92% probability Apollo Hospitals' Q2 FY2027 consolidated revenue reaches at least INR 6,500 crore, after INR 7,043 crore in Q1 with occupancy at 70% and inpatient volumes up 13%. The same release carries revenue, EBITDA and profit at three different levels of the group.
Apollo Hospitals Enterprise reported Q1 FY2027 consolidated revenue of INR 7,043 crore, up 21% year-on-year, with consolidated EBITDA of INR 1,092 crore, up 28%, and margin improving to 15.5% from 14.6%. Occupancy reached 70% overall with inpatient volumes up 13% year-on-year. The Healthcare Services division — the core hospital business — recorded revenue of INR 3,567 crore, up 22%, and EBITDA of INR 862 crore, up 20%, at a 24.2% margin, with average revenue per patient of INR 186,630, up 8%. Apollo HealthCo reduced its digital cash loss to INR 10 crore from INR 49 crore a year earlier, described as on track for breakeven next quarter, with PAT of INR 101 crore. Group net profit was INR 580 crore against INR 433 crore a year earlier, reported variously as up 34% and up 38.4%. Source: Apollo Hospitals Q1 FY2027 results.
We lock a binary: Apollo Hospitals Enterprise's reported consolidated revenue for Q2 FY2027 is INR 6,500 crore or higher. Confidence 92%.
Q1 FY2027 consolidated revenue was INR 7,043 crore. Our threshold sits about 7.7% below that. Hospital revenue is among the least seasonal and least cyclical lines this series locks, which is what supports both the narrow buffer and the confidence.
Apollo's Q1 release describes the same business at three nested levels, and every headline figure exists more than once.
Consolidated revenue is INR 7,043 crore. The Healthcare Services division — the actual hospitals — is INR 3,567 crore, roughly half of it. Consolidated EBITDA is INR 1,092 crore; Healthcare Services EBITDA is INR 862 crore, at a 24.2% margin against a consolidated 15.5%. Group net profit is INR 580 crore; Apollo HealthCo's PAT is INR 101 crore.
The margin gap is the reason the levels matter so much here. The hospitals earn a 24.2% EBITDA margin; the group earns 15.5%, because the pharmacy and digital businesses run at far thinner margins on large revenue. A lock on Apollo margin would resolve at either figure depending on which level the scorer used, and the two are nine percentage points apart.
The criterion names CONSOLIDATED revenue and rules out the divisional figures in terms. The profit line is excluded for a second reason: growth was reported as both 34% and 38.4% for the same quarter.
Apollo made a specific, checkable, forward claim: Apollo HealthCo, its digital and pharmacy arm, cut its cash loss to INR 10 crore from INR 49 crore and is on track for breakeven next quarter. Q2 FY2027 is that quarter.
That is tempting — a company-stated, near-term, binary-sounding prediction, which is exactly the shape this series likes. We did not lock it, because breakeven is not a defined threshold. Breakeven on cash loss, on EBITDA, on PBT or on PAT are four different tests, and the company said cash loss in one sentence and PAT of INR 101 crore in the next. A criterion that cannot fix which line before the result is a criterion that gets chosen afterwards.
It is flagged here instead, so that the claim is on the public record alongside a lock we can actually score. If HealthCo does reach breakeven, that shows up inside the consolidated revenue and margin this brief does lock.
The operating evidence supporting INR 6,500 crore is volume rather than price: inpatient volumes up 13% with occupancy at 70%, meaning there is headroom in the existing estate before capacity constrains growth, and average revenue per patient up 8%. Consolidated margin improved to 15.5% from 14.6% at the same time.
The residual 8% is a regulatory intervention on procedure or device pricing, or an unusually weak quarter for elective procedures.
RAOSCAFF locks P-341 on 2026-09-04, before the Q2 FY2027 result. Scored against consolidated revenue as reported by Apollo Hospitals Enterprise for the quarter to 30 September 2026.
Consolidated margin 15.5%. Hospital margin 24.2%. Nine points apart, same company, same quarter. The level has to be named before the result, not after.