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FORTIS · price
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Fortis Healthcare reported strong Q4 and full-year FY26 results. Q4 FY26 consolidated revenue rose 17.8% YoY to INR 2,365 Cr, with operating EBITDA up 22.2% to INR 531 Cr and margins expanding to 22.5% from 21.7%. PAT jumped 44.2% to INR 271 Cr despite a INR 12.5 Cr exceptional loss. For FY26, consolidated revenue grew 17.3% to INR 9,128 Cr, operating EBITDA surged 31.3% to INR 2,085 Cr with margins at 22.8% vs 20.4% in FY25, and PAT grew 31.5% to INR 1,064 Cr. Hospital business (85% of revenues) grew 19.1% to INR 7,773 Cr with margins at 22.2% vs 20.5%, driven by 15% increase in occupied beds. Diagnostics (Agilus) grew 8.5% to INR 1,527 Cr with margins at 23.6% vs 17.7%. Net debt stood at INR 2,334 Cr (Net Debt/EBITDA 1.09x), with the increase attributable to acquisitions including People Tree Hospital (Bengaluru) and Shrimann Hospital (Jalandhar). The board recommended a dividend of INR 1 per share. The company added ~500 beds via acquisitions in FY26 and plans a further ~1,800 bed capacity addition from FY27–FY30.
Fortis delivered robust double-digit revenue growth with meaningful margin expansion in both hospital and diagnostics segments, indicating strong operational leverage. The improving EBITDA margins and rising PAT demonstrate successful execution. However, rising net debt (1.09x leverage) from acquisitions warrants monitoring, though the company frames it within acceptable range.