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Fortis Healthcare Ltd
NSE: FORTIS BSE: 532843 INE061F01013 Healthcare Healthcare Services 🔎 Screen
NIFTY 200 NIFTY 500 Midcap 50 Midcap 100 Midcap 150 Infra +1 more
₹70,166 Cr
Market Cap
66.7
P/E
3.53
PEG
13.5%
ROCE
11.3%
ROE
0.35
D/E
23.0%
OPM
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

FHL was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Nepal, Dubai and Sri Lanka with 36 healthcare facilities with approximately 4,000 operational beds. Company controls its diagnostics business through its 57% owned subsidiary SRL Limited. It is amongst the largest private diagnostics chains. It has a presence in over 600 cities and towns, with an established strength of 415 laboratories, 8,200 direct clients and 1,400 Collection Centers.

✓ Strengths 1
  • Company has delivered good profit growth of 64.4% CAGR over last 5 years
! Concerns

No concerns data yet.

Key Ratios Snapshot
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📈 Growth Pattern
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Mixed quarter: Revenue grew 17.8% YoY, but underlying operating EBITDA margin (excluding one-offs) dropped to 20.1% from 23.4% in Q4FY25, weighed by one-off brand fee write-back and rebranding costs; reported margin expanded to 22.5%. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹2,365 Cr
+17.8% YoY
EBITDA Margin
22.5%
+80bps YoY (reported); underlying ex-one-offs 20.1% vs 23.4%
PAT
₹271 Cr
+44.2% YoY (reported); excl. exceptional ₹284 Cr
Occupancy
68%
Down 1ppt YoY; occupied beds up 17%
What Went Right
  • Hospital revenue grew 19% YoY to ₹2,023 Cr, driven by a 17% increase in occupied beds.
  • Diagnostics revenue up 11.1% to ₹387 Cr, with EBITDA margin expanding 400bps to 22.0%.
  • Top 6 specialties grew 18.1% YoY, contributing 62% of hospital revenue.
  • Full year FY26 operating EBITDA margin improved 240bps to 22.8% (consolidated).
  • PAT (excl. exceptional) up 17.4% YoY to ₹284 Cr.
What to Watch
  • Occupancy declined from 69% to 68% in Q4, despite bed additions.
  • Underlying operating EBITDA margin for Q4 (excl. one-offs) fell to 20.1% from 23.4% in Q4FY25, signaling cost pressures.
  • Consolidated net debt increased to ₹2,334 Cr from ₹1,694 Cr in Mar'25, with net debt/EBITDA rising to 1.09x from 0.93x.
  • Exceptional items in PAT were attributed to impairment of an associate (₹12.5 Cr in Q4).
  • Hospital business ARPOB growth was only 2.0% YoY, indicating limited pricing power.
Investor Lens
Fortis continues to benefit from volume growth in hospital and margin recovery in diagnostics, but near-term earnings quality is mixed with one-offs and occupancy dip. The acquisition of People Tree and Shrimann hospitals added beds but also increased debt. Key to watch is occupancy ramp-up in new facilities and whether underlying margins can improve without one-off benefits. The guidance is missing, so focus on operational metrics: occupied bed growth, ARPOB trajectory, and diagnostics margin sustainability. Overall, the long-term thesis remains intact given the 19% hospital revenue growth and 22.2% hospital EBITDA margin, but the Q4 margin weakness and debt increase warrant caution.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Revenue up 17.8% YoY, PAT jumps 44% driven by margin expansion.
Revenue
Revenue for Mar 2026 quarter was ₹2,365 Cr, up 17.8% YoY from ₹2,009 Cr and 4.4% QoQ from ₹2,266 Cr. The growth indicates robust operational performance.
Profitability
Net Profit rose 44.1% YoY to ₹271 Cr, with EPS improving from ₹2.44 to ₹3.52. PBT stood at ₹324 Cr, benefiting from lower tax rate of 16%.
Margins
Operating Profit Margin improved to 23% from 22% a year ago and remained steady vs previous quarter. Operating Profit grew 22.3% YoY to ₹532 Cr, outpacing revenue growth.
Cash Flow
No cash flow data provided for this quarter to assess quality vs PAT.
Balance Sheet
Borrowings stood at ₹3,473 Cr against reserves of ₹9,141 Cr, resulting in a low D/E ratio of 0.29. Total assets were ₹15,966 Cr, indicating a strong capital structure.
Key Risks
PE of 72.7x suggests high expectations. ROE of 10.1% and ROCE of 12% are modest. Interest cost of ₹84 Cr and negative other income of ₹2 Cr warrant monitoring.
Outlook
Consistent margin expansion and strong YoY growth signal improving operational efficiency. However, valuation remains elevated; sustained earnings momentum is key.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q2FY26 Q3FY26 Trend
Diagnostic
400
EBIT 75
371
EBIT 55
Healthcare
1,974
EBIT 376
1,938
EBIT 330
Inter segment
0
EBIT 0
0
EBIT 0
Total 2,373 2,309

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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