Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.</li>
<li>Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.</li>
<li>Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.</li>
</ul>



Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.


Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

Apollo Hospitals Enterprise / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.</li>
<li>The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.</li>
<li>The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.</li>
</ul>



Apollo Hospitals Enterprise (APHS IN) is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.
The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.
The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.


Event Driven: Apollo’s Restructuring-Unlocking Value in India's Omni-Channel Healthcare Ecosystem

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>We are bullish on the long-term growth of the hospital sector in India.</li>
<li>We are, however, concerned that Apollo will face intense competition as it expands.</li>
<li>A 53 FPE does not factor in the high cost of expansion and potential challenges.</li>
</ul>


We are bullish on the long-term growth of the hospital sector in India.
We are, however, concerned that Apollo will face intense competition as it expands.
A 53 FPE does not factor in the high cost of expansion and potential challenges.


Apollo Hospitals (APHS IN): Sell – Priced for Perfection!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> reported strong FY25 result, with 14% revenue growth and a massive 61% jump in net profit. EBITDA margin improved to 13.9% (FY24: 12.5%).</li>
<li>Overall margin expansion is mainly driven by AHLL (margin up 140bps YoY to 9.9%) and Apollo HealthCo (margin at 1.8% vs loss in FY24).</li>
<li>AHEL plans to add 4,300 beds over the next three to four years, with 2,000 beds expected to become operational in FY26.</li>
</ul>



Apollo Hospitals Enterprise (APHS IN) reported strong FY25 result, with 14% revenue growth and a massive 61% jump in net profit. EBITDA margin improved to 13.9% (FY24: 12.5%).
Overall margin expansion is mainly driven by AHLL (margin up 140bps YoY to 9.9%) and Apollo HealthCo (margin at 1.8% vs loss in FY24).
AHEL plans to add 4,300 beds over the next three to four years, with 2,000 beds expected to become operational in FY26.


Apollo Hospitals (APHS IN): Positive Outlook; Expansion on Track; Growth Momentum to Continue

Narayana Hrudayalaya Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/narayana-hrudayalaya-ltd" target="_blank" data-smartkarma-citation="entities:26939:1" rel="noopener">Narayana Hrudayalaya Ltd (NARH IN)</a> reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.</li>
<li>Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.</li>
<li>Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.</li>
</ul>



Narayana Hrudayalaya Ltd (NARH IN) reported revenue growth of 12% over the last two years, which is on the lower side compared to the peers.
Capacity constraint is the major setback. Until the company adds new greenfield capacity, there will be no significant change in volume. Near-term growth expectation is subdued.
Compared to peers, NHL is a late mover in capacity expansion. Significant greenfield expansion is scheduled to complete in FY28, through which nearly 1,100 beds will be added.


Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

India

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

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Apollo Hospitals Enterprise (APHS IN)

Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

Tina Banerjee

Event Driven: Apollo’s Restructuring-Unlocking Value in India's Omni-Channel Healthcare Ecosystem

Apollo Hospitals Enterprise is demerging its pharmacy and digital health business to create a new entity, aiming to unlock shareholder value and...

Nimish Maheshwari

Apollo Hospitals (APHS IN): Sell – Priced for Perfection!

At a 53 forward PE, Apollo Hospitals is priced for perfection, and high real estate costs, complicated regulations, intense local and foreign...

daaimon

Apollo Hospitals (APHS IN): Positive Outlook; Expansion on Track; Growth Momentum to Continue

Apollo Hospitals reported strong FY25 results with 14% revenue growth and a 61% increase in net profit, driven by margin expansion. The company...

Tina Banerjee

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

​Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

Tina Banerjee

Event Driven: Apollo’s Restructuring-Unlocking Value in India's Omni-Channel Healthcare Ecosystem

​Apollo Hospitals Enterprise is demerging its pharmacy and digital health business to create a new entity, aiming to unlock shareholder value and...

Nimish Maheshwari

Apollo Hospitals (APHS IN): Sell – Priced for Perfection!

At a 53 forward PE, Apollo Hospitals is priced for perfection, and high real estate costs, complicated regulations, intense local and foreign...

daaimon

Apollo Hospitals (APHS IN): Positive Outlook; Expansion on Track; Growth Momentum to Continue

​Apollo Hospitals reported strong FY25 results with 14% revenue growth and a 61% increase in net profit, driven by margin expansion. The company...

Tina Banerjee

Narayana Hrudayalaya Ltd (NARH IN): All That Cheap Is Not Always Value Buying Opportunity

NHL starts FY26 on muted note, with Q1FY26 revenue from India operation increasing just 8% YoY, EBITDA margin narrowing to 23.9% (Q1FY25: 24.9%),...

Tina Banerjee

Apollo Hospitals reported strong Q1FY26 performance with double-digit revenue growth across all three business verticals and continuous margin...

Apollo Hospitals Enterprise is demerging its pharmacy and digital health business to create a new entity, aiming to unlock shareholder value and...

Apollo Hospitals reported strong FY25 results with 14% revenue growth and a 61% increase in net profit, driven by margin expansion. The company...