06-Nov-2026 08:07:55

CLSA on Apollo Hosp ; O-P, TP Rs 9860

Apollo recorded slightly beat our estimates with revenue growing at 23% YoY led by healthy growth across all its segments; margins improved by 70bps YoY. Its planned capacity addition of 4,718 census beds (c.49% of capacity) by FY31 is on track (520 commissioned). It expects healthcare margins to improve from 24%, supported by higher margins at established hospitals and breakeven at new hospitals. It expects online pharmacy margins to converge with offline as volumes rise.

APOLLO HOSPITALS ENTER. L

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