Healthcare

Apollo Hospitals’ Q2FY26 performance is largely in line with consensus estimates. 24/7 costs went down 22% YoY. HealthCo growth is healthy at 17% YoY, but hospital growth is softer at 9% YoY with IP volume growth of

Metropolis’s Q2FY26 EBITDA was 1% ahead of consensus, but lower other income led to 5% PAT miss. Revenue surged 23% YoY—12% organic growth led by 6% volumes. Organic EBITDA margin improved 110bp YoY to 26.8% while core

Vijaya’s Q2FY26 revenue/PAT missed consensus estimates by 2%/1% while EBITDA beat estimates by 3%. Revenue expanded 10% YoY—driven by volume, affected by prolonged monsoon and festive season. EBITDA margins were robust

Medplus’s Q2FY26 revenue/EBITDA were in line while PBT beat our estimates by 4%. Revenue grew 7% YoY driven by 2% growth in 12-month-plus SSSG. Gross margin was 26.1% on the back of 21.7% private label share, which

Dr Lal (DLPL) posted in-line Q2FY26 revenue/PAT, whereas EBITDA beat consensus estimate by 3%. Revenue grew 10.7% YoY largely driven by 10% YoY sample growth. Swasthfit share stood at 26% (24% in Q2FY25). EBITDA margin

We reckon the healthcare sector’s Q2FY26E EBITDA shall expand ~17% YoY driven by ~18% growth in hospitals and ~12% in diagnostics. The growth is lower than Q1 owing to low seasonal incidences, delayed elective surgeries

The Union Health Ministry has overhauled the CGHS rates for ~2,000 medical procedures (excluding cancer surgeries) after nearly a decade. Effective 13th October, the new rates shall have a multi-tier structure based on

Max Healthcare (Max), north India’s largest private hospital chain, is ready for strong volume-led growth as its capacity nearly doubles to ~9,400 beds by FY29E. With ~70% of additions to be brownfield, visibility of

The healthcare sector reported Q1FY26 revenue/EBITDA/PAT growth of 17%/24%/30% YoY. EBITDA margin expanded ~117bp YoY to 18.8%. Hospitals turned in a strong performance while Diagnostics too (largely volume-led)

Apollo Hospitals’s Q1FY26 EBITDA beat consensus by 6% led by lower 24/7 costs (down 20% YoY). HealthCo growth was impressive at 19% YoY while hospital’s was in line with muted expectations (+11% YoY).

Laxmi posted Q1FY26 revenue and PAT in line with estimates; EBITDA beat forecast by 4% on lower opex. Overall revenue grew 10% YoY, but sequential recovery seen (+8% QoQ); EBITDA margin: 18.2% (+245bp).

Metropolis’s Q1FY26 revenue/PAT were 1%/8% ahead of consensus estimates. Overall revenue surged 23% YoY—organic growth was 13% led by 8% volumes. Organic EBITDA margin improved 60bp QoQ to 24.7% while Core Diagnostics

Fortis posted an all-round beat with Q1FY26 revenue/EBITDA/PAT beating consensus by 3%/9%/13%. Hospital revenue rose 19% YoY with margin at 22%. Agilus showed a slight recovery at 6% YoY growth.

Jupiter Hospitals (JLHL) posted Q1FY26 adjusted revenue/EBITDA that beat consensus estimates by ~3%, but PAT missed consensus estimates by 3% on higher depreciation and interest. Occupancy fell to ~60% due to added beds;

Medplus’s Q1FY26 revenue was in-line while operating EBITDA/PBT beat our expectation by 11%/19%. Revenue growth was subdued at 4% YoY, but gross margin was robust at 26.1% on the back of 21.5% private label share, which

Dr Lal (DLPL) beat Q1FY26E consensus EBITDA/PAT by 2%/6%. Revenue grew 11% YoY (in-line) driven by 10.8% YoY sample growth. Gross margin is at an all-time high of 80.8% aided by higher Swasthfit contribution. EBITDA

Vijaya delivered an all-round beat in Q1FY26 with revenue/EBITDA/PAT beating consensus by 4%/5%/7%. Revenue growth is back to 20%, largely volume-led. EBITDA margin is steady at 39.1% despite expansion.

We recently met with Metropolis Healthcare’s promoter & Executive Chairperson Ms Ameera Shah.

We expect the healthcare sector’s Q1FY26E EBITDA to grow 21.4% YoY driven by 23.4% growth in hospitals and 11.9% in diagnostics. Highlights: i) After a sluggish Q4, most diagnostic companies are back to a normal growth

Apollo Hospitals (APHS) has unveiled plans to restructure its pharmacy business and list the omni-channel pharmacy business in 18–21 months, offering 195.2 shares of NewCo for every 100 shares of APHS.