Apollo Hospitals Enterprise Ltd
NSE: APOLLOHOSPCompany page on Cofacto
Open the Apollo Hospitals Enterprise Ltd page

Apollo Hospitals Q2 FY27 Results Analysis: PAT Jumps 33.5%, EBITDA Margin Expands 70 bps (APOLLOHOSP)

Cofacto Research Published November 04, 2026 5 min read
Positive

Apollo Hospitals Enterprise Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 7,614.90 Cr (+23.00% YoY) and PAT growth of +33.50% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details
Results dateNovember 04, 2026
Revenue (Q2)Rs. 7,614.90 Cr (+23.00% YoY)
PAT (Q2)Rs. 659.50 Cr (+33.50% YoY)
EBITDA margin15.60% (+70 bps YoY)
EPS (Q2)Rs. 33.08 (+13.30% YoY)

Quarter Snapshot

Apollo delivered 23.0% revenue growth with PAT up 33.5% and EBITDA margin up 70 bps to 15.6%, landing within its own guidance on hospital growth, new-hospital losses, and established margins. Occupancy of 73% defied seasonal expectations and digital health EBIT doubled, while the Cloudnine divestment closed at ~Rs.1,550 Cr EV. The HealthCo Rs.25,000 Cr run-rate target appears out of reach organically this fiscal, but the margin and breakeven legs of guidance remain on track.

Q2 FY27 Expectations vs Results

DriverWhat happenedVerdict
Revenue "in-line to ahead" — Bangladesh visa normalization + new beds, near-normal dengue ("demand setup favourable on two of three axes")+23.0% YoY revenuePlayed out
Seasonal occupancy dip from Q1's 70% ("argues for a seasonal occupancy dip")73% — no dip — favourablyContradicted
Margins "roughly flat"; established ~25.5–26%Implied established 25.8%; consolidated EBITDA margin 15.6% vs 14.9%Played out
New-hospital drag ≤Rs.50 Cr/quarter, Q1 was Rs.38 CrRs.35 Cr in Q2Played out
Hyderabad Financial District breakeven "the one guided metric landing exactly in Q2 FY27"Not addressed in the filing — remains open for the callNot observable
GLP-1 "volume tailwind, value/mix dilutive" on pharmacyCore GMV +27%; HealthCo margin up to 5.9%; offline margin not disclosedPartially
Finance costs "a known headwind"+15.6% YoY — slower than revenuePlayed out
Sector flag: "receivables outpacing revenue"TR +22.1% vs revenue +22.0% — in line — in lineContradicted

Management Guidance vs Delivery

What management saidWhereWhat happenedVerdict
Hospital (HS) revenue growth +20% FY27Q1 FY27 earnings call (Aug 12, 2026)+23.3% YoY segment / +23% divisionalOn Track
Established-hospital EBITDA margin ~26% sustainableQ1 FY27 earnings callImplied 25.8% ((937+35)/(3,900−135))On Track
New-hospital EBITDA loss Rs.150 Cr FY27 (≤Rs.50 Cr/qtr)Q1 FY27 earnings callRs.35 Cr in Q2; H1 Rs.73 Cr = 49% of guideOn Track
Gurugram (~470 beds) commissioning Q3 FY27Q1 FY27 call / Q2 press release"remain on track for commissioning in Q3 FY27"On Track
Apollo 247 breakeven incl. ESOP — Q3 FY27Q4 FY26/Q1 FY27 calls24
Digital expense run-rate ~Rs.80 Cr/qtrQ1 FY27 earnings callRs.91 Cr incl. ESOP; Rs.77 Cr excl. ESOPOn Track
HealthCo Rs.25,000 Cr annualized run-rate by Q4 FY27Q3/Q4 FY26 & Q1 FY27 callsRs.3,286 Cr in Q2 → Rs.13,144 Cr annualizedToo Early
HealthCo EBITDA margin 6.5–7% by Q4 FY27 exitQ4 FY26 earnings call5.9% in Q2 (vs 4.1% Q2 FY26)On Track
"Q2 Consolidated Revenue grew 23% YoY to Rs.7,615 Cr"Filing: Rs.7,614.9 Cr, +23.0%Confirmed
"EBITDA grew 29% YoY to Rs.1,191 Cr; margin 16%"Locked: +28.9%, margin 15.6% (16% is rounded)Confirmed

Key Numbers, Quarter by Quarter

MetricQ2 FY26Q4 FY26Q1 FY27Q2 FY27
Occupancy %69687073
New-hospital EBITDA loss (Rs. Cr)——−38−35
24126——91
7 costs incl. ESOP (Rs. Cr)~513528535615 (+20% YoY; core GMV Rs.571 Cr, +27%)
Platform GMV (Rs. Cr)—7,2897,4407,662 (+222 net)

Key Investment Insights

Key Positives

  • Revenue grew 23.0% YoY to Rs.7,614.9 Cr (continuing ops), with Healthcare Services +23.3%, HealthCo +23.5%, AHLL +19.5%
  • PAT grew 33.5% YoY to Rs.659.5 Cr (owners' PAT Rs.630 Cr, +32.1%), outpacing revenue growth
  • Management EBITDA of Rs.1,191.0 Cr grew 28.9% YoY with margin up 70 bps to 15.6%
  • Occupancy rose to 73% from 69% YoY against an expected seasonal dip; IP discharges +14%, ARPP +8% to Rs.1,86,880
  • International Patient Services revenue grew 37% YoY; Oncology +28%, Gastro +27%, Urology +26%
  • Digital health EBIT more than doubled (+101.2%) to Rs.172.8 Cr at 5.3% margin; 24|7 costs fell to Rs.91 Cr from Rs.126 Cr
  • New-hospital EBITDA loss of Rs.35 Cr within the ≤Rs.50 Cr/qtr guide; H1 at Rs.73 Cr, 49% of the Rs.150 Cr FY27 guide
  • Net debt fell 7.0% to Rs.4,224.0 Cr while capex rose 69.9%; trade receivables growth (+22.1%) in line with revenue (+22.0%)

Risk Factors

  • Healthcare Services EBIT margin slipped ~50 bps YoY to 19.2% while absorbing the Rs.35 Cr new-hospital loss
  • HealthCo Rs.25,000 Cr annualized run-rate by Q4 FY27 requires ~+38% compounding per quarter vs Rs.3,286 Cr in Q2 — not reachable organically at current +23% growth
  • Karnataka land-grant litigation remains an open legal overhang with no provision, though under interim stay
  • Dr. Madhu Sasidhar ceases as President & CEO – Hospitals Division effective November 14, 2026
Share on X · LinkedIn · WhatsApp

Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.

Powered by Cofacto — AI research platform for Indian stocks, every claim cited from primary filings

Login Now