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Fortis Healthcare Q2 FY27 results: net profit down 2.5% to ₹320.47 crore, revenue up 17.3%
Fortis Healthcare Limited reported consolidated revenue of ₹2,735 crore in Q2 FY27, up 17.3% from Q2 FY26, while EBITDA rose 12.0% to ₹623.19 crore and net profit fell 2.5% to ₹320.47 crore. Against Q1 FY27, revenue increased 7.5%, EBITDA rose 16.0% and net profit increased 17.5%, with the EBITDA margin improving to 22.8%.
Key points
- Consolidated Q2 FY27 revenue was ₹2,735 crore, up 17.3% from ₹2,331 crore in Q2 FY26 and 7.5% from ₹2,545 crore in Q1 FY27.
- EBITDA was ₹623.19 crore, up 12.0% year on year and 16.0% sequentially; the margin was 22.8%, down 1.1 percentage points from Q2 FY26.
- Net profit was ₹320.47 crore, down 2.5% from ₹328.82 crore a year earlier but up 17.5% from ₹272.80 crore in Q1 FY27; basic EPS was ₹4.14.
- H1 FY27 revenue rose 17.4% to ₹5,279.86 crore, while PAT was ₹593.27 crore, down 0.4% from H1 FY26.
- Management said the hospital occupancy was 72% and hospital ARPP was ₹2.10 lakh, while the bed-capacity aspiration was about 12,000 beds over the next 3–5 years.
How did Fortis Healthcare perform in Q2 FY27?
Fortis Healthcare reported consolidated revenue of ₹2,735 crore for Q2 FY27, up 17.3% from ₹2,331 crore in Q2 FY26 and 7.5% from ₹2,545 crore in Q1 FY27. EBITDA rose 12.0% year on year to ₹623.19 crore and 16.0% sequentially from ₹537.12 crore; the EBITDA margin was 22.8%, compared with 23.9% in Q2 FY26 and 21.1% in Q1 FY27.
The consolidated net profit was ₹320.47 crore, down 2.5% from ₹328.82 crore in Q2 FY26 but up 17.5% from ₹272.80 crore in Q1 FY27. Profit attributable to owners was ₹312.38 crore and basic EPS was ₹4.14, compared with ₹321.92 crore and ₹4.26 in Q2 FY26. On a standalone basis, revenue was ₹519.41 crore and PAT was ₹129.91 crore, up 14.0% from the year-ago period, while PAT before the stated comparison item was ₹125.09 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,735 | 2,545 | 2,331 | +17.3% | +7.5% |
| Other income | 6.71 | 14.47 | 22.58 | −70.3% | −53.6% |
| Total expenses | 2,318 | 2,210 | 1,956 | +18.5% | +4.9% |
| EBITDA | 623.19 | 537.12 | 556.33 | +12.0% | +16.0% |
| EBITDA margin | 22.8% | 21.1% | 23.9% | −1.1 pp | +1.7 pp |
| Profit before tax | 426.25 | 358.80 | 421.72 | +1.1% | +18.8% |
| Tax | 111.84 | 90.38 | 96.58 | +15.8% | +23.7% |
| Net profit | 320.47 | 272.80 | 328.82 | −2.5% | +17.5% |
| EPS (₹) | 4.14 | 3.53 | 4.26 | −2.8% | +17.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Fortis Healthcare's costs and profit?
Total expenses rose 18.5% year on year to ₹2,318 crore from ₹1,956 crore, faster than the 17.3% rise in revenue. Employee cost increased ₹92.35 crore, or 29.2%, to ₹408.97 crore; other expenses rose ₹187.59 crore, or 20.4%, to ₹1,107 crore; depreciation increased ₹22.49 crore, or 21.2%, to ₹128.33 crore; and finance costs rose ₹3.42 crore, or 4.6%, to ₹78.30 crore.
Other income fell ₹15.87 crore, or 70.3%, to ₹6.71 crore from ₹22.58 crore. The quarter included an exceptional gain of ₹2.98 crore, compared with a ₹23.53 crore gain in Q2 FY26 and ₹9.53 crore in Q1 FY27. Tax expense rose ₹15.26 crore, or 15.8%, to ₹111.84 crore, contributing to net profit declining 2.5% even as EBITDA rose 12.0%. The company’s filing did not state a reason for the movements in the cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 408.97 | 316.62 | +92.35 | +29.2% |
| Finance costs | 78.30 | 74.88 | +3.42 | +4.6% |
| Depreciation | 128.33 | 105.84 | +22.49 | +21.2% |
| Other expenses | 1,107 | 918.93 | +187.59 | +20.4% |
| Total expenses | 2,318 | 1,956 | +362.44 | +18.5% |
| Other income | 6.71 | 22.58 | −15.87 | −70.3% |
| Tax | 111.84 | 96.58 | +15.26 | +15.8% |
| Exceptional items | +2.98 (gain) | +23.53 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue rose 17.4% to ₹5,279.86 crore from ₹4,498.16 crore in H1 FY26. Total income increased 16.9% to ₹5,301.04 crore, while PBT rose 2.0% to ₹785.05 crore from ₹769.37 crore.
H1 FY27 PAT was ₹593.27 crore, down 0.4% from ₹595.60 crore in H1 FY26, and EPS was ₹7.67 compared with ₹7.71. Management said consolidated PAT excluding exceptional items was ₹581 crore, up 3.8%, with a PAT margin of 11.0% compared with 12.4% in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,280 | 4,498 | +17.4% |
| Profit before tax | 785.05 | 769.37 | +2.0% |
| Net profit | 593.27 | 595.60 | −0.4% |
| EPS (₹) | 7.67 | 7.71 | −0.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹16,414.70 crore, up from ₹15,966.23 crore at 31 March 2026, while total equity rose to ₹10,762.15 crore from ₹10,168.51 crore. Borrowings were ₹3,164.48 crore, compared with ₹2,872.65 crore, and cash fell to ₹149.93 crore from ₹406.97 crore.
For H1 FY27, operating cash flow was ₹752.42 crore, compared with ₹675.97 crore in H1 FY26. Investing cash outflow was ₹478.03 crore against ₹986.48 crore, while financing cash flow was an outflow of ₹656.15 crore against an inflow of ₹246.01 crore. Capital expenditure was ₹375.84 crore, compared with ₹1,066.41 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 16,415 | 15,966 |
| Total equity | 10,762 | 10,169 |
| Borrowings | 3,164 | 2,873 |
| Cash and equivalents | 149.93 | 406.97 |
| Inventories | 152.55 | 135.27 |
| Trade receivables | 1,323 | 1,044 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 752.42 | 675.97 |
| Cash from investing | −478.03 | −986.48 |
| Cash from financing | −656.15 | 246.01 |
| Capital expenditure | 375.84 | 1,066 |
Source: Company's results filing (XBRL).
How has Fortis Healthcare done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. In the reported sequence, quarterly revenue moved from ₹1,928.26 crore in Q3 FY25 to a low of ₹2,007.20 crore in Q4 FY25 and a high of ₹2,734.83 crore in Q2 FY27; the latest quarter extended the increase from ₹2,545.03 crore in Q1 FY27.
Net profit reached its low of ₹188.02 crore in Q4 FY25 and its high of ₹328.82 crore in Q2 FY26. It fell to ₹197.40 crore in Q3 FY26 before recovering to ₹271.19 crore in Q4 FY26 and ₹272.80 crore in Q1 FY27, before reaching ₹320.47 crore in Q2 FY27. The EBITDA margin peaked at 23.9% in Q2 FY26 and was 22.8% in the latest quarter.
Which businesses drove the quarter?
Healthcare revenue was ₹2,340.24 crore in Q2 FY27, up 18.6% from ₹1,973.82 crore in Q2 FY26, while segment EBIT was ₹409.33 crore against ₹375.66 crore. The reported EBIT margin was 17.5%. Management said hospital occupancy was 72%, compared with 71% in Q2 FY26, and ARPP was ₹2.10 lakh against ₹1.96 lakh.
Diagnostics revenue was ₹448.22 crore and EBIT was ₹85.53 crore, with an EBIT margin of 19.1%. The filing did not provide the year-ago Diagnostics revenue or EBIT for a direct comparison. Management said Agilus gross revenue grew 12.2% to ₹448 crore from ₹400 crore, and the Diagnostics PAT margin was 15.2% against 14.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Healthcare | 2,340 | +18.6% | 409.33 | 17.5% |
| Diagnostics | 448.22 | 85.53 | 19.1% | |
| Inter Segment | 0 | 0 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 5 November 2026. The filing included a limited review report from the statutory auditor and a certificate confirming compliance with applicable financial covenants.
A prior intimation said the board would also consider changes to the rights and terms of 1,55,000 listed, senior, unsecured, rated, redeemable non-convertible debentures, including the date of interest. The same filing stated that the trading window would remain closed until 48 hours after the results declaration. The same-day filings did not announce a dividend, fund raise or appointment.
What did Fortis Healthcare's management say?
Management said revenue growth was led by hospital revenue of 18.6% and Agilus gross revenue growth of 12.2%. It highlighted hospital occupancy of 72% and ARPP of ₹2.10 lakh, while noting that profit growth was slower than revenue growth and that consolidated PAT margin fell to 11.6% in Q2 FY27 from 13.1% and to 11.0% in H1 FY27 from 12.4%.
Management said Fortis has an aspiration to reach about 12,000 beds over the next 3–5 years, including about 1,900 brownfield beds, about 1,600 inorganic opportunities and about 2,200 O&M expansion beds. It said the 400-plus-bed SLJ hospital in Ashok Vihar, New Delhi, is expected to commence operations in 3–4 years, subject to approvals and phased development.
Management said the Suguna Hospital acquisition involved an all-cash deal for about ₹277 crore for a 110-bed facility in Rajajinagar, Bengaluru, with potential to expand to about 150 beds. It also identified lower profit conversion, ESOP expense, facilities below 10% operating EBITDA margin and execution of the bed-expansion plan as risks. The presentation stated that Yeshwanthpur and Greater Noida had 276 operational beds, 54% occupancy and 2.7% of revenue.
How did other Hospital companies do?
Fifteen Hospital companies were compared for the quarter, with a median revenue growth of 20.8%. Six peers grew more slowly than Fortis Healthcare, while nine grew faster. Among the 13 peers for which profit was compared, 10 reported higher profit.
| Fortis Healthcare revenue growth (YoY) | +17.3% |
|---|---|
| Median of 15 other Hospital companies | +20.8% |
| Companies with slower revenue growth than Fortis Healthcare | 6 of 15 |
| Companies with faster revenue growth than Fortis Healthcare | 9 of 15 |
| Companies whose net profit rose | 10 of 13 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Fortis Healthcare's revenue in Q2 FY27?
Revenue from operations was ₹2,735 crore, up 17.3% from ₹2,331 crore in Q2 FY26 (consolidated).
Did Fortis Healthcare make a profit in Q2 FY27?
Yes. Net profit was ₹320.47 crore, against a net profit of ₹328.82 crore in Q2 FY26.
What was Fortis Healthcare's EPS in Q2 FY27?
Basic earnings per share were ₹4.14, against ₹4.26 in Q2 FY26.
When did Fortis Healthcare announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Un-Audited Financial Results And Other Matters (BSE, 29 October 2026) · PDF
- Outcome Of Board Meeting (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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