Hospital industry
39 companies · ₹6.6 L cr · 15 with AI deep dives · Q1FY27 report
Volume inflection is sector-wide, but bed additions suppress blended margins even as mature units expand
- Revenue YoY
- +25.7%
- EBITDA margin
- 19.3%
- -60bps YoY
- Price, 1 year
- +2.2%
- 65% of names up
- P/E vs own 5y
- +22.5%
- 50.8x now
Exhibit 1The quarter in numbers
constant panel of 18 companies above ₹500 cr- Jun 26
- 22,218 cr
- Mar 26
- 20,638 cr
- QoQ
- +7.7%
- Jun 25
- 17,676 cr
- YoY
- +25.7%
- Peak
- 22,218 cr
- vs peak
- 0.0%
- Jun 26
- 19.3%
- Mar 26
- 19.9%
- QoQ
- -60bps
- Jun 25
- 19.9%
- YoY
- -60bps
- Peak
- 20.7%
- vs peak
- -140bps
Breadth: 100% of 19 companies grew revenue year on year (was 100% a quarter earlier) and 42% expanded margin (was 53%).
Exhibit 2What it costs
41.69x - 66.36x across the panel todayThe median name trades at 50.8x, +22.5% against this industry's own 5-year median of 41.5x, and -5.1% against its own peak of 53.6x.
Exhibit 3Structure
₹6.6 L crApollo Hospitals Enterprise Ltd is 19% of this industry by market cap. The top 5 are 68.4% and the top 10 are 89.7%.
Exhibit 4Screen
P/E below the sub-industry median of 50.84x, 5y ROCE above its median of 12.06%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 40)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹1.3 L cr
- P/E
- 61.1x
- EV/EBITDA
- 33.7x
- ROCE
- 19.5%
- Margin
- 15.7%
- Rev YoY
- +20.6%
- Mcap
- ₹1.0 L cr
- P/E
- 69.4x
- EV/EBITDA
- 44.3x
- ROCE
- 12.7%
- Margin
- 27.6%
- Rev YoY
- +16.7%
- Mcap
- ₹66,652 cr
- P/E
- 124.8x
- EV/EBITDA
- 67.8x
- ROCE
- 10.2%
- Margin
- 18.9%
- Rev YoY
- +21.6%
- Mcap
- ₹32,208 cr
- P/E
- 153.0x
- EV/EBITDA
- 43.4x
- ROCE
- 8.1%
- Margin
- 20.2%
- Rev YoY
- +35.3%
- Mcap
- ₹16,198 cr
- P/E
- 107.7x
- EV/EBITDA
- 26.6x
- ROCE
- 9.7%
- Margin
- 29.0%
- Rev YoY
- +26.0%
- Mcap
- ₹14,706 cr
- P/E
- 51.9x
- EV/EBITDA
- -
- ROCE
- 16.8%
- Margin
- 32.9%
- Rev YoY
- +33.2%
- Mcap
- ₹10,356 cr
- P/E
- -
- EV/EBITDA
- 25.3x
- ROCE
- 7.1%
- Margin
- 17.4%
- Rev YoY
- +13.4%
- Mcap
- ₹9,298 cr
- P/E
- 53.1x
- EV/EBITDA
- 30.0x
- ROCE
- 11.3%
- Margin
- 25.8%
- Rev YoY
- +52.3%
- Mcap
- ₹9,145 cr
- P/E
- 49.4x
- EV/EBITDA
- 25.0x
- ROCE
- 13.2%
- Margin
- 25.0%
- Rev YoY
- +18.2%
- Mcap
- ₹5,458 cr
- P/E
- 46.5x
- EV/EBITDA
- 26.5x
- ROCE
- 13.7%
- Margin
- 20.0%
- Rev YoY
- +12.7%
- Mcap
- ₹6,805 cr
- P/E
- 27.0x
- EV/EBITDA
- 15.4x
- ROCE
- 21.4%
- Margin
- 28.9%
- Rev YoY
- +15.4%
- Mcap
- ₹3,246 cr
- P/E
- 17.6x
- EV/EBITDA
- -
- ROCE
- 31.5%
- Margin
- 19.6%
- Rev YoY
- +11.2%
- Mcap
- ₹2,566 cr
- P/E
- 33.9x
- EV/EBITDA
- 17.5x
- ROCE
- 16.1%
- Margin
- 31.7%
- Rev YoY
- +22.3%
- Mcap
- ₹2,147 cr
- P/E
- 40.4x
- EV/EBITDA
- 23.9x
- ROCE
- 24.6%
- Margin
- 29.9%
- Rev YoY
- +37.9%
- Mcap
- ₹1,349 cr
- P/E
- 86.8x
- EV/EBITDA
- 49.1x
- ROCE
- 8.6%
- Margin
- 27.5%
- Rev YoY
- -
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30IP discharge growth of 13-28% and OP volume growth of 12-34% were reported across all major names this quarter. Apollo grew IP volumes 13% with established-unit occupancy at 72%…
- APOLLOHOSP (Q1FY27): “Healthcare Services Revenue grew by 22% in Q1FY27. Overall Volume grew by 13%…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 15 companies
1-15- Mcap
- ₹236 cr
- P/E
- -
- EV/EBITDA
- 54.3x
- ROCE
- 2.0%
- Margin
- 10.3%
- Rev YoY
- +26.2%
- Mcap
- ₹15 cr
- P/E
- -
- EV/EBITDA
- -
- ROCE
- -4.2%
- Margin
- -189.9%
- Rev YoY
- -