Apollo Hospital Share Price Hits All-Time High of ₹7,842.50

Apollo Hospitals Enterprise Ltd shares soared to a record high of ₹7,842.50 amid strong market sentiment and robust healthcare sector growth.

Market Overview and Current Trading Position

Apollo Hospitals Enterprise Limited shares traded at ₹7,843.00 on September 15, 2025, according to stock exchange data. The company’s market capitalization stands at ₹1,10,484 crores, reflecting a year-over-year growth of 7.89 percent. This valuation positions Apollo Hospitals among India’s largest healthcare service providers by market value.

During the trading session, the stock recorded an intraday high of ₹7,912.25 and a low of ₹7,842.10. Trading volumes exceeded historical averages, indicating increased market participation. The stock’s current price-to-book ratio stands at 13.4 times, while promoter holding remains at 29.3 percent as per the latest shareholding pattern filed with stock exchanges.

The National Stock Exchange and Bombay Stock Exchange both recorded active trading in Apollo Hospitals shares. Market participants monitored the stock’s movement following the company’s recent quarterly earnings announcement and ongoing expansion initiatives across multiple healthcare segments.

Company Background and Business Operations

Apollo Hospitals Enterprise Limited operates India’s largest integrated healthcare services network. The company was founded in 1983 and has since expanded to over 70 hospitals across India and internationally. Business operations encompass hospitals, pharmacies, diagnostic centers, primary care clinics, and digital health platforms.

The healthcare provider operates through multiple business segments. The hospital division includes tertiary and quaternary care facilities offering specialized medical services. Apollo Pharmacies operates retail and online pharmaceutical distribution. Apollo Health and Lifestyle Limited manages diagnostic centers and preventive healthcare services.

Recent corporate structure includes Apollo 24/7, the company’s digital health platform offering telemedicine, online pharmacy, and diagnostic booking services. The company also operates Apollo Munich Health Insurance in partnership with international insurers. Educational initiatives include nursing colleges and medical skill development programs.

Second Quarter FY2025 Financial Performance Analysis

Revenue Growth and Operating Metrics

Apollo Hospitals reported consolidated revenue of ₹5,589 crores for the second quarter of fiscal year 2025, representing 15 percent year-over-year growth. This compares to ₹4,860 crores in the corresponding quarter of the previous fiscal year. The revenue increase reflects higher patient volumes, improved case mix, and expanded service offerings across the hospital network.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached ₹816 crores, marking a 30 percent increase from the prior year period. EBITDA margin improved to 14.6 percent from 12.9 percent, indicating enhanced operational efficiency. This margin expansion resulted from better bed utilization, cost optimization initiatives, and favorable changes in service mix.

Net profit after tax (PAT) for Q2 FY2025 totaled ₹379 crores, compared to ₹233 crores in Q2 FY2024. This represents a 63 percent year-over-year increase in bottom-line profitability. Earnings per share calculation based on outstanding equity shares shows corresponding improvement in per-share metrics.

Operational Efficiency Indicators

Hospital occupancy rates across the Apollo network averaged 68 percent during the second quarter, up from 66 percent in the previous year. Occupancy improvements occurred primarily in metropolitan hospitals, while newer facilities in tier-2 cities showed gradual ramp-up patterns. Higher occupancy rates contribute to operational leverage and improved profitability.

Revenue Per Operating Bed (RPOB) metrics showed positive trends across hospital categories. Tertiary care hospitals reported higher RPOB due to complex procedures and specialized treatments. Average Revenue Per Patient (ARPP) increased as the company treated more complex cases requiring advanced medical interventions and longer hospital stays.

The company’s bed capacity stands at approximately 10,000 beds across its hospital network. Capacity utilization varies by location, with established hospitals in major cities operating at higher occupancy levels. New hospital additions typically require 18-24 months to reach optimal occupancy rates.

Third Quarter FY2025 Results and Continued Growth

Apollo Hospitals’ third quarter FY2025 financial results maintained the growth trajectory established in earlier periods. Revenue increased 13.9 percent compared to the corresponding quarter of fiscal year 2024. Profit after tax rose 51 percent year-over-year, demonstrating consistent improvement in financial performance.

The sequential quarter comparison shows stable revenue growth with continued margin expansion. Operating expenses grew at a slower rate than revenues, contributing to profitability improvements. Personnel costs, medical consumables, and administrative expenses all showed disciplined growth relative to top-line expansion.

Annual revenue for fiscal year 2024 totaled ₹22,550 crores with net profit of ₹1,631 crores. These full-year figures provide baseline comparisons for evaluating current fiscal year performance. The company’s financial trajectory suggests continued growth in both revenue and profitability metrics.

Strategic Business Initiatives and Expansion Plans

Digital Healthcare Platform Development

Apollo Hospitals has invested in developing Apollo 24/7, a comprehensive digital health platform. The platform enables online consultations with doctors across multiple specialties. Users can order prescription medications through the integrated pharmacy service. Diagnostic test bookings and home collection services connect to Apollo’s diagnostic center network.

The digital platform reported increasing user registrations and transaction volumes. Mobile application downloads exceeded several million across Android and iOS platforms. The platform competes with other digital health services in India’s growing telemedicine market.

Technology integration extends to hospital operations through electronic medical records systems. Digital patient management tools aim to improve care coordination and clinical outcomes. Artificial intelligence applications in medical imaging and diagnostics represent emerging technology deployments.

Geographic Network Expansion

The company continues expanding its hospital network through greenfield projects and strategic acquisitions. Several new hospitals entered operational phases during the current fiscal year. Expansion focuses on tier-2 cities where healthcare infrastructure gaps present growth opportunities.

International operations include hospitals in Bangladesh, Oman, and other markets. Medical tourism initiatives attract international patients seeking treatments at Apollo facilities in India. The company maintains partnerships with international insurance providers and healthcare organizations.

Primary care clinic networks expanded in suburban areas and smaller cities. These clinics provide consultation services, basic diagnostics, and pharmacy access. The primary care strategy aims to create patient referral pipelines to Apollo’s tertiary care hospitals.

Specialty Care Service Development

Apollo Hospitals focuses on expanding capabilities in high-acuity medical specialties. Oncology services include comprehensive cancer care from diagnosis through treatment and rehabilitation. Cardiac care programs offer advanced interventional cardiology and cardiac surgery capabilities.

Transplant programs encompass kidney, liver, and bone marrow transplantation. The company operates several dedicated transplant centers with specialized medical teams. Transplant volumes have increased as clinical outcomes improved and awareness expanded.

Orthopedic and joint replacement services target the growing demand for elective surgical procedures. Neurosciences programs provide neurosurgery, neuro-intervention, and rehabilitation services. These specialty services typically generate higher margins compared to general medical care.

Healthcare Sector Dynamics and Market Environment

Industry Growth Drivers

India’s healthcare market continues expanding due to multiple demographic and economic factors. The country’s population aging creates increasing demand for medical services and chronic disease management. Life expectancy improvements result in larger elderly populations requiring healthcare services.

Rising income levels enable more households to afford private healthcare services. Middle-class expansion increases the addressable market for healthcare providers. Insurance penetration, though still relatively low, has been growing gradually through government schemes and private coverage.

Disease patterns show increasing prevalence of lifestyle-related conditions. Diabetes, cardiovascular disease, and cancer rates have risen alongside urbanization and changing consumption patterns. These conditions often require long-term medical management and specialized treatments.

Regulatory Framework and Policy Environment

The Ministry of Health and Family Welfare establishes healthcare policy at the national level. State governments maintain regulatory authority over hospital licensing and operations. Multiple regulatory bodies oversee different aspects of healthcare delivery including medical education, pharmaceuticals, and insurance.

The Ayushman Bharat scheme provides government-funded health insurance coverage to economically disadvantaged populations. This program has expanded access to hospital services for millions of beneficiaries. Private hospitals can participate as empaneled providers, though reimbursement rates remain below commercial pricing.

Clinical Establishment Act regulations govern hospital operations, patient rights, and quality standards. Medical device regulations have been strengthened to ensure product safety and quality. Price controls on certain medications and medical procedures affect revenue potential in specific service lines.

Competitive Landscape Analysis

India’s private healthcare sector includes several large hospital chains alongside numerous standalone facilities. Major competitors include Max Healthcare, Fortis Healthcare, Manipal Hospitals, and Narayana Health. Each organization pursues different strategic approaches regarding geography, specialties, and pricing positioning.

Apollo Hospitals maintains the largest hospital network by bed capacity among organized healthcare providers. This scale provides advantages in procurement, talent acquisition, and brand recognition. However, local competitors often maintain strong positions in specific regional markets.

New entrants continue emerging, including corporate-backed hospital ventures and international healthcare providers. Competition intensity varies significantly across geographic markets. Metropolitan areas face higher competitive pressure compared to tier-2 and tier-3 cities.

Financial Ratio Analysis and Valuation Metrics

Profitability and Efficiency Ratios

Return on Equity (ROE) for Apollo Hospitals reflects the company’s ability to generate returns from shareholder capital. The company’s ROE has improved alongside rising profitability. This metric allows comparison with other healthcare providers and broader market indices.

Operating margin expansion indicates improving operational efficiency. The company has achieved higher margins through better capacity utilization, service mix improvements, and cost management. Operating margins vary across hospital locations based on maturity and competitive dynamics.

Asset turnover ratios measure how efficiently the company utilizes its asset base to generate revenue. Hospital assets include buildings, medical equipment, and working capital. Capital-intensive healthcare operations typically show moderate asset turnover compared to less capital-intensive businesses.

Leverage and Financial Stability

The debt-to-equity ratio indicates the company’s financial leverage levels. Apollo Hospitals maintains moderate debt levels to fund expansion while preserving financial flexibility. The company uses both term loans and working capital facilities to support operations.

Interest coverage ratios demonstrate the company’s ability to service debt obligations from operating earnings. Higher coverage ratios indicate lower financial risk. The company’s improving profitability has strengthened interest coverage metrics over recent periods.

Current ratio and quick ratio metrics assess short-term liquidity. Healthcare operations generate consistent cash flows but require working capital for inventory and receivables. The company maintains adequate liquidity to meet operational requirements.

Market Valuation Metrics

The price-to-earnings (P/E) ratio compares the stock price to earnings per share. Apollo Hospitals trades at a premium P/E ratio compared to broader market indices. This premium reflects growth expectations and quality perceptions regarding the company’s operations.

Price-to-sales ratio provides another valuation perspective by comparing market capitalization to annual revenues. Healthcare service providers typically show moderate price-to-sales ratios compared to asset-light technology businesses.

Enterprise value to EBITDA ratios consider both equity value and debt when assessing valuations. This metric enables comparisons across companies with different capital structures. Apollo’s EV/EBITDA multiple reflects market expectations for continued EBITDA growth.

Technical Analysis and Trading Patterns

Price Movement and Trend Analysis

Apollo Hospitals shares have established an upward trend over multiple time horizons. The stock price advanced from lower levels earlier in the fiscal year to current trading ranges. Technical analysts identify support and resistance levels based on historical price action.

Moving average indicators provide trend confirmation signals. The 50-day moving average tracks short to medium-term trends, while the 200-day moving average indicates longer-term direction. Current price positioning relative to these averages suggests technical strength.

Volume analysis reveals trading activity patterns. Higher volumes during price advances indicate stronger conviction among buyers. Volume patterns during consolidation phases help technical analysts assess potential breakout directions.

Technical Indicators and Momentum

The Relative Strength Index (RSI) measures momentum and potential overbought or oversold conditions. RSI readings between 30 and 70 typically indicate balanced market conditions. Extreme readings may suggest potential trend reversals or consolidation.

Moving Average Convergence Divergence (MACD) indicators track momentum changes through moving average relationships. MACD crossovers generate buy or sell signals for technical traders. The indicator helps identify potential trend changes before they fully develop.

Bollinger Bands measure volatility by plotting standard deviations around moving averages. Price movements approaching band extremes may indicate overextended conditions. Band width changes reflect volatility expansion or contraction.

Investment Considerations and Risk Factors

Growth Opportunities and Positive Factors

Apollo Hospitals benefits from India’s expanding healthcare market and increasing private sector participation. The company’s established brand recognition and network scale provide competitive advantages. Digital health platform development creates new revenue opportunities and customer engagement channels.

Geographic expansion into underserved markets offers growth potential with lower competitive intensity. Specialty care program development enables capture of high-margin service lines. Medical tourism initiatives could benefit from India’s cost advantages and improving clinical capabilities.

Strategic partnerships with insurance providers, technology companies, and international healthcare organizations support growth initiatives. Management’s track record of operational execution and expansion provides confidence in strategy implementation.

Operational and Business Risks

Healthcare operations face inherent risks including medical liability, regulatory compliance, and quality maintenance challenges. Adverse medical outcomes can result in litigation and reputational damage. The company maintains medical malpractice insurance and quality assurance protocols.

Regulatory changes could impact operations, pricing, or expansion plans. Government policies on healthcare pricing, insurance reimbursement, or facility licensing affect business operations. The company must adapt to evolving regulatory requirements.

Competition from existing players and new entrants could pressure market share and pricing. Healthcare markets in major cities show increasing competitive intensity. Maintaining service quality and brand differentiation requires continuous investment.

Financial and Market Risks

Current valuation levels incorporate growth expectations that may not materialize. Stock price corrections could occur if financial performance disappoints relative to market expectations. Premium valuations relative to historical averages suggest limited margin for execution shortfalls.

Macroeconomic conditions affect healthcare demand, particularly for elective procedures. Economic slowdowns may cause patients to defer non-urgent treatments. However, essential medical services typically show more resilient demand patterns.

Currency fluctuations affect international operations and imported medical equipment costs. Changes in interest rates impact borrowing costs for expansion financing. The company’s financial planning incorporates these economic variables.

Shareholding Pattern and Institutional Investment

Promoter and Institutional Holdings

Promoter shareholding stands at 29.3 percent according to recent regulatory filings. This ownership level provides management control while allowing significant public float. Promoter holdings have remained relatively stable over recent quarters.

Foreign Institutional Investors (FII) hold a substantial portion of Apollo Hospitals’ public float. FII investment reflects international investor confidence in India’s healthcare sector. FII buying or selling patterns influence stock price movements and market sentiment.

Domestic Institutional Investors including mutual funds and insurance companies maintain significant positions. Several large mutual fund schemes include Apollo Hospitals in their portfolios. Insurance company investments typically reflect long-term investment horizons.

Retail Investor Participation

Retail investors comprise a meaningful portion of the shareholder base. Individual investors participate through direct stock purchases and mutual fund holdings. Retail participation has increased alongside broader market trends toward equity investment.

Stock liquidity remains adequate for both institutional and retail transactions. Average daily trading volumes support position entry and exit without significant market impact. Electronic trading platforms enable efficient order execution.

Analyst Recommendations and Price Targets

Investment analysts covering Apollo Hospitals maintain varied views on the stock’s prospects. Recommendation distributions typically include buy, hold, and sell ratings based on individual analyst perspectives. Consensus recommendations aggregate these individual views.

Price targets reflect analyst expectations for stock performance over 12-month horizons. Target prices consider fundamental valuations, growth projections, and market conditions. Target price ranges show analyst disagreement about appropriate valuation levels.

Analyst reports typically appear following quarterly earnings announcements. These reports update financial models, revise estimates, and adjust recommendations. Investors should consider multiple analyst perspectives rather than relying on single opinions.

Corporate Governance and Management Quality

Board Composition and Leadership

Apollo Hospitals’ board of directors includes executive directors, non-executive directors, and independent directors. Board composition follows regulatory requirements under Companies Act and SEBI listing regulations. Independent directors provide oversight of management and protect minority shareholder interests.

The company’s founder and executive leadership team bring extensive healthcare industry experience. Management continuity has supported consistent strategy execution over multiple years. Succession planning ensures leadership transition preparedness.

Board committees including audit, nomination and remuneration, and stakeholder relationship committees fulfill specialized governance functions. These committees operate according to defined charters and regulatory requirements.

Transparency and Disclosure Practices

Apollo Hospitals files required disclosures with stock exchanges and regulatory authorities. Quarterly financial results, annual reports, and material event announcements provide investor information. The company maintains an investor relations function for shareholder communication.

Corporate governance reports detail compliance with regulatory requirements and voluntary best practices. Related party transaction disclosures ensure transparency regarding dealings with affiliated entities. Audit reports from statutory auditors provide independent financial statement verification.

Environmental, Social, and Governance Initiatives

Healthcare Access and Community Programs

Apollo Hospitals operates community health programs targeting underserved populations. Free health camps provide basic screening and consultation services. Corporate social responsibility initiatives address healthcare access gaps in rural and economically disadvantaged areas.

Medical education and skill development programs train nurses, technicians, and paramedical staff. These programs address healthcare workforce shortages while creating talent pipelines for Apollo’s operations.

Operational Sustainability Measures

Hospital operations implement energy efficiency measures to reduce environmental impact. Waste management protocols handle medical waste according to regulatory requirements. Water conservation and renewable energy adoption represent ongoing sustainability initiatives.

Green building certifications for new hospital construction reflect environmental considerations. Sustainable procurement practices extend environmental responsibility through supply chains.

Future Outlook and Market Projections

Near-Term Performance Expectations

Current fiscal year financial performance depends on sustaining occupancy rates, managing costs, and executing expansion plans. Patient volume trends, case mix evolution, and pricing dynamics affect revenue growth. Management guidance and analyst projections provide forward-looking perspectives.

New hospital commissioning schedules impact capacity additions and revenue contributions. Newly opened facilities typically require time to reach full operational capacity. Mature hospital performance remains crucial for overall financial results.

Long-Term Growth Trajectory

India’s healthcare market is projected to expand significantly over the coming decade. Population demographics, rising incomes, and insurance penetration support sustained demand growth. Apollo Hospitals’ market position enables participation in this sector expansion.

Digital health platform development could transform healthcare delivery and patient engagement. Telemedicine adoption accelerated during recent years and may continue growing. Technology integration improves operational efficiency while creating differentiated service offerings.

International expansion and medical tourism initiatives offer growth avenues beyond domestic markets. India’s cost competitiveness and improving clinical capabilities attract international patients. However, execution risks and market development timelines affect realization of international opportunities.

Frequently Asked Questions

What factors contributed to Apollo Hospitals’ Q2 FY2025 financial performance?

Apollo Hospitals reported 15 percent revenue growth and 63 percent profit growth in Q2 FY2025 compared to the prior year quarter. Revenue expansion resulted from improved hospital occupancy rates, which increased to 68 percent from 66 percent, and higher revenue per operating bed. The company treated more complex cases requiring specialized services, which typically generate higher revenues per patient.

EBITDA margin improved to 14.6 percent from 12.9 percent due to operational leverage from better capacity utilization. Cost management initiatives controlled expense growth below revenue growth rates. The combination of revenue expansion and margin improvement drove the significant profit increase.

How does Apollo Hospitals’ current valuation compare to historical levels and sector peers?

Apollo Hospitals trades at a price-to-book ratio of 13.4 times based on current market prices and balance sheet equity. This represents a premium valuation compared to broader market indices. The premium reflects the company’s market leadership position, consistent growth trajectory, and quality of operations.

Compared to other private healthcare providers, Apollo maintains strong market capitalization and network scale. Valuation premiums or discounts relative to competitors depend on growth rates, profitability metrics, and market positioning. Investors should evaluate valuations in context of financial performance, growth prospects, and execution capabilities.

What are the primary risks investors should consider regarding Apollo Hospitals shares?

Investment risks include operational challenges in maintaining service quality across an expanding network. Medical liability and regulatory compliance require continuous attention and resources. Competition from existing chains and new entrants could pressure market share and pricing power.

Financial risks relate to current premium valuations that incorporate significant growth expectations. Macroeconomic slowdowns could affect demand for elective procedures. Regulatory changes in healthcare pricing or insurance reimbursement could impact profitability. Geographic concentration in specific markets creates regional economic exposure.

Investors should consider these risks alongside growth opportunities when making investment decisions. Diversification across multiple investments reduces concentration risk in any single security.

How is Apollo Hospitals positioned in India’s growing digital health market?

Apollo 24/7 represents the company’s digital health platform offering telemedicine consultations, online pharmacy, and diagnostic bookings. The platform has registered millions of users across mobile and web interfaces. Digital health enables the company to reach customers beyond physical hospital locations.

The digital health market in India shows significant growth potential as smartphone penetration and internet connectivity expand. However, the market remains competitive with multiple players including dedicated digital health startups and other hospital chains’ platforms.

Digital health initiatives provide additional revenue streams while potentially improving customer retention and engagement. Technology integration with hospital operations could enhance efficiency and clinical outcomes. Platform profitability and unit economics remain important factors for long-term success.

What expansion plans does Apollo Hospitals have for future growth?

The company pursues expansion through new hospital development in tier-2 cities and strategic locations. Several hospital projects are in various stages of construction and commissioning. New hospitals typically require 18-24 months to reach optimal occupancy after opening.

Expansion also includes specialty center development for services like oncology, cardiac care, and transplantation. These centers leverage Apollo’s clinical expertise and brand reputation. Primary care clinic networks expand the company’s presence in suburban and smaller markets.

International growth initiatives include hospitals in neighboring countries and medical tourism programs. Digital platform enhancement represents another growth avenue through technology-enabled healthcare services. Capital allocation for expansion balances growth objectives with financial discipline.

How do government healthcare schemes affect Apollo Hospitals’ business?

Government schemes like Ayushman Bharat provide health insurance coverage to economically disadvantaged populations. Private hospitals can participate as empaneled providers to treat scheme beneficiaries. However, reimbursement rates under government schemes typically fall below commercial pricing.

The impact on Apollo varies by facility based on patient mix and empanelment decisions. Hospitals serving populations with higher government scheme enrollment face different economics compared to facilities primarily serving commercial patients. Management must balance social objectives with financial performance requirements.

Government healthcare infrastructure investment and policy initiatives affect the overall healthcare market environment. Policies supporting insurance penetration expand the addressable market for private providers. However, pricing regulations or public facility expansion could create competitive pressures.

What metrics should investors monitor to evaluate Apollo Hospitals’ ongoing performance?

Key operational metrics include hospital occupancy rates, revenue per operating bed (RPOB), and average revenue per patient (ARPP). These indicators reveal capacity utilization and pricing trends. Occupancy improvements typically drive margin expansion through operational leverage.

Financial metrics include quarterly revenue growth, EBITDA margin trends, and profit after tax progression. Comparing quarterly results to prior year periods reveals growth trajectories. Year-over-year growth rates should be evaluated alongside sequential quarter-over-quarter changes.

Balance sheet metrics including debt levels, interest coverage ratios, and return on equity indicate financial health. Cash flow generation supports expansion funding and dividend capacity. Shareholding pattern changes reveal institutional investor sentiment.

New hospital additions, bed capacity growth, and expansion project timelines track network development. Digital platform user metrics and transaction volumes indicate progress in technology initiatives.

What is the investment thesis for Apollo Hospitals at current price levels?

The investment thesis emphasizes Apollo’s market leadership position in India’s expanding healthcare sector. The company operates the largest private hospital network with established brand recognition. Demographic trends and rising incomes support long-term healthcare demand growth.

Financial performance shows consistent revenue growth with improving profitability margins. Management has demonstrated capability in executing expansion plans and operational improvements. Digital health initiatives create new growth avenues complementing traditional hospital operations.

However, current valuations incorporate significant growth expectations. The stock trades at premium multiples compared to historical averages and broader market benchmarks. Investment merit depends on individual risk tolerance, growth expectations, and portfolio objectives.

Long-term investors focused on healthcare sector exposure may find Apollo attractive despite premium valuations. Short-term traders should consider technical factors and market sentiment. All investors should conduct thorough research and consider their specific financial circumstances before making investment decisions.

Author Information

Healthcare & Financial Analysis Team of Nueplanet

Our content team consists of financial analysts and healthcare sector specialists with experience in equity research and market analysis. We focus on providing factual, data-driven content based on official company filings, stock exchange disclosures, and regulatory announcements. Our goal is to help readers understand financial markets through accurate information and objective analysis.

Research Methodology: All financial data is sourced from official company announcements filed with stock exchanges, annual reports, and quarterly result presentations. Market data comes from National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) official sources. We verify information against multiple sources before publication to ensure accuracy.

Disclaimer: This article provides educational information about Apollo Hospitals Enterprise Limited and should not be construed as investment advice. Readers should conduct independent research and consult qualified financial advisors before making investment decisions. Stock prices fluctuate and past performance does not guarantee future results. All investments carry risks including potential loss of capital.

Last Updated: August 14, 2025
Published: August 14, 2025

Data Sources:

National Stock Exchange (NSE) official trading data
Bombay Stock Exchange (BSE) market information
Apollo Hospitals Enterprise Limited quarterly results and investor presentations
Securities and Exchange Board of India (SEBI) filings and disclosures
Ministry of Health and Family Welfare policy documents

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