Apollo Hospitals (APOLLOHOSP) Q4 24/25 earnings summary

Executive summary

• Consolidated revenue grew 14% YoY to INR 21,794 crore (₹217,940 million) in FY25, surpassing the INR 20,000 crore milestone, with healthcare services revenue up 13% YoY.

• Double-digit growth across healthcare services, Apollo HealthCo, AHLL, and diagnostics & retail health verticals.

• Q4 FY25 consolidated revenue rose 13% YoY to INR 5,592 crore; healthcare services revenue up 10% YoY to INR 2,822 crore.

• PAT for FY25 reached INR 1,446 crore, up 61% YoY; Q4 PAT at INR 390 crore, up 54% YoY.

• Major expansion plans: over 4,300 beds to be added in 3-4 years with a capital outlay exceeding INR 8,000 crore.

Financial highlights

• FY25 consolidated EBITDA grew 26% YoY to INR 3,022 crore (margin 13.9%); healthcare services EBITDA up 15% to INR 2,701 crore (24.2% margin).

• Q4 consolidated EBITDA at INR 770 crore, up 20% YoY; healthcare services EBITDA at INR 686 crore, up 16% YoY.

• Apollo HealthCo FY25 revenue at INR 9,093 crore (+16% YoY), EBITDA at INR 168 crore, PAT at INR 47 crore.

• AHLL FY25 revenue at INR 1,554 crore (+14% YoY), EBITDA at INR 154 crore, PAT loss of INR 27 crore.

• ARPOB grew 7% YoY to INR 63,569; group occupancy at 67% in Q4 FY25.

Outlook and guidance

• Over 4,300 beds to be added in the next 3-4 years, with INR 6,000 crore in capital outlay remaining.

• Expansion includes new hospitals in Pune, Kolkata, Hyderabad, Bangalore, Gurgaon, and Delhi NCR.

• Digital business (Apollo 24/7) targets cash break-even between Q3 and Q4 FY26; pharmacy and digital businesses expected to grow 20-30% annually.

• Combined HealthCo+Keimed revenue target of INR 24,000-25,000 crore by FY27; merger with Keimed expected to be EPS accretive from year one.

• Confident of sustaining growth trajectory in FY26, with mitigation plans for Bangladesh patient flow disruption.