Apollo Hospitals (APOLLOHOSP) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue grew 16% year-over-year to INR 252,285 million, with EBITDA up 25% and PAT up 34%, driven by robust growth across healthcare services, diagnostics, retail health, and digital health & pharmacy distribution.

• Four new hospitals were commissioned, expanding capacity by 1,400 beds in key metro markets, with further expansion planned.

• Major restructuring and demerger of the digital and pharmacy businesses are underway, with a composite scheme and planned listing of NewCo by Q4 FY27.

• The combination of Apollo Cradle and Fertility with Cloudnine created a leading maternity and fertility care platform valued at INR 1,550 crores.

• The Board recommended a final dividend of INR 10 per share for FY26, in addition to an interim dividend paid earlier.

Financial highlights

• Q4FY26 consolidated revenue grew 18% YoY to INR 66,055 million; EBITDA up 31% to INR 10,109 million; PAT up 36% to INR 5,292 million.

• FY26 consolidated EBITDA was INR 37,693 million (+25% YoY); PAT at INR 19,415 million (+34% YoY).

• Healthcare services revenue for FY26 was INR 125,551 million (+13% YoY); EBITDA margin at 24.4%.

• Diagnostics & Retail Health FY26 revenue was INR 18,653 million (+20% YoY); EBITDA margin at 11.4%.

• Digital Health & Pharmacy Distribution FY26 revenue was INR 108,081 million (+19% YoY); EBITDA margin at 8.8%.

Outlook and guidance

• Targeting INR 250 billion annualized revenue run rate and 6.5%-7% EBITDA margin by Q4 FY27.

• Hospital business expects mid-teen revenue growth in FY27, with margin improvement of at least 100 basis points.

• Digital business expected to break even in Q1 FY27 (excluding ESOP costs), with full break-even by Q3.

• All 1,400 new beds to be operational by FY28, with breakeven expected at 50%-55% occupancy.

• Continued focus on digital expansion, omni-channel integration, and bolt-on acquisitions in Tier-1 cities.