Who treats India: hospitals and diagnostics
12 listed companies earned ₹90,263 crore from hospitals and diagnostics in FY26, up 25.2% on FY25. Apollo Hospitals Enterprise Ltd earned the most, 27.9% of it. Dr Lal Pathlabs Ltd earned the most on each rupee of sales: 25.0%.
The brands, and who owns them
Apollo 24|7, Apollo Clinics, Apollo Diagnostics, Apollo Sugar and others are Apollo Hospitals Enterprise Ltd's; Manipal Hospitals is Manipal Health Enterprises Ltd's; Fortis is Fortis Healthcare Ltd's; Kalinga Hospital, Max MyHealth are Max Healthcare Institute Ltd's; Aster DM hospitals, CARE Hospitals, KIMSHEALTH, Evercare are Aster DM Quality Care Ltd's; Medanta is Global Health Ltd's; KIMS Hospitals, Cuddles, KIMS ICON, KIMS-SIKHARA are Krishna Institute of Medical Sciences Ltd's; SwasthFit is Dr Lal Pathlabs Ltd's; Cupi Kit is Cupid Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Apollo Hospitals Enterprise Ltd had 27.9% of the listed companies' revenue from hospitals and diagnostics here, 2.4 times as much as Manipal Health Enterprises Ltd, the next largest. The two together sold 40%; the other 10 the rest.
What it is made of
Of the sales reported by product line, hospitals is the largest at ₹59,513 Cr, then pharmacy at ₹24,481 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹90,263 Cr from hospitals and diagnostics in FY26. Counting only the companies with figures in both years, sales went from ₹7,218 Cr in FY19 to ₹29,972 Cr, 4.2 times as much. The biggest rise was in FY22 (+63%) and the weakest year FY25 (-5%). Apollo Hospitals Enterprise Ltd's part of the total went from 30% in FY25 to 28% in FY26. Over three years Manipal Health Enterprises Ltd grew fastest, +29.1% a year. Some companies are counted only from a later year (Apollo Hospitals Enterprise Ltd from FY25; Fortis Healthcare Ltd from FY25; Cipla Ltd from FY22; Narayana Hrudayalaya Ltd from FY25; Mankind Pharma Ltd from FY23; Aster DM Quality Care Ltd from FY25; Cupid Ltd from FY24).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from hospitals and diagnostics. Apollo Hospitals Enterprise Ltd earned 11.5% on its sales in FY26, against 10.4% in FY25. Manipal Health Enterprises Ltd earned 11.2% on its sales in FY26, against -6.1% in FY19; its best year was FY25 at 14.8%. Fortis Healthcare Ltd earned 17.9% on its sales in FY26, against 16.4% in FY25. Max Healthcare Institute Ltd earned 22.8% on its sales in FY26, against 0.3% in FY17; its best year was FY24 at 24.5%. Narayana Hrudayalaya Ltd earned 16.2% on its sales in FY26, against 18.2% in FY25.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Apollo Hospitals Enterprise Ltd Apollo 24|7, Apollo Clinics, Apollo Diagnostics, Apollo Sugar, Sugar Clinics, Apollo Spectra, Spectra Sells in 28 states and 5 countries; exports 0.5% of turnover |
₹25,223 Cr | +15.8% | — | — | 11.5% | 24.8% | 15.1% | 54.2 | 16.0% | +1.4% |
| Manipal Health Enterprises Ltd Manipal Hospitals |
₹10,521 Cr | +25.6% | +29.1% | +41.3% | 11.2% | 10.1% | — | 89.3 | 6.9% | — |
| Fortis Healthcare Ltd Fortis Sells in 7 states; exports 0.0% of turnover |
₹9,128 Cr | +39.9% | — | — | 17.9% | 14.0% | 11.6% | 54.5 | 2.1% | -30.1% |
| Max Healthcare Institute Ltd Kalinga Hospital, Max MyHealth Sells in 6 states and 12 countries; exports 6.55% of turnover |
₹8,373 Cr | +19.2% | +19.0% | +26.2% | 22.8% | 16.4% | — | 57.4 | 8.3% | -25.9% |
| Cipla Ltd Sells in 28 states and 68 countries; exports 40.82% of turnover |
₹8,123 Cr estimate |
-2.1% | -6.2% | — | — | — | — | 31.9 | 10.6% | -14.3% |
| Narayana Hrudayalaya Ltd | ₹7,650 Cr | +37.0% | — | — | 16.2% | 10.6% | 12.0% | 42.0 | 21.0% | -3.2% |
| Mankind Pharma Ltd Sells in 36 states and 38 countries; exports 9.45% of turnover |
₹5,529 Cr estimate |
+7.5% | -0.9% | — | — | — | — | 47.9 | 13.3% | -2.7% |
| Aster DM Quality Care Ltd Aster DM hospitals, CARE Hospitals, KIMSHEALTH, Evercare Sells in 5 states; exports 4.0% of turnover |
₹4,629 Cr | +3561.8% | — | — | 17.2% | 6.8% | 11.6% | 111.6 | 9.6% | +0.4% |
| Global Health Ltd Medanta Sells in 6 states; exports 5.22% of turnover |
₹4,410 Cr | +19.5% | +16.9% | +24.4% | 18.0% | 6.8% | — | 61.9 | 13.2% | -5.3% |
| Krishna Institute of Medical Sciences Ltd KIMS Hospitals, Cuddles, KIMS ICON, KIMS-SIKHARA Sells in 3 states; exports 1.67% of turnover |
₹3,905 Cr | +28.7% | +20.4% | +23.9% | 13.7% | 4.6% | — | 139.2 | 11.3% | -0.8% |
| Dr Lal Pathlabs Ltd SwasthFit Sells in 31 states and 2 countries; exports 1.21% of turnover |
₹2,763 Cr | +12.3% | +10.3% | +11.1% | 25.0% | 5.9% | — | 58.9 | 22.1% | +20.3% |
| Cupid Ltd Cupi Kit Sells in 27 states and 46 countries; exports 59.3% of turnover |
₹8 Cr estimate |
-35.5% | — | — | — | — | — | 344.8 | 27.3% | +607.8% |
See every one of these companies in Valarth
Questions people ask
Who treats India: hospitals and diagnostics?
12 listed companies report their revenue from hospitals and diagnostics: Apollo Hospitals Enterprise Ltd (APOLLOHOSP), Manipal Health Enterprises Ltd (MANIPALHOS), Fortis Healthcare Ltd (FORTIS), Max Healthcare Institute Ltd (MAXHEALTH), Cipla Ltd (CIPLA), Narayana Hrudayalaya Ltd (NH), Mankind Pharma Ltd (MANKIND), Aster DM Quality Care Ltd (ASTERDM).
Which listed company earns the most from hospitals and diagnostics in India?
Apollo Hospitals Enterprise Ltd, with revenue from hospitals and diagnostics of ₹25,223 crore in FY26: 27.9% of the listed companies' total here.
How much do listed companies earn from hospitals and diagnostics?
The listed companies here earned ₹90,263 crore from hospitals and diagnostics in FY26, up 25.2% on FY25. Private makers are not included.
Which listed company makes the most profit from hospitals and diagnostics?
Dr Lal Pathlabs Ltd: its operating profit was 25.0% of its revenue from hospitals and diagnostics in FY26.
Who owns Apollo 24|7?
Apollo 24|7 is a brand of Apollo Hospitals Enterprise Ltd, listed on the NSE as APOLLOHOSP.
Who owns Apollo Clinics?
Apollo Clinics is a brand of Apollo Hospitals Enterprise Ltd, listed on the NSE as APOLLOHOSP.
Who owns Manipal Hospitals?
Manipal Hospitals is a brand of Manipal Health Enterprises Ltd, listed on the NSE as MANIPALHOS.
Who owns Fortis?
Fortis is a brand of Fortis Healthcare Ltd, listed on the NSE as FORTIS.
Who owns Kalinga Hospital?
Kalinga Hospital is a brand of Max Healthcare Institute Ltd, listed on the NSE as MAXHEALTH.
Who owns Max MyHealth?
Max MyHealth is a brand of Max Healthcare Institute Ltd, listed on the NSE as MAXHEALTH.
Who owns Aster DM hospitals?
Aster DM hospitals is a brand of Aster DM Quality Care Ltd, listed on the NSE as ASTERDM.
Who owns CARE Hospitals?
CARE Hospitals is a brand of Aster DM Quality Care Ltd, listed on the NSE as ASTERDM.
Who owns Medanta?
Medanta is a brand of Global Health Ltd, listed on the NSE as MEDANTA.
Who owns KIMS Hospitals?
KIMS Hospitals is a brand of Krishna Institute of Medical Sciences Ltd, listed on the NSE as KIMS.