APOLLOHOSP / Q3-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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PositiveQ3-FY26 · 2026-02-12Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Binay Singh · Morgan Stanley

partial

Updated thoughts on INR 150 crore cost headwind from hospital ramp-up.

We continue to believe that INR 150 crore is a good number for now. Currently, in the embedded numbers, we have approximately INR 15 crore of losses in the overall reported numbers for Pune and Asansol.

Binay Singh · Morgan Stanley

direct

Reason for sequential drop in digital business GMV and revenue-to-GMV ratio increase.

On 21st of September, we had a very large reduction in the GST on the pharmacy... resulting into GMV impact of roughly INR 30 crore-INR 35 crore a quarter. And secondly, we had one channel of e-commerce, which was Amazon... we stopped that business... Accumulated impact of these two would be roughly INR 75 crore for Q3.

Neha Manpuria · Bank of America

partial

Revenue base for digital business and cash EBITDA break-even guidance.

Our pharmacy online business... has actually grown by 32%. On our forecast about our ability to close it in Q4, given this insurance story... we will be able to close this loop in Q1 of FY27.

Karan Vora · Goldman Sachs

direct

Bed operationalization timeline and ramp-up for new hospitals.

Sonarpur around Kolkata is 225 beds. Half of that should get operationalized in Q1. Hyderabad is 300... at least 50% should get operationalized by Q1. Pune... we will add another 100 beds... Gurugram would be by Q2, 200-250 beds. Sarjapur, 150 beds... 100 beds out of that.

Karan Vora · Goldman Sachs

partial

Startup losses for remaining beds and overall cost guidance.

We will have to look at it in a phased manner. There could be a quarter where there is a INR 50-crore loss... we should look at overall at INR 150 crores for the next year.

Karan Vora · Goldman Sachs

direct

ARPP growth drivers and discrepancy between 3% and 5% price growth.

3% was the tariff increase that we have taken during the year, whereas 5% is the effective price realization... because there were some insurance contracts which got reset also during the year.

Bino Pathiparampil · Elara Capital

direct

Timing of price increase and whether it drove Q3 growth step-up.

It was there in Q2 also. ... inpatient volume growth in Q3 is 4.5% versus last year. ... we have got the benefit of the price realization from Q2 onwards and which has moved into Q3.

Damayanti Kerai · HSBC

evasive

Negotiation with health insurance companies and empanelment for new hospitals.

We have a good relationship with all the insurance companies across. ... there have been some delays in getting certain insurance approvals in some of the markets... but I think we are on course.

Damayanti Kerai · HSBC

direct

Clarification on GMV adjustments and other metrics changes.

When you compare GMV to GMV, this factor has to be taken into consideration... On the diagnostic and the consultation side, there is no change. ... the new arrangement with the hospital is more of a flat fee that we get on a quarterly basis.

Tushar Manudhane · Motilal Oswal Financial Services

partial

Scope for further EBITDA improvement in base hospitals.

There is a little bit more opportunity on length of stay, reduction through operational excellence... a consistent focus on case mix, and especially in flagship hospitals, making sure that there is an intentional shift to high-complexity cases.

Vivek Agrawal · Citigroup

partial

Sustainability of 10% ARPP growth and margin trajectory next year.

We would like to be half on the volume and the balance, half on combination of case mix and pricing. ... we have a headroom for lifting volume and asset utilization by another 8%. ... we hope to minimize the losses coming from new hospitals.

Madhu Marda · FIL

direct

Base network margin expansion and impact of new unit losses.

Yes.