NSE: FORTIS · BSE: 532843
FORTIS HEALTHCARE LTD
Operates a chain of multi-specialty hospitals and a diagnostic services business under the Agilus brand. The hospital arm runs 36 facilities across 12 states with over 6,000 beds and accounted for 83.6% of FY26 segment revenue with EBIT of INR 1,393.7 cr; focus specialties made up 62% of hospital revenue and international patient revenue reached INR 639 cr. Agilus Diagnostics contributed 16.4% of segment revenue at INR 1,526.56 cr, processing roughly 10 million tests in FY26 with EBITDA margin expanding to 23.6% from 17.7%. In FY26, hospital occupancy was 68% with 3,270 occupied beds and ARPOB of INR 2.51 cr per annum. The cost structure is dominated by other operating expenses (40.1% of revenue) and employee costs (14.2%), with capex running at 10.4% of revenue. Growth is being driven by bed expansion: 1,800 brownfield beds are planned over four years, with 500+ targeted in FY27 and a new 300-bed O&M agreement signed in Cuttack. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Healthcare (84%), Diagnostics (16%). Asset-heavy hospital operator with a growing diagnostics subsidiary, expanding via brownfield beds and selective O&M deals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,718 | 6,298 | 6,893 | 7,783 | 9,128 |
| EBITDA (ex other income) | 1,384 | 1,175 | 1,284 | 1,499 | 2,063 |
| margin % | 24.2 | 18.7 | 18.6 | 19.3 | 22.6 |
| Owners' profit | 555 | 589 | 599 | 774 | 1,042 |
| EPS, as reported (₹) | 7.35 | 7.80 | 7.93 | 10.26 | 13.80 |
| ROE % · ROCE % | 11.3 · 10.5 | 7.8 · 8.3 | 7.5 · 9.7 | 8.8 · 9.8 | 10.5 · 12.0 |
| Debt / equity (x) | 0.18 | 0.11 | 0.10 | 0.27 | 0.28 |
| Cash from operations | 865 | 822 | 1,100 | 1,424 | 1,602 |
| Capex | (215) | (447) | (942) | (847) | (946) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,988 | 1,928 | 2,007 | 2,167 | 2,331 | 2,265 | 2,365 | 2,545 |
| Profit before tax | 257 | 277 | 232 | 348 | 422 | 262 | 318 | 359 |
| Net profit | 193 | 254 | 188 | 267 | 329 | 197 | 271 | 273 |
| EPS (₹) | 2.34 | 3.28 | 2.44 | 3.45 | 4.26 | 2.57 | 3.52 | 3.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Healthcare | 7,773 | 83.6 |
| Diagnostics | 387 | 4.2 |
| Diagnostic | 1,139 | 12.3 |
| Total, before eliminations | 9,299 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD ◆ | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.1 | 42.2 | 22 of 30 | 28% |
| P/B | 5.5 | 5.4 | 13 of 24 | 48% |
| ROCE | 9.8 | 10.9 | 17 of 30 | 45% |
| ROE | 10.5 | 11.8 | 15 of 24 | 39% |
| Debt / Equity | 0.3 | 0.2 | 15 of 24 | 39% |
| EBITDA margin | 22.1 | 22.0 | 12 of 24 | 52% |
| Revenue growth | 17.5 | 20.2 | 15 of 23 | 36% |
| Profit growth | 2.3 | 8.1 | 14 of 21 | 35% |
| Market cap | 55603 | 2481 | 3 of 30 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Routine compliance certificate on share dematerialization filed for Q2 FY27 | compliance | minimal | — | — |
| 12 Oct 2026 · Fortis Healthcare arm to invest in captive solar power SPV in Haryana | capex operations | medium | — | — |
| 12 Oct 2026 · Fortis Healthcare reports listed debt securities status as of September 30, 2026 | fund raising | medium | — | — |
| 29 Sept 2026 · IHH to lift Fortis stake to 51 percent, expand to 10000 beds by 2031 | investor communications | high | — | — |
| 27 Sept 2026 · Supreme Court allows forensic audit, clarifies observations are tentative | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Fortis promoter NTK files appeal in Tokyo court against Daiichi Sankyo ruling | regulatory legal | high | — | — |
| 16 Sept 2026 · Fortis signs deal to run 400 plus bed hospital in Delhi via subsidiary | business updates | high | — | — |
| 16 Sept 2026 · Fortis signs deal to provide services at 400+ bed Delhi hospital | business updates | high | — | — |
| 16 Sept 2026 · Fortis files Supreme Court appeal in Daiichi Sankyo case | general | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.