Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · FORTIS MALAR HOSPITALS LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Following a slump sale of its hospital business to MGM Healthcare during FY24, the company has ceased all business operations and now records no revenue from operations. Management and the Board are evaluating corporate restructuring options with no visibility of commencing new operations. Statutory auditors B S R & Co. LLP issued an unmodified opinion but added an Emphasis of Matter regarding going concern. The company holds approximately Rs 3,458.24 lakh in cash and bank balances. Contingent liabilities include medico-legal claims of about Rs 649.40 lakh and VAT-related demands of about Rs 254.93 lakh. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Other income and interest. Cash shell — no active business after slump sale of hospital operations
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
86
86
59
0
0
EBITDA (ex other income)
8
5
57
(2)
(2)
margin %
8.9
5.3
96.1
—
(3083.8)
Owners' profit
0
0
0
0
0
EPS, as reported (₹)
(4.41)
(8.26)
24.18
0.21
2.21
ROE % · ROCE %
(10.3) · (1.3)
(24.1) · (0.9)
41.4 · 49.6
1.3 · 1.9
12.0 · 13.8
Debt / equity (x)
0.67
0.72
0.00
0.00
0.00
Cash from operations
7
6
(7)
2
1
Capex
(1)
0
(2)
0
0
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · FORTIS MALAR HOSPITALS LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Revenue
0
0
0
0
0
0
0
0
Profit before tax
(0)
0
0
0
4
0
0
0
Net profit
(0)
0
0
0
4
0
0
(0)
EPS (₹)
(0.03)
0.05
0.00
0.19
2.22
0.01
0.01
0.02
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: 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
1,17,168
56.1
11.75
31.0
20.1
16.6
19.0
16.2
MAX HEALTHCARE INS LTD
82,871
56.8
7.71
36.4
13.4
11.1
27.3
27.0
FORTIS HEALTHCARE LTD
57,339
54.7
5.64
28.3
10.5
9.7
17.8
22.0
NARAYANA HRUDAYALAYA LTD.
34,899
42.5
7.69
23.4
17.8
9.2
25.0
18.8
ASTER DM QUALITY CARE LTD
34,691
108.3
7.18
35.4
8.8
8.5
(11.6)
14.3
GLOBAL HEALTH LIMITED
34,481
62.0
8.65
35.0
13.9
13.5
—
23.7
KRISHNA INST OF MED SCI L
29,610
138.2
11.57
40.1
9.5
5.1
24.0
20.3
DR AGARWALS HEALTH CARE L
15,103
101.6
7.13
24.6
7.9
7.1
—
28.8
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
17.9
42.0
8 of 30
76%
P/B
2.2
5.5
4 of 24
87%
ROCE
13.8
10.9
9 of 30
72%
ROE
12.1
11.8
12 of 24
52%
Debt / Equity
0.0
0.2
1 of 24
91%
EBITDA margin
3451.6
22.0
1 of 24
100%
Profit growth
(112.5)
8.1
21 of 21
0%
Market cap
76
2462
26 of 30
14%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · FORTIS MALAR HOSPITALS LIMITED · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Board to approve September 2026 quarterly and half-year results
results
low
—
—
27 Oct 2026 · Dr Ritu Garg resigns; Dr S Narayani appointed to board
management changes
medium
—
—
27 Oct 2026 · Director resignation followed by same-day replacement
management changes
medium
—
—
8 Oct 2026 · Reg 74(5) certificate from RTA for Q2 FY27 filed with BSE
compliance
minimal
—
—
25 Sept 2026 · Trading window closed from October 1 for Q2 results
compliance
minimal
—
—
5 Aug 2026 · Q1 FY27 results published in newspapers under SEBI rule
compliance
minimal
—
—
4 Aug 2026 · Fortis Malar Q1 FY27 Results: No Business Ops, Evaluating Restructuring
results
medium
—
—
4 Aug 2026 · Q1FY27 results: company has no active business after slump sale
results
high
—
—
29 Jul 2026 · 35th AGM voting results: All 3 resolutions passed with over 99.98% approval
compliance
minimal
—
—
29 Jul 2026 · Fortis Malar Hospitals 35th AGM held via video conferencing on July 29, 2026
board shareholder meetings
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
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Why
A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
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A target price and upside
The current price and the multiples against the group
a target is a forecast; a multiple is a measurement
Estimate years marked E
More audited years; no estimates
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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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
