Apollo Hospitals Enterprise Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Apollo Hospitals Q3 FY26: Revenue ₹6,477 Cr (vs ₹5,527 Cr in Q3 FY25), PAT ₹502 Cr (vs ₹372 Cr in Q3 FY25)
In Q3 FY26 (three months ended 31/12/2025) Apollo Hospitals delivered consolidated revenue of ₹6,477 Cr and reported consolidated PAT of ₹502 Cr. Consolidated EBITDA was ₹965 Cr, reflecting operating leverage across hospital, retail/diagnostics and HealthCo businesses. The Board approved an interim dividend of ₹10 per share and the Group launched a 250‑bed quaternary facility in Pune as part of capacity expansion. Management highlighted growth in international patient services and sustained transplant volumes as drivers for near‑term demand.Consolidated Revenue (Q3 FY26)
₹6,477 Crvs ₹5,527 Cr in Q3 FY25
Consolidated EBITDA (Q3 FY26)
₹965 Crvs ₹762 Cr in Q3 FY25
Consolidated PAT (Q3 FY26)
₹502 Crvs ₹372 Cr in Q3 FY25
Diluted EPS (Q3 FY26, not annualised)
₹34.94 per sharevs ₹25.89 per share in Q3 FY25
Healthcare services revenue (Q3 FY26)
₹3,183 Crvs ₹2,785 Cr in Q3 FY25
Apollo HealthCo revenue (Q3 FY26)
₹2,827 Crvs ₹2,352 Cr in Q3 FY25
Apollo Health & Lifestyle revenue (Q3 FY26)
₹467 Crvs ₹390 Cr in Q3 FY25
Key Highlights
9
Consolidated Q3 FY26 revenue growth of ₹950 Cr YoY to ₹6,477 Cr was driven by all three verticals: hospitals, HealthCo and AHLL
Consolidated EBITDA increased to ₹965 Cr in Q3 FY26, supported by hospital EBITDA of ₹790 Cr (margins reported at 24.8%)
Healthcare services segment delivered revenue of ₹3,183 Cr in Q3 FY26 with system occupancy at 67% (8,072 operating beds network wide) and cluster ARPP increases cited as a driver of revenue per region
Group reported an exceptional item of (₹192 million) in Q3 FY26 reflecting increased gratuity and leave liability arising from new labour codes, presented as a regulatory‑driven non‑recurring cost
Apollo HealthCo expanded omni‑channel pharmacy with Q3 FY26 revenue of ₹2,827 Cr and opened 185 net new stores in the quarter taking total stores to 7,113, driving GMV of Apollo 24/7 at ₹525 Cr in Q3 FY26
Interim dividend of ₹10 per share (200% on ₹5 face) declared for FY26 with record date 16th February 2026 and payment by 27th February 2026, indicating strong cash distribution intent
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Key Highlights
9
Consolidated Q3 FY26 revenue growth of ₹950 Cr YoY to ₹6,477 Cr was driven by all three verticals: hospitals, HealthCo and AHLL
Consolidated EBITDA increased to ₹965 Cr in Q3 FY26, supported by hospital EBITDA of ₹790 Cr (margins reported at 24.8%)
Healthcare services segment delivered revenue of ₹3,183 Cr in Q3 FY26 with system occupancy at 67% (8,072 operating beds network wide) and cluster ARPP increases cited as a driver of revenue per region
Group reported an exceptional item of (₹192 million) in Q3 FY26 reflecting increased gratuity and leave liability arising from new labour codes, presented as a regulatory‑driven non‑recurring cost
Apollo HealthCo expanded omni‑channel pharmacy with Q3 FY26 revenue of ₹2,827 Cr and opened 185 net new stores in the quarter taking total stores to 7,113, driving GMV of Apollo 24/7 at ₹525 Cr in Q3 FY26
Interim dividend of ₹10 per share (200% on ₹5 face) declared for FY26 with record date 16th February 2026 and payment by 27th February 2026, indicating strong cash distribution intent
Clinical milestones and capacity build
Transplant and high‑complexity procedures remained a growth catalyst with continued high volumes (company states average ~5 solid organ transplants per day and cumulative transplant milestones), supporting higher ARPP in specialty care
Apollo 24/7 operating cost in Q3 FY26 included ₹124 Cr (incl. ₹38 Cr non‑cash ESOP) which management continues to invest in while EBITDA for the consolidated group is reported after these costs
Guidance & Outlook
4
The Board-approved Composite Scheme (demerger/amalgamation) and Business Framework Agreement are progressing through NCLT and, subject to approvals, will affect listing and structure of the digital/pharmacy businesses
Apollo will monitor finalisation of Central and State Rules under the Labour Codes and incorporate accounting treatments as required, indicating potential further one‑off impacts until rules settle
Management flagged Medical Value Travel and regional medical hubs as structural tailwinds for international patient volumes and capacity utilisation going forward
Management expects continued capacity build with phased openings (example Pune 250 beds) to support growth in high‑acuity and quaternary care demand
Risks & Concerns
5
Regulatory risk from Labour Codes
Group recorded an exceptional liability of ₹192 million in Q3 FY26 and further changes/clarifications may lead to additional non‑recurring costs
Margin pressure risk from Apollo 24/7 investment
Concentration of growth in high‑acuity services could expose revenue to procedure mix volatility and capacity ramp timing (new Pune facility ramp risk)
Legal/proceedings risk at subsidiary level
Execution risk on the Composite Scheme and subsequent listing of the Resultant Company as approvals from NCLT and exchanges remain pending, which could delay strategic separation benefits
AI-generated analysis. May contain inaccuracies — verify against original sources.