Apollo Q2 revenue rises 23% as consolidated PAT gains 32%

Apollo Hospitals Enterprise Ltd. reported Q2 FY27 consolidated revenue of Rs 7,615 crore, up 23% year on year, while reported profit after tax rose 32% to Rs 630 crore. Apollo’s consolidated EBITDA increased 29% to Rs 1,191 crore, as hospital volumes, occupancy and HealthCo revenue increased and Apollo 24/7 costs declined.

What drove Apollo’s Q2 FY27 revenue growth?

Apollo’s consolidated revenue rose by Rs 1,426 crore to Rs 7,615 crore in Q2 FY27 from Rs 6,189 crore in Q2 FY26. Healthcare Services revenue increased 23% to Rs 3,900 crore from Rs 3,169 crore, while Apollo HealthCo revenue also rose 23%, reaching Rs 3,286 crore from Rs 2,661 crore.

Management attributed hospital growth to volume gains in specialty care and higher-complexity clinical work. Oncology revenue grew 28% year on year, gastroenterology grew 27%, urology grew 26%, and cardiac and orthopaedic specialties each grew 20% in Q2 FY27. International Patient Services revenue increased 37% year on year.

Hospital occupancy increased to 73% in Q2 FY27 from 69% in Q2 FY26, while Healthcare Services inpatient volumes grew 14%. Average revenue per patient, or ARPP, rose 8% to Rs 1.8688 lakh, accompanying the 23% increase in Healthcare Services revenue.

How did Apollo’s Q2 FY27 profitability change?

Apollo’s earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 29% to Rs 1,191 crore in Q2 FY27 from Rs 924 crore a year earlier. EBITDA margin was 16%, while reported profit after tax, or PAT, increased by Rs 153 crore to Rs 630 crore from Rs 477 crore.

Apollo 24/7 costs declined to Rs 91 crore in Q2 FY27 from Rs 126 crore in Q2 FY26. The current-quarter cost included a Rs 14 crore non-cash employee stock option plan, or ESOP, charge, compared with a Rs 32 crore non-cash ESOP charge in the prior-year quarter.

Healthcare Services EBITDA grew 20% to Rs 937 crore from Rs 780 crore, with a 24% margin. Its PAT increased 19% to Rs 486 crore from Rs 408 crore, and Apollo reported diluted earnings per share from continuing operations of Rs 43.71 for Q2 FY27, which it said was not annualised.

For H1 FY27, Apollo reported revenue of Rs 14,547 crore, up 22% from Rs 11,924 crore in H1 FY26. EBITDA rose 29% to Rs 2,268 crore and reported PAT increased 33% to Rs 1,211 crore; Apollo 24/7 costs declined to Rs 182 crore from Rs 247 crore.

Which Apollo businesses contributed to the quarter?

Apollo HealthCo reported Q2 FY27 revenue of Rs 3,286 crore and EBITDA of Rs 193 crore, compared with Rs 2,661 crore and Rs 110 crore respectively in Q2 FY26. Its EBITDA margin was 6%, while PAT rose to Rs 118 crore from Rs 73 crore.

Offline pharmacy distribution accounted for Rs 2,885 crore of Apollo HealthCo revenue, while the digital platform contributed Rs 401 crore. The business added 222 net pharmacy stores during Q2 FY27, taking the network to 7,662 stores as of September 30, 2026.

Apollo 24/7 recorded gross merchandise value, or GMV, of Rs 615 crore in Q2 FY27, up 20% year on year. Its average order rate across pharmacy, diagnostics and consultations was 77,000 a day, compared with 67,000 a day in the comparison period disclosed by Apollo.

Apollo Health and Lifestyle Limited reported revenue of Rs 429 crore, up 20% from Rs 359 crore, and EBITDA of Rs 61 crore against Rs 34 crore. Its PAT was Rs 26 crore, compared with a Rs 4 crore loss in Q2 FY26; diagnostics revenue rose 24% to Rs 227 crore and Spectra revenue rose 15% to Rs 84 crore.

Apollo Health and Lifestyle Limited completed the transfer of its stakes in Apollo Specialty Hospitals Private Limited and Apollo Fertility Centre Private Limited to Kids Clinic India Limited on October 12, 2026. Apollo said the businesses were classified as discontinued operations under Indian Accounting Standard 105, and comparative financials through earnings before interest and tax were re-presented.

What operating trends and expansion plans should readers track?

Apollo had 8,522 operating beds as of September 30, 2026, excluding Apollo Health and Lifestyle Limited and managed beds. New hospitals generated Rs 135 crore of revenue in Q2 FY27 but recorded an EBITDA loss of Rs 35 crore as Apollo continued to ramp up newly commissioned capacity.

Regional performance varied during Q2 FY27. Western operations delivered the fastest revenue growth at 31%, followed by AP-Telangana at 30% and Karnataka at 26%. Eastern operations had the highest disclosed occupancy at 77%, although this was below 79% a year earlier, while Western occupancy rose to 67% from 60%.

Apollo is ramping up hospitals at Financial District in Hyderabad, Sonarpur in Kolkata and Sarjapur in Bengaluru. Of 1,280 total beds and 1,000 operating or census beds at the disclosed new facilities, 520 operating beds had been commissioned, with the balance planned for commissioning over the next 12 months.

The approximately 470-bed Gurugram facility remained on track for commissioning in Q3 FY27. Management’s broader programme envisages adding about 5,800 beds over five years, while the Always Open, Always Here initiative, launched on August 18, 2026, extends selected routine and planned services to Sundays subject to local schedules and readiness.

Conclusion

Apollo’s Q2 FY27 result combined 23% consolidated revenue growth with a faster 32% increase in reported PAT. Hospital occupancy rose four percentage points to 73%, Healthcare Services delivered Rs 937 crore of EBITDA, and Apollo HealthCo’s EBITDA increased to Rs 193 crore as its store network expanded by 222 locations.

The next disclosed operating milestone is the planned Q3 FY27 commissioning of the approximately 470-bed Gurugram facility. Apollo also plans to commission the remaining operating beds at specified newer hospitals over the next 12 months while pursuing its longer-term target of adding about 5,800 beds over five years.