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Model Note · FORTIS HEALTHCARE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FORTIS HEALTHCARE LTD Discounted cash flow · base FY26
FORTIS HEALTHCARE LTD
Value per share, this model₹393
CMP 2026-09-10₹887.80
Difference(55.8)%
Growth the CMP implies39.1%/yr
This note states the assumptions and the arithmetic of one model of FORTIS HEALTHCARE LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
17.5% a year
FY26 17.3% · 5-yr CAGR 17.8%
EBITDA margin
22.6%
FY26 22.6% · 5-yr average 20.7%
Depreciation · capex, % of revenue
4.9% · 10.4%, fading to 1.2× depreciation
FY26 4.9% · 10.4%
Working capital, % of added revenue · tax
2.6% · 22.4%
9 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,466 · ₹0 · ₹0 cr
FY26 net debt ₹2,466 cr
Shares
75.50 crore
75.50 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
9,128
10,725
12,602
14,807
17,399
20,444
growth %
17.3
17.5
17.5
17.5
17.5
17.5
EBITDA
2,063
2,424
2,848
3,346
3,932
4,620
Depreciation
(449)
(526)
(618)
(726)
(853)
(1,002)
NOPAT
1,252
1,473
1,731
2,034
2,390
2,808
less capex
(946)
(1,115)
(1,168)
(1,205)
(1,220)
(1,202)
less working-capital build
—
(42)
(49)
(57)
(67)
(79)
Free cash flow to firm
—
842
1,131
1,497
1,955
2,528
Present value
799
967
1,153
1,357
1,581
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · FORTIS HEALTHCARE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5,857
PV of the terminal value (82% of EV)
26,259
Enterprise value
32,116
less net debt
(2,466)
less non-controlling interest
0
add non-operating investments
0
Equity value
29,650
÷ 75.50 crore shares
₹393
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
407
442
484
534
598
10.5%
371
400
434
475
525
11.0%
340
364
393
426
466
11.5%
313
334
358
386
418
12.0%
290
308
328
351
379
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
