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Hospitals and healthcare Historical case study · data as of 01 Jul 2026 · published 04 Oct 2026 (95 days later)

Apollo Hospitals — 100-point case study

How Apollo Hospitals looked on 50 technical and 50 fundamental measures on 01 Jul 2026 — and what happened over the next three months. Education only; not a current view.

CodesNSE: APOLLOHOSP · BSE: 508869
Close on 01 Jul 2026₹8,618.50
Market cap then₹1,23,913 crore
ValuationP/E 61.9× · P/B 13.07×
MomentumRSI (14) 65 · 1-year return +15.0%
Next 3 months-5.6% vs Nifty 50 -6.6% (to 01 Oct 2026)

Scorecard

Technical — 50 points

29 bullish · 16 neutral · 2 caution · 2 bearish — the picture leaned positive.

Fundamental — 50 points

16 bullish · 32 neutral · 0 caution · 1 bearish — the picture leaned positive.

Price chart

6,5547,2197,8848,5489,213Jul 25Oct 25Jan 26Apr 26Jul 26Oct 26R1 8,624S1 8,382S2 7,813Snapshot 01 JulWhat happened next →
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: A demerger of the pharmacy and digital-health business (Apollo HealthCo/Keimed/Apollo 24/7) into Apollo Healthtech had been announced but had not taken effect by publication; prices are not adjusted for it. Screener's consolidated net profit includes minority interest, so it is higher than profit attributable to Apollo shareholders.

Technical analysis — 50 points

Calculated by code from daily prices up to 01 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

A. Trend

#PointReadingTagCommentary
1Short-term trend (20 days)slope +0.20%/dayBullishOver the last 20 sessions the regression line of closing prices was rising about 0.20% a day — a short-term uptrend.
2Medium-term trend (~5 months)3M return +13.7%BullishThe 100-session trend line was up (+0.17%/day) and the stock was +13.7% over three months, so the medium-term picture was bullish.
3Long-term trend (1 year)1Y return +15.0%BullishCompared with a year earlier the price was +15.0%. A strong positive year.
4Weekly chart trend10W 8,285.75 / 30W 7,669.75BullishOn the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack.
5Swing structure (highs/lows)last highs 8,443.00→8,624.00; lows 7,814.50→7,816.00BullishThe two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure.
6ADX (14) — trend strength22.1BullishADX at 22.1 shows a trend of moderate strength. ADX measures strength only, not direction.
7+DI vs –DI+DI 25.2 / –DI 12.4Bullish+DI was above –DI: upward price pressure outweighed downward pressure.

B. Moving averages

#PointReadingTagCommentary
8Price vs 20-day SMA8,473.55 (+1.7%)BullishClose of 8,618.50 was 1.7% above the 20-day SMA — the short-term trend filter was positive.
9Price vs 50-day SMA8,171.82 (+5.5%)BullishClose of 8,618.50 was 5.5% above the 50-day SMA — the medium-term trend filter was positive.
10Price vs 200-day SMA7,630.64 (+12.9%)BullishClose of 8,618.50 was 12.9% above the 200-day SMA — the long-term trend filter was positive.
119 / 21 EMA crossover9E 8,570.36 / 21E 8,457.01BullishThe 9-day EMA was above the 21-day EMA; the last crossover happened on 15 Apr 2026.
12Golden / death cross (50 vs 200)last golden cross 13 Apr 2026BullishThe 50-day average was 7.1% above the 200-day. The most recent signal was a golden cross on 13 Apr 2026.
1350-day SMA slope+5.3% in 20 sessionsBullishThe 50-day average rose 5.3% over the past month — rising.
14MA ribbon alignment8,474 / 8,172 / 7,835 / 7,631BullishThe 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200).
15Monthly anchored VWAP8,656.17 (-0.4%)BearishAnchored to the start of July, the volume-weighted average price was 8,656.17; the close was below it — buyers that month were on average under water.

C. Momentum

#PointReadingTagCommentary
16RSI (14)65.3BullishRSI at 65.3 showed positive momentum without being overbought.
17RSI divergence (last 40 days)bearish divergenceCautionComparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high.
18MACD line vs signalMACD 130.85 / signal 128.78BullishMACD was above its signal line — momentum turning or staying positive.
19MACD histogram (5-day change)-7.25 → 2.07BullishThe histogram rose over the last five sessions, meaning momentum was improving.
20MACD vs zero line130.85BullishMACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime.
21Stochastic (14,3,3)%K 72.3 / %D 77.4BearishSlow stochastic at 72.3 was mid-range with %K below %D.
22Williams %R (14)-39.0Neutral%R of -39.0 put the close in the middle of its 14-day range.
23CCI (20)133BullishCCI at 133 signalled an unusually strong upward deviation (>+100).
24Rate of change (10-day)+2.7%BullishPrice changed +2.7% over ten sessions.

D. Volatility

#PointReadingTagCommentary
25Bollinger Band position (%B)%B 0.81 (bands 8,237.68–8,709.42)Neutral%B of 0.81 — inside the bands, upper half.
26Bollinger width / squeezewidth 5.6% (10th pct of 6M)CautionBand width was at the 10th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown).
27ATR (14)₹140.22 (1.6% of price)NeutralA typical day's range was about ₹140.22, or 1.6% of the price — useful for judging how much 'normal noise' to expect.
28Historical volatility (30-day)15.6% vs 1Y 19.7%NeutralAnnualised 30-day volatility was 15.6%, below the one-year level of 19.7%.
29Keltner Channel (20, 2×ATR)8,196.69–8,736.05NeutralThe close was inside the channel, so no volatility breakout.
30Beta vs Nifty 50 (1Y daily)0.64NeutralA beta of 0.64 means the stock tended to move less than the Nifty 50 day to day.

E. Volume & money flow

#PointReadingTagCommentary
31Volume vs 20-day averagelast day 0.44× / 5-day 0.97×NeutralThe final session traded 0.44× its 20-day average volume and the last five sessions averaged 0.97× — normal participation.
32Up-day vs down-day volume (20d)ratio 1.33BullishAverage volume on up days was 1.33× that on down days — accumulation-leaning.
33On-Balance Volume (20d)OBV risingBullishOBV rose over the month while price rose — volume confirmed the price move.
34Accumulation/Distribution linerising (20d)BullishThe A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume.
35Chaikin Money Flow (20)0.05NeutralCMF at +0.05 indicated roughly balanced money flow.
36Money Flow Index (14)63.2BullishMFI, a volume-weighted RSI, was 63.2.
37Liquidity (avg daily turnover)₹313 cr/dayNeutralAbout ₹313 crore changed hands per day on average over 20 sessions — liquid.

F. Price levels

#PointReadingTagCommentary
38Support levels (S1/S2/S3)8,382.00 / 7,812.75 / 7,575.29NeutralNearest support (prior swing lows) sat at 8,382.00, 2.8% below the close, then 7,812.75, 7,575.29.
39Resistance levels (R1/R2/R3)8,624.00NeutralNearest resistance (prior swing highs) sat at 8,624.00, 0.1% above the close.
40Monthly pivot points (for next month)P 8,656.17 | R1 8,700.83 | S1 8,573.83NeutralClassic pivots from July's high/low/close gave a pivot of 8,656.17; the close was below it.
41Fibonacci retracement (6M swing)23.6% 8,281 | 38.2% 7,978 | 50.0% 7,733 | 61.8% 7,489NeutralMeasuring the 6-month rise from 6,696.50 to 8,770.00, the close was nearest the 23.6% retracement at 8,280.65.
4252-week high / lowH 8,770.00 / L 6,696.50BullishThe close was 1.7% below the 52-week high and 28.7% above the 52-week low.
43Unfilled price gaps (6M)1 open; latest gap-up 03 Feb at 6,950.00NeutralThere was 1 unfilled gap(s). The latest, a gap-up on 03 Feb 2026, left an open level at 6,950.00 that price had not revisited.

G. Patterns

#PointReadingTagCommentary
44Price structure / chart patternrising channelBullishRule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
45Breakout / breakdown (20-day)range 7,816.00–8,770.00NeutralThe close was inside the prior 20-day range of 7,816.00–8,770.00.
46Latest candlestickOrdinary red candleNeutralOn 01 Jul the candle opened 8,681.00, ranged 8,611.50–8,738.50 and closed 8,618.50: Ordinary red candle. Single candles are weak signals on their own.
47Ichimoku Cloudcloud 7,760.25–8,051.38; Tenkan 8,578.50 / Kijun 8,293.00BullishPrice was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.

H. Relative strength & summary

#PointReadingTagCommentary
48Relative strength vs Nifty 501M +3.6% / 3M +10.7%BullishThe stock outperformed the Nifty 50 by 10.7 points over three months and outperformed by 3.6 points over one month.
49Relative strength vs Nifty 50 (6M)6M +30.5%BullishNo sector index in today's data set, so we show the 6-month comparison instead: 30.5 points ahead of the Nifty 50.
50Technical summary29 bullish · 2 bearish · 16 neutral · 2 cautionBullishAcross the 49 readings the technical picture leaned positive. Levels that mattered: support 8,382.00, resistance 8,624.00. This is a description of the chart on 01 Jul 2026, not a forecast.

Fundamental analysis — 50 points

Uses only results published by 01 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 01 Jul 2026 close.

A. Valuation

#PointReadingTagCommentary
1P/E (trailing 12 months)61.9×NeutralAt ₹8,618.50 the market valued the company at about ₹1,23,913 crore, or 61.9× the ₹2,002 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth.
2Price / Book13.07×NeutralMarket cap was 13.07× the Mar 2026 book value (equity + reserves) of ₹9,480 crore.
3Price / Sales4.91×NeutralThe company was valued at 4.91× its trailing-12-month sales of ₹25,229 crore.
4EV / EBITDA (approx.)35.1×NeutralEnterprise value (market cap + ₹8,493 cr borrowings; cash not netted) was 35.1× trailing operating profit of ₹3,769 crore.
5Earnings yield1.6%NeutralThe inverse of P/E: each ₹100 invested bought about ₹1.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
6PEG (P/E ÷ 3-yr profit CAGR)1.85NeutralP/E of 61.9 divided by 3-year profit growth of 33.4% a year gives a PEG of 1.85. Below 1 is often read as growth being cheaply priced; above 2 as expensive.
7Dividend yield (trailing 12M)0.23%NeutralDividends with ex-dates in the 12 months to the snapshot totalled ₹20 a share, a 0.23% yield on the ₹8,618.50 price.
8Market capitalisation₹1,23,913 crNeutralAt about ₹1.24 lakh crore the company was a large-cap.
9Graham number vs price₹1,437.28 vs ₹8,618.50NeutralBenjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹1,437.28; the price was 500% above it. Quality franchises usually trade above this number.

B. Growth

#PointReadingTagCommentary
10Revenue growth FY26 (YoY)+15.8%BullishRevenue for FY26 was ₹25,228 crore, +15.8% versus FY25.
11Q4 FY26 revenue growth (YoY)+18.1%BullishThe Jan–Mar 2026 quarter brought ₹6,606 crore of revenue, +18.1% on the same quarter a year earlier.
12Net profit growth FY26 (YoY)+33.1%BullishFY26 net profit was ₹2,003 crore, +33.1% on FY25's ₹1,505 crore.
13Q4 FY26 profit growth (YoY)+33.1%BullishQuarterly profit was ₹551 crore versus ₹414 crore a year earlier (+33.1%).
14Revenue CAGR (3 years)14.9%BullishRevenue compounded at 14.9% a year from FY23 to FY26.
15Profit CAGR (3 years)33.4%BullishNet profit compounded at 33.4% a year from FY23 to FY26.
16Revenue CAGR (5 years)19.0%BullishOver five years (FY21–FY26) revenue compounded at 19.0% a year.
17EPS growth FY26 (reported)+34.3%BullishReported EPS went from ₹100.56 to ₹135.04 (+34.3%). Differences from profit growth come from changes in share count (bonus, buyback, new issues).

C. Profitability

#PointReadingTagCommentary
18Operating margin FY2615%NeutralOperating profit (EBITDA) was 15% of sales in FY26 versus 14% in FY25.
19Operating margin trend (4 quarters)15% → 15% → 15% → 15%NeutralQuarterly margins moved from 15% to 15% over the last four quarters — broadly stable.
20Net profit margin FY267.9%Neutral₹7.9 of every ₹100 of revenue ended up as net profit in FY26.
21Return on equity FY2622.6%BullishFY26 profit was 22.6% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak.
22ROCE FY2617%NeutralReturn on capital employed (debt + equity) was 17% in FY26.
23Return on assets FY269.03%NeutralNet profit was 9.03% of total assets.
24Effective tax rate FY2625%NeutralThe company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%.
25Other income share of pre-tax profit8%NeutralNon-operating 'other income' of ₹207 crore made up 8% of pre-tax profit.

D. Balance sheet

#PointReadingTagCommentary
26Debt / equity0.90NeutralBorrowings of ₹8,493 crore were 0.90× equity — moderate leverage.
27Debt / EBITDA2.25×NeutralDebt equalled 2.25 years of FY26 operating profit.
28Interest coverage6.9×NeutralEarnings before interest and tax covered interest cost 6.9 times.
29Book value growth+15.4%BullishShareholders' equity grew +15.4% from ₹8,212 crore to ₹9,480 crore in FY26.
30Capital work in progress₹1,032 cr (8% of fixed assets)NeutralProjects under construction (CWIP) were 8% of fixed assets — a modest pipeline.
31Working capital days-25 daysNeutralWorking capital tied up equalled -25 days of sales (FY25: -6). Negative means suppliers/customers fund operations.
32Cash conversion cycle3 daysNeutralIt took 3 days to turn inventory and receivables into cash, net of supplier credit.
33Debtor days50 (FY25 51)NeutralCustomers took 50 days on average to pay, versus 51 a year earlier.

E. Cash flow

#PointReadingTagCommentary
34Operating cash flow FY26₹2,856 crBullishThe business generated ₹2,856 crore of operating cash in FY26 versus ₹2,136 crore in FY25.
35Free cash flow FY26₹925 crBullishAfter capital spending, free cash flow was ₹925 crore.
36Cash conversion (CFO ÷ net profit)1.43×BullishOperating cash flow was 1.43× reported profit — profits were well backed by cash.
37Free-cash-flow yield0.7%NeutralFY26 free cash flow was 0.7% of the snapshot market cap.
38Free cash flow — 3-year total₹2,149 crBullishFree cash flow over FY24–FY26 added up to ₹2,149 crore.
39Capex FY26 (CFO – FCF)₹1,931 crNeutralImplied capital expenditure was about ₹1,931 crore, 7.7% of sales.

F. Dividends & shareholder returns

#PointReadingTagCommentary
40Dividend payout ratio FY2615%NeutralThe company paid out about 15% of FY26 profit as dividends.
41Dividend consistency (3 years)26% / 13% / 15%BullishPayout ratios for FY24 / FY25 / FY26 — dividends were paid every year.
42Share capital change (FY25→FY26)+0.0%NeutralPaid-up equity capital changed +0.0% (₹72 cr → ₹72 cr). Essentially unchanged — no dilution.

G. Ownership

#PointReadingTagCommentary
43Promoter holding28.02% (-1.32 pts YoY)BearishPromoters owned 28.02% at Mar 2026 versus 29.34% a year earlier.
44Foreign institutional holding42.62% (-0.12 pts YoY)NeutralFIIs held 42.62% at Mar 2026, down from 42.74% a year before.
45Domestic institutional holding22.76% (+0.47 pts YoY)NeutralMutual funds, insurers and other DIIs held 22.76%, up from 22.29%.
46Number of shareholders1.7 lakh (+30.2% YoY)NeutralThe shareholder count moved from 1.3 lakh to 1.7 lakh in a year — a rough gauge of retail interest.
47Promoter pledgenone reportedNeutralOur source showed no pledged promoter shares.

H. Quality & summary

#PointReadingTagCommentary
48Financial health checklist (Piotroski-style, 8 tests)7/8BullishPassed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: leverage fell.
49Automated screen flags2 strength(s) · 2 weakness(es)NeutralStrengths: Company has delivered good profit growth of 76.2% CAGR over last 5 years; Company has been maintaining a healthy dividend payout of 17.7%. Weaknesses: Stock is trading at 12.3 times its book value; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.)
50Fundamental summary16 bullish · 1 bearish · 32 neutral · 0 cautionBullishOn the numbers published by 01 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 61.9×, P/B 13.07×. This describes the data, not a recommendation.

News in the three months before the snapshot

Company news from 01 Apr 2026 – 01 Jul 2026 that an investor could have known on the snapshot date.

What happened next (01 Jul 2026 → 01 Oct 2026)

Later news

Educational summary. On 01 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -5.6% against -6.6% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Apollo Hospitals today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 04 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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