FORTIS

Fortis Healthcare share price & financials

Price
₹952.45
Market cap
₹69.9k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Fortis Healthcare Limited Q1 FY27

Consolidated Revenue ₹2,545 cr +18%Consolidated PAT ₹263 cr +4%Net Debt ₹2,233 cr

What went well

  • Consolidated revenue grew 17.5% YoY to INR 2,545 crores, demonstrating strong top-line performance.
  • Diagnostic business EBITDA margin improved to 23.9% from 23.0% in Q1 FY26, driven by productivity and richer test mix.
  • Occupied beds in hospitals increased by 17% to 3,418, and ARPOB grew 2.6% to INR 2.71 crores per annum.

What to watch

  • Consolidated operating EBITDA margin slightly declined to 22.3% from 22.6% in Q1 FY26 (though similar at 22% excluding acquisitions), partly due to new facility ramp-ups and legal costs.
  • Net debt to EBITDA ratio increased to 1.01x from 0.92x in Q1 FY26, primarily due to acquisitions made last year.
Read the full call →

What Fortis Healthcare Limited does

Fortis Healthcare is an integrated healthcare delivery provider operating hospitals, day-care specialty facilities and, through majority-owned Agilus Diagnostics, a pathology and diagnostics chain. The hospital business earns from inpatient and outpatient care across specialties such as Cardiac Sciences, Oncology, Orthopedics, Neurosciences, Gastroenterology and Renal Sciences, treating domestic cash, TPA/insurance, government-scheme and international patients. Some hospitals are owned and operated directly while others are run under operations-and-management (O&M) or long-term lease arrangements with third-party owners. Agilus earns from diagnostic testing performed through its own labs and a wider network of customer touch points (collection centres) that feed samples into those labs.

Segments

  • Hospital Business
  • Diagnostics Business (Agilus)
Healthcare facilities
36 (including JVs and O&M facilities) across 12 states
Operational beds
~6,100 (including ~1,200 O&M beds)
Doctors on network
~7,900
Nurses (including trainees)
~9,300
NABH accredited/certified facilities
34
JCI accredited facilities
4
Founded 1996Headquarters Gurugram, Haryana, IndiaEmployees 28,000 (FY26 (as of March 31, 20) Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 6 delivered 1 missed 15 open
  • Legal & Legacy Costs missed said Q4 FY25 Promised: reduction from next year onwards Q1 FY27: Legal costs related to Delhi High Court hearings were cited as a factor impacting profitability, indicating costs have not reduced.
  • FMRI Bed Operationalization delayed said Q2 FY26 Promised: commission it by March end (Q4 FY26) Q1 FY27: Work completed, but occupancy certificate is still pending. Expected 'any time, maybe this month itself' (August 2026).
  • Hospital Margin Expansion delivered said Q4 FY25 Promised: 2% growth in the forthcoming years Q4 FY26: FY26 actual reported at 22.2% vs 20.5% in FY25, a 1.7% improvement.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.4%, net profit up 2.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,988 1,928 2,007 2,167 2,331 +17%2,265 +17%2,365 +18%2,545 +17%
EBITDA435 375 435 491 556 +28%506 +35%532 +22%537 +9%
Net profit193 254 188 267 329 +70%197 −22%271 +44%273 +2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −8.2% 1Y

₹0.8k₹0.9k₹1.0k₹1.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹967.15 on 10 Sept 2025 → ₹887.8. High ₹1,097.9 (21 Oct 2025), low ₹788.75 (2 Apr 2026).

How the price took the results

close before → close after

Q1 FY27
+3.8%
7 Aug
Q4 FY26
+1.0%
25 May
Q3 FY26
−0.1%
16 Feb
Q2 FY26
−1.8%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.2% a year over 3 years, FY23 to FY26. Operating margin widened to 22.8%.

Year endingFY23FY24FY25FY26
Revenue₹6.3k Cr₹6.9k Cr₹7.8k Cr₹9.1k Cr
Operating profit₹1.1k Cr₹1.3k Cr₹1.6k Cr₹2.1k Cr
Operating margin17.5%18.4%20.4%22.8%
Interest₹129 Cr₹131 Cr₹184 Cr₹315 Cr
Depreciation₹316 Cr₹342 Cr₹385 Cr₹449 Cr
Net profit₹632 Cr₹645 Cr₹809 Cr₹1.1k Cr
Net margin10.0%9.4%10.4%11.7%
Cash from operations₹822 Cr₹1.1k Cr₹1.4k Cr₹1.6k Cr
Free cash flow₹367 Cr₹172 Cr₹591 Cr₹673 Cr
ROCE10.0%10.0%12.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹755 Cr₹755 Cr₹755 Cr₹755 Cr₹755 Cr₹755 Cr
Reserves₹5.4k Cr₹5.4k Cr₹6.5k Cr₹6.9k Cr₹8.7k Cr₹9.1k Cr
Borrowings₹1.5k Cr₹1.3k Cr₹926 Cr₹1.2k Cr₹3.2k Cr₹3.5k Cr
Other liabilities₹3.2k Cr₹4.1k Cr₹3.9k Cr₹4.2k Cr₹2.4k Cr₹2.5k Cr
Total liabilities₹10.9k Cr₹11.5k Cr₹12.1k Cr₹13.0k Cr₹15.0k Cr₹15.8k Cr
Fixed assets₹8.8k Cr₹9.4k Cr₹9.4k Cr₹9.9k Cr₹11.7k Cr₹12.2k Cr
Capital work in progress₹165 Cr₹193 Cr₹228 Cr₹542 Cr₹306 Cr₹434 Cr
Investments₹186 Cr₹104 Cr₹210 Cr₹230 Cr₹220 Cr₹243 Cr
Other assets₹1.7k Cr₹1.8k Cr₹2.2k Cr₹2.3k Cr₹2.8k Cr₹2.9k Cr
Total assets₹10.9k Cr₹11.5k Cr₹12.1k Cr₹13.0k Cr₹15.0k Cr₹15.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.44 pp while FIIs trimmed −1.98 pp. The shareholder count grew 7% to 2,20,743.

Promoters
31.2%
FIIs
25.2%
DIIs
32.2%
Public
11.4%

Since Jun 2025

  • DIIs +2.44 pp
  • FIIs −1.98 pp
  • Public −0.47 pp

How it drifted, 12 quarters

Over this window DIIs went from 26.6% to 32.2% — +5.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 31.2%, FIIs 26.3%, DIIs 26.6%, Public 16.0%.Dec '23: Promoters 31.2%, FIIs 23.7%, DIIs 29.4%, Public 15.7%.Mar '24: Promoters 31.2%, FIIs 23.2%, DIIs 31.1%, Public 14.4%.Jun '24: Promoters 31.2%, FIIs 23.3%, DIIs 32.3%, Public 13.2%.Sep '24: Promoters 31.2%, FIIs 25.3%, DIIs 30.7%, Public 12.8%.Dec '24: Promoters 31.2%, FIIs 26.8%, DIIs 30.1%, Public 12.0%.Mar '25: Promoters 31.2%, FIIs 27.4%, DIIs 29.5%, Public 12.0%.Jun '25: Promoters 31.2%, FIIs 27.2%, DIIs 29.8%, Public 11.9%.Sep '25: Promoters 31.2%, FIIs 27.9%, DIIs 29.1%, Public 11.8%.Dec '25: Promoters 31.2%, FIIs 27.8%, DIIs 29.3%, Public 11.7%.Mar '26: Promoters 31.2%, FIIs 26.0%, DIIs 31.4%, Public 11.5%.Jun '26: Promoters 31.2%, FIIs 25.2%, DIIs 32.2%, Public 11.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Fortis Healthcare Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Northern Tk Venture Pte. Ltd. 31.17%unchanged
HDFC Mutual Fund - HDFC Pharma And Healthcare Fund Mutual fund6.54%newly disclosed
Kotak Mahindra Trustee Co Ltd A/C Kotak Healthcare Mutual fund5.76%newly disclosed
Rekha Jhunjhunwala 4.02%unchanged
Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund Mutual fund2.94%+0.13 pp
Nippon Life India Trustee Ltd-A/C Nippon India Nif Mutual fund2.50%+0.07 pp
SBI Life Insurance Co. Ltd Insurer1.73%+0.16 pp
Amansa Holdings Private Limited FPI fund1.61%unchanged
DSP Nifty Midcap 150 ETF Mutual fund1.44%newly disclosed
Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Mutual fund1.24%unchanged
HDFC Life Insurance Company Limited Insurer1.22%newly disclosed
Axis Bank Limited Bank1.19%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in FORTIS

Filings to Aug 2026

8 new, 11 added, 4 trimmed, 1 sold out — net +76.34 L shares (+19.9%).

Held by funds
₹4.2k Cr
31 schemes
Biggest holder
Nippon India Growth Mid Cap Fund
₹1.4k Cr · 2.6% of that fund
SchemeHoldingLast month
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹1.4k Cr+13.55 L
HDFC Small Cap Fund HDFC Mutual Fund₹829 Cr−6.70 L
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹447 Crheld
SBI Healthcare Opportunities Fund SBI Mutual Fund₹163 Cr+3.00 L
SBI ELSS Tax Saver Fund SBI Mutual Fund₹158 Crnew
SBI Midcap Fund SBI Mutual Fund₹152 Crnew
SBI Dividend Yield Fund SBI Mutual Fund₹136 Crnew
Nippon India Pharma Fund Nippon India Mutual Fund₹122 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

11 added, 4 trimmed — net +76.34 L shares (+19.9%)

Funds are sitting on
+94%
vs est. average cost
Held by funds
₹4.2k Cr
31 schemes · ≈ 6.3% of the company
Biggest holder
Nippon India Growth Mid Cap Fund
₹1.4k Cr · 2.6% of that fund

Shares held by these funds −11%

Aug '23 3.76 cr shares Jul '26

What the price assumes

Expensive

To justify its price of ₹888, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹536 — downside of 40%.

Growth the price implies
35.0% a year
for 7 years, fading to 4%
It has actually compounded at
22.7% a year
net profit, FY23–FY26 · EPS 24.7%
The gap
0.1 pp
-40% downside if it only repeats history
Price today ₹887.8 Value at the reference growth ₹536.48

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Fortis Healthcare Limited

Guides on how to read this kind of business and the numbers that matter.