Apollo Hospitals Enterprise Ltd
APOLLOHOSPApollo Hospitals Enterprise Ltd is coiled. The quarters are improving, yet the P/E sits at the 10th percentile of its own 11-year range — the business is moving before the market.
The sharpest disagreement: Foreign institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (27 weeks in) while the P/E sits at the 10th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +38.3% year on year, and 156% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Apollo Hospitals Enterprise Ltd trades at ₹8,836, in a confirmed uptrend and 27 weeks into that stage. That is +8.4% against its own 200-day average. It sits at 94% of a 52-week range of ₹6,803 to ₹8,957. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is in a confirmed uptrend — week 27 of stage 2, confirmed. At ₹8,836 it trades +8.4% versus its 200-day average and sits at 94% of its 52-week range (₹6,803–₹8,957).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +516% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Apollo Hospitals Enterprise Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Still open: The thesis breaks if hospital revenue misses the guided range while operating margin falls below the prior-year level and the delayed Gurgaon opening slips again.
Our read, 22 August 2026. Apollo is growing earnings faster than revenue, but the apparent low trailing multiple is offset by peak operating margins and repeated execution-timeline resets.
From the numbers. The weekly cycle snapshot labels the share as an opportunity relative to its own multiple history. The deeper valuation read is less favourable: the trailing multiple is low partly because current operating margin is…
From the price. Price stage 2, week 27 — above its 200-day line, relative strength flat.
From the research. Apollo is growing earnings faster than revenue, but the apparent low trailing multiple is offset by peak operating margins and repeated execution-timeline resets.
🚨 Where they disagree. The weekly cycle snapshot labels the share as an opportunity relative to its own multiple history. The deeper valuation read is less favourable: the trailing multiple is low partly because current operating margin is above the through-cycle level, and normalized valuation is nearer the historical middle. Earnings are rising while the multiple compresses, but margin mean reversion remains the central valuation risk.
What is proven. Apollo is growing earnings faster than revenue, but the apparent low trailing multiple is offset by peak operating margins and repeated execution-timeline resets.
What is not proven yet. The thesis breaks if hospital revenue misses the guided range while operating margin falls below the prior-year level and the delayed Gurgaon opening slips again.
🚨 What would change our mind. The thesis breaks if hospital revenue misses the guided range while operating margin falls below the prior-year level and the delayed Gurgaon opening slips again.
Layer 1 read, 22 August 2026 — KEEP. Twelve straight quarters better, price barely moved — but the low multiple is an illusion of peak margins. Revenue rose in every one of the last twelve quarters from Rs 4,847 Cr to Rs 7,044 Cr and profit per share went from Rs 16.20 to Rs 40.39, with growth still speeding up — the latest quarter grew revenue 20.6% and profit 38.3%. The share price is up only 10% over the past year, so the earnings have been running ahead of the stock. The catch is that today's 15.5% operating margin is near the top of anything this company has recorded, and on a normal margin the shares are mid-priced rather than the bargain the headline multiple suggests [C007 and C006 — both model estimates, not hard facts]; management has also delayed the Gurgaon hospital again, to the March 2027 quarter.
What would change Layer 1’s mind. The Timeline says the thesis breaks if hospital revenue misses guidance while margin falls below the prior year and Gurgaon slips again. Sharpened to this layer: consolidated operating margin printing below 15% for two consecutive quarters while the September 2026 quarter shows digital still short of cash breakeven — that combination would prove the 15.5% margin was the cycle peak the normalized read fears, and it would take the whole 'cheapest ever multiple' argument away at once. A further…
Layer 2 read, 22 August 2026 — ADVANCE. Hospital earnings and supply tightening confirm the thesis, but the price demands starter sizing. Apollo's latest four quarters show profit growth running ahead of revenue growth, and the sector has a demand tailwind with supply investment now withdrawing. The high absolute PE and near-peak margin model read remain live risks, so this advances only as P2.
What would change Layer 2’s mind. DROP if hospital revenue misses the guided range while operating margin falls below the prior-year level and Gurgaon slips beyond Q4 FY27; promote conviction only if digital breakeven arrives and the sector's falling social tone stabilises without a margin rollover.
Layer 3 read, 22 August 2026 — DEPLOY. The hospital engine is delivering, but repeated opening delays make this a starter, not a full position. Apollo's hospital-growth guidance was raised and the latest four quarters kept revenue and profit growing. ICRA confirms a managed regulatory exposure, while Timeline R2 and the dossier both show repeated commissioning resets; therefore the stock enters only at starter size.
What would change Layer 3’s mind. A quarter that simultaneously misses the guided hospital-growth range, falls below the prior-year operating margin and moves Gurgaon beyond Q4 FY27 would flip DEPLOY to DROP.
CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 49/100 · CLEAR_NO_CONTEST. Revenue grew 20.6% and profit grew 38.3% in the latest quarter, while the rating sits at the 15th percentile of its own history. But a 15.5% operating margin is near the historical peak and judged EPS growth of 22% falls 7.4 points short of the model requirement, so this does not earn a slot.
The test written in advance. The thesis breaks if hospital revenue misses the guided range while operating margin falls below the prior-year level and the delayed Gurgaon opening slips again. — the thesis as written as stated by the next result.
The test written in advance. Peak-margin valuation trap — Peak-margin valuation trap Consolidated operating margin below 15% by the next result.
The test written in advance. Gurgaon commissioning delay — Gurgaon commissioning delay Gurgaon operational before Q4 FY27 by the next result.
What the company does. Revenue and reported profit rose in the latest quarter, with operating margin above the prior-year level. The lower multiple versus Apollo’s own history is not a simple bargain: normalizing the margin moves valuation toward its historical middle. The key swing factors are delivery of hospital-growth guidance, digital breakeven, the Gurgaon opening, and conversion of new capacity into utilization.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Established-hospital growth and operating… | HIGH | — | Hospital services grew through volume, acuity, pricing, and productivity, with management targeting continued… | Established-hospital growth slows while new-hospital losses rise before utilization improves. |
| Complex-care mix and pricing | HIGH | — | Healthcare services reported higher acuity volumes, an increase in revenue per patient, and annual pricing provisions. | Complex-care volumes or pricing resets slow before replacement capacity contributes. |
| HealthCo and digital cost inflection | MEDIUM_HIGH | — | HealthCo expanded profit while digital remains targeted for cash breakeven in the next reported quarter. | Digital cash breakeven does not occur in the next quarter or insurance costs increase again. |
| Diagnostics-led AHLL improvement | MEDIUM | — | Diagnostics growth and margin progression are the stated route to AHLL improvement. | Diagnostics growth falls below management’s stated target or AHLL margin does not progress. |
| Capacity addition | MEDIUM_HIGH | — | New hospitals and Gurgaon create future revenue capacity, but the commissioning timetable has moved. | Gurgaon slips beyond the fourth quarter of the fiscal year or losses exceed the stated annual framework. |
🚨 What the surface reading misses. The surface reading is: The low trailing multiple relative to Apollo’s history appears inexpensive. The research reads it further: The current earnings denominator includes an operating margin above the through-cycle level, so normalizing earnings raises the valuation measure.
🚨 What the surface reading misses. The surface reading is: A higher operating margin reads as proof of improved profitability. The research reads it further: The level is near the top of the historical margin band, so part of trailing earnings may be cyclical or execution-sensitive rather than a permanent base.
Lever 1 · Operating leverage — BUILDING. Hospital services grew through volume, acuity, pricing, and productivity, with management targeting continued established-hospital growth. What proves it keeps working: Established-hospital growth and operating leverage. It stops working if Established-hospital growth slows while new-hospital losses rise before utilization improves.
Lever 2 · Value-added mix — BUILDING. Healthcare services reported higher acuity volumes, an increase in revenue per patient, and annual pricing provisions. What proves it keeps working: Complex-care mix and pricing. It stops working if Complex-care volumes or pricing resets slow before replacement capacity contributes.
Lever 5 · Regulatory approval — BUILDING. HealthCo expanded profit while digital remains targeted for cash breakeven in the next reported quarter. What proves it keeps working: HealthCo and digital cost inflection. It stops working if Digital cash breakeven does not occur in the next quarter or insurance costs increase again.
Lever 14 · A bigger market to sell into — BUILDING. Diagnostics growth and margin progression are the stated route to AHLL improvement. What proves it keeps working: Diagnostics-led AHLL improvement. It stops working if Diagnostics growth falls below management’s stated target or AHLL margin does not progress.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Apollo Hospitals Enterprise Ltd reported ₹7,044 Cr of revenue in the Jun 26 quarter, +20.6% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 15.2% a year. The last full year, FY26, came in at ₹25,228 Cr. The last four reported quarters add to ₹26,431 Cr.
Why this happened. AHLL reported revenue growth, higher EBITDA, and a narrower profit loss. Management identifies diagnostics as the principal source of margin expansion and has narrowed focus toward diagnostics and primary care.
FY26 revenue came in at ₹25,228 Cr (+15.8% on the year), capping 10 years at 15.2% compound. The latest quarter (Jun 26) printed ₹7,044 Cr, +20.6% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +17.2% growth against the decade's 15.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +17.2% over the last 4 quarters against +15.7%/yr over the last 8 — stabilising; TTM profit +33.2% vs +42.0%/yr — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Apollo Hospitals Enterprise Ltd's operating margin is 16.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 16.0%. The current quarter sits inside that band.
Why this happened. The operating-leverage catapult applies because management attributes margin improvement to operating leverage, clinical case mix, and productivity optimization. The latest quarter also shows a higher operating margin than the comparable quarter. The off-switch is a failure of established-hospital growth to offset start-up losses from new units.
The latest quarter's operating margin is 16.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–16.0%.
Why the margin moved: operating margin went +0.9 pp year on year while gross margin went +1.1 pp — the gain came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Apollo Hospitals Enterprise Ltd earned ₹610 Cr of net profit in the Jun 26 quarter, +38.3% year on year. It is the 11th consecutive quarter of growth. Full-year FY26 profit was ₹2,003 Cr. The 10-year compound rate is 23.9%. That is 8.7% of the quarter's revenue. The same quarter a year earlier earned ₹441 Cr.
Jun 26 profit was ₹610 Cr, +38.3% year on year — the 11th consecutive quarter of growth. On the full year, FY26 printed ₹2,003 Cr (+33.1%), and the 10-year compound rate is 23.9%.
Why profit moved: revenue contributed +20.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +33.0% vs revenue +17.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 156% of Apollo Hospitals Enterprise Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,856 Cr of operating cash against ₹2,003 Cr of profit. After ₹2,271 Cr of capital spending, ₹585 Cr was left as free cash.
FY26: operating cash of ₹2,856 Cr against reported profit of ₹2,003 Cr, leaving free cash of ₹585 Cr after ₹2,271 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 156% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 156%: the cash cycle stretched 15 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 2.8× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Apollo Hospitals Enterprise Ltd's cash conversion cycle runs 3 days in FY26, up from −12 days in FY21. Capital spending ran ₹6,495 Cr over the last 3 years. At FY26 sales of ₹25,228 Cr each day of that cycle holds about ₹69.1 Cr, so roughly ₹207 Cr sits inside the business at any moment.
FY26: debtors at 50 days, inventory at 15 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 3 days, looser than FY21's −12.
The full loop: cash goes out to suppliers and production on day 0; stock waits 15 days to sell; customers pay about 50 days after that; and suppliers themselves are paid at 63 days — netting out to the 3-day cycle.
In money terms: at FY26 sales of ₹25,228 Cr, each day of the cycle holds about ₹69.1 Cr — so the 3-day loop keeps roughly ₹207 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹6,495 Cr over the last 3 fiscal years against ₹2,321 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1,032 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Apollo Hospitals Enterprise Ltd earns a ROCE of 17% in FY26. That is up from a trough of 7% in FY18. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.9% net margin on 1.14× asset turns.
FY26 ROCE is 17%, recovered from a FY18 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 7.9% net margin × 1.14× asset turns × 2.34× balance-sheet leverage ≈ 21.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Apollo Hospitals Enterprise Ltd carries ₹8,493 Cr of borrowings against ₹9,480 Cr of equity in FY26, a debt-to-equity of 0.90. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹4,160 Cr to ₹8,493 Cr. Capital spending ran ₹6,495 Cr across the last 3 of those years.
FY26: borrowings of ₹8,493 Cr against equity of ₹9,480 Cr — a debt-to-equity of 0.90. Operating profit covers the interest bill 8×. Over 5 years borrowings went from ₹4,160 Cr to ₹8,493 Cr while capital spending ran ₹6,495 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 2.6 points of Apollo Hospitals Enterprise Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 23.7% of the company. Foreign institutions moved −2.4 points over the same window, to 41.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +2.6 points over 8 quarters to 23.7%; Foreign institutions: −2.4 points over 8 quarters to 41.5%; Promoters: −1.3 points over 8 quarters to 28.0%.
Why the register moved: rotation — foreign institutions −2.4 points against domestic institutions +2.6 points over 8 quarters, with promoters −1.3 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Apollo Hospitals Enterprise Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
Why this happened. HealthCo revenue and profit rose in the latest call, while management said core pharmacy and diagnostics were expanding and insurance remained in investment mode. Digital breakeven is a concrete gating event because prior timing moved and the latest call places it in the upcoming quarter.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Apollo Hospitals Enterprise Ltd trades at 60.4× P/E, near the bottom of its own range — cheaper only 10% of the time. Its long-run median P/E is 75.3×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 60.4× is near the bottom of its own range — cheaper only 10% of the time, against a long-run median of 75.3× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +34.3% against a +12.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +13.4%/yr price move, ~+29.6%/yr came from earnings growth and ~−16.2 pp from the multiple (compressing); over 10y, of the +20.6%/yr price move, ~+24.5%/yr came from earnings growth and ~−3.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 6.3% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 25 August 2026 price, Apollo Hospitals Enterprise Ltd was paying for profit growth of about 29.4% a year. Profit itself has compounded 23.9% a year over the past 10 years. Today the market pays 60.4× P/E, the 10th percentile of its own 11-year range.
What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is above what this company has actually delivered. A multiple that looks low because earnings fell is not the same thing as a low bar to clear.
How to hold this number: it is a reading of one day's price, taken on 25 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Apollo Hospitals Enterprise Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +15.8% | +14.9% | +19.0% | +15.2% |
| Profit | +33.1% | +33.4% | +71.0% | +23.9% |
| EPS | +34.3% | +33.3% | +66.8% | +23.0% |
| Share price | +12.2% | +21.0% | +13.4% | +20.6% |
4-Factor Sector Score
62.9/100 — rank 4 of 19 in Hospitals · 82% evidence confidence
Apollo Hospitals Enterprise Ltd scores 62.9 out of 100 against the 19 companies it is compared with in Hospitals, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 23.8 + 14.8 + 12.8 + 11.5 = 62.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Apollo Hospitals Enterprise Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Hospital Revenue Growth Outlook Raised · 13 August 2026. In the Feb 2026 call, management framed established-hospital growth at 12%-14% and incremental beds at another 3%-4%, implying a mid-teens trajectory. In the Aug 2026 call, management moved to a 20% hospital revenue target and separately described a 7% contribution from new hospitals, but did not clearly reconcile the higher new-hospital contribution or quantify the assumptions behind the change.
🚨 Gurgaon Operationalization Delayed Again · 13 August 2026. In Feb 2026, management expected Gurgaon to be operational in Q2 FY27 after an acknowledged 2-3 month environmental delay. In Aug 2026, the timeline moved to Q4 FY27, a further two-quarter delay, without a specific explanation for why the previously expected Q2 date was no longer achievable.
🚨 Material Delay in New Bed Operationalization Timeline · 21 May 2026. In the Feb 2026 call, management guided that approximately 40% to 50% of their 1,500 new bed pipeline would be operationalized by Q1. However, in the May 2026 call, management significantly lowered this near-term delivery, revealing that only 185 beds had been operationalized and pushed the 500-600 bed benchmark to the middle of the year without a clear operational justification for the delayed ramp-up.
🚨 Digital Breakeven Goalpost Moved · 11 February 2026. Management explicitly guided for the digital business to achieve breakeven by the end of FY26 in the August 2025 call, reinforcing this target was 'well on track.' However, in the latest call, they have pushed this target out to Q1 FY27, citing issues with insurance income recognition logic. Earlier call (Aug 2025): “This is an excellent outcome, and we are well on track to achieve break-even in the digital business by the end of this fiscal.” Later call (Feb 2026): “Consequently, we expect cash EBITDA breakeven to move to Q1 FY27.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1KMC Speciality Hospitals (India) Ltd524520 | 78.8/100Favorable setup82% evidence | LEADER | 32.5/35 Revenue 35.1% · PAT 100% · OPM change 6 pp 95% evidence | 20.6/25 ROCE 26.2% · OPM 31% 76% evidence | 11.2/20 P/E 40.5× · PEG — 50% evidence | 14.5/20 RS sector 31.1% · RS bench 48% · 1Y 103.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 32.5 + 20.6 + 11.2 + 14.5 = 78.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Artemis Medicare Services LtdARTEMISMED | 72.8/100Favorable setup100% evidence | LEADER | 26.7/35 Revenue 15% · PAT 29.9% · OPM change 4 pp 100% evidence | 13.3/25 ROCE 14.6% · OPM 20% 100% evidence | 13.8/20 P/E 47.1× · PEG 1.09 100% evidence | 19.0/20 RS sector 17.3% · RS bench 33.5% · 1Y 51.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.7 + 13.3 + 13.8 + 19 = 72.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Sakar Healthcare LtdSAKAR | 68.6/100Favorable setup87% evidence | LEADER | 31.9/35 Revenue 43.9% · PAT 71.4% · OPM change 5 pp 95% evidence | 10.8/25 ROCE 12.4% · OPM 29% 95% evidence | 6.5/20 P/E 71.4× · PEG — 50% evidence | 19.4/20 RS sector 77.4% · RS bench 98.9% · 1Y 248.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 10.8 + 6.5 + 19.4 = 68.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Apollo Hospitals Enterprise Ltdthis pageAPOLLOHOSP | 62.9/100Mixed-positive evidence82% evidence | LEADER | 23.8/35 Revenue 17.2% · PAT 33.2% · OPM change 1 pp 95% evidence | 14.8/25 ROCE 17.4% · OPM 16% 76% evidence | 12.8/20 P/E 60.4× · PEG — 50% evidence | 11.5/20 RS sector -0.4% · RS bench 13.5% · 1Y 13.2%8 of 12 weeks ahead 100% evidence |
| Exact sum: 23.8 + 14.8 + 12.8 + 11.5 = 62.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Dr Agarwals Eye Hospital LtdDRAGARWQ | 61.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 22.2/35 Revenue 20.1% · PAT 31.6% · OPM change -2 pp 100% evidence | 17.9/25 ROCE 17.4% · OPM 30% 100% evidence | 11.9/20 P/E 33.6× · PEG 1.41 100% evidence | 9.4/20 RS sector -4% · RS bench 6.3% · 1Y 17.9%2 of 9 weeks ahead 70% evidence |
| Exact sum: 22.2 + 17.9 + 11.9 + 9.4 = 61.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Kovai Medical Center & Hospital LtdKOVAI | 57.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 19.7/35 Revenue 15% · PAT 15.8% · OPM change 1 pp 100% evidence | 18.6/25 ROCE 22.6% · OPM 29% 100% evidence | 9.9/20 P/E 26.5× · PEG 1.7 100% evidence | 9.5/20 RS sector -4.9% · RS bench 8.6% · 1Y 0.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.7 + 18.6 + 9.9 + 9.5 = 57.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Rainbow Childrens Medicare LtdRAINBOW | 55.5/100Mixed-positive evidence100% evidence | LEADER | 18.3/35 Revenue 18.3% · PAT 12.4% · OPM change 0 pp 100% evidence | 17.6/25 ROCE 17.4% · OPM 29% 100% evidence | 8.2/20 P/E 51.2× · PEG 2.97 100% evidence | 11.4/20 RS sector -3.5% · RS bench 10% · 1Y -4.3%10 of 12 weeks ahead 100% evidence |
| Exact sum: 18.3 + 17.6 + 8.2 + 11.4 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Global Health LtdMEDANTA | 55.4/100Mixed-positive evidence100% evidence | LEADER | 11.8/35 Revenue 21.3% · PAT 3.4% · OPM change -2 pp 100% evidence | 15.2/25 ROCE 17.4% · OPM 22% 100% evidence | 10.9/20 P/E 68× · PEG 1.11 100% evidence | 17.5/20 RS sector 4.5% · RS bench 18.9% · 1Y 2.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.8 + 15.2 + 10.9 + 17.5 = 55.4 · Decision use: Price leads the evidence: RS versus the benchmark is 18.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9Yatharth Hospital & Trauma Care Services LtdYATHARTH | 54.9/100Mixed-positive evidence82% evidence | TURNING | 18.0/35 Revenue 43.9% · PAT 22.5% · OPM change -2 pp 95% evidence | 11.9/25 ROCE 12.4% · OPM 23% 76% evidence | 7.7/20 P/E 51.4× · PEG — 50% evidence | 17.3/20 RS sector 12.3% · RS bench 27.6% · 1Y 23.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 18 + 11.9 + 7.7 + 17.3 = 54.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Indraprastha Medical Corporation LtdINDRAMEDCO | 52.6/100Mixed-positive evidence94% evidence | ASLEEP | 12.7/35 Revenue 10.9% · PAT 12.6% · OPM change 0 pp 100% evidence | 18.5/25 ROCE 35.8% · OPM 20% 100% evidence | 16.9/20 P/E 17.3× · PEG 0.92 100% evidence | 4.5/20 RS sector -8.4% · RS bench -15.5% · 1Y -26.4%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.7 + 18.5 + 16.9 + 4.5 = 52.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 11GPT Healthcare LtdGPTHEALTH | 51.9/100Mixed-positive evidence74% evidence | BREAKING OUT | 14.4/35 Revenue 18% · PAT 0% · OPM change 3 pp 95% evidence | 19.1/25 ROCE 19.9% · OPM 19% 95% evidence | 11.2/20 P/E 27.7× · PEG — 15% evidence | 7.2/20 RS sector -15.8% · RS bench 13.2% · 1Y 3.6%7 of 10 weeks ahead 70% evidence |
| Exact sum: 14.4 + 19.1 + 11.2 + 7.2 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Max Healthcare Institute LtdMAXHEALTH | 51.3/100Mixed-positive evidence94% evidence | TURNING | 21.2/35 Revenue 16% · PAT 26.9% · OPM change -1 pp 100% evidence | 14.5/25 ROCE 14.7% · OPM 25% 100% evidence | 9.7/20 P/E 67.5× · PEG 2.35 100% evidence | 5.9/20 RS sector -7.9% · RS bench -0.8% · 1Y -11.3%2 of 10 weeks ahead 70% evidence |
| Exact sum: 21.2 + 14.5 + 9.7 + 5.9 = 51.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Fortis Healthcare LtdFORTIS | 43.1/100Mixed-negative evidence82% evidence | ASLEEP | 19.6/35 Revenue 17.5% · PAT 18.6% · OPM change -2 pp 95% evidence | 12.6/25 ROCE 13.4% · OPM 21% 76% evidence | 9.2/20 P/E 62.8× · PEG — 50% evidence | 1.7/20 RS sector -15.1% · RS bench -3% · 1Y -6.3%4 of 12 weeks ahead 100% evidence |
| Exact sum: 19.6 + 12.6 + 9.2 + 1.7 = 43.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Narayana Hrudayalaya LtdNH | 38.3/100Mixed-negative evidence87% evidence | ASLEEP | 11.9/35 Revenue 59.6% · PAT 3.8% · OPM change -5 pp 100% evidence | 11.9/25 ROCE 15.5% · OPM 17% 100% evidence | 6.4/20 P/E 44.3× · PEG 3 65% evidence | 8.1/20 RS sector -4.3% · RS bench 2.8% · 1Y 4.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 11.9 + 11.9 + 6.4 + 8.1 = 38.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Healthcare Global Enterprises LtdHCG | 35.5/100Mixed-negative evidence75% evidence | LEADER | 10.7/35 Revenue 13.7% · PAT -21.4% · OPM change 0 pp 95% evidence | 6.5/25 ROCE 8.3% · OPM 18% 76% evidence | 8.5/20 P/E 215× · PEG — 15% evidence | 9.8/20 RS sector -4.4% · RS bench 9.1% · 1Y 1.1%11 of 12 weeks ahead 100% evidence |
| Exact sum: 10.7 + 6.5 + 8.5 + 9.8 = 35.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Aster DM Quality Care LtdASTERDM | 34.3/100Adverse evidence100% evidence | FADING | 15.7/35 Revenue 15.7% · PAT 3.7% · OPM change 1 pp 100% evidence | 9.0/25 ROCE 11.6% · OPM 20% 100% evidence | 1.2/20 P/E 184× · PEG 3.07 100% evidence | 8.4/20 RS sector -2.6% · RS bench 10.7% · 1Y 19.2%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.7 + 9 + 1.2 + 8.4 = 34.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Shalby LtdSHALBY | 32.6/100Adverse evidence74% evidence | ASLEEP | 16.5/35 Revenue 6.3% · PAT 100% · OPM change -1 pp 95% evidence | 2.3/25 ROCE 6.1% · OPM 13% 95% evidence | 10.8/20 P/E 39.8× · PEG — 15% evidence | 3.0/20 RS sector -28.4% · RS bench -18.7% · 1Y -34%1 of 10 weeks ahead 70% evidence |
| Exact sum: 16.5 + 2.3 + 10.8 + 3 = 32.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Krishna Institute of Medical Sciences LtdKIMS | 31.5/100Adverse evidence82% evidence | ASLEEP | 9.7/35 Revenue 30.9% · PAT -52% · OPM change -3 pp 95% evidence | 9.0/25 ROCE 9.5% · OPM 19% 76% evidence | 5.5/20 P/E 155× · PEG — 50% evidence | 7.3/20 RS sector -4% · RS bench 9.2% · 1Y 3.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 9.7 + 9 + 5.5 + 7.3 = 31.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Jupiter Life Line Hospitals LtdJLHL | 30.2/100Adverse evidence100% evidence | BREAKING OUT | 7.1/35 Revenue 14.7% · PAT -3.1% · OPM change -3 pp 100% evidence | 10.6/25 ROCE 14.8% · OPM 19% 100% evidence | 6.6/20 P/E 47.9× · PEG 3.44 100% evidence | 5.9/20 RS sector -11.2% · RS bench 1.3% · 1Y -2.2%11 of 12 weeks ahead 100% evidence |
| Exact sum: 7.1 + 10.6 + 6.6 + 5.9 = 30.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Apollo Hospitals Enterprise Ltd's share price today?
Apollo Hospitals Enterprise Ltd trades at ₹8,836, +12.2% over the past year. The company is valued at ₹1,27,048 Cr. The stock sits at 94% of its 52-week range of ₹6,803–₹8,957, +8.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 27 weeks in. — as of 11 September 2026.
What were Apollo Hospitals Enterprise Ltd's latest quarterly results?
Apollo Hospitals Enterprise Ltd reported revenue of ₹7,044 Cr and net profit of ₹610 Cr for the Jun 26 quarter. Revenue rose 20.6% and profit rose 38.3% year on year. Earnings per share were ₹40.39. The operating margin was 16.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's revenue?
Apollo Hospitals Enterprise Ltd reported revenue of ₹7,044 Cr in the Jun 26 quarter, +20.6% year on year. For the full FY26 fiscal year, revenue was ₹25,228 Cr (+15.8%). Over the last 10 years revenue compounded at 15.2% a year. — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's profit?
Apollo Hospitals Enterprise Ltd earned ₹610 Cr of net profit in the Jun 26 quarter, +38.3% year on year — the 11th straight quarter of growth. Full-year FY26 profit was ₹2,003 Cr. The operating margin ran 16.0% in the latest quarter. — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's market cap?
Apollo Hospitals Enterprise Ltd's market capitalisation is ₹1,27,048 Cr at a share price of ₹8,836. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's P/E ratio?
Apollo Hospitals Enterprise Ltd trades at a P/E of 60.4×, at the 10th percentile of its own 11-year range, against a long-run median of 75.3×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Apollo Hospitals Enterprise Ltd pay a dividend?
Yes — Apollo Hospitals Enterprise Ltd's dividend payout was 15% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd overvalued?
On its own history, Apollo Hospitals Enterprise Ltd looks cheap: its P/E of 60.4× has been cheaper only 10% of the time in 11 years (long-run median 75.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd growing?
Yes — Apollo Hospitals Enterprise Ltd is growing: latest-quarter revenue +20.6% year on year, profit +38.3%, and the margin +1.0 pp at 16.0%. The 10-year compound rates are 15.2% (revenue) and 23.9% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Apollo Hospitals Enterprise Ltd performing?
Apollo Hospitals Enterprise Ltd is in a confirmed uptrend, 27 weeks in. Its latest quarter's revenue rose 20.6% and profit rose 38.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Apollo Hospitals Enterprise Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 17.0% and holding. The read comes from the last 12 quarters of growth (revenue growth +17.2% latest, profit growth +33.2% latest, eps growth +32.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 27 of stage 2), trading +8.4% versus its 200-day average and at 94% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd beating the market?
On recent form, yes — Apollo Hospitals Enterprise Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +516% against the NIFTY 500's +273% — ahead of the index over the full window. — as of 11 September 2026.
Will Apollo Hospitals Enterprise Ltd's share price go up?
This page publishes no price forecast for Apollo Hospitals Enterprise Ltd. What it measures instead: the share price is ₹8,836, the price is in a confirmed uptrend 27 weeks in. Its P/E of 60.4× sits at the 10th percentile of its own 11-year range. — as of 11 September 2026.
Who owns Apollo Hospitals Enterprise Ltd?
Promoters hold 28.0% of Apollo Hospitals Enterprise Ltd, foreign institutions 41.5%, domestic institutions 23.7% and the public 6.5% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 2.6 points over 8 quarters. — as of 11 September 2026.
Does Apollo Hospitals Enterprise Ltd have too much debt?
It is moderate — Apollo Hospitals Enterprise Ltd's debt-to-equity is 0.90, and operating profit covers the interest bill 8×. FY26 borrowings were ₹8,493 Cr against equity of ₹9,480 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's capex?
Apollo Hospitals Enterprise Ltd spent ₹6,495 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹2,271 Cr, with ₹1,032 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Apollo Hospitals Enterprise Ltd's cash flow?
Apollo Hospitals Enterprise Ltd generated ₹2,856 Cr of operating cash flow in FY26 and ₹585 Cr of free cash flow after ₹2,271 Cr of capital spending. Reported profit that year was ₹2,003 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd's profit real cash?
Yes — over the last 3 fiscal years, 156% of Apollo Hospitals Enterprise Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹2,856 Cr against reported profit of ₹2,003 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Apollo Hospitals Enterprise Ltd in its business cycle?
Apollo Hospitals Enterprise Ltd's FY26 operating margin was 15.0%, against a 13-year band of 10.0%–16.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 16.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Apollo Hospitals Enterprise Ltd's price assume?
At its price on 25 August 2026, Apollo Hospitals Enterprise Ltd was priced for profit growth of about 29.4% a year. Profit itself has compounded 23.9% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Apollo Hospitals Enterprise Ltd story?
The sharpest disagreement: Foreign institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Apollo Hospitals Enterprise Ltd a stock worth studying right now?
This is not investment advice. The machine read: Apollo Hospitals Enterprise Ltd is coiled. The quarters are improving, yet the P/E sits at the 10th percentile of its own 11-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!