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Fortis Malar Hospitals' board approved unaudited standalone and consolidated results for Q3 FY26 (quarter ended Dec 31, 2025), showing effectively zero revenue from operations, as the company had sold its hospital business to MGM Healthcare via a slump sale in FY24 and currently has no business operations. Total income for the quarter stood at around Rs 250 lakhs (standalone), with profit before tax of Rs 1,530 lakhs driven largely by other income and write-backs, including a Rs 408.20 lakhs reversal of excess minimum wage provisions. The company is now essentially a cash shell with ~Rs 3,251.64 lakhs in cash and bank balances, and management is evaluating corporate restructuring options. The board appointed Mr. Bidesh Chandra Paul as Whole-time Director & KMP for a 3-year term effective Feb 6, 2026, and approved the re-appointment of Ms. Shailaja Chandra as Independent Director for a second 5-year term from March 10, 2026, subject to shareholder approval. Additionally, the long-pending Malar Open Offer by IHH Healthcare Berhad was completed on November 10, 2025, with the offer price revised downward from the original Rs 60.10 to Rs 17.60 per share.
With no active operations, the stock is effectively a restructuring play—shareholders should watch for the outcome of the corporate restructuring plan and the resolution of pending medico-legal, VAT, GST, and income tax cases. The completion of the open offer at Rs 17.60/share (well below the original Rs 60.10) and the absence of business activity limit near-term earnings visibility.