and ₹40.39 in Q1 FY27.
- H1 FY27 revenue was ₹14,546.8 crore and PAT was ₹1,269.9 crore, up 19.8% and 35.8%, respectively, from H1 FY26.
How did Apollo Hospitals Enterprise perform in Q2 FY27?
Apollo Hospitals Enterprise reported consolidated revenue of ₹7,615 crore in Q2 FY27, compared with ₹6,304 crore in Q2 FY26 and ₹7,044 crore in Q1 FY27. EBITDA was ₹1,191 crore, with margin at 15.6%, against 14.9% a year earlier and 15.5% in the previous quarter. Total income rose to ₹7,659.7 crore from ₹6,358.2 crore in Q2 FY26.
The company reported a net profit of ₹659.50 crore in Q2 FY27, against ₹494 crore in Q2 FY26 and ₹610.40 crore in Q1 FY27. Profit attributable to owners was ₹629.90 crore, while basic EPS was ₹43.82, compared with ₹33.19 and ₹40.39 in the respective comparison quarters. On the standalone basis, revenue was ₹2,902.9 crore and PAT was ₹475.7 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,615 | 7,044 | 6,304 | +20.8% | +8.1% |
| Other income | 44.80 | 48.80 | 54.70 | −18.1% | −8.2% |
| Total expenses | 6,768 | 6,307 | 5,690 | +19.0% | +7.3% |
| EBITDA | 1,191 | 1,092 | 941.10 | +26.5% | +9.0% |
| EBITDA margin | 15.6% | 15.5% | 14.9% | +0.7 pp | +0.1 pp |
| Profit before tax | 891.40 | 785.40 | 668.40 | +33.4% | +13.5% |
| Tax | 244.90 | 188.40 | 180.70 | +35.5% | +30.0% |
| Net profit | 659.50 | 610.40 | 494 | +33.5% | +8.0% |
| EPS (₹) | 43.82 | 40.39 | 33.19 | +32.0% | +8.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Apollo Hospitals Enterprise's costs and profit?
Against Q2 FY26, total expenses rose ₹1,078 crore, or 19.0%, to ₹6,768 crore. Cost of materials increased ₹156.50 crore, or 20.1%, employee cost rose ₹106.50 crore, or 13.9%, and other expenses increased ₹247.20 crore, or 18.3%. Finance costs rose ₹4.40 crore and depreciation rose ₹12.40 crore.
Other income fell ₹9.90 crore, or 18.1%, to ₹44.80 crore, while tax expense increased ₹64.20 crore, or 35.5%, to ₹244.90 crore. There was no exceptional item in either quarter. The filing does not state a specific reason for the movement in other income or tax.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 935.20 | 778.70 | +156.50 | +20.1% |
| Employee cost | 873.20 | 766.70 | +106.50 | +13.9% |
| Finance costs | 114 | 109.60 | +4.40 | +4.0% |
| Depreciation | 230.20 | 217.80 | +12.40 | +5.7% |
| Other expenses | 1,599 | 1,352 | +247.20 | +18.3% |
| Total expenses | 6,768 | 5,690 | +1,078 | +19.0% |
| Other income | 44.80 | 54.70 | −9.90 | −18.1% |
| Tax | 244.90 | 180.70 | +64.20 | +35.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, Apollo Hospitals Enterprise reported revenue of ₹14,546.8 crore, up 19.8% from ₹12,145.6 crore in H1 FY26. Total income rose 19.6% to ₹14,639.5 crore, while PBT increased 36.2% to ₹1,685.8 crore from ₹1,237.5 crore.
PAT for H1 FY27 was ₹1,269.9 crore, up 35.8% from ₹935.0 crore in H1 FY26. Basic EPS increased 33.0% to ₹84.19 from ₹63.29.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 14,547 | 12,146 | +19.8% |
| Profit before tax | 1,686 | 1,238 | +36.2% |
| Net profit | 1,270 | 935 | +35.8% |
| EPS (₹) | 84.19 | 63.29 | +33.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹24,222.2 crore, compared with ₹22,196.9 crore at 31 March 2026. Total equity rose to ₹11,157.1 crore from ₹9,974.5 crore, while borrowings were ₹5,594.8 crore against ₹5,658.5 crore. Cash and cash equivalents fell to ₹587.4 crore from ₹811.3 crore.
Inventories were ₹623.4 crore at 30 September 2026, compared with ₹542.4 crore at 31 March 2026. Trade receivables rose to ₹4,256.2 crore from ₹3,484.9 crore, while trade payables increased to ₹2,757.7 crore from ₹2,251.8 crore.
H1 FY27 operating cash flow was ₹1,493.3 crore, compared with ₹1,325.3 crore in H1 FY26. Investing cash flow was negative ₹1,413.8 crore against negative ₹1,069.9 crore, financing cash flow was negative ₹303.4 crore against negative ₹345.1 crore, and capital expenditure was ₹1,199.9 crore against ₹706.5 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 24,222 | 22,197 |
| Total equity | 11,157 | 9,974 |
| Borrowings | 5,595 | 5,658 |
| Cash and equivalents | 587.40 | 811.30 |
| Inventories | 623.40 | 542.40 |
| Trade receivables | 4,256 | 3,485 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,493 | 1,325 |
| Cash from investing | −1,414 | −1,070 |
| Cash from financing | −303.40 | −345.10 |
| Capital expenditure | 1,200 | 706.50 |
Source: Company's results filing (XBRL).
How has Apollo Hospitals Enterprise done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters, as did profit. Across the reported period, revenue increased from ₹5,526.9 crore in Q3 FY25 to ₹7,614.9 crore in Q2 FY27, while PAT rose from ₹379.4 crore to ₹659.5 crore. EBITDA margin moved from 13.8% to 15.6%, with the lowest margin at 13.8% and the highest at 15.6% in the series.
The direction remained upward into Q2 FY27: revenue reached ₹7,614.9 crore, PAT was ₹659.5 crore, and EBITDA margin was 15.6%. The quarter was the highest for all three measures in the eight-quarter series.
Which businesses drove the quarter?
Healthcare services reported revenue of ₹3,963.0 crore in Q2 FY27, up 23.2% from ₹3,217.3 crore in Q2 FY26, with EBIT of ₹760.0 crore against ₹629.6 crore. The segment EBIT margin was 19.2%.
Digital health and pharmacy distribution recorded revenue of ₹3,285.8 crore, up 23.5% from ₹2,660.5 crore, and EBIT of ₹172.8 crore against ₹85.9 crore. Retail health and diagnostics revenue fell 9.4% to ₹429.3 crore from ₹473.9 crore, while EBIT rose to ₹38.0 crore from ₹13.6 crore.
Others reported revenue of ₹6.4 crore and an EBIT loss of ₹10.2 crore, compared with revenue of ₹1.3 crore and an EBIT loss of ₹5.8 crore. The discontinued retail health and diagnostics operations reported no revenue and EBIT of ₹1.1 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| a) Healthcare services | 3,963 | +23.2% | 760 | 19.2% |
| b) Retail health and diagnostics | 429.30 | −9.4% | 38 | 8.9% |
| c) Retail health and diagnostics-Discontinued operations | 0 | 1.10 | ||
| c) Digital health and pharmacy distribution | 3,286 | +23.5% | 172.80 | 5.3% |
| d) Others | 6.40 | +392.3% | −10.20 | -159.4% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved Apollo Hospitals Enterprise's unaudited standalone and consolidated results for the three and six months ended 30 September 2026. The same-day filings did not announce a dividend or a fund raise.
Dr. Madhu Sasidhar will cease as President and CEO of the Hospitals Division effective from the closure of business hours on 14 November 2026, following completion of his employment tenure. The company said there was no material reason for the cessation other than the stated reason.
The company also disclosed the completion of the divestment of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India. Apollo Health and Lifestyle received the agreed consideration and securities representing an effective 9.9% equity stake in Kids Clinic India, and the transaction closed on 3 November 2026.
What did Apollo Hospitals Enterprise's management say?
Management said the proposed New Co is expected to achieve INR 250 bn of revenue and INR 15 bn of EBITDA annualised for Q4 FY27. It also expects an estimated listing by Q4 FY27, subject to all approvals. The presentation identified NCLT and other approvals as conditions for the proposed listing.
Management said Healthcare Services plans to expand from 9,605 current total census beds to approximately 13,800 after expansion. The presentation cited 480 beds for progressive activation over the next 12–18 months, a total project cost of approximately ₹11,150 crs and approximately ₹7,100 crs still to be spent.
Management said five new hospitals with approximately 1,000 census beds had been commissioned, including 520 operationalised beds outside Gurgaon. Management also said Apollo HealthCo's digital business recorded its first pre-ESOP EBITDA-positive quarter, with Q2 digital cash profit of ₹13 Mio, while online pharmacy distribution and Apollo 24|7 remained EBITDA-negative.
Management identified hospital margin pressure, operating cost and ESOP at ₹127 Mio in Q2 FY27 and ₹323 Mio in H1 FY27 for online pharmacy distribution and Apollo 24|7, remaining expansion spending and approval requirements as risks. It said the AHLL Cradle and Fertility divestment reduces comparability because financials up to EBIT were re-presented, while PBT and PAT continue to include discontinued operations.
How did other Hospital companies do?
Twelve other Hospital companies had filed for the quarter by 4 November 2026, with a median revenue growth of 21.8%. Six peers grew revenue more slowly than Apollo Hospitals Enterprise and six grew faster. Seven of the 10 peers for which profit was compared reported higher profit.
| Apollo Hospitals Enterprise revenue growth (YoY) | +20.8% |
|---|---|
| Median of 12 other Hospital companies | +21.8% |
| Companies with slower revenue growth than Apollo Hospitals Enterprise | 6 of 12 |
| Companies with faster revenue growth than Apollo Hospitals Enterprise | 6 of 12 |
| Companies whose net profit rose | 7 of 10 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Apollo Hospitals Enterprise's revenue in Q2 FY27?
Revenue from operations was ₹7,615 crore, up 20.8% from ₹6,304 crore in Q2 FY26 (consolidated).
Did Apollo Hospitals Enterprise make a profit in Q2 FY27?
Yes. Net profit was ₹659.50 crore, against a net profit of ₹494 crore in Q2 FY26.
What was Apollo Hospitals Enterprise's EPS in Q2 FY27?
Basic earnings per share were ₹43.82, against ₹33.19 in Q2 FY26.
When did Apollo Hospitals Enterprise announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- General Updates (NSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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