Executive Summary
The 9 filings reveal a stark divergence between India's healthcare and financial sectors. Apollo Hospitals shows robust 13.7% YoY revenue growth and 15.1% PAT growth, but sequential Q4 data reveals a slowdown with only 3.2% revenue growth and flat EBITDA, signaling potential maturity in its core business.
The company is strategically divesting non-core fertility and specialty hospital assets for ₹15,500 million, indicating a portfolio optimization play. In contrast, Sammaan Capital (formerly Indiabulls Housing Finance) is undergoing a radical restructuring, reporting a massive net loss of ₹8,101 crore in Q4 FY26 driven by ₹6,499 crore in exceptional losses and ₹2,958 crore in impairments, reflecting a clean-up of its loan book. However, this is paired with a ₹8,850 crore capital infusion from IHC and a full upgrade cycle by all three domestic rating agencies to 'AA+/Stable', signaling a potential turnaround. Bharti Airtel reported a lifetime high revenue of ~₹2,11,000 Crore for FY2026, but its India mobile ARPU growth was a disappointing ₹3 to ₹257, with management calling it 'unsatisfactory', partly due to the West Asia crisis. The board's approval to acquire an additional 16.3% stake in Airtel Africa via a share swap and a 50% dividend hike to ₹24 per share are key capital allocation signals. Overall, the period comparisons show Apollo's growth deceleration, Sammaan's strategic reset, and Airtel's top-line strength with ARPU concerns.
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Filing types in this digest: Company update · Board meeting · Corporate action
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Investment Signals (12)
- Apollo Hospitals ↓ (BULLISH)▲
FY26 standalone revenue grew 13.7% YoY to ₹93,262 Mio, with PAT up 15.1% to ₹14,926 Mio, demonstrating strong annual performance
- Apollo Hospitals ↓ (BEARISH)▲
Q4 FY26 revenue of ₹24,385 Mio was only 3.2% higher QoQ, and EBITDA declined slightly to ₹5,935 Mio from ₹5,955 Mio in Q3, signaling a sequential slowdown
- Apollo Hospitals ↓ (BULLISH)▲
Board approved divestment of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for ₹15,500 Mio (₹7,650 Mio cash + 9.9% equity), a strategic move to unlock value and focus on core hospitals
- Apollo Hospitals ↓ (BULLISH)▲
Final dividend of ₹10 per share (200% of face value) recommended, up from prior year, showing commitment to shareholder returns
- Bharti Airtel ↓ (BULLISH)▲
FY2026 consolidated revenue hit a lifetime high of ~₹2,11,000 Crore, with EBITDAaL margin of 51.2%, demonstrating strong operational leverage
- Bharti Airtel ↓ (BEARISH)▲
India mobile ARPU rose only ₹3 to ₹257, which management called 'unsatisfactory', partly due to the West Asia crisis impacting international roaming, a key metric to watch
- Bharti Airtel ↓ (BULLISH)▲
Board approved a share swap to acquire an additional 16.3% stake in Airtel Africa, signaling long-term confidence in the African market
- Bharti Airtel ↓ (BULLISH)▲
Dividend raised 50% to ₹24 per share (from ₹16), a strong signal of cash flow generation and shareholder-friendly capital allocation
- Sammaan Capital ↓ (BULLISH)▲
All three domestic rating agencies upgraded to 'AA+/Stable' within 50 days of IHC's equity infusion, reflecting a dramatically improved credit profile
- Sammaan Capital ↓ (BULLISH)▲
The company raised ₹8,850 crore via preferential issue from IHC and approved raising up to ₹10,000 crore via debt, providing substantial capital for growth
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Q4 FY26 net loss of ₹8,101 Cr was driven by exceptional items of ₹6,499 Cr and impairment of ₹2,958 Cr, representing a strategic portfolio clean-up that could pave the way for future profitability [MIXED/BULLISH for turnaround]
- Apollo Hospitals ↓ (BULLISH)▲
Healthcare Services segment reported 156,728 in-patients, up 7% YoY, and ARPIP of ₹187,208, up 9% YoY, showing healthy core business metrics
Risk Flags (10)
- Apollo Hospitals/Sequential Slowdown↓ [MEDIUM RISK]▼
Q4 FY26 revenue growth of just 3.2% QoQ and flat EBITDA (₹5,935 Mio vs ₹5,955 Mio in Q3) suggests the company may be facing near-term headwinds or seasonality
- Apollo Hospitals/Digital Health Losses↓ [MEDIUM RISK]▼
The Digital Health segment (Apollo HealthCo) posted a cash loss of ₹16 Cr for the quarter, and the Online Pharmacy Distribution segment reported an EBITDA loss of ₹391 Mio, indicating ongoing drag from digital initiatives
- Apollo Hospitals/Tax Reversal Impact↓ [LOW RISK]▼
Healthcare Services PAT growth was only 7% due to tax reversals in the prior year, masking underlying earnings quality
- Bharti Airtel/ARPU Stagnation↓ [HIGH RISK]▼
India mobile ARPU growth of only ₹3 to ₹257 is a major concern given the industry's focus on tariff hikes; management's 'unsatisfactory' comment adds to the worry
- Bharti Airtel/West Asia Crisis Impact↓ [MEDIUM RISK]▼
The crisis impacting international roaming revenue is an external risk that could persist and further pressure ARPU
- Sammaan Capital/Massive Net Loss↓ [HIGH RISK]▼
A net loss of ₹8,101 Cr in a single quarter, driven by ₹6,499 Cr in exceptional losses and ₹2,958 Cr in impairment, represents a massive erosion of shareholder value
- Sammaan Capital/Revenue Decline↓ [MEDIUM RISK]▼
Full-year revenue from operations declined to ₹8,166 Cr from ₹8,623 Cr in FY25, indicating a shrinking loan book
- Sammaan Capital/Business Model Change↓ [MEDIUM RISK]▼
The change in business model for a pool of loan exposures and sale to an ARC suggests the company is aggressively de-risking its balance sheet, which could lead to further losses
- Apollo Hospitals/Divestment Execution Risk↓ [LOW RISK]▼
The divestment of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for a mix of cash and equity (9.9% stake) introduces execution and valuation risk
- Sammaan Capital/Full Year Loss Widening↓ [HIGH RISK]▼
Full year net loss widened to ₹7,144.56 Cr from ₹1,807.46 Cr in FY25, showing the clean-up process is deep and ongoing
Opportunities (10)
- Sammaan Capital/Turnaround Play↓ (OPPORTUNITY)◆
With all three rating agencies upgrading to 'AA+/Stable' and a ₹8,850 Cr capital infusion from IHC, the company is well-capitalized for a turnaround. The massive loss in Q4 may represent the 'kitchen sinking' of bad assets, setting the stage for future profitability
- Sammaan Capital/Lower Cost of Funds↓ (OPPORTUNITY)◆
The company expects the rating upgrades to improve international ratings and has already seen a meaningful reduction in cost of funds, enabling more competitive pricing and accelerated disbursals
- Apollo Hospitals/Divestment Value Unlock↓ (OPPORTUNITY)◆
The sale of Apollo Specialty Hospitals and Apollo Fertility Centre for ₹15,500 Mio (including a 9.9% stake in Kids Clinic India) could unlock significant value and allow management to focus on the core hospital business
- Apollo Hospitals/Consistent Dividend Growth↓ (OPPORTUNITY)◆
The recommended final dividend of ₹10 per share (200% of face value) is a strong signal of cash flow generation and management's confidence in the business
- Bharti Airtel/ARPU Hiking Potential↓ (OPPORTUNITY)◆
With management calling the ₹257 ARPU 'unsatisfactory', there is a strong likelihood of tariff hikes in the near future, which could significantly boost revenue and profitability
- Bharti Airtel/Africa Growth↓ (OPPORTUNITY)◆
The decision to acquire an additional 16.3% stake in Airtel Africa via a share swap signals strong conviction in the African market, which accounts for 29% of consolidated revenues
- Bharti Airtel/Airtel Business Growth↓ (OPPORTUNITY)◆
The Airtel Business order book grew 17% in FY2026, indicating strong demand in the enterprise segment
- Sammaan Capital/Debt Raising Capacity↓ (OPPORTUNITY)◆
The Board approved raising up to ₹10,000 crore via debt instruments or ECBs, providing ample firepower for growth once the balance sheet is clean
- Apollo Hospitals/Healthcare Services Growth↓ (OPPORTUNITY)◆
In-patients grew 7% YoY and ARPIP grew 9% YoY, indicating strong demand for healthcare services, which bodes well for future revenue growth
- Bharti Airtel/Dividend Hike↓ (OPPORTUNITY)◆
The 50% dividend hike to ₹24 per share is a strong signal of management's confidence in future cash flows and a shareholder-friendly approach
Sector Themes (6)
- Healthcare Growth with Sequential Deceleration◆
Apollo Hospitals, the only healthcare company in the set, shows strong annual growth (13.7% revenue, 15.1% PAT) but Q4 data reveals a sequential slowdown (3.2% revenue growth, flat EBITDA). This could be a sector-wide trend as post-COVID pent-up demand normalizes.
- Financial Sector Clean-Up and Recapitalization◆
Sammaan Capital's massive Q4 loss (₹8,101 Cr) driven by exceptional items and impairments, paired with a ₹8,850 Cr capital infusion and rating upgrades, represents a classic 'kitchen sinking' and recapitalization pattern seen in stressed financials. This could signal a bottom for the stock.
- Telecom Top-Line Growth with ARPU Concerns◆
Bharti Airtel's lifetime high revenue of ₹2,11,000 Cr is positive, but the meager ₹3 sequential ARPU increase to ₹257, which management called 'unsatisfactory', highlights the industry's struggle to monetize its subscriber base effectively. The West Asia crisis adds an external headwind.
- Capital Allocation Shift Towards Dividends and Strategic M&A◆
Both Apollo Hospitals (₹10 dividend, 200% payout) and Bharti Airtel (₹24 dividend, 50% hike) are increasing dividends. Additionally, both are pursuing strategic M&A—Apollo divesting non-core assets and Airtel increasing its Africa stake—indicating a focus on core operations and shareholder returns.
- Rating Agency Actions as Key Catalysts◆
Sammaan Capital's full upgrade cycle by all three domestic rating agencies (CRISIL, CARE, ICRA) to 'AA+/Stable' within 50 days of capital infusion demonstrates how rating actions can serve as powerful catalysts for stock re-rating and lower cost of capital.
- Digital Health and E-commerce Losses Persist◆
Apollo Hospitals' Digital Health segment (cash loss of ₹16 Cr) and Online Pharmacy Distribution (EBITDA loss of ₹391 Mio) continue to drag profitability, highlighting the challenges of building profitable digital healthcare businesses in India.
Watch List (8)
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Watch for continued sequential slowdown or a rebound. The Q4 FY26 data showed only 3.2% QoQ revenue growth and flat EBITDA. Next quarter's results will be crucial to determine if this is a trend or a one-off.
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The sale of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for ₹15,500 Mio. Monitor for regulatory approvals and final closure, expected within the next 6-12 months.
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Record date for final dividend and AGM is August 14, 2026. Dividend payment on or before September 10, 2026. Key event for dividend capture strategies.
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Management's 'unsatisfactory' comment on ARPU suggests potential tariff hikes. Watch for any announcements or industry moves on pricing in the coming months.
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The share swap to acquire an additional 16.3% stake in Airtel Africa is a key strategic move. Monitor for completion and any impact on consolidated financials.
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The first quarter after the massive clean-up will be critical. Watch for signs of a turnaround, such as lower provisions, improved disbursals, and a return to profitability.
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The Board approved raising up to ₹10,000 crore via debt instruments or ECBs. Monitor the timing and terms of this fundraising, which will be key for future growth.
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The company expects the domestic rating upgrades to improve international ratings. Any upgrade by Moody's or S&P would be a major positive catalyst.
Filing Analyses
(9)
20-05-2026
Apollo Hospitals Enterprise Limited reported consolidated revenue of ₹66,055 Mio for Q4 FY26, up 18% YoY, and EBITDA of ₹10,109 Mio (15.3% margin), up 31% YoY. However, the Digital Health segment (Apollo HealthCo) posted a cash loss of ₹16 Cr for the quarter (excluding ESOP charges), and the Online Pharmacy Distribution segment reported an EBITDA loss of ₹391 Mio vs. a loss of ₹1,253 Mio in Q4 FY25. Overall PAT grew 36% YoY to ₹5,292 Mio, but Healthcare Services PAT growth was only 7% due to tax reversals in the prior year.
- · Healthcare Services segment reported 156,728 in-patients in Q4 FY26, up 7% YoY.
- · Average Revenue per In-patient (ARPIP) was ₹187,208, up 9% YoY.
- · Overall occupancy was 68%, with established units at 69%.
- · Apollo 24|7 had 47 Mn+ registered users and ~9 Lacs daily active users.
- · Offline Pharmacy Distribution operated 7,289 stores as of March 31, 2026.
- · Online Pharmacy Distribution EBITDA loss narrowed to ₹391 Mio from ₹1,253 Mio in Q4 FY25.
- · AHLL's Mother & Child and Fertility businesses valued at INR 1,550 Crore in a combination of cash and 9.9% equity stake in the combined entity (subject to CII approval).
- · AHLL operates 316 clinics, 2,501 diagnostics centers, 167 dialysis centers, and 280 dental centers.
- · Consolidated revenue for FY26 was ₹252,285 Mio (up 16% YoY), EBITDA ₹37,693 Mio (up 25% YoY), PAT ₹19,415 Mio (up 34% YoY).
- · Healthcare Services PAT growth of 7% in Q4 FY26 was impacted by tax reversals/adjustments in Q4 FY25.
20-05-2026
Bharti Airtel reported consolidated revenue of ~₹2,11,000 Crore for FY2026, a lifetime high, with EBITDAaL of ~₹1,08,000 Crore (margin 51.2%). Q4 FY2026 consolidated revenue was ~₹55,400 Crore, up 2.6% sequentially, but India mobile ARPU rose only ₹3 to ₹257, which management called unsatisfactory partly due to the West Asia crisis impacting international roaming. The Board approved a share swap to acquire an additional 16.3% stake in Airtel Africa, and recommended a dividend of ₹24 per share (up from ₹16).
- · Africa accounts for 29% of consolidated revenues.
- · India mobile revenue share reached a lifetime high.
- · Airtel Business order book grew 17% in FY2026.
- · Digital businesses revenue grew 27% in FY2026.
- · Net debt to EBITDAaL improved to 1.1x.
- · Board approved a share swap to acquire additional 16.3% in Airtel Africa (no cash deal).
- · Geopolitical crisis impacting international roaming, capex due to INR depreciation, and energy prices.
- · Women workforce representation improved from 11% in 2023 to over 20%.
- · Airtel Money received RBI approval to operate as an NBFC (non-deposit taking).
- · Nxtra announced a $1 billion fund raise from marquee investors.
- · Airtel Cloud secured 24 deals in FY2026 with additional wins in April.
20-05-2026
ICRA, an affiliate of Moody's, upgraded Sammaan Capital Limited's long-term debt rating to 'ICRA AA+/Stable' and removed it from 'Rating Watch with Developing Implications'. This completes a full upgrade cycle by all three domestic rating agencies (CRISIL, CARE, ICRA) within 50 days of IHC's equity infusion on March 31, 2026, reflecting strengthened capital position and strategic support from IHC. The company expects the upward rating trajectory to improve international ratings and has already seen a meaningful reduction in cost of funds, enabling more competitive pricing and accelerated disbursals.
- · CRISIL upgraded the Company's ratings to 'CRISIL AA+/Stable' on April 9, 2026.
- · CARE Ratings upgraded the Company's ratings to 'CARE AA+; Stable' on May 12, 2026.
- · ICRA completed its upgrade to '[ICRA]AA+/Stable' on May 20, 2026.
- · IHC's investment in the Company occurred on March 31, 2026.
- · The Company expects positive movement on international ratings in the coming quarters.
- · The sequential rating upgrades have already translated into a meaningful improvement in the Company's cost of funds.
20-05-2026
For the quarter ended March 31, 2026, Sammaan Capital reported a net loss of ₹8,101.41 crore (EPS -₹99.10) from a total income of ₹1,361.32 crore, compared to a profit of ₹324.04 crore in the same quarter last year. The massive loss was driven by exceptional items of ₹6,499.17 crore and an impairment charge of ₹2,958.08 crore, reflecting a strategic portfolio repositioning. Full year net loss widened to ₹7,144.56 crore from ₹1,807.46 crore in FY25, while revenue from operations declined to ₹8,166.16 crore from ₹8,623.33 crore. However, the company raised ₹8,850 crore through a preferential issue from IHC, received multiple credit rating upgrades (CRISIL AA+/Stable, CARE AA+/Stable), and the Board approved raising up to ₹10,000 crore via debt instruments.
- · Audit reports issued with unmodified opinion on standalone and consolidated financial statements.
- · No deviation or variation in utilisation of proceeds from issue of equity shares and NCDs during Q4 FY26.
- · Security cover certificate for Q4 FY26 filed under Regulation 54.
- · Joint Statutory Auditors issued unmodified audit reports.
- · Moody's upgraded long-term CFR to B1 with positive outlook.
- · CRISIL upgraded rating to CRISIL AA+/Stable.
- · CARE upgraded long-term debt to CARE AA+/Stable, CP reaffirmed at CARE A1+, perpetual debt upgraded to CARE AA/Stable.
- · Net gain on fair value changes doubled YoY in FY26 (₹969.33 Cr vs ₹535.60 Cr).
- · Impairment on financial instruments in FY26 declined to ₹3,627.94 Cr from ₹5,068.50 Cr YoY, but Q4 FY26 saw a massive spike.
- · Share capital increased from ₹162.70 Cr to ₹228.76 Cr due to preferential allotment.
- · Basic EPS for FY26: -₹87.72 (vs -₹26.70 in FY25); Diluted EPS: -₹87.72 (vs -₹26.70).
20-05-2026
Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in the prior year, and profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, the board also approved a transaction to divest its stake in Apollo Specialty Hospitals Private Limited and Apollo Fertility Centre Private Limited to Kids Clinic India Limited at an enterprise value of approximately ₹15,500 million, and approved the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company. A final dividend of ₹10 per share (200% of face value) was recommended.
- · The board declared that the statutory auditors have issued audit reports with unmodified opinion on the financial statements.
- · The record date for the final dividend and AGM is fixed as August 14, 2026.
- · The dividend, if approved, will be paid on or before September 10, 2026.
- · Dr. Prathap C Reddy was re-appointed as Executive Chairman for two years from June 25, 2026, subject to shareholder approval.
- · Ms. Rama Bijapurkar was re-appointed as Independent Director for a second term of five years from November 12, 2026 to November 11, 2031, subject to shareholder approval by special resolution.
- · The company's credit ratings are AAA (ICRA Ltd) and AA+ (Crisil Ltd).
- · No borrowings were made by way of issuance of debt securities during the year.
- · The standalone balance sheet shows total assets of ₹149,144 million as of March 31, 2026, up from ₹133,723 million a year earlier.
- · Net cash generated from operating activities was ₹20,591 million for FY2025-26, compared to ₹17,419 million in the prior year.
20-05-2026
Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and net profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter (₹23,637 million), and EBITDA for the quarter was ₹5,935 million versus ₹5,955 million in Q3 FY2026, indicating a slight sequential decline. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5), approved the re-appointment of Dr. Prathap C Reddy as Executive Chairman for two more years, and approved a transaction to divest stakes in Apollo Specialty Hospitals Private Limited and Apollo Fertility Centre Private Limited to Kids Clinic India Limited for an enterprise value of approximately ₹15,500 million (₹7,650 million cash + 9.9% equity stake).
- · Standalone EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25 (13.9% YoY growth).
- · Standalone total comprehensive income for FY2025-26 was ₹14,810 million, up from ₹12,965 million in FY2024-25.
- · Standalone basic EPS for FY2025-26 was ₹103.81, compared to ₹90.15 in FY2024-25.
- · Standalone borrowings (non-current + current) increased from ₹17,832.2 million at March 31, 2025 to ₹18,222.2 million at March 31, 2026.
- · The Board approved the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company via NCLT route.
- · The company's credit ratings: ICRA AAA and Crisil AA+.
- · No debt securities were issued during the year.
- · The AGM is scheduled for August 25, 2026 via video conferencing; record date for dividend and AGM is August 14, 2026; dividend payment on or before September 10, 2026.
20-05-2026
Sammaan Capital Limited (formerly Indiabulls Housing Finance) reported audited consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The results include a significant exceptional loss of ₹6,499.17 crore and other comprehensive loss of ₹652.78 crore due to a change in business model for a pool of loan exposures and sale to an ARC. The Board also approved an enabling resolution to raise up to ₹10,000 crore through debt instruments or ECBs.
- · Audited standalone and consolidated financial results for quarter and year ended March 31, 2026, with unmodified audit opinion.
- · Board meeting held on May 20, 2026, commenced at 2:00 PM and concluded at 3:30 PM.
- · No deviation or variation in utilization of proceeds from issue of equity shares and non-convertible debentures during the quarter.
- · Certificate of Security Cover for the quarter ended March 31, 2026, filed pursuant to Regulation 54.
- · Management overlay recognized over and above ECL provision, approved by Board on March 30, 2026 and May 15, 2026.
20-05-2026
Apollo Hospitals Enterprise reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and net profit of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter's ₹23,637 million, and EBITDA margin declined sequentially. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5), approved the divestment of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for an enterprise value of ₹15,500 million, and approved the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company.
- · EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25.
- · Q4 FY2026 EBITDA was ₹5,935 million, compared to ₹5,955 million in Q3 FY2026 (flat).
- · Total standalone income for FY2025-26 was ₹96,980 million, up from ₹85,498 million.
- · Finance costs for FY2025-26 were ₹2,417 million, down from ₹2,540 million in FY2024-25.
- · The company's credit rating is AAA from ICRA and AA+ from Crisil.
- · Record date for dividend and AGM is August 14, 2026; AGM on August 25, 2026; dividend payment by September 10, 2026.
- · Re-appointment of Dr. Prathap C Reddy as Executive Chairman for two years from June 25, 2026, subject to shareholder approval.
- · Re-appointment of Ms. Rama Bijapurkar as Independent Director for second term from November 12, 2026 to November 11, 2031, subject to special resolution.
- · Merger of Apollo Hospitals North Ltd into the company subject to NCLT and other approvals.
- · No debt securities issued during the year.
20-05-2026
Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter's ₹23,637 million, indicating a slowdown. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5) and approved the divestment of subsidiaries Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for an enterprise value of ₹15,500 million, as well as the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company.
- · Standalone EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25.
- · Standalone total income for FY2025-26 was ₹96,980 million, up from ₹85,498 million.
- · Standalone total expenses for FY2025-26 were ₹77,403 million, up from ₹68,613 million.
- · Standalone finance costs for FY2025-26 were ₹2,417 million, down from ₹2,540 million.
- · Standalone other income for FY2025-26 was ₹3,718 million, up from ₹3,477 million.
- · The Board approved re-appointment of Dr. Prathap C Reddy as Executive Chairman for two years from June 25, 2026.
- · The Board approved re-appointment of Ms. Rama Bijapurkar as Independent Director for a second term of five years from November 12, 2026 to November 11, 2031.
- · Record date for dividend and AGM is August 14, 2026; AGM on August 25, 2026; dividend payment on or before September 10, 2026.
- · Credit rating: AAA by ICRA Ltd and AA+ by Crisil Ltd.
- · No borrowings by way of issuance of debt securities during the year.
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