Apollo Hospital - Thematic Play in Hospitals Space

Enterprise remains one of the strongest structural growth stories in India’s organised healthcare sector, and the latest operating numbers continue to support the premium valuation that the market has assigned to the company. FY26 was a strong year: consolidated revenue crossed ₹25,000 crore for the first time, reaching about ₹25,229 crore, up 16% YoY, while EBITDA increased 25% to ₹3,769 crore and PAT rose 34% to ₹1,942 crore. More importantly, this was not simply a low-base profit recovery; the underlying hospital business is benefiting from increasing patient volumes, higher complexity of procedures and improving utilisation of the existing network. The company is also positioning itself for a substantial capacity-led growth cycle. Apollo has approximately 10,000 beds today and has announced plans to add more than 5,800 beds over the next five years. Earlier expansion plans targeted around 13,000 beds by FY30, with a significant proportion of the incremental capacity focused on complex care. This is strategically important because cardiology, oncology, neurology, gastroenterology, orthopaedics and transplant procedures generally command higher revenue intensity than basic healthcare services. In Q3FY26, for example, Apollo reported 22.6% growth in complex-care revenue, while organ-transplant revenue grew about 40%, illustrating where the higher-value growth is coming from.