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 ₹10standalone
₹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
- ₹1,793 cr
- FY2026 net profit
- ₹230 cr
- Net worth
- ₹9,229 cr
- Total debt
- ₹1,971 cr
- EPS (basic)
- ₹3.05
- 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
- +16.9%over 6 years
- Revenue growth
- +24.0%vs last year
- Net profit growth
- +261.1%vs last year
- Change in net profit since FY20
- −55%
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
- 31.4%
- 7-year range
- 26.8–143.4%
- ROE FY2026
- 2.5%
- ROCE FY2026
- 4.0%
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
- ₹1,971 cr
- Operating cash flow ÷ net profit
- 0.50×FY2026
- Free cash flow
- ₹−190 cr
- Current ratio
- 0.33×
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 | 702 | 633 | 863 | 1,053 | 1,181 | 1,446 | 1,793 |
| Total income | 1,640 | 825 | 997 | 1,203 | 1,324 | 1,644 | 1,958 |
| EBITDA | 1,006 | 220 | 250 | 283 | 336 | 454 | 562 |
| Profit before tax | 621 | 24 | −9 | 109 | 247 | 114 | 269 |
| Net profit | 513 | 4 | −13 | 96 | 199 | 64 | 230 |
| EPS (₹) | 6.8 | 0.1 | −0.2 | 1.3 | 2.6 | 0.8 | 3.0 |
| Net worth | 8,876 | 8,882 | 8,869 | 8,964 | 9,087 | 9,074 | 9,229 |
| Total debt | 1,303 | 1,349 | 1,193 | 785 | 659 | 2,039 | 1,971 |
| Operating cash flow | — | 32 | 76 | 198 | 242 | 334 | 116 |
| Free cash flow | — | −24 | 50 | 145 | 67 | −31 | −190 |
| Ratio | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Revenue growth YoY | — | -9.8 | 36.3 | 22.1 | 12.2 | 22.4 | 24.0 |
| Profit growth YoY | — | — | — | — | 107.2 | -68.0 | 261.1 |
| Profitability | |||||||
| EBITDA margin % | 143.4 | 34.7 | 28.9 | 26.8 | 28.4 | 31.4 | 31.4 |
| Net margin % | 31.3 | 0.5 | -1.3 | 8.0 | 15.1 | 3.9 | 11.8 |
| Return on equity % | 5.8 | 0.0 | -0.1 | 1.1 | 2.2 | 0.7 | 2.5 |
| Return on capital % | 8.9 | 1.1 | 1.3 | 1.7 | 2.4 | 3.3 | 4.0 |
| Leverage & cash | |||||||
| Debt to equity | 0.15 | 0.15 | 0.13 | 0.09 | 0.07 | 0.22 | 0.21 |
| Cash flow ÷ profit | — | 7.61 | — | 2.06 | 1.21 | 5.24 | 0.50 |
| Current ratio | 0.90 | 0.94 | 1.10 | 0.88 | 1.01 | 0.49 | 0.33 |