APOLLOHOSP Q3 FY26 earnings call.
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Revenue
₹6,477 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
₹965 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 delivered a strong Q3 FY26 with consolidated revenue of ₹6,477 crore (+17% YoY), EBITDA of ₹965 crore (+27% YoY), and PAT of ₹502 crore (+35% YoY). Healthcare services revenue grew 14% to ₹3,183 crore, driven by 5% volume growth, 4% case mix, and 5% pricing. Hospital EBITDA margin expanded to 24.8% (+120bps YoY). Apollo HealthCo revenue rose 20% to ₹2,827 crore, with digital losses narrowing to ₹67 crore (cash loss ₹29 crore). AHLL EBITDA grew 39% to ₹48 crore with margins at 10.2%. Management guided for ~1,500 new beds over FY27-28, with ~750 operational in FY27, expecting ~₹150 crore start-up losses. The digital business cash break-even is pushed to Q1 FY27 due to insurance revenue recognition changes. Key risk: new bed ramp-up could pressure near-term margins if occupancy gains lag.
Colored figures show movement against the previous available record.
Guidance to track
- Approximately 750 beds to be operationalized in FY27 across Hyderabad, Kolkata, Bangalore, and Gurugram, with the balance in early FY28.
- Management expects total pre-opening and ramp-up losses of around ₹150 crore for new hospitals in the next fiscal year.
- Cash EBITDA break-even for Apollo 24/7 delayed by one quarter due to insurance revenue recognition mismatch; otherwise on track.
- Management expects to improve existing hospital EBITDA margins by about 100 basis points through asset utilization and cost initiatives.
Risks flagged
- Start-up losses of ~₹150 crore from new hospitals could drag consolidated margins if occupancy ramps slower than expected.
- Some insurance contracts faced delays in renewal, impacting payor mix; management noted delays but expects resolution.
- GST changes and insurance revenue deferral caused a ~₹70 crore mismatch, pushing break-even; sustainability of growth needs monitoring.
- Competitors are poaching senior doctors; management downplayed risk but recent high-profile departures warrant attention.
Key quotes
- We are pleased to report a strong performance during what is typically a seasonally weak quarter.
- Our discount is stabilizing. Our average order value has gone up by almost 111 rupees net of the GST which has a positive impact on our unit economics.
- We will continue to be able to maintain margins. We are carefully balancing the EBITDA deterioration in our new hospitals with how we are managing our existing hospitals.
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