Apollo Hospitals (APOLLOHOSP) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue rose 23% YoY to ₹76,149m; EBITDA increased 29% to ₹11,910m and reported PAT grew 32% to ₹6,301m.

• H1 FY27 revenue grew 22% to ₹145,468m, EBITDA rose 29% to ₹22,678m and reported PAT increased 33% to ₹12,106m.

• Growth spanned Healthcare Services, HealthCo and AHLL, supported by hospital activity, clinical demand and continued capacity investment.

Financial highlights

• Q2 consolidated EBITDA margin was 15.6%, versus 14.9% in Q2 FY26; EBIT was ₹9,607m and PBT ₹9,082m.

• H1 consolidated EBITDA margin was 15.6%, versus 14.8% in H1 FY26; EBIT was ₹18,152m and PBT ₹17,069m.

• Q2 and H1 Apollo 24/7 costs were ₹91 crore and ₹182 crore, respectively, including non-cash ESOP charges of ₹14 crore and ₹24 crore.

Segment performance

• Healthcare Services Q2 revenue rose 23% to ₹38,998m and EBITDA grew 20% to ₹9,365m; established-unit EBITDA margin was 25.8%.

• Inpatient volume grew 14% in Q2, occupancy reached 73%, and average revenue per patient rose 8% to ₹1,86,880; international patient revenue grew 37%.

• HealthCo Q2 revenue was ₹32,857m and EBITDA ₹1,930m; Apollo 24/7 generated ₹13m pre-ESOP cash profit.

• AHLL Q2 revenue rose 20% to ₹4,294m and EBITDA increased 79% to ₹615m, led by Diagnostics growth of 24%.

• New hospitals generated Q2 revenue of ₹135 crore and recorded an EBITDA loss of ₹35 crore during ramp-up.