# Apollo Hospitals Enterprise (APOLLOHOSP.NSE)

Canonical: https://gigainvestors.com/s/APOLLOHOSP.NSE

Analysis as of: 2026-10-16T07:33:23.088Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 7,889.50 per share; close as of 2026-10-15.

Estimated value: low INR 1,148.78 per share, central INR 1,578.96 per share, high INR 1,798.10 per share. Buy at or below the central value INR 1,578.96 per share. Valuation as of 2026-10-16T07:33:23.088Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.07×

- FY2020: 0.09×

- FY2021: 0.05×

- FY2022: 0.11×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.10×

- FY2026: 0.12×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC, median of available years: 10.9%

- ROIC, second-lowest year: 10.3%

- Conservative return floor, median: 9.3%

- Conservative return floor, second lowest: 4.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 14.2%

- FY2023: 10.9%

- FY2024: 9.3%

- FY2025: 10.3%

- FY2026: 11.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 54B

- Net income, five-year total: INR 62B

- Return on incremental invested capital: 38.4%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.2 pp

- Working capital / revenue, final three-year average: 5.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.94×

- FY2023: 0.76×

- FY2024: 1.00×

- FY2025: 0.82×

- FY2026: 0.85×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- Per-share earnings: 15.88 to 100.56 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: INR 906B

- Cumulative retained earnings: INR 51B

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 25.9%

- Per-share value change: INR 84.68

- Per-share value, starting three-year median: INR 15.88

- Per-share value, ending three-year median: INR 100.56

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: INR 73B

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 15.88

- FY2018: INR 8.44

- FY2019: INR 16.97

- FY2020: INR 32.70

- FY2021: INR 10.74

- FY2022: INR 73.42

- FY2023: INR 56.97

- FY2024: INR 62.50

- FY2025: INR 100.56

- FY2026: INR 134.94

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 5.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.0%

- FY2018: -4.9%

- FY2019: -7.3%

- FY2020: -7.4%

- FY2021: -9.8%

- FY2022: -4.8%

- FY2023: -3.9%

- FY2024: -6.1%

- FY2025: -3.3%

- FY2026: -4.1%

## Holders

## Price story

Price needs cash profits to grow 28.3% a year for ten years · sales +15.8%

Story as of 2026-10-16T09:59:55.861Z; price observation 2026-10-15.

Price needs cash profits to grow 28.3% a year for ten years

### Sales · FY2025–2026

sales +15.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 73B 

- FY2018: INR 82B 

- FY2019: INR 96B 

- FY2020: INR 112B 

- FY2021: INR 106B 

- FY2022: INR 147B 

- FY2023: INR 166B 

- FY2024: INR 191B 

- FY2025: INR 218B 

- FY2026: INR 252B 

### Gross margin · FY2026

gross margin 46.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 47.4% 

- FY2024: 47.5% 

- FY2025: 46.9% 

- FY2026: 46.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in hospital; annual sales are INR 252.3 billion.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2026: revenue 252280000000; grossProfit 118350000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.9% to 47.5% during 2024–26; it earns 10.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); FY2024: grossProfit / revenue = 47.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); FY2025: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); FY2026: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); 10-year return on capital observations [[2022,0.14201939415620088],[2023,0.10885152498002945],[2024,0.0929098564041814],[2025,0.10344340260282894],[2026,0.11669194612527535]]; median 0.10885152498002945. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 38.4% on new investment; paid dividends in 9 of 9 years.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2017: growth capex 3590000000; upkeep 3140000000; owner earnings 2210000000. Growth capex / owner earnings = 1.6244343891402715.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2018: growth capex 2620000000; upkeep 3590000000; owner earnings 1170000000. Growth capex / owner earnings = 2.2393162393162394.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2019: growth capex 2830000000; upkeep 3960000000; owner earnings 2360000000. Growth capex / owner earnings = 1.1991525423728813.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2020: growth capex 0; upkeep 5130000000; owner earnings 5620000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2021: growth capex 0; upkeep 2960000000; owner earnings 4270000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2022: growth capex 560000000; upkeep 6010000000; cash acquisitions 1000100000; owner earnings 9956200000. Growth capex plus acquisitions / owner earnings = 0.15669632992507182.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2023: growth capex 5130000000; upkeep 6150000000; cash acquisitions 499100000; owner earnings 6217000000. Growth capex plus acquisitions / owner earnings = 0.9054367058066591.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2024: growth capex 4500000000; upkeep 6870000000; cash acquisitions 37000000; owner earnings 8990000000. Growth capex plus acquisitions / owner earnings = 0.5046718576195773.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2025: growth capex 9550000000; upkeep 7580000000; cash acquisitions 0; owner earnings 11897000000. Growth capex plus acquisitions / owner earnings = 0.8027233756409179.

- Source: https://www.screener.in/company/APOLLOHOSP/consolidated/ (filed 2026-10-16T07:33:23.088Z); FY2026: growth capex 10860000000; upkeep 8760000000; cash acquisitions 13003000000; owner earnings 16513000000. Growth capex plus acquisitions / owner earnings = 1.4451038575667656.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); Incremental return on capital 0.3842638036809816, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); Dividend observations: [[2018,1010000000],[2019,840000000],[2020,1550000000],[2021,380000000],[2022,430000000],[2023,2580000000],[2024,2210000000],[2025,2780000000],[2026,2930000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 28.3% yearly over ten years; actual growth was 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.088Z); Ten-year compound average after fade. Initial solved rate 0.4020660964211268. Price 7889.5; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 9.982743692025743 → FY2026 114.74069104016478. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 1,195.30 per share

- 2016-12: INR 1,179.90 per share

- 2017-01: INR 1,230.05 per share

- 2017-02: INR 1,301.65 per share

- 2017-03: INR 1,165.15 per share

- 2017-04: INR 1,233.25 per share

- 2017-05: INR 1,211.10 per share

- 2017-06: INR 1,274.55 per share

- 2017-07: INR 1,259.00 per share

- 2017-08: INR 1,082.60 per share

- 2017-09: INR 1,005.00 per share

- 2017-10: INR 1,038.55 per share

- 2017-11: INR 1,106.30 per share

- 2017-12: INR 1,204.80 per share

- 2018-01: INR 1,162.80 per share

- 2018-02: INR 1,203.05 per share

- 2018-03: INR 1,064.65 per share

- 2018-04: INR 1,091.00 per share

- 2018-05: INR 950.35 per share

- 2018-06: INR 1,047.45 per share

- 2018-07: INR 951.90 per share

- 2018-08: INR 1,182.70 per share

- 2018-09: INR 1,042.25 per share

- 2018-10: INR 1,141.05 per share

- 2018-11: INR 1,264.80 per share

- 2018-12: INR 1,258.30 per share

- 2019-01: INR 1,325.65 per share

- 2019-02: INR 1,140.90 per share

- 2019-03: INR 1,227.60 per share

- 2019-04: INR 1,216.50 per share

- 2019-05: INR 1,238.80 per share

- 2019-06: INR 1,359.20 per share

- 2019-07: INR 1,351.60 per share

- 2019-08: INR 1,508.15 per share

- 2019-09: INR 1,395.50 per share

- 2019-10: INR 1,484.80 per share

- 2019-11: INR 1,441.20 per share

- 2019-12: INR 1,442.00 per share

- 2020-01: INR 1,660.20 per share

- 2020-02: INR 1,735.80 per share

- 2020-03: INR 1,139.05 per share

- 2020-04: INR 1,394.35 per share

- 2020-05: INR 1,356.95 per share

- 2020-06: INR 1,349.85 per share

- 2020-07: INR 1,674.60 per share

- 2020-08: INR 1,634.55 per share

- 2020-09: INR 2,148.05 per share

- 2020-10: INR 2,119.45 per share

- 2020-11: INR 2,347.90 per share

- 2020-12: INR 2,412.80 per share

- 2021-01: INR 2,561.25 per share

- 2021-02: INR 3,058.65 per share

- 2021-03: INR 2,902.65 per share

- 2021-04: INR 3,197.50 per share

- 2021-05: INR 3,168.75 per share

- 2021-06: INR 3,619.85 per share

- 2021-07: INR 4,035.00 per share

- 2021-08: INR 4,969.55 per share

- 2021-09: INR 4,481.60 per share

- 2021-10: INR 4,262.05 per share

- 2021-11: INR 5,687.75 per share

- 2021-12: INR 5,013.40 per share

- 2022-01: INR 4,457.35 per share

- 2022-02: INR 4,802.80 per share

- 2022-03: INR 4,516.10 per share

- 2022-04: INR 4,454.35 per share

- 2022-05: INR 3,979.30 per share

- 2022-06: INR 3,683.50 per share

- 2022-07: INR 4,212.30 per share

- 2022-08: INR 4,322.90 per share

- 2022-09: INR 4,383.40 per share

- 2022-10: INR 4,517.50 per share

- 2022-11: INR 4,726.40 per share

- 2022-12: INR 4,477.60 per share

- 2023-01: INR 4,255.90 per share

- 2023-02: INR 4,401.65 per share

- 2023-03: INR 4,310.90 per share

- 2023-04: INR 4,513.70 per share

- 2023-05: INR 4,621.95 per share

- 2023-06: INR 5,098.20 per share

- 2023-07: INR 5,173.45 per share

- 2023-08: INR 4,814.10 per share

- 2023-09: INR 5,137.75 per share

- 2023-10: INR 4,819.90 per share

- 2023-11: INR 5,528.95 per share

- 2023-12: INR 5,704.10 per share

- 2024-01: INR 6,352.95 per share

- 2024-02: INR 6,101.60 per share

- 2024-03: INR 6,356.80 per share

- 2024-04: INR 5,947.10 per share

- 2024-05: INR 5,839.20 per share

- 2024-06: INR 6,185.70 per share

- 2024-07: INR 6,615.30 per share

- 2024-08: INR 6,927.50 per share

- 2024-09: INR 7,199.15 per share

- 2024-10: INR 7,022.70 per share

- 2024-11: INR 6,828.90 per share

- 2024-12: INR 7,296.35 per share

- 2025-01: INR 6,810.50 per share

- 2025-02: INR 6,052.60 per share

- 2025-03: INR 6,616.20 per share

- 2025-04: INR 6,977.00 per share

- 2025-05: INR 6,880.50 per share

- 2025-06: INR 7,242.00 per share

- 2025-07: INR 7,498.00 per share

- 2025-08: INR 7,610.00 per share

- 2025-09: INR 7,409.00 per share

- 2025-10: INR 7,681.00 per share

- 2025-11: INR 7,335.50 per share

- 2025-12: INR 7,042.50 per share

- 2026-01: INR 6,960.50 per share

- 2026-02: INR 7,821.50 per share

- 2026-03: INR 7,419.00 per share

- 2026-04: INR 7,636.50 per share

- 2026-05: INR 8,176.50 per share

- 2026-06: INR 8,682.00 per share

- 2026-07: INR 8,957.00 per share

- 2026-08: INR 8,898.50 per share

- 2026-09: INR 8,165.50 per share

- 2026-10: INR 7,889.50 per share

## Annual estimated value (INR per share)

- FY2019: low INR 170.04 per share, central INR 188.26 per share, high INR 211.36 per share

- FY2020: low INR 203.15 per share, central INR 224.44 per share, high INR 251.45 per share

- FY2021: low INR 252.37 per share, central INR 277.09 per share, high INR 308.45 per share

- FY2022: low INR 429.88 per share, central INR 474.14 per share, high INR 530.27 per share

- FY2023: low INR 468.42 per share, central INR 518.59 per share, high INR 582.21 per share

- FY2024: low INR 623.72 per share, central INR 690.81 per share, high INR 775.92 per share

- FY2025: low INR 890.73 per share, central INR 1,212.12 per share, high INR 1,375.83 per share

- FY2026: low INR 1,148.78 per share, central INR 1,578.96 per share, high INR 1,798.10 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.692Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.