APOLLOHOSP Q4 FY26 Results Analysis: PAT Surges 33%, Digital Health Turns Profitable

APOLLOHOSP reported Q4 FY26 numbers with revenue of Rs. 6,606.00 Cr (+18.12% YoY) and PAT growth of +33.00% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Apollo Hospitals delivered exceptional Q4 FY26 results with revenue growth of 18.12% YoY and PAT surge of 33% YoY, beating management's mid-teens guidance. EBITDA margin expanded 155 bps demonstrating strong operating leverage. The Digital Health segment achieved its first full-year profitability with 490% YoY growth in segment results, validating the path to 7% margin target by Q4 FY27. Free Cash Flow doubled to Rs.8,937 Crore with improved capital structure (Debt/Equity at 0.57x), positioning the company well for sustained growth.

Key Investment Insights

Key Positives

• Revenue grew 18.12% YoY to Rs.6,606 Crore
• PAT to owners surged 33% YoY to Rs.551 Crore
• EBITDA margin expanded 155 bps to 15.31%
• Digital Health segment achieved first full-year profitability
• Retail Health margin surged 516 bps YoY to 8.15%
• Digital Health margin expanded 380 bps to 4.77%
• CFO/PAT ratio strong at 1.43x
• Free Cash Flow doubled to Rs.8,937 Crore
• Debt/Equity improved from 0.61x to 0.57x
• Healthcare Services revenue growth of 17.26% exceeded mid-teens guidance

Risk Factors

• Other expenses grew 21.48% YoY, exceeding revenue growth
• New hospital start-up losses of ~Rs.150 Cr projected over next year
• Healthcare Services margin slightly declined 7 bps YoY to 18.44%
• Working capital impact of Rs.7,703 Million in FY26