StrengthTalking point
Profit outpacing revenue
Profit grew 31.5% while revenue grew 17.3%, so the company kept more of each rupee of revenue as profit.
Importance 63 / 95 · growth
Fortis Healthcare · Research view
Fortis Healthcare Ltd
NSE: FORTISBSE: 532843ISIN INE061F01013Face value ₹10consolidated
₹786
+2.30% · 2026-10-01 · 52-wk ₹768–₹1,098
Financials to FY2026 · 7 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Margins at a multi-year high
EBITDA margin of 23.4% is the widest in 6 years (prior range 11.2% to 21.3%).
Importance 53 / 95 · profitability
Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.51×).
Importance 50 / 95 · cash quality
Section 03 · The company
Who is this company?
Classified by the exchange under Healthcare › Healthcare › Healthcare Services › Hospital.
- Market cap
- ₹59,332 cr
- FY2026 revenue
- ₹9,128 cr
- FY2026 net profit
- ₹1,064 cr
- Net worth
- ₹10,169 cr
- Total debt
- ₹2,873 cr
- EPS (basic)
- ₹13.80
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 3 hospital.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 31.5% while revenue grew 17.3%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +12.0%over 6 years
- Revenue growth
- +17.3%vs last year
- Net profit growth
- +31.5%vs last year
- Change in net profit since FY20
- +1063%
Net profit grew 31.5% year on year (FY2025 → FY2026).
Revenue grew 17.3% year on year (FY2025 → FY2026).
Revenue has compounded at 12.0% a year over 6 years (₹4,632 → ₹9,128) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹2,545 cr, up 17.5% from ₹2,167 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 revenue of ₹2,545 cr is the highest of the 15 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
Concern
Q1 FY27 EBITDA margin was 21.7%, down 1.68 percentage points from 23.4% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 1,988 | — | 193 | — | 9.7% |
| Q3 FY25 | 1,928 | +14.8% | 254 | +89.5% | 13.2% |
| Q4 FY25 | 2,007 | +12.4% | 188 | −7.4% | 9.4% |
| Q1 FY26 | 2,167 | +16.6% | 267 | +53.3% | 12.3% |
| Q2 FY26 | 2,331 | +17.3% | 329 | +70.3% | 14.1% |
| Q3 FY26 | 2,265 | +17.5% | 197 | −22.4% | 8.7% |
| Q4 FY26 | 2,365 | +17.8% | 271 | +44.2% | 11.5% |
| Q1 FY27 | 2,545 | +17.5% | 273 | +2.3% | 10.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹9,506 crTTM
- EBITDA
- ₹2,181 crTTM
- EBIT
- ₹1,711 crTTM
- PBT
- ₹1,361 crTTM
- Net profit
- ₹1,070 crTTM
C. Corporate actions
24 Jul 2026DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
25 Jul 2025DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
24 Jul 2024DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
20 Jul 2023DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Aug 2009Rights issueRight Issue of Equity Shares with Warrants
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
EBITDA margin of 23.4% is the widest in 6 years (prior range 11.2% to 21.3%).
Rule MARGIN_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 23.4%
- 7-year range
- 11.2–23.4%
- ROE FY2026
- 11.0%
- ROCE FY2026
- 13.7%
ROE improved from 9.1% to 11.0% year on year.
EBITDA margin improved from 21.3% to 23.4% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 1.51×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹2,873 cr
- Operating cash flow ÷ net profit
- 1.51×FY2026
- Free cash flow
- ₹673 cr
- Current ratio
- 0.86×
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 3 hospital (FY2026, consolidated).
Revenue growth
FORTIS · 2nd of 3 · set median 17.3%
EBITDA margin
FORTIS · 2nd of 3 · set median 23.4%
Return on equity
FORTIS · 3rd of 3 · set median 14.3%
P/E ratio
FORTIS · 2nd of 3 · set median 55.4×
Context
Trades at 5.83× book — 32% below the hospital median of 8.56×.
Rule PB_BELOW_PEERS
- P / E
- 55.4×TTM to Jun 26
- P / B
- 5.8×latest book
- P / S
- 6.2×TTM sales
- Earnings yield
- 1.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 55.8× · P/S 6.5× · ROE 11.0%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 63.4% a year while the stock returned 24.2% a year — but FY2021 profit (₹91) was well below the through-cycle level (~₹718), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −20.6%
- 3-year return
- +131.2%
- 5-year return
- +195.8%
- From 52-wk high
- −28.4%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹905
- vs 200-day avg
- Below₹910
- RSI (14)
- 27.6oversold
- MACD histogram
- -10.7
- From 52-wk high
- −28.4%
- From 52-wk low
- +2.3%
- 30-day volatility
- 29.5%ann.
- 6-month return
- −1.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
- Cash-flow-statement facts are unavailable for FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for a rights issue (ex-date 2009-08-18) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,632 | 4,030 | 5,718 | 6,298 | 6,893 | 7,783 | 9,128 |
| Total income | 4,685 | 4,077 | 5,745 | 6,359 | 6,931 | 7,850 | 9,179 |
| EBITDA | 662 | 451 | 1,096 | 1,163 | 1,306 | 1,655 | 2,136 |
| Profit before tax | 227 | −4 | 964 | 792 | 848 | 996 | 1,350 |
| Net profit | 91 | −56 | 790 | 633 | 645 | 809 | 1,064 |
| EPS (₹) | 0.8 | −0.7 | 7.3 | 7.8 | 7.9 | 10.3 | 13.8 |
| Net worth | 7,206 | 6,718 | 7,008 | 8,100 | 8,556 | 9,169 | 10,169 |
| Total debt | 1,529 | 1,407 | 1,255 | 926 | 858 | 2,475 | 2,873 |
| Operating cash flow | — | 486 | 865 | 822 | 1,100 | 1,424 | 1,602 |
| Free cash flow | — | 267 | 750 | 397 | 172 | 617 | 673 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Revenue growth YoY | — | -13.0 | 41.9 | 10.1 | 9.5 | 12.9 | 17.3 |
| Profit growth YoY | — | — | — | -19.9 | 1.9 | 25.4 | 31.5 |
| Profitability | |||||||
| EBITDA margin % | 14.3 | 11.2 | 19.2 | 18.5 | 18.9 | 21.3 | 23.4 |
| Net margin % | 2.0 | -1.4 | 13.8 | 10.0 | 9.3 | 10.3 | 11.6 |
| Return on equity % | 1.3 | -0.8 | 11.5 | 8.4 | 7.7 | 9.1 | 11.0 |
| Return on capital % | 4.2 | 1.9 | 9.7 | 9.8 | 10.4 | 12.1 | 13.7 |
| Leverage & cash | |||||||
| Debt to equity | 0.21 | 0.21 | 0.18 | 0.11 | 0.10 | 0.27 | 0.28 |
| Cash flow ÷ profit | — | — | 1.10 | 1.30 | 1.70 | 1.76 | 1.51 |
| Current ratio | 0.62 | 1.25 | 1.32 | 1.39 | 0.69 | 1.35 | 0.86 |