Apollo Delhi Q1 revenue up 11.3% YoY, but PAT growth lags at 8.5% as margins slip
PAT +8.53% YoY · revenue +11.26% · margins compressing
₹406.15 Cr
+11.26% YoY
₹55.85 Cr
+8.53% YoY
13.47%
-0.4pp YoY
₹6.09
Indraprastha Medical Corporation (Apollo Hospitals, Delhi) reported standalone Q1 FY27 revenue from operations of ₹406.15 Cr, up 11.3% YoY from ₹365.06 Cr and 11.3% QoQ from ₹364.81 Cr. Standalone PAT came in at ₹55.85 Cr, up 8.5% YoY from ₹51.46 Cr and 33.9% QoQ from ₹41.70 Cr, with EPS of ₹6.09 against ₹5.61 a year ago. There were no exceptional items in either the current or comparative periods, so reported and adjusted growth are identical, and the company remains a single-segment standalone entity with no subsidiaries as of the quarter-end.
Q1 FY-2027 vs prior quarters
Profit growth trailing revenue growth on a YoY basis reflects mild margin compression: operating margin (EBITDA/revenue) was 19.65% versus 20.04% a year ago, and net margin (PAT/total income) was 13.47% versus 13.83%. The pressure sits on the cost side — professional charges to doctors, the single largest expense line, rose 13.6% YoY to ₹111.15 Cr (from ₹97.84 Cr), and employee benefits expense rose 12.3% YoY to ₹72.96 Cr, both outpacing the 11.3% revenue growth. Sequentially, margins expanded sharply (OPM 16.59%→19.65%, NPM 11.21%→13.47%), but this reads as a seasonal effect — Q1 (Apr-Jun) typically sees stronger hospital footfalls in Delhi-NCR than the Jan-Mar quarter — rather than a structural improvement, and should not be read as the headline signal.
The stock went into the print at ₹361.85, down 2.3% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
No brokerage previews or consensus estimates for this quarter were found in a web search, consistent with this being a thinly-covered small-cap; vsStreet is therefore unknown rather than assumed. The company has no formal guidance on record for FY27 either in our database or via search, so this quarter cannot be benchmarked against a stated management outlook. Beyond the regulatory outcome-of-board-meeting letter, no separate management press release or commentary accompanied the filing. Alongside the results, the Board fixed 18th September 2026 as the record date for the ₹4/share FY26 final dividend recommended in May 2026, and re-appointed the company's cost auditors for FY27 — both routine governance items unconnected to the quarter's operating performance.
W1
Whether the ~39 bps YoY OPM compression persists or reverses — hinges on professional charges to doctors (+13.6% YoY) and employee costs (+12.3% YoY) growing in line with revenue in Q2
W2
Whether the QoQ margin jump (OPM to 19.65%, NPM to 13.47%) holds into Q2 FY27 or normalizes as the seasonal Q1 footfall effect fades
W3
FY27 trajectory against the FY26 base of ₹1,482.51 Cr revenue and ₹183.62 Cr PAT
Unaudited standalone results only (company confirms no subsidiary/associate/JV as of 30.06.2026); no exceptional items in current or comparative periods; tax reconciles exactly (current 19.68 + deferred -0.71 = 18.97; PBT-tax=PAT); table is a clean scan with minor OCR noise on labels only, figures unambiguous.