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Fortis Healthcare Ltd

FORTIS NSE

Key Fundamentals

MidcapHospitalsHealthcare Services
Market Cap
₹69,230 Cr
Volatility
Moderate
P/E Ratio
66.04
EBITDA
₹2,136 Cr
Return on Equity
10.47%
Debt to Equity
0.35
Book Value
₹131.07
EPS
₹8.5
52W High
₹1,104.3
52W Low
₹766.8

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY15–FY26.

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Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 64.3% CAGR over last 5 years

Weaknesses

2
  • Stock is trading at 6.93 times its book value
  • Company has a low return on equity of 9.87% over last 3 years.

Growth Rate

Revenue Growth
16.93% ↗
Net Income Growth
31.48% ↗
Cash Flow Change
12.47% ↗
ROE
18.57% ↗
ROCE
23.02% ↗
EBITDA Margin (Avg.)
10.39% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Fortis Healthcare is a large-cap hospital chain with a market cap of ~₹67,282 Cr trading at a PE of 62.5x and 6.76x book value. The company delivered FY26 consolidated revenue of ₹9,128 Cr (up 17.3% YoY) with EBITDA margins expanding to 22.8% from 20.4% in FY25, though return on equity remains modest at ~11% and the stock has declined ~5% over the past year.

Bull Case 8
  • Strong revenue growth with FY26 consolidated revenues at ₹9,128 Cr, up 17.3% YoY, continuing a 5-year sales CAGR of 18%
  • Significant EBITDA margin expansion from 20.4% in FY25 to 22.8% in FY26, reflecting operating leverage and efficiency gains
  • Exceptional long-term profit growth at 64.3% CAGR over 5 years demonstrates sustained earnings acceleration
  • Q4 FY26 PAT grew 44.2% YoY to ₹271 Cr, showing continued quarterly momentum
  • Q2 FY26 PAT surged 70.3% YoY to ₹329 Cr, indicating accelerating profitability
  • Hospital business revenues growing faster than consolidated (19.3% YoY in Q2 FY26 vs 17.3% overall), indicating strong core operations
  • 3-year stock CAGR of 42% and 10-year CAGR of 17% show long-term wealth creation track record
  • Active capacity expansion across Bengaluru, Punjab, and Delhi NCR clusters with growth in robotic surgeries and radiation therapy
Bear Case 8
  • PE ratio of 62.5x is significantly elevated for a healthcare services company with ~11% ROE, implying high growth expectations already priced in
  • Price-to-book ratio of 6.76x is expensive relative to the 3-year average ROE of only ~10%, suggesting poor capital efficiency for the valuation
  • 3-year ROE of only ~10% and last year ROE of ~11% indicate modest returns on shareholder capital despite rapid profit growth
  • Stock has declined ~5% over the past 1 year even as broader markets rallied, suggesting valuation correction underway
  • Dividend yield of just 0.11% (₹1 per share) offers negligible income return to shareholders
  • TTM profit growth of 16% is decelerating sharply from the 27% 3-year CAGR, raising sustainability concerns at current multiples
  • 10-year sales CAGR of only 8% reveals that higher recent growth rates may not be the long-term norm for the company
  • Capacity expansion across multiple clusters requires sustained capex which could pressure free cash flows and increase leverage

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 1
  • Margin pressure from new facilities Aug 6

    Q1FY27 operating EBITDA margin of 22.3% (ex-ESOP) faces pressure from ramp-up of new hospitals, with the 25% target still 2-3 percentage points away.

Positives 6
  • Strong 17.5% revenue growth in Q1 Aug 6

    Consolidated revenue reached ₹2,545 crore in Q1FY27, up 17.5% YoY, led by 19% hospital segment growth on higher occupancy and ARPOB. Diagnostics grew 10.2%.

  • 400-bed capacity expansion in FY27 Aug 7

    Fortis plans to add 400 beds over the next three quarters of FY27, including 200 from the FMRI facility, to accommodate higher patient volumes.

  • ₹252 crore Proton therapy CapEx Aug 10

    Board approved ₹252 crore capital expenditure for a Proton therapy facility at Gurgaon hospital, strengthening oncology capabilities.

  • Three new cancer hospitals planned Aug 7

    Fortis announced plans for new cancer hospitals in Faridabad, Amritsar, and Jaipur to expand its oncology footprint across northern India.

  • 25% EBITDA margin target by FY28 Aug 10

    Management reaffirmed FY27 margin guidance and targets 25% consolidated EBITDA margin by FY28 inclusive of ESOP costs, supported by new unit contributions and better collections.

  • Diagnostics 24-25% margin guided Aug 7

    Diagnostic segment guided to deliver 12-13% revenue growth and sustain 24-25% EBITDA margins over the next five years.

Neutral 3
  • AGM approves ₹1 dividend Aug 11

    30th AGM on August 11, 2026 approved ₹1 per share dividend for FY26, re-appointed directors, and ratified cost auditor fees.

  • Agilus intra-group merger approved Aug 5

    Agilus Diagnostics approved merger of wholly owned subsidiaries Agilus Pathlabs and DDRC Agilus Pathlabs into a simplified structure.

  • Q1FY27 earnings call held Aug 7

    Fortis hosted its investors and analysts conference call on August 7 to discuss unaudited results for quarter ended June 30, 2026.

TL;DR: Fortis Healthcare delivered robust 17.5% YoY revenue growth in Q1FY27 with strong hospital segment momentum, while actively investing in capacity (400 beds, Proton therapy, cancer hospitals). The key risk is near-term margin dilution from new facility ramp-ups, with EBITDA margin at 22.3% versus the 25% target. The trajectory is improving as management has a clear margin expansion roadmap through FY28, supported by occupancy gains and new unit contributions.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,657
1,770
1,680
1,786
1,859
1,988
1,928
2,007
2,167
2,331
2,265
2,365
2,545
Expenses
1,386
1,440
1,396
1,405
1,516
1,554
1,553
1,572
1,676
1,775
1,759
1,832
2,008
Operating Profit
272
330
284
381
343
435
375
435
491
556
506
532
537
OPM %
16%
19%
17%
21%
18%
22%
19%
22%
23%
24%
22%
23%
21%
Other Income
10
18
19
17
14
-42
47
-29
31
50
-34
-2
28
Interest
31
32
33
35
35
36
45
68
70
75
86
84
80
Depreciation
79
84
87
92
91
95
97
102
101
106
120
122
122
PBT
171
233
183
271
230
261
279
237
351
425
266
324
363
Tax %
27%
21%
27%
25%
24%
26%
9%
21%
24%
23%
26%
16%
25%
Net Profit
124
184
134
203
174
193
254
188
267
329
197
271
273
EPS in Rs
1.48
2.3
1.78
2.37
2.2
2.34
3.28
2.44
3.45
4.26
2.57
3.52
3.53
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,966
4,199
4,574
4,561
4,469
4,632
4,030
5,718
6,298
6,893
7,783
9,128
9,506
Expenses
3,857
4,106
4,220
4,287
4,238
4,022
3,626
4,649
5,196
5,625
6,195
7,043
7,375
Operating Profit
109
92
354
274
231
610
404
1,069
1,101
1,268
1,588
2,085
2,131
OPM %
2.8%
2.2%
8%
6%
5%
13%
10%
19%
17%
18%
20%
23%
22%
Other Income
92
299
649
-689
228
126
95
367
157
64
-11
45
42
Interest
152
133
229
258
337
205
166
147
129
131
184
314
325
Depreciation
235
225
222
239
233
292
291
301
316
342
386
449
470
PBT
-185
34
552
-912
-110
239
43
988
814
858
1,007
1,366
1,378
Tax %
2%
-24%
13%
2%
103%
62%
230%
20%
22%
25%
20%
22%
—
Net Profit
-130
42
479
-934
-224
91
-56
790
633
645
809
1,064
1,070
EPS in Rs
-3.1
0.4
8.14
-19.46
-3.96
0.77
-1.45
7.35
7.8
7.93
10.26
13.8
13.88
Div. Payout %
-1%
0%
0%
0%
0%
0%
0%
0%
13%
13%
10%
7%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
463
463
518
519
755
755
755
755
755
755
755
755
Reserves
3,585
3,998
4,626
3,543
5,846
5,906
5,365
5,423
6,487
6,908
8,162
9,141
Borrowings
1,784
1,513
2,217
1,962
2,010
1,594
1,531
1,255
926
1,155
2,475
3,473
Other Liabilities
1,760
1,257
2,227
2,455
2,875
2,781
3,216
4,082
3,921
4,153
1,985
2,465
Total Liabilities
7,592
7,232
9,588
8,479
11,486
11,036
10,866
11,516
12,089
12,971
13,377
15,833
Fixed Assets
4,218
3,642
5,419
4,992
8,477
8,802
8,799
9,416
9,426
9,874
10,424
12,230
CWIP
228
226
268
226
450
204
165
193
228
542
407
434
Investments
1,464
1,452
1,878
1,732
270
175
186
104
210
230
169
243
Other Assets
1,682
1,913
2,023
1,529
2,290
1,856
1,716
1,803
2,225
2,326
2,378
2,926
Total Assets
7,592
7,232
9,588
8,479
11,486
11,036
10,866
11,516
12,089
12,971
13,377
15,833
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
24
195
966
493
-179
172
485
865
822
1,100
1,424
1,601
Investing
213
122
-1,001
-333
-3,279
63
-131
-501
-372
-889
-780
-1,537
Financing
-304
-354
259
-672
4,257
-862
-143
-517
-471
-86
-714
164
Net Cash Flow
-66
-37
225
-513
799
-627
212
-153
-21
125
-70
228
Free Cash Flow
-181
-162
689
437
-261
35
274
750
367
172
591
673
CFO/OP
131
354
304
187
30
84
108
101
100
104
97
90
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
39
38
38
44
36
41
33
34
33
37
42
Inventory Days
25
23
23
24
22
30
29
33
31
24
23
24
Days Payable
207
218
215
279
296
226
205
178
179
164
161
165
Cash Conversion Cycle
-144
-156
-155
-217
-230
-161
-135
-112
-115
-107
-101
-99
Working Capital Days
-71
-69
-87
-113
-234
-150
-56
-35
-22
-124
-30
-34
ROCE %
0%
3%
11%
3%
6%
4%
2%
10%
10%
10%
12%
13%

Shareholding Pattern

As of Jun 2026
DIIs 32.23%
Promoters 31.17%
FIIs 25.20%
Public 9.87%
Others 1.53%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
31.17%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
26.32%
0.00%
23.24%
23.31%
25.26%
26.77%
27.40%
27.17%
27.90%
27.84%
25.97%
25.20%
DIIs
13.44%
15.20%
15.66%
15.50%
16.72%
17.44%
19.94%
20.38%
20.70%
22.16%
26.55%
29.35%
31.15%
32.31%
30.73%
30.05%
29.46%
29.79%
29.14%
29.33%
31.35%
32.23%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.96%
15.16%
15.98%
14.89%
13.96%
13.58%
12.92%
12.39%
12.05%
11.80%
11.13%
11.04%
10.82%
10.47%
10.36%
10.21%
10.22%
10.17%
10.14%
10.14%
9.96%
9.87%
Others
41.43%
38.47%
37.20%
38.44%
38.15%
37.82%
35.98%
36.06%
36.08%
34.86%
4.83%
28.44%
3.63%
2.75%
2.48%
1.81%
1.75%
1.70%
1.65%
1.53%
1.54%
1.53%
No. of Shareholders
0
1,09,889
1,44,634
1,66,743
1,54,572
1,56,881
1,60,762
1,58,455
1,37,894
1,35,047
1,31,516
1,35,664
1,57,165
1,54,260
2,04,184
2,21,750
2,18,329
2,05,373
2,20,766
2,33,156
2,26,685
2,20,743

Documents

1
Concall - May 2017 May 2017
2
Concall - Aug 2017 Aug 2017
3
Concall - Mar 2018 Mar 2018
4
Concall - Jun 2018 Jun 2018
5
Concall - Feb 2019 Feb 2019

Frequently Asked Questions about Fortis Healthcare Ltd

What does Fortis Healthcare Ltd do?
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 fa...
Where is Fortis Healthcare Ltd (FORTIS) listed?
Fortis Healthcare Ltd is listed on the Indian stock exchanges. It is listed on NSE: FORTIS and BSE: 532843. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Fortis Healthcare Ltd belong to?
Fortis Healthcare Ltd operates in the Healthcare Services sector within the Hospitals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Fortis Healthcare Ltd?
Fortis Healthcare Ltd has a market capitalisation of approximately ₹69229.66 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Fortis Healthcare Ltd?
The Price-to-Earnings (PE) ratio of Fortis Healthcare Ltd is 66.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Fortis Healthcare Ltd?
Over the past 52 weeks, Fortis Healthcare Ltd has traded between a low of ₹766.8 and a high of ₹1,104.3. This range helps investors understand the stock's price volatility and recent trading levels.
Does Fortis Healthcare Ltd pay dividends?
Yes, Fortis Healthcare Ltd has a dividend yield of 0.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Fortis Healthcare Ltd?
Fortis Healthcare Ltd has a Return on Equity (ROE) of 10.47%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Fortis Healthcare Ltd on Tapetide?
On Tapetide, you can view Fortis Healthcare Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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. [1] 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. [2]

Website fortishealthcare.com
CEO Dr. Ashutosh Raghuvanshi
Employees 12,237
Listed 2007-05-09
Face Value ₹ 10
Issued Size 75,49,58,148

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