FORTIS
Mid CapFortis Healthcare Limited
Pharma
Fortis Healthcare Limited is a leading integrated healthcare delivery service provider in India, operating 36 facilities across 12 states. The company's network comprises ~6,100 operational beds and over 400 diagnostics labs, with verticals including hospitals, diagnostics, and day care specialty facilities.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +18% YoY · PAT +44% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,365 Cr | +17.8% | +4.4% |
| EBITDA | ₹532 Cr | +22.3% | +5.1% |
| Operating margin | 23.0% | +100 bps | +100 bps |
| PAT | ₹271 Cr | +44.1% | +37.6% |
| PAT margin | 11.5% | +209 bps | +276 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Fortis Healthcare reported strong Q4 FY26 and FY26 results with consolidated revenues up 17.8% and 17.3% YoY, respectively. Operating EBITDA margins expanded to 22.5% in Q4 and 22.8% for FY26, driven by hospital business growth and diagnostics margin improvement.
Fortis Healthcare demonstrated robust financial performance with significant revenue growth and margin expansion across both hospital and diagnostics segments. Strategic acquisitions and brownfield expansions are driving network growth, though this has led to an increase in net debt. The company's focus on high-growth specialties and digital channels is yielding positive results.
Hospital Revenue by Specialty (FY26)
Latest issuer-disclosed distribution across 11 reported categories.
Increase in Occupied Beds
Hospital business revenue growth was driven by a 15% increase in occupied beds in FY26 compared to FY25.
Growth in Focus Specialties
Top 6 specialties (Cardiac, Orthopedics, Neurology, Gastroenterology, Oncology, Renal Sciences) grew 18.9% over FY25 and contributed ~62% to overall hospital revenues.
International Patient Revenues
International Patient revenues grew 18.5% to INR 639 Cr in FY26 vs INR 539 Cr in FY25, contributing 7.8% to hospital revenues.
Digital Channels
Revenues from digital channels witnessed a 18.8% YoY growth in FY26, contributing 29.5% to overall hospital revenues.
Acquisition of People Tree Hospital
Acquired 125-bedded People Tree Hospital in Yeshwanthpur, Bengaluru, for INR 430 Cr, with expansion potential to over 300 beds.
Acquisition of Shrimann Hospital
Consummated the acquisition of Shrimann Hospital in Jalandhar, Punjab, adding 228 beds to its network.
Long-Term Lease for Greater Noida Hospital
Signed a 15-year lease agreement for a ~200-bedded multi-specialty hospital in Greater Noida, with expansion potential to ~250 beds.
Planned Capacity Addition
Planned capacity addition of ~1,800 beds from FY27 to FY30, excluding any future inorganic growth opportunities.
Increasing Demand for Specialized Procedures
Key procedure volumes across Radiation Therapy and Robotic Surgeries increased by 19% and 66% YoY for FY26.
Network Expansion Strategy
Continuing with its network expansion strategy, primarily the addition of new customer touch points (CTPs); total CTPs as on 31st March 2026 stood at 4,445.
Growth in Preventive Diagnostics
Revenues from the preventive portfolio grew 21% and increased their contribution to overall diagnostics revenues from 11% in FY25 to 13% in FY26.
Increased Net Debt
The company’s net debt as of 31st March 2026 stood at INR 2,334 Cr with a Net Debt to EBITDA of 1.09x vs 0.93x as on 31st March 2025.
Exceptional Losses
FY26 PAT includes exceptional net loss of INR 55.2 Cr, primarily due to one-time impact of New Labour Codes.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The healthcare business, particularly hospitals, often exhibits seasonal patterns, making year-over-year comparisons more indicative of underlying performance trends and growth drivers for both quarterly and annual results.
Consolidated Revenue Growth
Consolidated Revenues at INR 9,128 Cr, up 17.3% YoY for FY26.
Consolidated Operating EBITDA Margin
Operating EBITDA margins at 22.8% for FY26, up from 20.4% in FY25.
Hospital Business Revenue Growth
Revenue growth in the hospital business was 19.1% YoY for FY26, reaching INR 7,773 Cr.
Hospital Business Operating EBITDA Margin
Hospital Business Operating EBITDA Margin was 22.2% for FY26, up from 20.5% in FY25.
Steady Business Performance
MD and CEO stated, 'We have witnessed a steady business performance in Q4 enabling us to end the year on a healthy note.'
Investment Momentum Maintained
Management noted, 'We have maintained our investment momentum in augmenting medical equipment and technology, adding to our clinical depth and expanding key medical programs.'
Network Expansion via Acquisitions and Brownfield
Management shared, 'The year gone by has seen network expansion in our key geographies through brownfield initiatives and acquisitions.'
Evaluation of Inorganic Growth Opportunities
Management stated, 'We continue to progress on our brownfield expansion plans and actively evaluate further inorganic growth opportunities within our focus geographic clusters.'
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to EBITDA | 1.09x (FY26) | Further increases in debt leverage as the company pursues inorganic growth and capacity expansion. |
| Hospital Occupancy | 68% (FY26) | Improvement in occupancy rates, especially in newly added or expanded facilities, to drive operating leverage. |
| Diagnostics Customer Touch Points (CTPs) | 4,445 (as of March 31, 2026) | Continued expansion of CTPs and growth in test volumes to sustain diagnostics segment momentum. |
| Planned Bed Additions | ~1,800 beds (FY27-FY30) | Timely commissioning and ramp-up of operational beds from planned brownfield and potential inorganic growth opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +7.4% / mo
Technical chart
FORTISweekly · 1Y+31.3%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 63.
- SMA20 rising (~6.9% over last month) — short-term momentum positive.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 33% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -70.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 82nd percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 82nd pctile, median 70 · Mid: 63rd pctile, median 76
113 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.1%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 70.70
- P/B
- 7.56
- EV/EBITDA
- 38.43
- Market Cap
- 74809.00Cr
Profitability
- ROE
- 11.30%
- ROCE
- 13.50%
- ROA
- 6.66%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 64.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 5.06×
- Altman Z
- 7.92
- Book Value
- 131.00
Cash Flow
- FCF Yield
- 0.08%
- FCF Positive Y
- 10/5
- OCF
- 1601.00 Cr
- EPS TTM
- 13.80
Shareholding
- Promoter Hold
- 31.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.