Apollo Hospitals (APOLLOHOSP) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue grew 17% year-over-year in Q3 FY26, with EBITDA up 27% and PAT up 35%, driven by double-digit growth across all business verticals.

• Healthcare services, diagnostics & retail health, and digital health & pharmacy distribution all delivered strong revenue and EBITDA growth.

• Expansion plans include adding 4,400 capacity beds (~3,600 census beds) over the next five years, with phased commissioning of 1,500 beds in the next two years.

• Clinical and digital initiatives included advanced robotic surgery, gene therapy, AI-based diagnostics, and expanded telehealth services.

• Interim dividend of Rs.10 per share declared for FY2025-26.

Financial highlights

• Q3 FY26 consolidated revenue: Rs. 6,477 crore (up 17% YoY); EBITDA: Rs. 965 crore (up 27% YoY); PAT: Rs. 502 crore (up 35% YoY).

• YTD Dec FY26 consolidated revenue: Rs. 18,623 crore (up 15% YoY); EBITDA: Rs. 2,758 crore (up 22% YoY); PAT: Rs. 1,412 crore (up 34% YoY).

• Healthcare services Q3 revenue: Rs. 3,183 crore (up 14% YoY), EBITDA margin 24.8%.

• Apollo Healthco revenue up 20% YoY to Rs. 2,827 crore; AHLL revenue up 20% to Rs. 467 crore; Apollo 24/7 GMV at Rs. 525 crore, up 28% YoY.

• Group-wide occupancy at 67% in Q3; average revenue per patient increased to Rs. 180,917 from Rs. 173,246 sequentially.

Outlook and guidance

• Targeting annualized revenue run rate of Rs. 25,000 crore by Q4 FY27 with 7% EBITDA margin post-Keimed merger and Healthco demerger.

• Expect to operationalize about half of the 1,500 new beds in the upcoming fiscal year, with the remainder in early FY28.

• Guidance for digital business cash EBITDA break-even shifted by one quarter to Q1 FY27 due to insurance revenue recognition changes.

• Continued focus on digital health, omni-channel growth, and clinical excellence.

• Positive industry outlook supported by government initiatives to establish regional medical hubs and promote medical value travel.