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 date | November 04, 2026 |
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| Revenue (Q2) | Rs. 7,614.90 Cr (+23.00% YoY) |
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| PAT (Q2) | Rs. 659.50 Cr (+33.50% YoY) |
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| EBITDA margin | 15.60% (+70 bps YoY) |
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| EPS (Q2) | Rs. 33.08 (+13.30% YoY) |
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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
| Driver | What happened | Verdict |
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| Revenue "in-line to ahead" — Bangladesh visa normalization + new beds, near-normal dengue ("demand setup favourable on two of three axes") | +23.0% YoY revenue | Played out |
| Seasonal occupancy dip from Q1's 70% ("argues for a seasonal occupancy dip") | 73% — no dip — favourably | Contradicted |
| 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 Cr | Rs.35 Cr in Q2 | Played out |
| Hyderabad Financial District breakeven "the one guided metric landing exactly in Q2 FY27" | Not addressed in the filing — remains open for the call | Not observable |
| GLP-1 "volume tailwind, value/mix dilutive" on pharmacy | Core GMV +27%; HealthCo margin up to 5.9%; offline margin not disclosed | Partially |
| Finance costs "a known headwind" | +15.6% YoY — slower than revenue | Played out |
| Sector flag: "receivables outpacing revenue" | TR +22.1% vs revenue +22.0% — in line — in line | Contradicted |
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
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| Hospital (HS) revenue growth +20% FY27 | Q1 FY27 earnings call (Aug 12, 2026) | +23.3% YoY segment / +23% divisional | On Track |
| Established-hospital EBITDA margin ~26% sustainable | Q1 FY27 earnings call | Implied 25.8% ((937+35)/(3,900−135)) | On Track |
| New-hospital EBITDA loss Rs.150 Cr FY27 (≤Rs.50 Cr/qtr) | Q1 FY27 earnings call | Rs.35 Cr in Q2; H1 Rs.73 Cr = 49% of guide | On Track |
| Gurugram (~470 beds) commissioning Q3 FY27 | Q1 FY27 call / Q2 press release | "remain on track for commissioning in Q3 FY27" | On Track |
| Apollo 24 | 7 breakeven incl. ESOP — Q3 FY27 | Q4 FY26/Q1 FY27 calls | 24 |
| Digital expense run-rate ~Rs.80 Cr/qtr | Q1 FY27 earnings call | Rs.91 Cr incl. ESOP; Rs.77 Cr excl. ESOP | On Track |
| HealthCo Rs.25,000 Cr annualized run-rate by Q4 FY27 | Q3/Q4 FY26 & Q1 FY27 calls | Rs.3,286 Cr in Q2 → Rs.13,144 Cr annualized | Too Early |
| HealthCo EBITDA margin 6.5–7% by Q4 FY27 exit | Q4 FY26 earnings call | 5.9% 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
| Metric | Q2 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
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| Occupancy % | 69 | 68 | 70 | 73 |
| New-hospital EBITDA loss (Rs. Cr) | — | — | −38 | −35 |
| 24 | 126 | — | — | 91 |
| 7 costs incl. ESOP (Rs. Cr) | ~513 | 528 | 535 | 615 (+20% YoY; core GMV Rs.571 Cr, +27%) |
| Platform GMV (Rs. Cr) | — | 7,289 | 7,440 | 7,662 (+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