The story
A hospital company at inflection. A pharmacy at breakeven. A wholesale distributor ready to be unlocked.
FY26 closed methodically — revenue crossed ₹25,229 crore, up 15.8%; PAT surged 34% to ₹1,942 crore, the company's highest annual profit in four decades. The hospital network (8,235 beds, 69% occupancy) delivered 25.5% EBITDA margins in Q4, with management guiding another 100 basis points for FY27.
HealthCo reached cash break-even in Q4 (excluding ESOP). The digital pharmacy's private-label mix hit 15.2%, and the FY27 digital P&L turns positive for the first time.
The largest story is Q4 FY27: Apollo Healthtech Limited (combining HealthCo, Apollo 24|7, and Keimed) lists separately. Shareholders receive 195.2 AHTL shares per 100 AHEL shares at no cost.
Q4 & FY26 full year results
| Metric | FY26A | Growth |
|---|---|---|
| Revenue | ₹25,229 Cr | +15.8% YoY |
| EBITDA | ₹3,769 Cr | 14.9% margin |
| PAT | ₹1,942 Cr | +34.1% YoY |
| Hospital EBITDA % | 25.5% | +105 bps YoY |
| Metro ARPOB | ₹78,009 | +6.0% YoY |
| Net debt | ₹866 Cr | 0.23× ND/EBITDA |
Hospitals: the engine. The hospital segment generated ₹13,492 crore (53.5% of consolidated revenue). Established beds ran at 69% occupancy with ARPOB of ₹78,009 (+6% YoY). Roughly 1,000 new beds (Bangalore 400 + Gurugram 500) commission in H1 FY27, creating peak drag of ₹150 crore, tapering to ₹80 crore in FY28 and ₹30 crore in FY29.
HealthCo: the inflection quarter. Q4 delivered ₹2,848 crore revenue (+21% YoY) — a ₹11,400 crore annualised run-rate. Digital reached cash break-even for the first time. Offline pharmacy EBITDA margin hit 8.8% (ex-digital, ex-ESOP) in Q4. Private-label mix 15.2%, tracking toward 20%+ by FY28.
Notable FY26 events:
- IFC stake buyout: ₹1,250 crore in Q4 (temporarily elevated net debt)
- Cloudnine exit: ₹765 crore received; removes the loss-making maternity business
- NCLT order: composite scheme approved March 26, 2026
- New beds: ~1,043 commissioned in FY26 — the largest single-year addition
