Apollo Hospitals Q2 FY27 Results (NSE: APOLLOHOSP)
Signal: Steady quarter
The read
The trajectory remains expansionary: standalone revenue grew 23.2% YoY to ₹29,029 million and EBITDA rose 21.9% to ₹7,226 million, but the 24.9% EBITDA margin contracted 30bps and PAT growth slowed to 13.3% at ₹4,757 million; the next thesis question is whether new capacity can convert strong revenue growth into renewed margin expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,614.9 Cr | N/A | +9.8% |
| Net profit | ₹650.9 Cr | N/A | |
| EPS | ₹43.16 | N/A | |
| EBIT margin | N/A |
P&L walk
Consolidated revenue was ₹76,149 million, with PAT of ₹6,509 million and basic EPS of ₹43.16; the filing text available here does not expose the corresponding year-ago consolidated columns needed to quantify YoY trends.
Key positives
- Standalone revenue increased 23.2% YoY to ₹29,029 million, sustaining growth above the recent Q2FY26 base.
- Standalone cash flow from operations rose 17.8% YoY to ₹11,115 million in H1FY27, ahead of H1FY26's ₹9,438 million.
- PPE increased to ₹56,448 million and CWIP to ₹5,491 million, supporting capacity expansion while depreciation rose 14.8% YoY to ₹1,410 million.
- Standalone EPS rose 13.3% YoY to ₹33.08 and tracked PAT, with the PAT-to-EPS check clean.
Key concerns
- Standalone EBITDA margin declined 30bps YoY to 24.9% even as revenue grew 23.2%, because employee, finance and other expenses rose 25.8%.
- Standalone PAT growth of 13.3% to ₹4,757 million materially lagged EBITDA growth of 21.9% to ₹7,226 million, showing weaker bottom-line conversion.
- Finance costs increased 23.0% YoY to ₹712 million, broadly matching revenue growth and limiting operating-to-PAT conversion.
Research and educational content only. Not investment advice.