Apollo Hospitals Q2 Preview: Profit likely to climb 20%, but hospital growth may stay subdued

Apollo Hospitals is expected to report a steady set of numbers for the September quarter, with higher profits supported by strong showings in its pharmacy and digital verticals. However, muted trends in hospital admissions could limit overall revenue momentum.

As per projections from the Zee Business Research Team, consolidated profit after tax may increase close to 20 per cent year-on-year to about Rs 455 crore. Revenue is seen at roughly Rs 6,203 crore, up 11 per cent from Rs 5,589 crore a year ago. Operating profit is expected to reach Rs 910 crore versus Rs 815 crore earlier, while the operating margin may expand slightly to 15 per cent from 14.6 per cent.

Hospital business may lose some pace

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While overall results are likely to appear healthy, the hospital vertical could see slower growth. Analysts expect only around 8 per cent year-on-year improvement in revenue from this segment, weighed down by lower inpatient volumes and a dip in admissions. Occupancy levels are likely to hover near 67 per cent — a muted range compared to the usual trend.

Other segments may support earnings

The pharmacy business is expected to record a 17 per cent rise in sales, aided by strong growth of around 15–16 per cent in the offline channel. Meanwhile, the Apollo 24/7 digital health platform could deliver sequential growth of 6–8 per cent in gross merchandise value.

Apollo HealthCo, another key part of the group’s ecosystem, may report a 14–15 per cent year-on-year increase in revenue. This performance could help balance the softer hospital numbers and keep the company’s consolidated growth on track for the quarter.

Apollo Hospitals Q1FY26 highlights

Apollo Hospitals reported strong Q1 FY26 results, with a 15 per cent year-on-year (YoY) increase in revenue to Rs 5,842 crore and a 42 per cent YoY jump in net profit to Rs 433 crore. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also grew by 26 per cent to Rs 852 crore. The company highlighted growth across its integrated model, with strong performance in healthcare services and digital platforms like Apollo 24/7.