Apollo Sindoori Hotels began as the in-house catering arm for India’s largest hospital chain and has since evolved into a technology-led, asset-light services platform that keeps large institutions running - feeding patients, maintaining critical medical equipment, and cleaning airport terminals - while quietly building a portfolio of consumer restaurant brands on the side. Incorporated in Chennai in 1998, the company’s defining move came in 2022 when it bought out its Malaysian joint-venture partner, transforming a shared facility-management unit into a wholly owned subsidiary and adding biomedical engineering and airport operations to its original kitchen business. The recurring approach is to win sticky, multi-year contracts inside complex, compliance-heavy institutions - hospitals first, then airports and factories - and then layer on adjacent services that the same client needs, using a common backbone of people, process and software.
Business segments
Three engines at different stages - a hospital-catering anchor that still dominates revenue, a facility-management platform that has outgrown its parent’s client base, and a consumer-brands experiment that trades on experience rather than contracts - each built on the trust and cash flows of the one before.
1. Institutional catering: the clinical-nutrition anchor
The original business runs kitchens inside hospitals, colleges and factories under long-term contracts, with the Apollo Hospitals group alone accounting for roughly three-quarters of revenue - a concentrated but deeply embedded relationship.
- Clinical nutrition is the moat - the company designs patient-specific menus for hospitals, a niche that few industrial caterers can replicate, and its stated vision is to lead the clinical-nutrition industry.
- Contracts, not footfall - revenue comes from selling food and beverages to institutions on credit terms and from management-service charges, with only about 20% of F&B sales being over-the-counter cash transactions at food counters.
- The Apollo anchor - related-party transactions with Apollo Hospitals Enterprise Limited are proposed at Rs. 450 Crores for FY26, making the hospital group both the company’s founding partner and its dominant customer.
- Diversifying the client book - newer institutional wins include private chains like Belenus Champion Hospitals, engineering colleges, and industrial sites such as TAFE’s tractor plant, spreading the engine beyond its healthcare roots.
- Raw materials and manpower drive costs - the two big input lines are provisions and stores (spices, rice, flour, LPG) and employee benefits, with the standalone business employing over 4,500 people as of FY23.
2. Sindoori Management Solutions: the facility-management platform
A wholly owned subsidiary that maintains hospitals, airports and industrial sites - handling everything from housekeeping to repairing MRI machines - and is India’s only NABL-accredited facility-management company.
- Three service lines under one roof - it provides facility and infrastructure management (janitorial, pest control, landscaping), biomedical equipment maintenance (calibration, PCB repair, hazardous-equipment handling), and airport operations (baggage systems, runway upkeep, escalator maintenance).
- The accreditation that competitors lack - it is India’s only NABL-accredited facility-management company and holds ISO certifications, which matters when bidding for compliance-heavy hospital and airport contracts.
- Winning outside the group - a landmark client win was GMR’s Hyderabad airport facility-management contract with annual billing of Rs. 30 Crores, a deal that nearly offset lost revenue from a state-government health programme and proved the subsidiary can stand on its own.
- New services, new geographies - it launched “Smart Super Clean,” a B2C home deep-cleaning service piloted in Chennai with branded vans and five-member crews, and incorporated a UK subsidiary in June 2025 to explore international markets.
3. Olive Plus Twist Avenues: the consumer-brands experiment
A subsidiary that creates and runs experience-led restaurant brands - dessert cafés, sports bars, global-plate dining - aiming to build pricing power through brand loyalty rather than institutional contracts.
- A valuation play, not a volume play - the engine is described as a valuation accelerator for the group, led by brand intellectual property and customer pull rather than the recurring-contract logic of the other two engines.
- A portfolio of homegrown brands - the stable includes Sugar Monster, Runaway Foods, Canvas Restaurant & Bar, Glazed & Co (a dessert-and-coffee experience), and Arena 27 by Sketch (a sports-focused format), all built for metro audiences.
- Small but growing - the subsidiary generated Rs. 30.47 Crores in turnover in FY 2022-23, its third full year, and also operates a co-working space called “Vibe” that was fully utilised at the time.
Group structure and partners
The listed parent holds two wholly owned operating subsidiaries, with the promoter family retaining a near-two-thirds stake and the Apollo Hospitals ecosystem serving as both anchor customer and strategic cousin.
- Promoters hold 64.68% - the Reddy family, including founder Dr. Prathap C Reddy (14.12%), Managing Director Sucharitha Reddy (13.24%), and Sangita Reddy (11.68%), has maintained this stake consistently across filing periods.
- Two wholly owned operating arms - Sindoori Management Solutions (acquired fully in 2022 and renamed in 2023) and Olive Plus Twist Avenues (incorporated in 2019 and renamed in 2023) sit under the listed entity, with SMS in turn owning a newly formed UK step-down subsidiary.
- The Apollo Hospitals relationship is structural - the company transacts with over a dozen Apollo-group entities, and the proposed FY26 related-party transaction value with Apollo Hospitals Enterprise Limited alone is Rs. 450 Crores, making the hospital chain both the business’s origin and its single largest commercial relationship.