Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Fortis Healthcare Ltd.
NSE: FORTISHealthcareMedical Care Facilities
- Last close
- ₹712.90
- Day change
- −₹13.75 (−1.89%)vs
- Market cap
- ₹57,169 crIndian rupees
- Research updated
- 1 report
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About Fortis Healthcare
Fortis Healthcare Ltd. operates as a healthcare delivery service provider, primarily in India. It focuses on the management and development of hospitals, offering a range of healthcare services that encompass preventive, diagnostic, and curative treatments. Fortis Healthcare Ltd. is known for its multispecialty hospitals, which are equipped with advanced medical technology and staffed with skilled professionals. The company provides services across various specialties including cardiology, orthopedics, neurology, and oncology. In addition to high-quality inpatient care, Fortis also emphasizes outpatient services, health check-ups, and teleconsultations, catering to a wide patient base. As one of India's leading healthcare companies, Fortis Healthcare plays a significant role in the country's private healthcare sector, contributing to enhanced access and quality of medical services. The organization's commitment to innovation and patient-centric care underscores its position in both the domestic and regional healthcare markets.
- Sector
- Healthcare
- Industry
- Medical Care Facilities
- Listing
- NSE: FORTIS
- Chief executive
- Dr. Ashutosh Raghuvanshi
- Employees
- 14,649
- Headquarters
- Gurugram, India
- ISIN
- INE061F01013
- Website
- fortishealthcare.com
Public research · Report of
Business model & financial foundation
Fortis Healthcare (NSE: FORTIS), Hospitals and diagnostics: revenue of ₹9,128 crore in FY26 (+17.3% on FY25), an EBITDA margin of 22.8%, net profit of ₹1,042 crore and net debt of ₹2,334 crore.
- Revenue, FY26 (₹ crore)
- 9,128
- consolidated
- Revenue growth, FY26
- +17.3%
- on FY25
- EBITDA margin, FY26
- 22.8%
- EBITDA (statutory, incl. ESOP, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,042
- to owners
- Return on equity, FY26
- 10.8%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,334
- Net debt (company reported definition)
- Market capitalisation (₹ crore)
- 67,686
- at the close of 13 Oct 2026
Company profile
Fortis operates Indian multi-specialty hospitals and owns 89.18% of Agilus Diagnostics. Hospital revenue depends on occupied beds, treatment mix and annualised revenue per occupied bed; diagnostics on patient/test volumes and yield. IHH-group hospital management contracts contribute fees rather than the managed hospitals' full revenues. Expansion combines brownfields with acquisitions.
| Item | Value |
|---|---|
| Legal name | Fortis Healthcare Limited |
| Exchange and ticker | NSE: FORTIS; BSE: 532843 |
| ISIN | INE061F01013 |
| CIN | L85110PB1996PLC045933 |
| Sector | Healthcare |
| Industry | Hospitals and diagnostics |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2024) |
| Market capitalisation | ₹67,686 crore (13 Oct 2026) |
| Shares outstanding | 75.50 crore shares (FY26) |
| Price | ₹757.3 (close, 13 Oct 2026) |
| 52-week range | ₹745.3 - ₹1,104 (to 13 Oct 2026) |
| Website | https://www.fortishealthcare.com |
Corporate structure and shareholding
Parent: IHH Healthcare Berhad via Northern TK Venture.
| Entity | Holding | Business |
|---|---|---|
| Agilus Diagnostics Limited | 89.18% | Diagnostics |
| Fortis Hospitals Limited | 100% | Hospitals |
| International Hospital Limited | 100% | Hospitals |
| Fortis Hospotel Limited | 100% | Hospitals |
| Fortis Malar Hospitals | 62.71% | Healthcare |
Gleneagles India is an IHH-group O&M contract, not acquired hospital revenue. Full legal perimeter not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 31.17% | 31.17% | 31.17% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 27.84% | 25.97% | 25.20% | |
| Domestic institutions | 29.33% | 31.35% | 32.23% | |
| of which mutual funds | 24.22% | 25.72% | 25.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Fortis Healthcare (NSE: FORTIS) runs multi-specialty hospitals in India (~85% of FY26 consolidated revenue, INR7,773cr) and owns 89.18% of Agilus Diagnostics (gross FY26 revenue INR1,527cr). Hospital revenue is fees for inpatient and outpatient services plus pharmacy and consumables used in treatment; it is set by occupied beds x ARPOB (INR251 lakh a year in FY26). Diagnostics earns on tests (40.8mn FY26) x revenue per test (INR370). IHH Healthcare (31.17% promoter, zero pledge) is the parent; Gleneagles India hospitals are managed under an O&M contract for a fee, not consolidated. Fortis controls clinical mix, pricing for cash/insurance payers and capacity; it does not control government-scheme tariffs (CGHS/ECHS/PMJAY) or drug trade-margin rules.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Hospitals / healthcare | 7,773 | 85.2% | 1,724 | 82.7% |
| Diagnostics / Agilus | 1,527 | 16.7% | 360.0 | 17.3% |
| Intersegment revenue eliminations | -171.4 | -1.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Apollo Hospitals (APOLLOHOSP) | Scaled hospital platform; pharmacy mix limits comparability |
| Max Healthcare (MAXHEALTH) | Premium urban hospitals and brownfield expansion |
| Global Health (MEDANTA) | Tertiary care with network ramp |
| Narayana Hrudayalaya (NH) | Hospital economics at lower price points; overseas mix |
| Aster DM Healthcare (ASTERDM) | Hospital consolidation; pro forma merger basis differs |
| Krishna Institute of Medical Sciences (KIMS) | Regional expansion and new-bed ramp |
| Rainbow Children's Medicare (RAINBOW) | Specialty hospital capacity benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,639 | 6,213 | 6,893 | 7,783 | 9,128 |
| Cost of revenue (vendor classification) * | 2,519 | 2,839 | 3,155 | 3,539 | 3,523 |
| Other operating costs (vendor classification) * | 941.1 | 1,060 | 1,131 | 1,261 | 3,313 |
| EBITDA (vendor classification) * | 1,101 | 1,151 | 1,293 | 1,643 | 2,116 |
| EBIT * | 1,115 | 922.1 | 966.0 | 1,162 | 1,648 |
| Finance costs (including lease interest) | 127.3 | 108.4 | 131.0 | 184.4 | 314.5 |
| Profit before tax, after associates and exceptional items | 987.8 | 813.7 | 858.0 | 1,007 | 1,366 |
| Tax expense / (credit) | 197.8 | 180.7 | 212.8 | 197.7 | 301.7 |
| Profit after tax, including non-controlling interests | 790.0 | 633.0 | 645.2 | 809.4 | 1,064 |
| Diluted earnings per share (₹) | 7.35 | 7.80 | 7.93 | 10.26 | 13.80 |
| Medical consumables and drugs consumed | 1,619 | 1,830 | 2,089 | ||
| Employee benefits expense (including ESOP) | 1,120 | 1,167 | 1,297 | ||
| Professional and consultation fees to doctors | 1,460 | 1,631 | 1,950 | ||
| Other operating expenses | 1,428 | 1,567 | 1,708 | ||
| EBITDA (statutory, incl. ESOP, excl. other income) | 1,268 | 1,588 | 2,085 | ||
| Other income | 38.3 | 66.9 | 50.7 | ||
| Depreciation and amortisation | 342.5 | 385.6 | 449.4 | ||
| Exceptional gain / (loss) | 16.0 | -89.3 | -22.2 | ||
| Share of profit / (loss) of associates and joint ventures | 9.51 | 11.5 | 16.4 | ||
| Profit attributable to non-controlling interests | 46.3 | 35.2 | 22.4 | ||
| Profit attributable to owners of the Company | 598.9 | 774.2 | 1,042 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 7,008 | 8,100 | 8,556 | 9,169 | 10,169 |
| Borrowings including current maturities, excluding leases | 1,255 | 925.7 | 1,155 | 2,195 | 2,873 |
| Cash and bank balances (confirmed liquidity components) | 143.2 | 141.1 | 235.3 | 508.0 | 543.7 |
| Trade receivables | 443.8 | 510.1 | 555.8 | 784.5 | 1,044 |
| Inventories * | 122.9 | 122.8 | 107.4 | 115.3 | 135.3 |
| Trade payables * | 660.9 | 714.3 | 727.8 | 807.6 | 943.1 |
| Net property, plant and equipment * | 1,366 | 1,489 | 1,812 | 2,230 | 2,597 |
| Capital work in progress * | 193.4 | 257.0 | 561.5 | 496.0 | 455.8 |
| Total assets * | 11,885 | 12,434 | 13,289 | 13,692 | 15,966 |
| Net debt (company reported definition) | 1,694 | 2,334 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated by operating activities | 649.5 | 716.0 | 910.7 | 1,424 | 1,601 |
| Free cash flow (vendor definition) * | 649.9 | 375.0 | 157.6 | 577.0 | 656.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -16.0 | -86.0 | -108.9 | -77.7 | |
| Payments for PPE and intangible assets | -115.3 | -441.5 | -928.0 | -846.9 | -945.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 75.50 | 75.50 | 75.50 | 75.50 | 75.50 |
| Operating EBITDA (company management measure) | 1,268 | 1,588 | 2,085 | ||
| ESOP expense included in statutory employee costs | n.r. | n.r. | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,988 | 1,928 | 2,007 | 2,167 | 2,331 | 2,265 | 2,365 | 2,545 |
| Cost of revenue (vendor classification) * | 869.7 | 867.2 | 955.6 | 975.2 | 1,033 | 1,010 | 1,020 | 1,125 |
| Other operating costs (vendor classification) * | 393.6 | 391.7 | -375.3 | 388.1 | 425.0 | 422.1 | 472.5 | 478.9 |
| EBITDA (vendor classification) * | 452.3 | 398.1 | 436.8 | 509.0 | 582.6 | 517.5 | 542.9 | 556.0 |
| EBIT * | 297.5 | 324.5 | 274.5 | 420.1 | 500.3 | 351.4 | 408.5 | 443.6 |
| Finance costs (including lease interest) | 36.4 | 45.2 | 67.6 | 69.6 | 74.9 | 85.7 | 84.3 | 80.4 |
| Profit before tax, after associates and exceptional items | 261.1 | 279.4 | 236.6 | 350.6 | 425.4 | 265.7 | 324.2 | 363.2 |
| Tax expense / (credit) | 68.0 | 25.1 | 48.5 | 83.8 | 96.6 | 68.3 | 53.0 | 90.4 |
| Profit after tax, including non-controlling interests | 193.1 | 254.3 | 188.0 | 266.8 | 328.8 | 197.4 | 271.2 | 272.8 |
| Diluted earnings per share (₹) | 2.34 | 3.28 | 2.44 | 3.45 | 4.26 | 2.57 | 3.52 | 3.53 |
| Medical consumables and drugs consumed | 460.8 | 453.5 | 463.0 | 514.1 | 539.6 | 516.1 | 518.9 | 572.9 |
| Employee benefits expense (including ESOP) | 290.3 | 294.2 | 287.3 | 312.8 | 316.6 | 327.6 | 339.7 | 404.4 |
| Professional and consultation fees to doctors | 408.8 | 413.8 | 414.5 | 461.1 | 493.9 | 493.5 | 501.3 | 551.7 |
| Other operating expenses | 393.6 | 391.7 | 406.9 | 388.1 | 425.0 | 422.1 | 472.5 | 478.9 |
| EBITDA (statutory, incl. ESOP, excl. other income) | 434.8 | 375.1 | 435.5 | 490.7 | 556.3 | 505.7 | 532.3 | 537.1 |
| Other income | 13.2 | 20.9 | 19.8 | 15.4 | 22.6 | 8.29 | 4.39 | 14.5 |
| Depreciation and amortisation | 95.1 | 97.3 | 102.2 | 101.5 | 105.8 | 120.1 | 122.0 | 121.9 |
| Exceptional gain / (loss) | -59.8 | 23.8 | -53.6 | 12.6 | 23.5 | -45.9 | -12.5 | 9.53 |
| Share of profit / (loss) of associates and joint ventures | 4.23 | 2.06 | 4.64 | 2.92 | 3.68 | 3.53 | 6.22 | 4.38 |
| Profit attributable to non-controlling interests | 16.6 | 6.40 | 4.13 | 6.50 | 6.90 | 3.67 | 5.34 | 6.41 |
| Profit attributable to owners of the Company | 176.5 | 247.9 | 183.9 | 260.3 | 321.9 | 193.7 | 265.9 | 266.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 42.3% | 10.2% | 10.9% | 12.9% | 17.3% |
| EBITDA margin | 18.4% | 20.4% | 22.8% | ||
| Net margin | 8.7% | 9.9% | 11.4% | ||
| Return on equity | 7.2% | 8.7% | 10.8% | ||
| Return on capital employed | 13.5% | 10.7% | 10.3% | 11.0% | 13.5% |
| Return on assets | 4.7% | 5.7% | 7.0% | ||
| Net debt (₹ crore) | 1,694 | 2,334 | |||
| Net debt / EBITDA | 1.07x | 1.12x | |||
| Interest cover | 8.76x | 8.51x | 7.38x | 6.30x | 5.24x |
| Asset turnover | 0.49x | 0.51x | 0.54x | 0.58x | 0.62x |
| Receivable days | 29 | 30 | 29 | 37 | 42 |
| Inventory days (on revenue) | 8 | 7 | 6 | 5 | 5 |
| Payable days (on revenue) | 43 | 42 | 39 | 38 | 38 |
| Cash conversion | 1.52x | 1.84x | 1.54x | ||
| Capex intensity | 2.0% | 7.1% | 13.5% | 10.9% | 10.4% |
| Free cash flow (₹ crore) | 534.3 | 274.4 | -17.3 | 577.0 | 656.0 |
| Dividend payout | 14.4% | 14.1% | 7.5% | ||
| EPS, diluted (₹) | 7.35 | 7.80 | 7.93 | 10.26 | 13.80 |
| Book value per share (₹) | 92.83 | 107.3 | 113.3 | 121.5 | 134.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (statutory, incl. ESOP, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company reported definition); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (statutory, incl. ESOP, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Fortis Healthcare includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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