Apollo Hospitals Enterprise Ltd said its consolidated net profit rose 32% to ₹630 crore for the quarter ended September 2026, according to The Hindu BusinessLine. Revenue grew 23% to ₹7,615 crore.
More patients, fuller beds and more foreign patients drove the growth. The company also said the head of its hospitals division will step down. Its shares closed 1.89% higher at ₹8,599.50 on the National Stock Exchange (NSE).
What happened
The Chennai-based company reported results for the second quarter of financial year 2026-27 (Q2 FY27) on Wednesday, 4 November 2026. A live results report by The Hindu BusinessLine listed Apollo with BSE and Sundaram Finance among companies posting higher profit that day. Biocon and Zydus Life saw profit fall.
For the first half of the year (April to September), Apollo's profit rose 33% to ₹1,211 crore. Revenue rose 22% to ₹14,547 crore.
The numbers
According to The Hindu, EBITDA rose 29% to ₹1,191 crore. EBITDA is profit from daily business before interest, tax and wear-and-tear costs are taken out.
| Item | Q2 FY27 | Change from a year ago |
|---|---|---|
| Revenue | ₹7,615 crore | Up 23% |
| EBITDA | ₹1,191 crore | Up 29% |
| Net profit | ₹630 crore | Up 32% |
| Hospital occupancy | 73% | From 69% |
| Inpatients | 1.86 lakh | Up 14% |
| Average revenue per inpatient | ₹1,86,880 | Up 8% |
The table shows profit grew faster than revenue, so the company kept more of each rupee it earned.
Our calculation puts the EBITDA margin at about 15.6% (₹1,191 crore divided by ₹7,615 crore). In simple terms, about ₹15.60 of every ₹100 of sales was left before interest, tax and wear-and-tear.
Where the growth came from
The hospital business earned ₹3,900 crore, up 23%. Its EBITDA rose 20% to ₹937 crore, The Hindu said. Group Chief Financial Officer (CFO) Krishnan Akhileshwaran told BusinessLine the gain came from 14% volume growth, pricing and the mix of cases. Cardio and ortho grew faster than the overall business, he said.
Managing Director Suneeta Reddy told The Hindu that most growth came from cardiac, orthopaedic, oncology and gastroenterology care.
Revenue from international patients rose 37%. The CFO linked this to a rebound from Bangladesh, good traction in Africa and more patients from Europe. The Hindu said patients also come from Cambodia, Vietnam, Mauritius, other South Asian countries and the Middle East. Ms Reddy said they come for quality care at about one-tenth of the cost in some overseas markets.
In Tamil Nadu, revenue rose 19.1% to ₹1,240 crore. Occupancy there climbed to 72% from 63%.
Apollo HealthCo, which runs the pharmacy and online health businesses, had revenue of ₹3,286 crore and EBITDA of ₹193 crore. It added 222 pharmacy stores, taking the total to 7,662. The CFO said its online side has broken even. Apollo Health and Lifestyle, which runs clinics and diagnostics, grew revenue 20% to ₹429 crore. Its EBITDA rose to ₹61 crore from ₹34 crore.
Leadership change and expansion plans
Dr Madhu Sasidhar, President and Chief Executive Officer (CEO) of the Hospitals Division, will step down from 14 November on completing his tenure, the company told stock exchanges. Dr Ritu Garg has been named CEO for Multi Regions, covering North, Central, Western and Eastern areas. Apollo also appointed a new Chief Business Officer for international business and a new Chief Procurement Officer.
Apollo plans to add about 5,800 beds over the next five years. A 470-bed hospital in Gurugram is on track to start in Q3 FY27 (October to December 2026). A 600-bed hospital, including 500 census beds, is planned on Chennai's Old Mahabalipuram Road.
The CFO said the new company combining the pharmacy and digital businesses is on track to list by Q4 FY27 (January to March 2027). Our Initial Public Offering (IPO) section explains how new listings work.
Why it matters to a common investor
A hospital has fixed costs such as staff, machines and buildings. When more beds are full, these costs are spread over more patients. So profit can grow faster than sales. This quarter shows that pattern.
Revenue per inpatient also rose 8%. This means sales grew from both more patients and higher billing per patient.
The results come as the government looks harder at hospital prices. The CFO said costs should not be judged item by item. He said average revenue per patient is about ₹1.8 lakh and margins are around 10-15%. "We would like to reiterate that we are affordable and accessible to all," he added. The Hindu's more exact figure is ₹1,86,880 per inpatient.
For more company numbers explained simply, see our results section.
Risks to keep in mind
- Pricing: Closer government checks on hospital prices could limit what Apollo charges.
- Leadership: The hospitals division head is leaving, and new leaders take time to settle in.
- Foreign patients: Part of the 37% jump came from a rebound in patients from Bangladesh. Such flows can change.
- Expansion: About 5,800 new beds need heavy spending, and new hospitals usually take time to fill.
- Pharmacy margin: Our calculation puts HealthCo's EBITDA margin at about 5.9%, against about 24% for hospitals by the same method.
- Listing: The Q4 FY27 listing is a plan and could slip.
What to watch next
- Whether the Gurugram hospital opens in Q3 FY27 and how fast it fills.
- Progress on listing the pharmacy and digital company.
- How the new leadership team settles in after 14 November.
- Any new government rules on hospital pricing.
- Whether occupancy holds near 73% in coming quarters.
Full details are in the company's filing on the BSE and NSE websites.
Words explained
- Consolidated: Numbers for the whole group, including all its businesses together.
- EBITDA: Earnings before interest, tax, depreciation and amortisation. It is profit from daily business before those costs.
- Margin: The share of sales left as profit. A 10% margin means ₹10 left from every ₹100 of sales.
- Occupancy: The share of hospital beds in use. 73% means 73 of every 100 beds were filled.
- Inpatient: A patient who is admitted and stays in the hospital.
- Census beds: Beds used for admitted patients, which are counted when measuring occupancy.
- Break even: When income just covers costs, so there is no loss and no profit.
- FY27: India's financial year 2026-27, from April 2026 to March 2027. Q2 is July to September.
- IPO: Initial Public Offering, when a company first sells shares to the public and lists on a stock exchange.
Sources: The Hindu BusinessLine, The Hindu.
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