India · Delayed Price · Currency is INR Apollo Hospitals Enterprise Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 delivered record revenues and strong growth across all business segments, with robust expansion, margin improvement, and a strategic demerger and merger to unlock value. New hospitals and digital platforms are expected to drive further growth and profitability in FY 2027.
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Q3 FY26 saw 17% revenue growth and 35% PAT growth year-over-year, with all business segments delivering double-digit top-line increases and margin expansion. New hospital capacity and digital business improvements are expected to drive further growth, though digital EBITDA break-even is now guided for Q1 FY27 due to insurance revenue recognition changes.
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Revenue and EBITDA grew strongly across all verticals, with consolidated Q2 revenue up 13% and EBITDA up 15% year-over-year. Six new hospitals are set to be commissioned by next fiscal, with digital and pharmacy businesses showing robust growth. Margin expansion and cost optimization remain key priorities.
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Q1 FY 2026 delivered 15% revenue growth and 42% PAT growth, with strong performance across all segments. Digital business is nearing breakeven, hospital expansion is on track, and the pharmacy demerger with Keimed is expected to drive further scale and margin gains.
Fiscal Year 2025
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Consolidated revenue grew 14% YoY to INR 21,794 crore in FY 2025, with double-digit growth across all verticals and strong EBITDA margin performance. Major expansion plans are underway, digital and pharmacy businesses are targeting 20-30% annual growth, and the company remains confident in sustaining its growth trajectory despite headwinds from Bangladesh patient flows.
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Q3 FY25 saw 14% revenue and 52% PAT growth, with robust margins and strong specialty performance. Digital and pharmacy businesses improved profitability, and new facilities plus insurance offerings are set to drive future growth.
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Q2 FY25 saw 15% revenue growth and 30% EBITDA growth year-over-year, with strong occupancy and segment performance. Expansion plans remain on track, despite headwinds from Bangladesh and quick commerce, and margin guidance is slightly moderated for FY25.
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Strong year-on-year revenue and EBITDA growth were driven by higher volumes, insurance penetration, and robust performance across all segments. Margin expansion is expected as new hospitals come online and digital initiatives mature, with a focus on sustainable volume-led growth.