J.P. Morgan India FTM 22 May 26 Apollo Hospitals; Honasa Consumer Ltd; LIC India; FSN E-commerce Ventures; GAIL India Ltd and More

研报英文原文证据摘录

J.P. Morgan India FTM 22 May 26 Apollo Hospitals; Honasa Consumer Ltd; LIC India; FSN E-commerce Ventures; GAIL India Ltd and More

Asia Pacific Equity Research

India First to Market 22 May 2026

Top Stories

Apollo Hospitals (Bansi Desai, CFA) (APHS IN, OW)

Accelerating hospital growth with digital breakeven and healthco listing on horizon

We reiterate OW on Apollo Hospitals supported by: 1) 17%/16% revenue/EBITDA CAGR in the core hospital business over the

next two years driven by healthy ARPP growth and bed expansion; 2) digital health business nearing cash breakeven, reducing

the earnings drag; and 3) HealthCo demerger and eventual listing (estimated Q4FY27) as a meaningful value-unlocking

catalyst. Importantly, we expect better recognition of the value in Apollo’s hospital business, which is scaling at a healthy pace

while delivering ~16% post-tax ROCE in FY26 (incl CWIP), higher than most listed peers, highlighting value-accretive

expansion. At current levels, the stock implies ~27/23x EV/EBITDA for the hospital segment, a ~5-10% discount to the sector

average, which we view as unwarranted given Apollo’s scale, growth visibility and return profile. Our Mar-27 PT is Rs9,900

(refer tables 4-8 for key forecasts and SOTP).

Honasa Consumer Ltd (Latika Chopra, CFA) (HONASA IN, UW)

Margin ahead of expectations: Q4 review

Honasa’s Q4 EBITDA was ahead of our estimates, aided by better-than-expected gross margin delivery even as revenue was

marginally above our forecasts. Looking ahead, management targets a high-teens revenue CAGR over the next five years, with

Mamaearth expected to deliver a double-digit CAGR driven by distribution expansion and young brands continuing to drive

outsized growth.