APOLLOHOSP Q1 FY26 earnings call.
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Revenue
₹5,842 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹852 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Apollo Hospitals delivered a strong Q1 FY26 with consolidated revenue of ₹5,842 crore (+15% YoY) and EBITDA of ₹852 crore (+26% YoY). Healthcare services revenue grew 11% to ₹2,935 crore, with margins expanding 88 bps to 24.5%. The digital business (24/7) narrowed losses to ₹73 crore from ₹116 crore, on track for breakeven by FY26-end. Apollo Healthco (pharmacy) revenue grew 19% to ₹2,472 crore, with EBITDA of ₹167 crore. Management guided for 700 new beds in FY26, with a marginal 100 bps dip in hospital margins due to new hospital losses (~₹150 crore over two years). Key risks include competitive intensity in e-pharmacy from quick-commerce entrants and slower-than-expected recovery in international patient volumes from Bangladesh.
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Guidance to track
- Apollo 24/7 is on track to achieve breakeven by end of FY26, with losses narrowing to ₹73 crore in Q1 from ₹116 crore last year.
- Healthcare services margins are expected to improve from 24.5% to 25% or higher, before a marginal 100 bps dip from new hospital losses.
- Four new hospitals (women's oncology in Delhi, multispeciality in Pune, acquired hospital in Bangalore, multispeciality in Kolkata) will add 700 beds in FY26.
- The merged entity (Apollo Healthco + Keimed) is expected to achieve a revenue run rate of ₹25,000 crore with 7% EBITDA margin by end of FY27.
Risks flagged
- Quick-commerce players have entered the prescription business with aggressive discounts, potentially pressuring margins and customer acquisition costs.
- International patient volumes from Bangladesh remain below pre-disruption levels, though case complexity has increased.
- New hospitals may take longer to break even than the guided 12 months, with total losses of ~₹150 crore over two years.
- The change in GMV reporting (excluding existing customer revenue) could lead to misinterpretation of growth trends.
Key quotes
- We are not going to be in this war for acquiring customers at any cost but build a much more stronger sustainable business.
- Our focus on specialties cardiac, oncology, neurosciences, gastro and orthopedics maintained a strong momentum growing revenues by 13%.
- We are well on track to achieve break even in the digital business by the end of this fiscal.
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