Apollo Hospitals Q1 FY27 Results (NSE: APOLLOHOSP)
Signal: Margin expansion
The read
The key trajectory is accelerating scale with improving operating conversion: consolidated revenue growth reached +20.6% YoY, EBITDA growth outpaced it by 7.3 percentage points at +27.9%, and EBITDA margin expanded 100bps to 16.2%; however, pharmacy result growth of only +2.3% versus healthcare result growth of +15.4% remains the main mix concern.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,043.5 Cr | 20.6% | N/A |
| EBIT | ₹905.8 Cr | 33.7% | |
| Net profit | ₹580.7 Cr | 34.2% | |
| EPS | ₹40.39 | 34.2% | |
| EBIT margin | 16.2% |
P&L walk
Consolidated revenue was ₹7043.5 Cr, +20.6% YoY, EBITDA was ₹1140.9 Cr, +27.9%, and EBITDA margin expanded to 16.2%; EBIT growth of +33.7% and PAT growth of +34.2% indicate operating conversion remained ahead of sales growth.
Segments
Healthcare generated ₹40008 million of revenue and ₹11358 million of segment result, growing +16.0% and +15.4% YoY respectively, while pharmacy revenue grew +15.8% but its result rose only +2.3%, making pharmacy the relative drag on segment-profit momentum.
Key positives
- Consolidated revenue reached ₹7043.5 Cr, +20.6% YoY, accelerating from +17.2% in Q3FY26 and +18.1% in Q4FY26.
- EBITDA was ₹1140.9 Cr, +27.9% YoY versus revenue growth of +20.6%, with EBITDA margin expanding 100bps to 16.2%.
- Healthcare segment revenue of ₹40008 million and result of ₹11358 million grew +16.0% and +15.4% YoY, respectively, supporting the group's earnings base.
- EPS of ₹40.39 grew +34.2% YoY in line with PAT of ₹580.7 Cr, and the earnings-quality assessment was clean.
Key concerns
- Pharmacy segment result increased only +2.3% YoY to ₹1187 million despite pharmacy revenue growth of +15.8%, indicating weaker operating conversion in that segment.
- Standalone EBITDA grew +21.6% YoY and standalone PAT +25.5%, both below consolidated PAT growth of +34.2%, leaving group earnings increasingly dependent on non-parent operations.
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