APOLLOHOSP Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹6,304 Cr
verified against source
Revenue YoY
13%
reported change
EBITDA
₹941 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Apollo Hospitals reported a strong Q2 FY26 with consolidated revenue of ₹6,634 crore (up 13% YoY) and EBITDA of ₹941 crore (up 15% YoY). Healthcare services revenue grew 9% to ₹3,169 crore, driven by a 14% increase in revenue from core specialties (cardiac, oncology, neuro, gastro, ortho) despite a 1% headwind from Bangladesh patient decline. Occupancy stood at 69%, with ARPU rising 9% to ₹1,73,318 due to better case mix. Apollo HealthCo revenue grew 17% to ₹2,661 crore, with digital losses narrowing to ₹71 crore from ₹101 crore. AHL revenue grew 21% with margins improving to 11%. Management guided for healthcare services organic growth to return to 13% and expects six new hospitals to be commissioned over the next 12 months, with pre-opening EBITDA losses of ~₹150 crore. A risk remains from competitive pressures in diagnostics and potential margin dilution from new hospital ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects healthcare services revenue growth to revert to 13% as Bangladesh patients return and new markets are explored.
- Pre-opening EBITDA losses from six new hospitals are expected to be around ₹150 crore, with break-even targeted within 12 months.
- The digital platform is on course to achieve break-even by end of this fiscal year, though insurance investments may cause a slight delay.
- Apollo HealthCo aims for a revenue run rate of ₹25,000 crore and 7% EBITDA margin by Q4 FY27, with current H1 margin at 4.4%.
Risks flagged
- Occupancy declined to 69% from 73% last year, with medical admissions dropping 6% due to seasonality. Management targets 70% but faces structural challenges from shorter ALOS.
- Pre-opening costs of ~₹150 crore EBITDA losses from six new hospitals could pressure consolidated margins, especially in H1 FY27.
- Specialty care within AHL faces serious competition in diagnostics, impacting growth. Management acknowledged headwinds but provided limited mitigation details.
- Despite a significant CGHS rate hike, management noted that government business still offers a 65% discount to private tariffs, limiting margin benefit.
Key quotes
- We are quite confident that we will get back into 13% growth... Bangladesh at least 60% has started coming back in October.
- Our internal target is to break even all of them in 12 months.
- All three lines of businesses... at a CM1 level has turned positive.
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