Apollo Hospitals Enterprise Limited (APOLLOHOSP.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.0%

₹6,318.76

vs ₹8,421.00 price

Levered DCF

₹5,664.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	54.94×	65.95×	103.32×	75.67×	61.51×	270.27×	34.83×	74.85×
P/B	11.25×	11.61×	13.39×	10×	11.55×	8.83×	4.75×	5.3×
P/S	4.23×	4.38×	4.87×	3.73×	4.43×	3.85×	1.41×	1.84×
EV / EBITDA	28.61×	33.58×	40.79×	31.91×	31.25×	38.91×	13.25×	19.68×
Gross margin	32.8%	33.7%	33.6%	34.1%	35.0%	29.7%	33.5%	33.9%
Operating margin	11.5%	30.3%	29.2%	29.3%	31.7%	27.2%	30.5%	28.2%
Net margin	7.7%	6.6%	4.7%	4.9%	7.2%	1.4%	4.0%	2.5%
Current ratio	1.06×	1.54×	1.13×	1.3×	1.67×	1.79×	1.13×	1.17×
Debt / equity	0.9×	0.96×	0.77×	0.7×	0.72×	0.9×	1.68×	1.1×
Interest coverage	6.44×	14.41×	12.38×	12.77×	12.29×	6.4×	6.44×	8.29×
Dividend yield	0.3%	0.3%	0.2%	0.4%	0.1%	0.1%	1.0%	0.5%
Payout ratio	14.8%	18.9%	24.0%	31.2%	4.1%	25.5%	34.1%	35.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.5%	17.6%	13.0%	13.2%	18.8%	3.3%	13.6%	7.1%
Return on invested capital	11.4%	28.5%	28.5%	31.1%	29.6%	18.1%	22.8%	18.3%
Return on assets	8.7%	7.0%	5.4%	5.7%	8.0%	1.3%	4.0%	2.6%
Free cash flow yield	0.7%	0.2%	0.8%	0.4%	1.5%	2.4%	4.9%	1.3%
Earnings yield	1.8%	1.5%	1.0%	1.3%	1.6%	0.4%	2.9%	1.3%
Enterprise value	₹1.1T	₹1T	₹976.7B	₹658.8B	₹684.2B	₹443.7B	₹210.9B	₹210.5B
Net debt / EBITDA	1.85×	2.14×	2.02×	1.89×	1.59×	3.28×	3.29×	3.17×
Cash conversion cycle (days)	16	9	-4	4	3	7	31	37