InCred Equities - Apollo Hospitals and Enterprises

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	217,940	261,066	299,046	345,725
Operating EBITDA (Rsm)	30,218	43,168	50,902	64,371
Net Profit (Rsm)	14,459	21,967	26,681	35,400
Core EPS (Rs)	100.5	152.8	185.5	246.2
Core EPS Growth	61.1%	51.9%	21.5%	32.7%
FD Core P/E (x)	78.31	51.55	42.44	31.99
DPS (Rs)	19.0	22.8	25.1	27.6
Dividend Yield	0.24%	0.29%	0.32%	0.35%
EV/EBITDA (x)	39.64	27.87	23.65	18.51
P/FCFE (x)	130.97	58.22	41.85	25.41
Net Gearing	73.1%	65.0%	54.0%	35.6%
P/BV (x)	13.79	11.23	9.14	7.29
ROE	19.1%	24.0%	23.7%	25.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	217,940	261,066	299,046	345,725
Gross Profit	104,840	130,533	149,523	176,320
Operating EBITDA	30,218	43,168	50,902	64,371
Depreciation And Amortisation	(7,575)	(8,181)	(8,835)	(9,542)
Operating EBIT	22,643	34,987	42,066	54,828
Financial Income/(Expense)	(4,585)	(4,960)	(5,682)	(6,569)
Pretax Income/(Loss) from Assoc.	330
Non-Operating Income/(Expense)	2,003	1,305	1,495	1,729
Profit Before Tax (pre-EI)	20,391	31,332	37,879	49,988
Exceptional Items
Pre-tax Profit	20,391	31,332	37,879	49,988
Taxation	(5,340)	(8,773)	(10,606)	(13,997)
Exceptional Income - post-tax
Profit After Tax	15,051	22,559	27,273	35,992
Minority Interests	(592)	(592)	(592)	(592)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	14,459	21,967	26,681	35,400
Recurring Net Profit	14,459	21,967	26,681	35,400
Fully Diluted Recurring Net Profit	14,459	21,967	26,681	35,400

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	30,218	43,168	50,902	64,371
Cash Flow from Invt. & Assoc.	(1,076)
Change In Working Capital	(7,132)	1,370	(355)	(330)
(Incr)/Decr in Total Provisions	484
Other Non-Cash (Income)/Expense	1,127	1,127	1,127	1,127
Other Operating Cashflow	6,264	7,260	6,541	9,340
Net Interest (Paid)/Received	(3,661)	(4,509)	(5,149)	(6,014)
Tax Paid	(4,860)	(7,896)	(9,546)	(12,597)
Cashflow From Operations	21,364	40,521	43,520	55,897
Capex	(17,127)	(13,050)	(12,958)	(8,000)
Disposals Of FAs/subsidiaries	(6,568)	(11,468)	(10,076)	(10,355)
Acq. Of Subsidiaries/investments	(10,846)	(1,114)	(1,114)	(1,114)
Other Investing Cashflow	735	451	533	555
Cash Flow From Investing	(33,806)	(25,181)	(23,615)	(18,913)
Debt Raised/(repaid)	21,088	4,109	7,155	7,584
Proceeds From Issue Of Shares	459
Shares Repurchased	(14)
Dividends Paid	(2,784)	(3,278)	(3,606)	(3,967)
Preferred Dividends
Other Financing Cashflow	(5,581)	(6,202)	(7,046)	(8,097)
Cash Flow From Financing	13,168	(5,371)	(3,498)	(4,480)
Total Cash Generated	726	9,969	16,407	32,503
Free Cashflow To Equity	8,646	19,449	27,060	44,567
Free Cashflow To Firm	(7,857)	20,300	25,587	43,552

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	13,602	22,788	39,880	71,344
Total Debtors	30,161	32,951	37,724	43,582
Inventories	4,808	5,532	6,333	6,828
Total Other Current Assets	21,718	21,718	21,718	21,718
Total Current Assets	70,289	82,989	105,655	143,472
Fixed Assets	105,867	118,917	131,875	139,875
Total Investments	10,845	23,427	34,617	46,086
Intangible Assets	13,197	13,197	13,197	13,197
Total Other Non-Current Assets	6,376	6,376	6,376	6,376
Total Non-current Assets	136,285	161,917	186,065	205,534
Short-term Debt	8,582	9,011	9,462	9,935
Current Portion of Long-Term Debt
Total Creditors	32,771	38,104	43,887	50,617
Other Current Liabilities	4,436	4,436	4,436	4,436
Total Current Liabilities	45,789	51,551	57,784	64,988
Total Long-term Debt	44,170	53,619	63,879	74,753
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	30,086	34,518	41,763	49,539
Total Non-current Liabilities	74,256	88,137	105,642	124,292
Total Provisions
Total Liabilities	120,045	139,688	163,427	189,280
Shareholders Equity	82,123	100,812	123,887	155,320
Minority Interests	4,406	4,406	4,406	4,406
Total Equity	86,529	105,218	128,293	159,726

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	14.3%	19.8%	14.5%	15.6%
Operating EBITDA Growth	26.4%	42.9%	17.9%	26.5%
Operating EBITDA Margin	13.9%	16.5%	17.0%	18.6%
Net Cash Per Share (Rs)	(440.12)	(475.75)	(481.76)	(395.93)
BVPS (Rs)	571.09	701.06	861.52	1,080.11
Gross Interest Cover	4.94	7.05	11.31	12.39
Effective Tax Rate	26.2%	28.0%	28.0%	28.0%
Net Dividend Payout Ratio	18.9%	14.9%	13.5%	11.2%
Accounts Receivables Days	46.32	44.12	43.13	42.92
Inventory Days	15.18	14.46	14.48	14.18
Accounts Payables Days	74.37	69.48	72.99	76.53
ROIC (%)	15.6%	22.4%	24.9%	31.1%
ROCE (%)	15.8%	19.5%	19.4%	20.9%
Return On Average Assets	10.5%	12.2%	12.3%	13.3%

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