Apollo Hospitals Enterprise Limited reported a 36% year-on-year jump in consolidated net profit attributable to owners of the parent for the quarter ended March 31, 2026, with PAT rising to ₹529.3 crore from ₹389.6 crore in Q4 FY25. Consolidated revenue from operations grew 18.1% year-on-year to ₹6,605.5 crore from ₹5,592.2 crore — crossing the ₹6,000 crore quarterly revenue threshold for the first time in the company’s history.
Q4 FY26 key numbers
EBITDA came in at approximately ₹1,010 crore against ₹770 crore in Q4 FY25 — a 31% year-on-year improvement — with EBITDA margin expanding meaningfully to 15.31% from 13.76%, reflecting the operating leverage of Apollo’s asset-heavy hospital infrastructure as occupancy and revenue intensity per bed continue to improve. Total income for the quarter was ₹6,649.4 crore against ₹5,653.3 crore in Q4 FY25.
Profit before tax for Q4 FY26 stood at ₹721.5 crore against ₹515.5 crore in the year-ago period — a 40% improvement. Tax expense for the quarter was ₹170.2 crore net — current tax of ₹196 crore partially offset by a deferred tax credit of ₹25.8 crore. Total expenses grew to ₹5,938 crore from ₹5,148.3 crore, with cost of materials consumed at ₹777.4 crore, purchases of stock-in-trade ₹2,613.1 crore, employee benefits ₹772 crore, finance costs ₹119.1 crore, and depreciation ₹224.4 crore.
Full year FY26 performance
For the full financial year ended March 31, 2026, consolidated revenue from operations rose 15.8% year-on-year to ₹25,228.5 crore from ₹21,794 crore in FY25. Full-year net profit attributable to owners of the parent was ₹1,941.7 crore against ₹1,445.9 crore in FY25 — a 34.3% year-on-year increase. Total consolidated income for FY26 was ₹25,420.1 crore against ₹21,994.3 crore in FY25.
Full-year profit before tax was ₹2,660.9 crore against ₹2,039.1 crore in FY25 — a 30.5% improvement. Total expenses for FY26 were ₹22,784.9 crore against ₹19,988.2 crore in FY25, with the cost base scaling proportionally below the revenue growth rate — the key driver of the margin expansion story.
What is driving Apollo’s growth
Three structural forces are converging. First, Apollo’s hospital occupancy and revenue per occupied bed are both rising as India’s premium healthcare demand continues to outpace supply of quality hospital beds. Second, the Apollo HealthCo digital health and pharmacy business — encompassing Apollo 24|7, Apollo Pharmacy, and related digital health initiatives — is scaling revenues while progressively improving its economics. Third, the international patient segment, which had been disrupted by the pandemic and post-pandemic travel patterns, has continued its recovery, adding high-margin revenue to the hospital business.
The EBITDA margin expansion from 13.76% to 15.31% year-on-year in a single quarter — while growing revenues at 18% — represents the kind of operating leverage that asset-heavy healthcare businesses generate when fixed-cost infrastructure is being sweated at higher utilisation rates.
The exceptional item in context
A ₹19.2 crore exceptional item charge appeared in Q3 FY26 but there are no exceptional items in Q4 FY26, making the quarterly profit comparison clean. The share of profit from associates and joint ventures contributed ₹10.1 crore to Q4 earnings against ₹10.5 crore in Q4 FY25.
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