Annual report
Reg. 34 (1) Annual Report. 28 Aug
Source: Bse
Apollo Hospitals Enterprise Limited (APOLLOHOSP)
Large CapPharma stocks · Large cap · NSE
Apollo Hospitals Enterprise Limited is a diversified healthcare provider operating hospitals, diagnostics & retail health clinics (AHLL), and a digital health & pharmacy distribution platform (Apollo HealthCo). It is India's largest pan-India hospital chain with a growing presence in out-of-hospital care and digital healthcare.
₹7,600
-100.00 · -1.30%
Market cap ₹1,12,267 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 07:50 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -7.1% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
APOLLOHOSPD candles · FIT view-2.9%Latest close ₹7600.00 on 2026-10-21
Bar
-1.9%
RSI
31
MACD hist
-31.50
52W pos
38%
2026-10-21O ₹7750.00H ₹7780.00L ₹7560.00C ₹7600.00Vol 2.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
APOLLOHOSPNifty PharmaNifty 500
- APOLLOHOSP
- -14.9%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -8.4 pp
Chart stats
21 Oct 2026- From 52W high
- -16.2%
- 52W range position
- 38%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹578 Cr
- 20D price channel
- ₹7,560 - ₹9,070.5
₹9,070.5
₹6,696.5 - ₹9,070.5
₹214.8
Latest completed session
20-session average
35.5% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +20.6% · PAT +38.3% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model-16.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +21% YoY · PAT +38% YoY · margin expansion · +7% QoQ · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,044 Cr | +20.6% | +6.6% |
| EBITDA | ₹1,092 Cr | +28.2% | +8.0% |
| Operating margin | 16.0% | +100 bps | +100 bps |
| PAT | ₹610 Cr | +38.3% | +10.7% |
| PAT margin | 8.7% | +111 bps | +32 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 53.40
- P/B
- 11.85
- EV/EBITDA
- 24.61
- Market Cap
- 112267.00Cr
Profitability
- ROE
- 21.20%
- ROCE
- 17.40%
- ROA
- 9.79%
- Dividend Y
- 0.26%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 76.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.90
- Interest Coverage
- 8.68×
- Altman Z
- 7.84
- Book Value
- 659.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 2856.00 Cr
- EPS TTM
- 145.32
Shareholding
- Promoter Hold
- 28.02%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 43%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 7,044+6.6% vs prev
Net Profit
₹ CrLatest: 610+10.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 31.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.6% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
58
RS percentile
Stage 1 Base / Transition
1M return
-14.7%
3M return
-14.9%
6M return
-2.3%
1Y return
-3.3%
RS 1D
+1
RS 20D
-13
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is 8.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +0.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 106.31-0.37%
RS vs Nifty 500106
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality14/20
Balance Sheet5/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 14/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Fair-value margin of safety is negative at -16.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 5/15; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
53.4
PB
11.8
EV/EBITDA
24.6
ROE
21.2%
ROCE
17.4%
FCF Yield
—
Debt/Equity
0.9
MoS
-16.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-16.2%
Previous: -17.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
45
45
45
45
45
45
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,467.9
-417.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹6,539.4
-16.2% MoS
PEG
0.91
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MEDANTA
Large
Global Health Limited
Healthcare Services
match 161
45
60.1
15.2%
-33%
WATCHLIST
KIMS
Large
Krishna Institute of Medical Sciences Limited
Healthcare Services
match 159
21
140.0
11.3%
-1130%
OVERVALUED
FORTIS
Mid
Fortis Healthcare Limited
Healthcare Services
match 156
36
52.2
11.2%
-18%
WATCHLIST
ASTERDM
Small
Aster DM Healthcare Limited
Healthcare Services
match 156
32
161.0
11.3%
-141%
WATCHLIST
NH
Small
Narayana Hrudayalaya Ltd.
Healthcare Services
match 155
49
40.8
20.5%
+3%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T08:10:18.799Z
Management commentary snapshot
Apollo Hospitals reported strong Q4 FY26 and FY26 consolidated performance with double-digit revenue, EBITDA, and PAT growth, driven by robust performance across all segments, particularly Diagnostics and Digital Health.
The company demonstrated solid growth across its diversified healthcare portfolio. Healthcare Services maintained strong margins and average revenue per inpatient. Diagnostics saw significant growth, while the Digital Health segment substantially reduced cash burn and scaled its platform, indicating improving operational efficiency and monetization. The planned demerger of HealthCo could unlock further value.
Current business mix
Consolidated Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Healthcare Services49.5%
Digital Health & Pharmacy Distribution43.1%
Diagnostics & Retail Health7.4%
Growth engines
Hospital Network Expansion
Commissioned 4 new hospitals in FY26 with 855 census beds; 185 beds operationalized and 670 beds to be operationalized in 12-18 months.
Digital Health Platform Scaling
Apollo HealthCo achieved 20% YoY GMV growth in Q4 FY26 and significantly reduced digital cash loss, indicating platform scale and efficiency.
Diagnostics Business Growth
AHLL Diagnostics segment revenue grew 52% YoY in Q4 FY26, driven by network expansion with 10 Satellite Labs & 279 Collection Centers added in FY26.
Specialty Care Focus
Healthcare Services saw 18% revenue growth in CONGO-T (Cardio, Onco, Neuro, Gastro, Ortho, Transplants) in Q4 FY26, driven by clinical intensity.
Capacity and execution
FY26 Commissioned Hospitals
4 new hospitals (Pune, Sonarpur, Gachibowli, Defence Colony) with 855 census beds were commissioned in FY26, with 185 beds operationalized.
Near-term Bed Operationalization
The balance 670 beds from FY26 commissioned hospitals are expected to be operationalized over the next 12-18 months.
FY27 Expected Commissioning
835 census beds are expected to be commissioned in FY27 across Gurgaon, Sarjapur-1, Jubilee Hills, Secunderabad, Malleswaram & Mysore.
FY29-FY30 Expected Commissioning
1,970 census beds are planned for commissioning in FY29-FY30 across Worli, Sarjapur-2, OMR Chennai, Varanasi, Lucknow, and Hyderabad Cancer Care.
Tailwinds
Increasing Clinical Intensity
Healthcare Services saw 18% revenue growth in CONGO-T in Q4 FY26, indicating a shift towards higher value and complex medical procedures.
Digital Monetization & Efficiency
Apollo HealthCo achieved positive contribution in Q4 via leaner operations, higher per-order monetization, and disciplined discounting.
Wellness Segment Growth in Diagnostics
AHLL's wellness segment grew ~34% YoY in FY26, contributing ~21% of Diagnostics revenue, indicating strong demand for preventive care.
Headwinds
New Unit Pre-operative Expenses
New hospitals incurred `414 mio in pre-operative expenses/losses in Q4 FY26, impacting overall profitability.
Discontinuation of Amazon Partnership
Apollo HealthCo discontinued its Amazon partnership, which may require adjustments to its digital distribution strategy.
New Labour Code Impact
An exceptional item of `192 million was provisioned in FY26 due to increased gratuity and leave liabilities from the New Labour Code.
Risk radar
Execution Risk in Expansion
Large-scale hospital expansion plans (3,475 beds, `5,100 crs balance capex) carry inherent risks of delays, cost overruns, and slower-than-expected ramp-up.
Digital Business Profitability
While digital cash loss reduced, sustained profitability for Apollo HealthCo remains a key monitorable given its historical cash burn.
Regulatory Approvals for Demerger
The composite scheme for Apollo HealthCo's demerger and listing is subject to requisite corporate and regulatory approvals, which could face delays.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both quarterly (Q4 FY26 vs Q4 FY25) and annual (FY26 vs FY25) comparisons. Quarterly data highlights recent momentum and efficiency gains, especially in the digital segment, while annual data provides a broader view of sustained growth across the diversified business lines.
Sector KPIs management disclosed
Healthcare Services Occupancy (Established Units)
Established Units Occupancy was 69% in Q4 FY26.
Healthcare Services Avg Revenue per IP Patient
Avg Revenue per Inpatient grew by 9% YoY to `187,208 in Q4 FY26.
Healthcare Services EBITDA Margin (Established Units)
EBITDA margin of established units expanded by 105 bps to 25.5% in Q4 FY26 vs 24.4% in Q4 FY25.
Diagnostics Revenue Growth
AHLL Diagnostics segment revenue grew by 52% YoY in Q4 FY26 and 41% YoY in FY26.
Management forward view
Future Revenue Target for HealthCo
Company expects to achieve INR 250 bn of run rate annualized revenue in Q4 FY27 for the combined HealthCo.
Future EBITDA Margin Target for HealthCo
Combined HealthCo EBITDA margin is targeted in the range of ~6.5% - 7.0% by Q4 FY27.
HealthCo Demerger & Listing Timeline
NCLT has directed a shareholders' meeting on June 24, 2026, for the scheme approval, with estimated listing by Q4 FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Healthcare Services Occupancy | 68% (Overall Q4 FY26) | Sustained improvement, especially in new and non-metro units, indicating efficient capacity utilization. |
| Apollo HealthCo Digital Cash Loss | `163 Mn (Q4 FY26) | Continued reduction in digital cash loss and clear progress towards achieving profitability targets. |
| New Hospital Bed Operationalization | 185 beds operationalized from FY26 additions | Timely operationalization of the balance 670 beds and subsequent ramp-up in occupancy and ARPP. |
| HealthCo Demerger Progress | NCLT directed shareholders' meeting on June 24, 2026 | Successful scheme approval and adherence to the estimated Q4 FY27 listing timeline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 78th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
100 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Pharma: 78th pctile, median 70 · Large: 70th pctile, median 73
Evidence depth
Financial-only
100 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Apollo Hospitals Enterprise Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 15 Jun - Apollo Hospitals shares additional details on Apollo Healthtech demerger, board rights, Shobana Kamineni appointment and upside agreement.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.