Fortis Healthcare Ltd(FORTIS)

NSE: FORTISBSE: 532843

₹ 720-0.55%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 54,357 crWebsite: www.fortishealthcare.comUpdated: 24 Oct 2026

About

Fortis Healthcare is one of India's largest hospital and diagnostics groups, operating 36 healthcare facilities with approximately 6,100 operational beds and the Agilus Diagnostics subsidiary with 400+ laboratories and 4,400+ customer touchpoints as of FY26. IHH Healthcare is the controlling shareholder and has indicated intent to raise its stake above 50%.^[1][2][3][4]

Business segments

Healthcare (hospitals): INR 7,773 Cr revenue in FY26, 83.6% of group revenue, up 19.1% YoY; EBIT margin 17.9%.^[2][4]
Diagnostics (Agilus): INR 1,527 Cr gross revenue in FY26, 16.4% of group revenue, up 8.5% YoY; EBIT margin 15.8%.^[2][4]

Hospital network and bed capacity

36 healthcare facilities with approximately 6,100 operational beds (including ~1,200 O&M beds) as of 31 March 2026.^[1]
~800 beds added in FY26 via ~250 brownfield (Manesar, Noida, Faridabad), ~500 inorganic (People Tree Bengaluru 125 beds, Shrimann Jalandhar 228 beds, Greater Noida 200-bed lease) and Adayu mental health (36 beds).^[4]
Bengaluru cluster totals ~900 beds across seven facilities with potential to reach 1,500+ beds following People Tree acquisition.^[5]
Punjab cluster reached 965 beds after Shrimann Jalandhar acquisition (~191 beds) completed July 2025.^[6]
42,600 total employees including ~9,300 nurses and ~7,900 doctors as of FY26.^[1]

Key operating metrics

ARPOB: INR 2.71 Cr per annum in Q1FY27, up 2.6% vs INR 2.64 Cr in Q1FY26; full-year FY26 ARPOB was INR 2.51 Cr p.a., up 3.4% vs FY25.^[7][4]
Occupancy: 68.7% in Q1FY27 vs 69.0% in Q1FY26; full-year FY26 occupancy was 68%, down from 69% in FY25.^[7][4]
Occupied beds: 3,418 in Q1FY27, up 16.7% from 2,928 in Q1FY26; FY26 average was 3,270 beds, up 15% from 2,838 in FY25.^[7][4]
ALOS: 4.26 days in Q4FY26; 4.21 days for full-year FY26.^[4]
14 of 24 facilities reported operating EBITDA margin above 20% in Q1FY27, up from 13 in FY26 and 10 in FY25.^[7][4]
International patient revenue: INR 174 Cr in Q1FY27, up 13.3% YoY; INR 639 Cr for full-year FY26, up 18.5% YoY.^[7][4]

Specialty and payor mix

Top 6 focus specialties (Oncology, Neurosciences, Cardiac, Gastro, Ortho, Renal) grew 18.9% and contributed 62% of hospital revenues in FY26.^[4]
Oncology share of hospital revenues fell to 14.4% in Q1FY27 from 16.4% in Q1FY26, as ECHS/CGHS mandated a 30% MRP discount on chemotherapy drugs cut oncology revenue growth from ~23-24% to ~5%.^[7]
Robotic surgeries grew 66% YoY in FY26; radiation therapy grew 19% YoY in FY26.^[4]

Agilus Diagnostics operations

Agilus operates 400+ laboratories and 4,493 customer touchpoints as of Q1FY27, spanning 27 states and 6 union territories.^[7][1]
10.46 million tests processed in Q1FY27 vs 10.13 million in Q1FY26; 40.8 million tests in FY26, up from 39.2 million in FY25.^[7][1]
Agilus operating EBITDA margin (gross revenue basis): 23.9% in Q1FY27 vs 23.0% in Q1FY26; 23.6% for full-year FY26 vs 17.7% in FY25.^[7][4]
B2C revenue share rose to 53% in Q1FY27 from 51% in Q1FY26; specialised tests contributed 35% of revenue (vs 34%) and preventive 14% (vs 12%).^[7]
FY26 diagnostics revenue split: specialised testing 34%, routine testing 53%, wellness 13%; geographic split: South 33%, North 30%, West 20%, East 13%, international 4%.^[1]
Average realisation per test: INR 390 in Q1FY27 vs INR 387 in Q1FY26.^[7]

Accreditation and quality

Four Fortis hospitals hold JCI accreditation; 34 hospitals are NABH accredited/certified as of FY26.^[1]
Fortis Mohali secured JCI re-accreditation for the sixth consecutive time with a 97.15% compliance score across 1,125 measurable elements.^[1]
Agilus has 40+ NABL and 2 CAP accredited labs; all accredited labs transitioned to ISO 15189:2022 standards.^[1]

Expansion and capex

100 operational beds added in Q1FY27 across Noida, Amritsar and Jalandhar; 400 more beds targeted for Q2-Q4 FY27, primarily 200 from FMRI new tower.^[7]
FMRI new 200-bed tower construction complete; occupancy certificate applied for as of Q1FY27.^[7]
Board approved a proton therapy facility at FMRI Gurgaon at estimated capex of ~INR 252 Cr.^[7]
Annual capex guided at ~INR 900 Cr, with ~60% maintenance and ~40% growth capex for FY27.^[4]
~1,800 beds to be added through brownfield expansion over FY27-FY30, excluding inorganic growth.^[4]
People Tree Hospital (Yeshwanthpur, Bengaluru, 125 beds) acquired for INR 430 Cr in January 2026 including adjacent land enabling expansion to 300+ beds.^[5]

Recent developments

O&M agreement signed for a 300-bed greenfield multi-specialty hospital in Cuttack, Odisha, marking Fortis's entry into that state; no capital committed.^[7]
Da Vinci Xi robotic surgery systems installed at Faridabad and Fortis Escorts Heart Institute Okhla; orthopaedic robots added at Jalandhar and Faridabad in Q1FY27.^[7]
Net debt rose to INR 2,233 Cr (net debt/EBITDA 1.01x) as of 30 June 2026, from INR 1,869 Cr (0.92x) a year earlier, driven by Punjab and Bengaluru acquisitions and Greater Noida lease.^[7]
IHH Healthcare has indicated intent to increase its Fortis stake above 50% via ~INR 10,000 Cr fresh equity infusion; Gleneagles-Fortis merger to be pursued at an appropriate time.^[4][7]
Manesar hospital reached EBITDA-positive status within less than one year of commissioning (opened September 2024); quarterly revenue run-rate ~INR 40 Cr as of Q2FY26.^[6]

Market Cap

₹54,357 Cr

High / Low

₹1,101 / 705

Stock P/E

51.9

Price / Book

5.5

Book Value

₹131

EPS

₹13.8

No. of Shares

75.5 Cr

ROCE

13.5%

ROE

11.1%

OPM

18.4%

Debt / Equity

0.29

Sales

₹9,128 Cr

Net Profit

₹1,064 Cr

Promoter holding

31.2%

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Fortis Healthcare Ltd(FORTIS)

About

Business segments

Hospital network and bed capacity

Key operating metrics

Specialty and payor mix

Agilus Diagnostics operations

Accreditation and quality

Expansion and capex

Recent developments

Signal history

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