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Fortis Healthcare Limited (FORTIS)

Healthcare · Healthcare Services · NSE · Updated 16 June 2026

₹980.15 ↑ 28.15% (1Y)

🎯 Key Takeaways

Fortis Healthcare is transitioning from a period of governance and financial restructuring to a growth phase driven by operational expansion and margin improvement. Management is targeting 15%+ hospital revenue growth and 150 bps EBITDA margin expansion in FY27, with a long-term goal of 25% EBITDA margin by FY28.
Revenue declined 3% QoQ to ₹1,928 in Q3FY25.
⚠️ Ongoing regulatory scrutiny related to past related-party transactions and fund diversions by former promoters, though assessed as low and non-materia

Market Cap

₹72,752

P/E Ratio

94.6

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About FORTIS 📊 Interactive Charts

📖 The Story

Fortis Healthcare is transitioning from a period of governance and financial restructuring to a growth phase driven by operational expansion and margin improvement. Management is targeting 15%+ hospital revenue growth and 150 bps EBITDA margin expansion in FY27, with a long-term goal of 25% EBITDA margin by FY28. The company is investing in capacity (800+ new beds added in FY26, targeting 500+ by FY27 and ~1,800 by FY30) and domestic market penetration, while stabilizing international operations. Financial performance shows accelerating revenue and profit growth, supported by strong hospital segment execution and improved operational efficiency.

📰 What's Happening

In FY26, Fortis reported consolidated revenue of ₹9,128 crores (up 17.3% YoY) and PAT of ₹1,064 crores (up 31.5% YoY), with hospital revenue growing 19.1% and diagnostics up 8%. The company added 800 new beds and achieved 13 facilities exceeding 20% EBITDA margin. Management guided for 15%+ hospital revenue growth and 150 bps EBITDA margin improvement in FY27, targeting 25% by FY28. Capex of INR900 crores is planned, with 60% maintenance and 40% growth-focused. International business pressures from oncology pricing and volume declines are being offset by domestic expansion, including 500+ bed additions by FY27. Digital health efforts are focused on internal platform enhancements. The board recommended a final dividend of ₹1 per share (10% of face value), subject to AGM approval, and approved a scheme of amalgamation and trademark acquisitions. Recent board meetings confirmed auditor appointments and compliance with SEBI norms.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,643	1,657	1,770	1,680	1,786	1,859	1,988	1,928
Operating Profit	295	282	347	298	394	356	388	420
OPM %	16.5%	16.4%	18.6%	16.9%	21.3%	18.4%	21.9%	19.4%
Net Profit	138	124	184	134	203	174	193	254
EPS	₹1.76	₹1.48	₹2.30	₹1.78	₹2.37	₹2.20	₹2.34	₹3.28

Revenue has grown consistently over the past eight quarters, with YoY growth accelerating to 17.3% in FY26 from 16.5% in FY23, driven by hospital segment expansion and diagnostics growth (9% YoY). Operating performance improved, with OPM stabilizing around 20% and NP margin expanding to 12.10% in FY26 from 10.7% in FY25, reflecting better cost control and scale benefits. PAT growth outpaced revenue growth (31.5% YoY), supported by margin expansion and lower exceptional losses. The company has added over 800 beds in FY26 and plans ~1,800 by FY30, aligning with management’s capacity-led growth strategy. Despite net debt rising to ₹2,334 crores due to acquisitions, leverage remains moderate at 1.09x EBITDA, indicating manageable debt levels relative to cash flow generation.

🔮 Management Outlook & What's Next

Management has provided clear forward guidance, targeting 15%+ hospital revenue growth and 150 bps EBITDA margin improvement in FY27, with a long-term goal of 25% EBITDA margin by FY28. They expect occupancy in new facilities to ramp up without lag and diagnostic revenue growth to continue in double digits with 23-24% EBITDA margins. International business trends are expected to normalize, while domestic expansion — including 500+ bed additions by FY27 and INR900 crore annual capex — remains the primary growth driver. Management emphasized operational efficiency, capacity utilization, and margin accretion as key levers, with digital health initiatives focused on internal platform development rather than external partnerships.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Healthcare Services

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Apollo Hospitals Enterprise Limited	1.16 L Cr	64.5	20.5%	21.9%	0.64
Max Healthcare Institute Limited	1.02 L Cr	101.2	—	—	—
Fortis Healthcare Limited	72,752	94.6	—	—	—
Aster DM Healthcare Limited	39,048	7.1	—	—	—
Narayana Hrudayalaya Ltd.	37,625	47.7	—	—	—
Global Health Limited	33,405	65.8	—	—	—
Krishna Institute of Medical Sciences Limited	30,477	80.3	—	—	—
Dr. Lal Path Labs Ltd.	26,871	63.6	—	—	—
Syngene International Limited	18,295	36.3	—	—	—
Dr. Agarwal's Health Care Limited	14,266	88.8	14.9%	6.8%	0.13

🔗 Peer Stock Analyses

APOLLOHOSP MAXHEALTH ASTERDM NH MEDANTA

⚠️ Risk Factors

1. Ongoing regulatory scrutiny related to past related-party transactions and fund diversions by former promoters, though assessed as low and non-material by management, requires continued monitoring. 2. International business performance remains pressured due to oncology drug pricing and reduced patient volumes, which could impact top-line growth if not offset by domestic expansion. 3. High capex requirements to fund bed additions and facility expansions may strain cash flows if occupancy or revenue growth slows. 4. Margin improvement depends on sustained operational efficiency and occupancy gains in new facilities, which are subject to execution risks and competitive pricing pressures.

📋 Recent Filings

🧠 Analyst's Read

Fortis Healthcare is executing a clear turnaround narrative centered on domestic growth, margin expansion, and capacity-led scaling, supported by strong financial performance and disciplined capital allocation. While regulatory risks persist, they are largely backward-looking and already factored into the company’s posture. Investors should monitor execution of bed additions, occupancy trends, and international recovery in the coming quarters to validate management’s growth trajectory.

Based on filing content and financial data. Not a recommendation.

✨ Deep Dive with AI on FORTIS

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.