APOLLOHOSP / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Apollo Hospitals Enterprise · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-08-13Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Damayanti Kerai · HSBC

partial

Why is GMV down 14% QoQ while costs improved? How to view GMV growth and new services?

On the GMV question... we have restated some of the GMV numbers... we are focusing only on the new customer business... The restated numbers ensure that we will basically indicate that we have grown on a sequential basis at an 8%, whereas, on a year-on-year basis, we have moved on to 23%.

Kunal Dhamesha · Macquarie

direct

What are the drivers of 9% YoY ARPP growth? Split by case mix, payer mix, pricing.

If you were to average out the tariff, which is the price mix, I think you referred to, the land effect is probably in the 4%-5% on a year-on-year basis. The remaining comes from a combination of case mix...

Kunal Dhamesha · Macquarie

direct

Will 700 beds be operationalized this year? When will the next 800+ beds come?

Yes, yes. ... The following year.

Neha Manpuria · Bank of America

partial

Will hospital growth rate inch up to mid-teens with bed expansion? How to view occupancy?

Yes, Neha, it will certainly go up. I think you will see also an improvement in existing assets as well as the addition of new hospitals.

Neha Manpuria · Bank of America

direct

What is the full-year GMV after rebasing? How are new businesses like insurance tracking?

We closed Q1 with INR 682 crore. We strongly believe that we should be hitting a number of about INR 3,000 crore-INR 3,200 crore for the full year... This should represent roughly 25% to 30% growth versus the previous year.

Shyam Srinivasan · Goldman Sachs

partial

Why is occupancy weak vs peers? Will volume growth improve? Is business model changing?

I think that there is a huge focus on volume. We have focused on CONGO. ... we will also focus on secondary care, and therefore, the volume should improve.

Shyam Srinivasan · Goldman Sachs

direct

Why is AHLL performance mixed? Diagnostics margin odd? Summary of AHLL?

We opened the central reference laboratory in Chennai on 30th April. ... If I normalize that, my EBITDA margin is about, in diagnostic, is at about 10.3%.

Raman Venkata Kerti · Sequent Investments

partial

What drove the strong uptick in Apollo 24/7 margin? Guidance for revenue and margin?

Our margin for the quarter one has been 15.4% versus Q4 of 12%, which is about 340 basis points up. ... renegotiated rates... better unit economics... insurance uptake... monetization.

Raman Venkata Kerti · Sequent Investments

direct

Is the demerger of pharmacy correct? How will Keimed merger benefit?

That's correct. ... Apollo HealthCo... will be listed separately by Q4 of FY 2027. ... Run rating currently at INR 17,000 crore of revenue... by Q4 of next year... we should be run rating at INR 25,000 crore of revenue with a 7% EBITDA margin.

Avnish Burman · Vaikarya

direct

How much Keimed EBITDA margin improvement is baked into 7% combined margin?

It would be roughly 40 basis points, sir. 3.1% should go up to 3.5%.

Vivek Agrawal · Citigroup

direct

Can hospital margins remain stable given INR 150cr losses from new hospitals?

It will be a marginal dip, right? 100 basis points marginal dip. ... the 24.5% EBITDA margins that we have reported, we hope to take it higher to 25% or 25% plus number. From there, you will see a dip of 100 basis points.

Nitin Agarwal · DAM Capital

evasive

What is the steady-state profitability of the digital business after breakeven?

I don't want to hazard a guess. ... I expect the growth to, on a year-on-year basis, to be in the range of 20%-25%. Please do not expect astronomical growth.