Apollo Hospitals
Apollo Hospitals
Healthcare Services F&OKey Fundamentals
LargecapHospitalsHealthcare ServicesTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 76.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.7%
Weaknesses
2- Stock is trading at 13.4 times its book value
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Apollo Hospitals Enterprise Ltd commands a market cap of ₹1,26,883 Cr with a PE of 58.8x and a 5-year profit CAGR of 76%. ROE has improved to 21% in the last year from a 10-year average of 13%, while the stock trades at 13.5x book value with TTM sales growth of 17%.
- Exceptional 5-year compounded profit growth of 76% CAGR, indicating a sharp improvement in profitability and operating leverage
- ROE has expanded from a 10-year average of 13% to 21% in the last year, reflecting improving capital efficiency
- TTM revenue growth of 17% with a 10-year sales CAGR of 15%, demonstrating consistent top-line expansion across cycles
- 3-year stock CAGR of 21% has outperformed broader market indices, reflecting sustained investor confidence
- TTM profit growth of 34% is more than double the TTM sales growth of 17%, suggesting margin expansion and better cost management
- Consistent dividend payout ratio of 17.7% provides a degree of capital return discipline despite being in a growth phase
- 3-year compounded profit growth of 32% is well ahead of the 3-year sales CAGR of 15%, pointing to durable operating leverage
- PE ratio of 58.8x is significantly elevated compared to broader market averages, leaving limited margin of safety if growth slows
- Price-to-book ratio of 13.5x is very high, meaning the stock prices in substantial future value creation beyond current assets
- Dividend yield of just 0.22% offers negligible income return for shareholders at current price levels
- Potential capitalisation of interest costs could be flattering reported profitability and understating true operating expenses
- 5-year stock CAGR of 14% lags the 5-year profit CAGR of 76%, suggesting much of the profit recovery was from a low base rather than sustainable uplift
- 10-year profit CAGR of 23% is materially lower than the 5-year figure of 76%, indicating recent growth rates may not be sustainable over longer horizons
- At ₹1,26,883 Cr market cap, the company needs to sustain high-teens revenue growth and expanding margins to justify current valuation multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- AGM clears ₹7,500 cr debt limit Aug 25
Shareholders approved all eight resolutions at the 45th AGM on August 25, including a ₹7,500 crore NCD issuance limit and reappointment of Dr. Prathap C Reddy as Executive Chairman, signaling governance continuity and financial flexibility.
- Revised FY26 annual report filed Aug 28
Apollo Hospitals submitted a corrected annual report on August 28 to fix an editorial paragraph omission from the original filing on August 1, 2026. No material changes reported.
TL;DR: Apollo Hospitals shows steady governance with a smooth AGM and board continuity under Dr. Prathap C Reddy. The approved ₹7,500 crore NCD limit provides headroom for future expansion or refinancing. No material headwinds emerged in the recent news cycle. The outlook remains stable, with the debt facility approval positioning the company for potential capital deployment ahead.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,418 | 4,847 | 4,851 | 4,944 | 5,086 | 5,589 | 5,527 | 5,592 | 5,842 | 6,304 | 6,477 | 6,606 | 7,044 |
| Expenses | 3,909 | 4,219 | 4,237 | 4,303 | 4,410 | 4,774 | 4,765 | 4,822 | 4,990 | 5,362 | 5,512 | 5,594 | 5,951 |
| Operating Profit | 509 | 628 | 614 | 640 | 675 | 816 | 762 | 770 | 852 | 941 | 965 | 1,011 | 1,092 |
| OPM % | 12% | 13% | 13% | 13% | 13% | 15% | 14% | 14% | 15% | 15% | 15% | 15% | 16% |
| Other Income | 34 | 26 | 29 | 37 | 49 | 44 | 69 | 72 | 54 | 61 | 48 | 54 | 62 |
| Interest | 106 | 111 | 113 | 119 | 116 | 118 | 110 | 115 | 108 | 110 | 113 | 119 | 120 |
| Depreciation | 167 | 163 | 167 | 190 | 177 | 184 | 185 | 211 | 215 | 218 | 219 | 224 | 235 |
| PBT | 270 | 379 | 363 | 368 | 430 | 557 | 536 | 516 | 583 | 675 | 682 | 722 | 799 |
| Tax % | 36% | 34% | 30% | 30% | 27% | 29% | 29% | 20% | 24% | 27% | 24% | 24% | 24% |
| Net Profit | 173 | 249 | 254 | 258 | 316 | 396 | 379 | 414 | 441 | 494 | 516 | 551 | 610 |
| EPS in Rs | 11.59 | 16.2 | 17.06 | 17.65 | 21.23 | 26.34 | 25.89 | 27.1 | 30.1 | 33.19 | 34.93 | 36.81 | 40.39 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,129 | 6,150 | 7,256 | 8,243 | 9,617 | 11,247 | 10,560 | 14,663 | 16,612 | 19,059 | 21,794 | 25,228 | 26,430 |
| Expenses | 4,392 | 5,465 | 6,522 | 7,442 | 8,548 | 9,656 | 9,420 | 12,474 | 14,548 | 16,665 | 18,761 | 21,449 | 22,420 |
| Operating Profit | 737 | 684 | 734 | 801 | 1,070 | 1,591 | 1,140 | 2,189 | 2,065 | 2,394 | 3,033 | 3,779 | 4,010 |
| OPM % | 14% | 11% | 10% | 10% | 11% | 14% | 11% | 15% | 12% | 13% | 14% | 15% | 15% |
| Other Income | 47 | 92 | 60 | 24 | 26 | 222 | 103 | 368 | 75 | 123 | 222 | 207 | 226 |
| Interest | 118 | 180 | 257 | 295 | 327 | 533 | 449 | 379 | 381 | 449 | 458 | 450 | 462 |
| Depreciation | 212 | 264 | 314 | 359 | 396 | 620 | 573 | 601 | 615 | 687 | 758 | 876 | 896 |
| PBT | 455 | 332 | 222 | 171 | 373 | 660 | 221 | 1,578 | 1,144 | 1,380 | 2,039 | 2,661 | 2,877 |
| Tax % | 29% | 29% | 41% | 65% | 47% | 34% | 38% | 30% | 22% | 32% | 26% | 25% | — |
| Net Profit | 335 | 235 | 131 | 60 | 200 | 432 | 137 | 1,108 | 844 | 935 | 1,505 | 2,003 | 2,172 |
| EPS in Rs | 24.43 | 16.99 | 15.88 | 8.44 | 16.96 | 32.7 | 10.46 | 73.42 | 56.97 | 62.5 | 101 | 135 | 145 |
| Div. Payout % | 24% | 35% | 38% | 59% | 35% | 18% | 29% | 16% | 26% | 26% | 13% | 15% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 70 | 70 | 70 | 70 | 70 | 70 | 72 | 72 | 72 | 72 | 72 | 72 |
| Reserves | 3,102 | 3,262 | 3,244 | 3,182 | 3,264 | 3,270 | 4,531 | 5,551 | 6,126 | 6,864 | 8,140 | 9,408 |
| Borrowings | 1,992 | 2,834 | 3,125 | 3,427 | 3,673 | 3,596 | 4,160 | 4,068 | 4,332 | 5,333 | 7,864 | 8,493 |
| Other Liabilities | 1,296 | 1,195 | 1,665 | 1,917 | 2,159 | 4,354 | 2,629 | 3,570 | 3,886 | 4,474 | 4,568 | 4,210 |
| Total Liabilities | 6,459 | 7,360 | 8,103 | 8,596 | 9,166 | 11,289 | 11,392 | 13,261 | 14,416 | 16,742 | 20,644 | 22,183 |
| Fixed Assets | 3,244 | 3,997 | 4,591 | 4,773 | 4,982 | 7,432 | 6,778 | 8,296 | 8,520 | 9,664 | 10,988 | 12,272 |
| CWIP | 533 | 562 | 347 | 712 | 822 | 236 | 234 | 46 | 610 | 873 | 921 | 1,032 |
| Investments | 311 | 352 | 406 | 352 | 462 | 434 | 1,343 | 816 | 574 | 986 | 2,487 | 2,179 |
| Other Assets | 2,372 | 2,448 | 2,759 | 2,759 | 2,901 | 3,187 | 3,037 | 4,104 | 4,712 | 5,219 | 6,248 | 6,700 |
| Total Assets | 6,459 | 7,360 | 8,103 | 8,596 | 9,166 | 11,289 | 11,392 | 13,261 | 14,416 | 16,742 | 20,644 | 22,183 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 470 | 597 | 623 | 537 | 905 | 1,293 | 1,265 | 1,696 | 1,377 | 1,920 | 2,136 | 2,856 |
| Investing | -759 | -888 | -1,152 | -405 | -711 | -289 | -880 | -747 | -857 | -1,537 | -3,383 | -2,145 |
| Financing | 392 | 330 | 477 | -108 | -215 | -910 | -340 | -792 | -633 | -311 | 1,319 | -478 |
| Net Cash Flow | 103 | 39 | -52 | 24 | -20 | 94 | 44 | 158 | -113 | 72 | 73 | 233 |
| Free Cash Flow | -396 | -393 | -46 | -84 | 233 | 782 | 984 | 1,044 | 252 | 785 | 439 | 925 |
| CFO/OP | 77 | 108 | 103 | 83 | 103 | 100 | 108 | 87 | 85 | 100 | 86 | 92 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 43 | 36 | 38 | 37 | 39 | 33 | 46 | 44 | 49 | 48 | 51 | 50 |
| Inventory Days | 50 | 49 | 47 | 51 | 46 | 49 | 16 | 21 | 17 | 17 | 16 | 15 |
| Days Payable | 59 | 66 | 51 | 55 | 56 | 60 | 74 | 79 | 82 | 88 | 72 | 63 |
| Cash Conversion Cycle | 34 | 19 | 34 | 33 | 29 | 22 | -12 | -14 | -16 | -23 | -6 | 3 |
| Working Capital Days | 24 | 16 | 27 | 8 | -3 | -8 | -4 | 5 | -1 | -19 | -6 | -25 |
| ROCE % | 12% | 9% | 8% | 7% | 10% | 14% | 8% | 17% | 14% | 15% | 17% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY00–FY26.
Documents
Frequently Asked Questions about Apollo Hospitals
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Company Information
Apollo Hospitals was established in 1983 by Dr. Prathap C Reddy, renowned architect of modern healthcare in India. As the nation’s first corporate hospital, Apollo Hospitals is acclaimed for pioneering the private healthcare revolution in the country. Apollo Hospitals has emerged as Asia’s foremost integrated healthcare services provider and has a robust presence across the healthcare ecosystem, including Hospitals, Pharmacies, Primary Care & Diagnostic Clinics and several Retail Health models. [1]
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