Relevant Disclosure is attached
Awaiting price reaction for this filing.
Fortis Healthcare reported consolidated revenue of INR 2,007 Cr in Q4 FY25, up 12.4% YoY, with operating EBITDA at INR 435 Cr (margin 21.7% vs 21.3%). For full year FY25, revenue grew 12.9% to INR 7,783 Cr and operating EBITDA jumped 25.3% to INR 1,588 Cr, with margin expanding to 20.4% from 18.4%. Hospital business revenues grew 14.8% YoY to INR 6,528 Cr with EBITDA margin improving to 20.5% (from 18.6%), aided by 9% rise in ARPOB and occupancy moving to 69%. Diagnostics business EBITDA margin improved to 19.8% (from 17.3%). The Board recommended a dividend of INR 1 per share. Key strategic actions: acquisition of perpetual 'Fortis' brand rights for INR 200 Cr, consolidation of Agilus stake to 89.2% by buying 31.5% from PE investors, and signing definitive agreements to acquire Shrimann Superspecialty Hospital in Jalandhar (270 beds, potential 450+). Net debt rose to INR 1,694 Cr (Net Debt/EBITDA 0.93x vs 0.17x) due to the Agilus stake acquisition.
Strong FY25 performance with margin expansion and robust growth in hospital business should be viewed positively by investors. The increased debt from the Agilus acquisition raises leverage to 0.93x but remains comfortable. The brand acquisition, Jalandhar expansion, and 2,000-bed capacity addition pipeline over FY26-FY29 signal sustained inorganic and organic growth focus.