India's largest hospital chain: 78 hospitals plus pharmacy, diagnostics and Apollo 24/7 digital care
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,044 | +20.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 16.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 610 | +38.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 23.77 | +3.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.67 | +1.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 17.21 | +1.4 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Healthcare Services EBITDA Margin | Net-net, we should be at around 24% next year. | Q3 FY25 | Achieved 24.8%, targeting further 100 bps expansion | Achieved |
| Group-wide Occupancy Rate | Improve to 72%, 73% before the new beds open out. | Q3 FY25 | Actual dropped to 67% | Missed |
| Apollo 24/7 Digital Cash EBITDA Breakeven | Break even by end of Q2 of the next year [FY26] or positively in Q3 [FY26] | Q3 FY25 | Pushed out by one quarter to Q1 FY27 due to INR 17 cr insurance mismatch | Delayed |
1 of Apollo Hospitals Enterprise Limited's 7 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 4 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹7,837.5 on 24 Oct 2025 → ₹7,791.5. High ₹9,069 (23 Sept 2026), low ₹6,793.5 (27 Jan 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Apollo Hospitals Enterprise is India's largest pan-India integrated healthcare provider, operating a network of multi-specialty hospitals alongside pharmacy distribution, diagnostics, retail-health clinics and a digital health platform. It earns from three verticals: Healthcare Services (running owned and managed hospitals), Diagnostics & Retail Health under Apollo Health & Lifestyle (AHLL), and Digital Health & Pharmacy Distribution under Apollo HealthCo (offline pharmacy distribution plus the Apollo 24/7 app). Its footprint spans hospitals, diagnostic centres, clinics and dialysis and dental units across the country.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 2 judged targets kept · 5 open · verdicts reflect calls analysed to Q3 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Healthcare Services EBITDA Margin | Net-net, we should be at around 24% next year. | Q3 FY25 | Achieved 24.8%, targeting further 100 bps expansion | Achieved |
| Group-wide Occupancy Rate | Improve to 72%, 73% before the new beds open out. | Q3 FY25 | Actual dropped to 67% | Missed |
| Apollo 24/7 Digital Cash EBITDA Breakeven | Break even by end of Q2 of the next year [FY26] or positively in Q3 [FY26] | Q3 FY25 | Pushed out by one quarter to Q1 FY27 due to INR 17 cr insurance mismatch | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Apollo Hospitals Q3 FY26
Apollo Hospitals delivered a strong Q3 FY26, marked by double-digit growth across all segments, significant margin expansion, and robust PAT growth. While new hospital ramp-up costs and a delay in digital business breakeven due to revenue recognition issues were noted, the company remains focused on strategic capacity expansion and integration of Keimed to drive future growth and profitability.
Read the full callApollo Hospitals Q2 FY26
Apollo Hospitals reported a strong Q2 and H1 FY26 performance, with consolidated revenue growing 13% YoY to INR 6,304 crore and EBITDA increasing 15% YoY to INR 941 crore. The Healthcare Services division maintained robust margins at 24.6% despite slower revenue growth, while Apollo HealthCo significantly improved its EBITDA by 110% due to reduced digital losses. The company is on track with its capacity expansion plans, with several new hospitals expected to be commissioned in FY26 and FY27, though these will incur initial EBITDA losses.
Read the full callApollo Hospitals Q3 FY25
Apollo Hospitals reported a strong Q3 FY25, with consolidated revenue growing 14% and EBITDA up 24% year-on-year, driven by robust performance across all segments. Apollo HealthCo achieved its first-ever quarterly profit, signaling progress towards digital business breakeven. Despite headwinds from reduced Bangladesh footfalls and a seasonally muted quarter, the company maintained strong margins in Healthcare Services and outlined clear expansion and profitability targets for its various verticals.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +38% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,589 | 5,527 | 5,592 | 5,842 | 6,304 | 6,477 | 6,606 | 7,044 |
| Expenses | 4,774 | 4,765 | 4,822 | 4,990 | 5,362 | 5,512 | 5,594 | 5,951 |
| Operating profit | 816 | 762 | 770 | 852 | 941 | 965 | 1,011 | 1,092 |
| Operating margin | 15.0% | 14.0% | 14.0% | 15.0% | 15.0% | 15.0% | 15.0% | 16.0% |
| Other income | 44 | 69 | 72 | 54 | 61 | 48 | 54 | 62 |
| Interest | 118 | 110 | 115 | 108 | 110 | 113 | 119 | 120 |
| Depreciation | 184 | 185 | 211 | 215 | 218 | 219 | 224 | 235 |
| Profit before tax | 557 | 536 | 516 | 583 | 675 | 682 | 722 | 799 |
| Tax rate | 29.0% | 29.0% | 20.0% | 24.0% | 27.0% | 24.0% | 24.0% | 24.0% |
| Net profit | 396 | 379 | 414 | 441 | 494 | 516 | 551 | 610 |
| EPS (₹ per share) | 26.34 | 25.89 | 27.10 | 30.10 | 33.19 | 34.93 | 36.81 | 40.39 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 16,613 | 19,060 | 21,794 | 25,229 |
| Expenses | 14,610 | 16,668 | 18,771 | 21,458 |
| Operating profit | 2,003 | 2,391 | 3,023 | 3,769 |
| Other income | 94 | 126 | 234 | 217 |
| Interest | 381 | 449 | 459 | 450 |
| Depreciation | 615 | 687 | 757 | 876 |
| Profit before tax | 1,101 | 1,380 | 2,039 | 2,662 |
| Net profit | 845 | 934 | 1,505 | 2,002 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 72 | 72 | 72 | 72 | 72 | 72 |
| Reserves | 5,551 | 6,126 | 6,864 | 8,140 | 9,021 | 9,408 |
| Borrowings | 4,068 | 4,332 | 5,333 | 7,864 | 7,987 | 8,493 |
| Other liabilities | 3,570 | 3,886 | 4,474 | 4,568 | 4,870 | 4,210 |
| Total liabilities | 13,261 | 14,416 | 16,742 | 20,644 | 21,950 | 22,183 |
| Fixed assets | 8,296 | 8,520 | 9,664 | 10,988 | 11,262 | 12,272 |
| Capital work in progress | 46 | 610 | 873 | 921 | 1,026 | 1,032 |
| Investments | 816 | 574 | 986 | 2,487 | 3,008 | 2,179 |
| Other assets | 4,104 | 4,712 | 5,219 | 6,248 | 6,653 | 6,700 |
| Total assets | 13,261 | 14,416 | 16,742 | 20,644 | 21,950 | 22,183 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,265 | 1,696 | 1,377 | 1,920 | 2,136 | 2,856 |
| Cash from investing | -880 | -747 | -857 | -1,537 | -3,383 | -2,145 |
| Cash from financing | -340 | -792 | -633 | -311 | 1,319 | -478 |
| Net cash flow | 44 | 158 | -113 | 72 | 73 | 233 |
| Free cash flow | 984 | 1,044 | 252 | 785 | 439 | 925 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 46 | 44 | 49 | 48 | 51 | 50 |
| Inventory days | 16 | 21 | 17 | 17 | 16 | 15 |
| Days payable | 74 | 79 | 82 | 88 | 72 | 63 |
| Cash conversion cycle | -12 | -14 | -16 | -23 | -6 | 3 |
| Working capital days | -4 | 5 | -1 | -19 | -6 | -25 |
| Return on capital employed | 8.0% | 17.0% | 14.0% | 15.0% | 17.0% | 17.0% |
| Dividend payout | 29.0% | 16.0% | 26.0% | 26.0% | 13.0% | 15.0% |
The businesses behind the company’s reported revenue.
a) Healthcare services contributes 51.0% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹3,619.50 crore
₹2,977.00 crore
₹499.50 crore
₹1.30 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| a) Healthcare services | 3,619.50 | 51.0% |
| c) Digital health and pharmacy distribution | 2,977.00 | 41.9% |
| b) Retail health and diagnostics | 499.50 | 7.0% |
| d) Others | 1.30 | <0.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| a) Healthcare services | — | — | — | — | 51% | 51% | 49% | 51% | +21.7% |
| c) Digital health and pharmacy distribution | — | — | — | — | — | 42% | 43% | 42% | — |
| b) Retail health and diagnostics | — | — | — | — | — | 7% | 7% | 7% | — |
| d) Others | <1% | — | — | — | <1% | <1% | <1% | <1% | 0.0% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹7792, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~33%. At that growth it is worth ₹8427 — upside of 8%.
Ownership
Foreign institutions hold 43.19% as of Sept 2026; institutions added 0.05 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 3 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Apollo Hospitals Enterprise Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 18.93% | unchanged | |
| Mutual fund | 2.34% | unchanged |
| 2.04% | unchanged | |
| Mutual fund | 1.77% | unchanged |
| 1.69% | unchanged | |
| Mutual fund | 1.58% | +0.27 pp |
| 1.56% | unchanged | |
| Sovereign | 1.54% | −0.10 pp |
| Mutual fund | 1.48% | +0.29 pp |
| Pension / PF | 1.35% | unchanged |
| Mutual fund | 1.16% | −0.34 pp |
| Mutual fund | 1.13% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 12 added, 14 trimmed, 0 sold out — net +2.67 L shares (+4.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.6k Cr | −0.00 L | Mar '22 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹861 Cr | +1.91 L | Dec '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹523 Cr | +0.14 L | Mar '22 |
| SBI Flexicap Fund SBI Mutual Fund | ₹462 Cr | held | May '26 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹448 Cr | held | Oct '20 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹261 Cr | held | Jan '26 |
| HDFC ELSS - Tax Saver Fund HDFC Mutual Fund | ₹225 Cr | held | Nov '23 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹149 Cr | −0.16 L | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
12 added, 14 trimmed — net +2.67 L shares (+4.0%)
Shares held by these funds +1%
Oct '23 69.39 L shares Sep '26
Your own record
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