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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.

Codes	NSE: APOLLOHOSP · BSE: 508869
Close on 01 Jul 2026	₹8,618.50
Market cap then	₹1,23,913 crore
Valuation	P/E 61.9× · P/B 13.07×
Momentum	RSI (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

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

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

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	8,473.55 (+1.7%)	Bullish	Close of 8,618.50 was 1.7% above the 20-day SMA — the short-term trend filter was positive.
9	Price vs 50-day SMA	8,171.82 (+5.5%)	Bullish	Close of 8,618.50 was 5.5% above the 50-day SMA — the medium-term trend filter was positive.
10	Price vs 200-day SMA	7,630.64 (+12.9%)	Bullish	Close of 8,618.50 was 12.9% above the 200-day SMA — the long-term trend filter was positive.
11	9 / 21 EMA crossover	9E 8,570.36 / 21E 8,457.01	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 15 Apr 2026.
12	Golden / death cross (50 vs 200)	last golden cross 13 Apr 2026	Bullish	The 50-day average was 7.1% above the 200-day. The most recent signal was a golden cross on 13 Apr 2026.
13	50-day SMA slope	+5.3% in 20 sessions	Bullish	The 50-day average rose 5.3% over the past month — rising.
14	MA ribbon alignment	8,474 / 8,172 / 7,835 / 7,631	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200).
15	Monthly anchored VWAP	8,656.17 (-0.4%)	Bearish	Anchored 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

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

D. Volatility

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

E. Volume & money flow

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

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	8,382.00 / 7,812.75 / 7,575.29	Neutral	Nearest support (prior swing lows) sat at 8,382.00, 2.8% below the close, then 7,812.75, 7,575.29.
39	Resistance levels (R1/R2/R3)	8,624.00	Neutral	Nearest resistance (prior swing highs) sat at 8,624.00, 0.1% above the close.
40	Monthly pivot points (for next month)	P 8,656.17 \| R1 8,700.83 \| S1 8,573.83	Neutral	Classic pivots from July's high/low/close gave a pivot of 8,656.17; the close was below it.
41	Fibonacci retracement (6M swing)	23.6% 8,281 \| 38.2% 7,978 \| 50.0% 7,733 \| 61.8% 7,489	Neutral	Measuring the 6-month rise from 6,696.50 to 8,770.00, the close was nearest the 23.6% retracement at 8,280.65.
42	52-week high / low	H 8,770.00 / L 6,696.50	Bullish	The close was 1.7% below the 52-week high and 28.7% above the 52-week low.
43	Unfilled price gaps (6M)	1 open; latest gap-up 03 Feb at 6,950.00	Neutral	There 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

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-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.)
45	Breakout / breakdown (20-day)	range 7,816.00–8,770.00	Neutral	The close was inside the prior 20-day range of 7,816.00–8,770.00.
46	Latest candlestick	Ordinary red candle	Neutral	On 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.
47	Ichimoku Cloud	cloud 7,760.25–8,051.38; Tenkan 8,578.50 / Kijun 8,293.00	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +3.6% / 3M +10.7%	Bullish	The stock outperformed the Nifty 50 by 10.7 points over three months and outperformed by 3.6 points over one month.
49	Relative strength vs Nifty 50 (6M)	6M +30.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 30.5 points ahead of the Nifty 50.
50	Technical summary	29 bullish · 2 bearish · 16 neutral · 2 caution	Bullish	Across 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

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	61.9×	Neutral	At ₹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.
2	Price / Book	13.07×	Neutral	Market cap was 13.07× the Mar 2026 book value (equity + reserves) of ₹9,480 crore.
3	Price / Sales	4.91×	Neutral	The company was valued at 4.91× its trailing-12-month sales of ₹25,229 crore.
4	EV / EBITDA (approx.)	35.1×	Neutral	Enterprise value (market cap + ₹8,493 cr borrowings; cash not netted) was 35.1× trailing operating profit of ₹3,769 crore.
5	Earnings yield	1.6%	Neutral	The 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.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.85	Neutral	P/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.
7	Dividend yield (trailing 12M)	0.23%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹20 a share, a 0.23% yield on the ₹8,618.50 price.
8	Market capitalisation	₹1,23,913 cr	Neutral	At about ₹1.24 lakh crore the company was a large-cap.
9	Graham number vs price	₹1,437.28 vs ₹8,618.50	Neutral	Benjamin 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

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+15.8%	Bullish	Revenue for FY26 was ₹25,228 crore, +15.8% versus FY25.
11	Q4 FY26 revenue growth (YoY)	+18.1%	Bullish	The Jan–Mar 2026 quarter brought ₹6,606 crore of revenue, +18.1% on the same quarter a year earlier.
12	Net profit growth FY26 (YoY)	+33.1%	Bullish	FY26 net profit was ₹2,003 crore, +33.1% on FY25's ₹1,505 crore.
13	Q4 FY26 profit growth (YoY)	+33.1%	Bullish	Quarterly profit was ₹551 crore versus ₹414 crore a year earlier (+33.1%).
14	Revenue CAGR (3 years)	14.9%	Bullish	Revenue compounded at 14.9% a year from FY23 to FY26.
15	Profit CAGR (3 years)	33.4%	Bullish	Net profit compounded at 33.4% a year from FY23 to FY26.
16	Revenue CAGR (5 years)	19.0%	Bullish	Over five years (FY21–FY26) revenue compounded at 19.0% a year.
17	EPS growth FY26 (reported)	+34.3%	Bullish	Reported 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

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	15%	Neutral	Operating profit (EBITDA) was 15% of sales in FY26 versus 14% in FY25.
19	Operating margin trend (4 quarters)	15% → 15% → 15% → 15%	Neutral	Quarterly margins moved from 15% to 15% over the last four quarters — broadly stable.
20	Net profit margin FY26	7.9%	Neutral	₹7.9 of every ₹100 of revenue ended up as net profit in FY26.
21	Return on equity FY26	22.6%	Bullish	FY26 profit was 22.6% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak.
22	ROCE FY26	17%	Neutral	Return on capital employed (debt + equity) was 17% in FY26.
23	Return on assets FY26	9.03%	Neutral	Net profit was 9.03% of total assets.
24	Effective tax rate FY26	25%	Neutral	The company paid about 25% of pre-tax profit as tax; India's base corporate rate is ~25%.
25	Other income share of pre-tax profit	8%	Neutral	Non-operating 'other income' of ₹207 crore made up 8% of pre-tax profit.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.90	Neutral	Borrowings of ₹8,493 crore were 0.90× equity — moderate leverage.
27	Debt / EBITDA	2.25×	Neutral	Debt equalled 2.25 years of FY26 operating profit.
28	Interest coverage	6.9×	Neutral	Earnings before interest and tax covered interest cost 6.9 times.
29	Book value growth	+15.4%	Bullish	Shareholders' equity grew +15.4% from ₹8,212 crore to ₹9,480 crore in FY26.
30	Capital work in progress	₹1,032 cr (8% of fixed assets)	Neutral	Projects under construction (CWIP) were 8% of fixed assets — a modest pipeline.
31	Working capital days	-25 days	Neutral	Working capital tied up equalled -25 days of sales (FY25: -6). Negative means suppliers/customers fund operations.
32	Cash conversion cycle	3 days	Neutral	It took 3 days to turn inventory and receivables into cash, net of supplier credit.
33	Debtor days	50 (FY25 51)	Neutral	Customers took 50 days on average to pay, versus 51 a year earlier.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹2,856 cr	Bullish	The business generated ₹2,856 crore of operating cash in FY26 versus ₹2,136 crore in FY25.
35	Free cash flow FY26	₹925 cr	Bullish	After capital spending, free cash flow was ₹925 crore.
36	Cash conversion (CFO ÷ net profit)	1.43×	Bullish	Operating cash flow was 1.43× reported profit — profits were well backed by cash.
37	Free-cash-flow yield	0.7%	Neutral	FY26 free cash flow was 0.7% of the snapshot market cap.
38	Free cash flow — 3-year total	₹2,149 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹2,149 crore.
39	Capex FY26 (CFO – FCF)	₹1,931 cr	Neutral	Implied capital expenditure was about ₹1,931 crore, 7.7% of sales.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	15%	Neutral	The company paid out about 15% of FY26 profit as dividends.
41	Dividend consistency (3 years)	26% / 13% / 15%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹72 cr → ₹72 cr). Essentially unchanged — no dilution.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	28.02% (-1.32 pts YoY)	Bearish	Promoters owned 28.02% at Mar 2026 versus 29.34% a year earlier.
44	Foreign institutional holding	42.62% (-0.12 pts YoY)	Neutral	FIIs held 42.62% at Mar 2026, down from 42.74% a year before.
45	Domestic institutional holding	22.76% (+0.47 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 22.76%, up from 22.29%.
46	Number of shareholders	1.7 lakh (+30.2% YoY)	Neutral	The shareholder count moved from 1.3 lakh to 1.7 lakh in a year — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	7/8	Bullish	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, asset turnover improved, no meaningful dilution (<3%). Failed: leverage fell.
49	Automated screen flags	2 strength(s) · 2 weakness(es)	Neutral	Strengths: 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.)
50	Fundamental summary	16 bullish · 1 bearish · 32 neutral · 0 caution	Bullish	On 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.

02 Apr 2026 Apollo Hospitals board approves multi-speciality hospital at Dwarka, New Delhi — The board approved setting up a multi-speciality hospital in Dwarka, New Delhi, under a 55-year land licence agreement with annual licence fees. source
10 Apr 2026 Apollo Hospitals buys further shares in Apollo Health and Lifestyle — The company disclosed a further purchase of shares in its subsidiary Apollo Health and Lifestyle Ltd for about Rs 18.7 crore (186.9 million rupees). source
20 May 2026 Apollo Hospitals reports Q4 FY26 results, recommends Rs 10 final dividend — Q4 FY26 consolidated revenue was about Rs 6,605 crore (+18% YoY) and EBITDA Rs 1,011 crore; reported PAT Rs 529 crore (+36% YoY). FY26 revenue Rs 25,229 crore. The board recommended a final dividend of Rs 10 per share. source
22 May 2026 Apollo sets June 24 NCLT-convened meetings to vote on demerger scheme — Shareholder and creditor meetings on the composite scheme creating Apollo Healthtech Ltd (demerger plus merger of Apollo HealthCo and Keimed) were scheduled for June 24, 2026, with remote e-voting June 20-23. source
03 Jun 2026 Apollo flags about Rs 100 crore cost impact from West Asia tensions, plans 2,000 more beds — The company expects roughly Rs 100 crore of higher costs from inflation and supply-chain disruption linked to West Asia tensions, while planning to add about 2,000 beds; it targets completing the HealthCo demerger and listing in 2027. source

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

Price went from ₹8,618.50 to ₹8,133.50 by 01 Oct 2026 (-5.6%) while the Nifty 50 moved -6.6% — outperforming by 1.0 points.
Highest ₹9,070.50 on 23 Sep 2026; lowest ₹7,910.00 on 01 Oct 2026.
S1 8,382.00: broken on a closing basis on 30 Sep 2026.
S2 7,812.75: held on a closing basis.
R1 8,624.00: cleared on a closing basis on 02 Jul 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 12 Aug 2026): revenue ₹7,044 crore (+20.6% YoY), net profit ₹610 crore (+38.3% YoY), operating margin 16% vs 15% a year earlier (Screener consolidated figures).

Later news

25 Jun 2026 Apollo Hospitals holds NCLT-convened meetings on Healthtech demerger scheme — Shareholder and creditor meetings on the scheme were held on June 24, 2026; next steps are filing meeting reports with the NCLT. The scheme had not yet taken effect. source
12 Aug 2026 Apollo Hospitals beats Q1 FY27 profit estimates, plans 5,800 beds over five years — Q1 FY27 consolidated revenue rose 21% YoY to about Rs 7,043 crore and EBITDA rose 28% to Rs 1,092 crore; reported PAT was about Rs 581 crore (+34% YoY). The company plans to add over 5,800 beds in five years. source
14 Aug 2026 Jefferies raises Apollo Hospitals price target to Rs 10,350, keeps Buy — After Q1 results, Jefferies raised its price target to Rs 10,350 from Rs 9,700 and maintained a Buy rating. The stock went ex-dividend (Rs 10 final) the same day. source
25 Sep 2026 Apollo Hospitals appoints Upasana Kamineni Konidela as Director - Projects — In a newly created role she will oversee planning and delivery of hospital projects, including new builds and brownfield upgrades, as part of the group's expansion programme. source

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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