Industry research
India’s hospitals and healthcare services landscape brings together clinical care providers serving patients across varied settings and specialties.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Apollo Hospitals Enterprise | Listed · APOLLOHOSP | 21,794 | 14.8 | Tamil Nadu |
| 2 | Karnataka Power Corporation | Private | 12,605 | 39.3 | Karnataka |
| 3 | Intel Technology India | Private | 12,120 | 21.0 | Karnataka |
| 4 | Apollo Medicals | Private | 11,547 | 3.5 | Tamil Nadu |
| 5 | Apollo Pharmacies | Private | 11,544 | 3.4 | Tamil Nadu |
| 6 | Abbott Healthcare | Private | 8,686 | 20.6 | Maharashtra |
| 7 | Manipal Health Enterprises | Private | 8,242 | 27.3 | Karnataka |
| 8 | Wipro Ge Healthcare | Private | 8,075 | 14.2 | Karnataka |
| 9 | Fortis Healthcare | Listed · FORTIS | 7,783 | 21.3 | Punjab |
| 10 | Culver Max Entertainment | Private | 6,261 | 12.9 | Maharashtra |
| 11 | Optival Health Solutions | Private | 6,017 | 7.4 | Telangana |
| 12 | L'oreal India | Private | 5,925 | 16.5 | Maharashtra |
| 13 | Narayana Hrudayalaya | Listed · NH | 5,483 | 25.0 | Karnataka |
| 14 | Tata Hitachi Construction Machinery Company | Private | 5,024 | 13.3 | Karnataka |
| 15 | Apl Apollo Building Products | Private | 4,700 | 6.2 | Delhi |
| 16 | Synopsys (india) | Private | 4,640 | 25.4 | Karnataka |
| 17 | Ashirvad Pipes | Private | 4,508 | 6.9 | Karnataka |
| 18 | Apl Healthcare | Private | 4,258 | 28.5 | Telangana |
| 19 | Fortis Hospitals | Private | 4,163 | 22.5 | Delhi |
| 20 | Aster DM Healthcare India | Listed · ASTERDM | 4,138 | 22.1 | |
| 21 | National Skill Development Corporation | Private | 4,086 | 3.8 | Delhi |
| 22 | Quality Care India | Private | 3,963 | 19.7 | Telangana |
| 23 | Citiustech Healthcare Technology | Private | 3,870 | 18.9 | Maharashtra |
| 24 | Mysore Sales International | Private | 3,824 | 4.3 | Karnataka |
| 25 | Global Health | Listed · MEDANTA | 3,692 | 25.9 | Delhi |
| 26 | Access Healthcare Services | Private | 3,208 | −61.4 | Tamil Nadu |
| 27 | Yashoda Healthcare Services | Private | 3,161 | 40.1 | Telangana |
| 28 | Apollo Metalex | Private | 2,851 | 11.2 | Delhi |
| 29 | Embassy Property Developments | Private | 2,620 | 85.0 | Karnataka |
| 30 | Dtdc Express | Private | 2,465 | 7.8 | Karnataka |
4044 hospitals & healthcare services companies with statutory filings (29 listed, 4015 private) reported combined revenue of ₹4.34 lakh crore in FY2025, +13.7% on the same companies, and aggregate EBITDA of ₹66,902 crore. As filed each year, combined revenue was ₹1.30 lakh crore in FY2018, reached ₹4.34 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 22 listed companies with an exchange price are worth ₹3.54 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of hospitals & healthcare services companies was 15.4% in FY2025, 0.3 pts above FY2024, against a peak of 16.1% in FY2022. The low since the peak was 13.9% in FY2023. Profit after tax margin was 6.8% (+1.3 pts on FY2024). Aggregate EBITDA of listed and private hospitals & healthcare services companies moved +40% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹66,902 crore (+12.2% on FY2024).
By FY2025 revenue the largest hospitals & healthcare services companies are Apollo Hospitals Enterprise (₹21,794 crore, 14.8% EBITDA margin); Karnataka Power Corporation (₹12,605 crore, 39.3% EBITDA margin, private); Intel Technology India (₹12,120 crore, 21.0% EBITDA margin, private); Apollo Medicals (₹11,547 crore, 3.5% EBITDA margin, private); Apollo Pharmacies (₹11,544 crore, 3.4% EBITDA margin, private). Among the ten largest, Karnataka Power Corporation (39.3%) and Manipal Health Enterprises (27.3%) earn the widest EBITDA margins and Apollo Pharmacies (3.4%) the thinnest. 20 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Digital health carried 3.7% of hospitals & healthcare services stories in 2025-10 to 2026-09, up 1.3 pts (+52%) on the prior 12 months; net tone +90 vs +20 for all hospitals & healthcare services stories. In buyer searches: Search interest in home nursing & rehabilitation queries (home healthcare services) was +119% in the 12 months to 2026-09 vs the prior 12, led by “home healthcare services” (+118%), followed by emergency & critical care (+24%); doctor consultations & clinic visits moved -0%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Hospitals & Healthcare Services EBITDA grew 40% since FY2022 (Industry financials). 66 private hospitals & healthcare services providers pass an IPO-readiness screen (Top hospitals & healthcare services companies in India). Digital health is gaining the most ground in hospitals & healthcare services news (Hospitals & Healthcare Services in the news). Home nursing & rehabilitation searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 28.9× and median P/E 60.0× across 22 priced hospitals & healthcare services companies. (Market capitalisation & valuation).
The median trailing P/E is 60.0× and the median EV/EBITDA 28.9× across 22 priced companies.
It includes providers that deliver clinical care, diagnostics, treatment, nursing, and related patient services.
Compare the care setting, service mix, geographic presence, and the financial information available for each provider.
Research information, not investment advice.
Industry research