Apollo Hospitals, Metropolis Among ICICI Securities' Top Picks In Healthcare Pack; Q2 Results Preview

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ICICI Securities Report

Hospitals under our coverage are likely to report revenue/Ebitda/PAT growth of 15.1%/14.3%/10.8% YoY in Q2 FY26, driven by better occupancy (rise of 20-240bps across coverage) coupled with an improved surgical mix.

Apollo is likely to report a strong improvement in margins, to ~15.2%, driven by traction across segments. New hospital addition would boost KIMS’ revenue growth by ~27%, though may dent margins by 887bps YoY to ~20%.

Other hospitals under coverage shall post a modest expansion in margins, between 25–63bps. Diagnostic companies under our coverage are likely to report growth of 16.4%/15.4%/22.3% YoY in revenue/Ebitda/PAT, mainly driven by volume growth of 9–17% supported by merger and acquisition and lab expansion in smaller towns.

Our top picks in healthcare services are Apollo Hospitals, Jupiter LifeLine and Metropolis.

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