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]
Business Segments1) Healthcare Services (50% in H1 FY26 vs 55% in FY22):[1][2][3]The company has a capacity of 10,200 beds in 73 hospitals located in India and overseas, out of which 8,767 beds are located in 45 owned hospitals, 643 beds in Day Surgery & Cradles and 790 beds are in 6 hospitals under management through operations and management contracts.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Apollo Hospitals | 7238.45 | 74.26 | 104103.57 | 0.26 | 419.90 | 13.61 | 2356.10 | 10.34 | 16.40 | 8654.10 | 25.10 | 1401.80 | 419.90 | 11.17 | 9.61 | 0.34 |
| 2. | Max Healthcare | 1035.00 | 71.53 | 100783.66 | 0.14 | 491.30 | 74.34 | 2135.47 | 25.07 | 14.88 | 7941.09 | 26.56 | 1409.01 | 491.30 | 10.01 | 8.32 | 0.33 |
| 3. | Fortis Health. | 896.60 | 67.04 | 67533.70 | 0.11 | 328.82 | 40.23 | 2331.44 | 17.25 | 11.96 | 8433.62 | 22.03 | 1007.34 | 304.11 | 7.18 | 6.67 | 0.34 |
| 4. | Narayana Hrudaya | 1918.75 | 46.13 | 39223.82 | 0.23 | 258.49 | 29.64 | 1643.79 | 20.28 | 20.75 | 5961.09 | 23.53 | 850.33 | 258.16 | 9.66 | 12.22 | 0.58 |
| 5. | Aster DM Health. | 599.30 | 84.61 | 31053.55 | 0.83 | 121.31 | 13.83 | 1197.21 | 10.20 | 10.68 | 4325.23 | 18.61 | 367.05 | 110.24 | 6.85 | 2.44 | 0.46 |
| 6. | Global Health | 1140.90 | 51.25 | 30641.26 | 0.04 | 158.40 | 21.09 | 1099.22 | 14.91 | 19.74 | 4004.75 | 23.87 | 597.87 | 158.44 | 8.27 | 11.46 | 0.25 |
| 7. | Krishna Institu. | 612.95 | 74.66 | 24538.32 | 0.00 | 72.00 | -37.45 | 960.70 | 23.59 | 15.00 | 3401.60 | 22.98 | 328.68 | 67.18 | 10.81 | 8.32 | 1.40 |
| – | Median: 29 Co. | 401.0 | 51.25 | 4084.73 | 0.0 | 33.23 | 18.47 | 333.23 | 16.03 | 15.41 | 1122.38 | 22.98 | 95.36 | 29.83 | 5.58 | 8.32 | 0.34 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,716 | 1,639 | 1,641 | 1,688 | 1,866 | 1,824 | 1,895 | 1,937 | 2,135 | 2,055 | 2,075 | 2,168 | 2,356 |
Expenses | 1,263 | 1,222 | 1,218 | 1,271 | 1,387 | 1,374 | 1,444 | 1,466 | 1,595 | 1,543 | 1,554 | 1,622 | 1,763 |
Operating Profit | 453 | 417 | 423 | 418 | 479 | 450 | 450 | 471 | 540 | 512 | 521 | 546 | 593 |
Other Income | 43 | 55 | 43 | 18 | 65 | 52 | 46 | 27 | 121 | 108 | 92 | 32 | 141 |
Profit before tax | 346 | 323 | 309 | 282 | 391 | 344 | 312 | 332 | 488 | 449 | 420 | 397 | 554 |
Tax % | 19% | 24% | 26% | 24% | 25% | 24% | 24% | 24% | 24% | 24% | 21% | 23% | 24% |
Net Profit | 279 | 246 | 227 | 214 | 295 | 263 | 239 | 252 | 370 | 342 | 333 | 307 | 420 |
EPS in Rs | 19.41 | 17.08 | 15.78 | 14.89 | 20.50 | 18.28 | 16.61 | 17.51 | 25.71 | 23.76 | 23.19 | 21.34 | 29.20 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,835 | 4,543 | 5,523 | 6,301 | 7,183 | 8,337 | 9,794 | 4,654 | 6,098 | 6,525 | 7,274 | 8,202 | 8,654 |
Expenses | 3,218 | 3,862 | 4,776 | 5,527 | 6,348 | 7,314 | 8,377 | 3,938 | 4,677 | 4,831 | 5,476 | 6,152 | 6,482 |
Operating Profit | 617 | 681 | 748 | 774 | 835 | 1,022 | 1,418 | 715 | 1,421 | 1,694 | 1,798 | 2,050 | 2,172 |
Other Income | 20 | 28 | 4 | 26 | 7 | 8 | 173 | 137 | 131 | 139 | 180 | 342 | 373 |
Interest | 87 | 83 | 134 | 200 | 240 | 268 | 426 | 340 | 244 | 239 | 250 | 254 | 242 |
Depreciation | 129 | 158 | 200 | 241 | 272 | 300 | 482 | 421 | 363 | 367 | 399 | 449 | 484 |
Profit before tax | 420 | 467 | 417 | 359 | 330 | 462 | 682 | 91 | 945 | 1,228 | 1,329 | 1,688 | 1,820 |
Net Profit | 331 | 347 | 334 | 285 | 233 | 303 | 470 | 105 | 665 | 1,085 | 1,010 | 1,296 | 1,402 |
EPS in Rs | 23.77 | 24.91 | 24.00 | 20.50 | 16.76 | 21.76 | 33.80 | 7.30 | 46.26 | 75.45 | 70.28 | 90.16 | 97.49 |
Dividend Payout % | 24% | 23% | 25% | 29% | 30% | 28% | 18% | 41% | 25% | 20% | 23% | 14% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 70 | 70 | 70 | 70 | 70 | 70 | 70 | 72 | 72 | 72 | 72 | 72 | 72 |
Reserves | 2,895 | 3,092 | 3,246 | 3,509 | 3,624 | 3,814 | 3,919 | 5,130 | 6,039 | 6,853 | 7,639 | 8,662 | 9,243 |
Borrowings | 1,079 | 1,681 | 2,346 | 2,757 | 2,991 | 3,238 | 3,160 | 3,050 | 2,752 | 2,520 | 3,222 | 3,090 | 3,133 |
Other Liabilities | 812 | 978 | 1,176 | 857 | 1,127 | 1,307 | 2,996 | 1,478 | 1,545 | 1,335 | 1,472 | 1,548 | 1,719 |
Total Liabilities | 4,857 | 5,820 | 6,838 | 7,193 | 7,812 | 8,428 | 10,144 | 9,729 | 10,408 | 10,780 | 12,405 | 13,372 | 14,167 |
Fixed Assets | 1,989 | 2,428 | 3,061 | 3,600 | 3,762 | 3,970 | 6,056 | 5,038 | 5,121 | 5,078 | 6,032 | 6,348 | 6,417 |
Gross Block | 2,663 | 3,202 | 3,456 | 4,247 | 4,673 | 5,175 | 8,146 | 7,025 | 7,388 | 7,639 | 8,936 | 9,659 | – |
Accumulated Depreciation | 674 | 774 | 395 | 647 | 912 | 1,205 | 2,090 | 1,987 | 2,267 | 2,561 | 2,904 | 3,311 | – |
CWIP | 481 | 512 | 536 | 328 | 698 | 819 | 227 | 219 | 24 | 96 | 200 | 306 | 390 |
Investments | 690 | 713 | 877 | 1,064 | 900 | 1,085 | 1,076 | 2,091 | 2,059 | 2,217 | 2,621 | 3,911 | 4,402 |
Other Assets | 1,697 | 2,167 | 2,364 | 2,202 | 2,452 | 2,554 | 2,786 | 2,381 | 3,204 | 3,389 | 3,553 | 2,807 | 2,958 |
Total Assets | 4,857 | 5,820 | 6,838 | 7,193 | 7,812 | 8,428 | 10,144 | 9,729 | 10,408 | 10,780 | 12,405 | 13,372 | 14,167 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 303 | 389 | 626 | 632 | 539 | 907 | 1,096 | 916 | 1,201 | 1,224 | 1,191 | 1,742 |
Cash from Investing Activity | -310 | -681 | -910 | -804 | -378 | -776 | -264 | -781 | -504 | -588 | -835 | -1,046 |
Cash from Financing Activity | -40 | 332 | 290 | 130 | -106 | -160 | -771 | -176 | -577 | -779 | -297 | -739 |
Net Cash Flow | -47 | 40 | 7 | -42 | 54 | -28 | 62 | -41 | 120 | -143 | 59 | -43 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 45 | 44 | 36 | 38 | 38 | 40 | 36 | 94 | 49 | 46 | 41 | 36 |
Inventory Days | 48 | 50 | 49 | 48 | 52 | 47 | 50 | 63 | 28 | 19 | 22 | 21 |
Days Payable | 45 | 48 | 51 | 43 | 45 | 45 | 51 | 254 | 124 | 124 | 138 | 134 |
Cash Conversion Cycle | 48 | 46 | 34 | 44 | 44 | 42 | 35 | -96 | -46 | -59 | -76 | -77 |
Working Capital Days | 42 | 43 | 25 | 37 | 19 | 3 | -0 | 12 | 72 | 73 | 64 | 2 |
ROCE % | 13% | 12% | 11% | 9% | 9% | 11% | 13% | 4% | 13% | 16% | 15% | 16% |
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Stock Analysis
Apollo Hospitals Enterprise Limited is a leading integrated healthcare provider in India, operating a network of hospitals, pharmacies, and primary care & diagnostic clinics.
Apollo Hospitals continues its strategy of expansion and investment in healthcare services. Key growth drivers include capacity expansion, strategic acquisitions, and leveraging its integrated healthcare ecosystem.
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