Fortis Healthcare Limited (FORTIS)

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Fortis Healthcare Limited (FORTIS) · mywealthgrid

About

Fortis Healthcare Limited operates hospitals across India with consolidated quarterly revenue of approximately ₹2,500 Cr and a market capitalization of ₹70,139.5 Cr, positioning it as a significant player in the healthcare services industry. The company maintains both standalone and group operations, indicating a diversified portfolio within Indian healthcare.

Founded: 2001
Face value: ₹10

Market cap

₹59,268 Cr

P/E

56.6×

P/B

6.0×

Dividend yield

0.3%

ROE

11.1%

ROCE

13%

Debt / equity

0.29

OPM

22.8%

EPS (TTM)

₹13.9

Book value

₹131.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation is elevated with PE of 66.93; verify that the company's earnings growth and competitive position justify this multiple

Net profit volatility: swung from ₹197.4 Cr (Dec 2025) to ₹328.8 Cr (Sep 2025) to ₹272.8 Cr (Jun 2026); understand the sources to assess earnings quality and sustainability

ROE of 11.08% is moderate; verify whether this return is competitive with peer healthcare providers or reflects structural margin pressures

Healthcare sector faces regulatory headwinds including government scheme reimbursement caps and insurance pricing pressures; verify Fortis' revenue exposure by payer type and contractual flexibility

Generated analysis · source review pending

Growth drivers

Consolidated revenue grew 12% from ₹2,265 Cr (Dec 2025) to ₹2,545 Cr (Jun 2026); verify if sustainable or driven by temporary factors

Operating profit margin stable at 21–24% across recent quarters indicates operational leverage being captured as revenue expands

Recurring dividend declarations (Jul 2026, Jul 2025, Jul 2024, Jul 2023) demonstrate consistent cash generation; verify dividend coverage ratio

Low debt-to-equity ratio of 0.29 provides balance-sheet capacity for growth investments; verify if management has announced expansion or M&A plans

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹785.0-4.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 22.8%
+Profit CAGR of 21% over the last 3 years
+Revenue CAGR of 17.8% over the last 5 years

Cons

−Low return on equity of 9.5% (3-yr avg)

Research score

Structured signal from quality, growth, valuation and momentum.

41/100

Business quality: 45
Growth: 55
Valuation: 22

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Max Healthcare Institute LimitedMAXHEALTHMAXHEALTH	₹91,573 Cr	₹95,052 Cr	₹8,712 Cr	₹2,318 Cr	26.8%	₹1,457 Cr	17.2%	13.8%	14.3%	-110
Manipal Health Enterprises LimitedMANIPALHOSMANIPALHOS	₹91,552 Cr	₹1,02,105 Cr	₹10,336 Cr	₹2,611 Cr	25.3%	₹917 Cr	8.9%	12.5%	12.8%	38
Fortis Healthcare LimitedFORTISFORTIS	₹59,268 Cr	₹62,140 Cr	₹9,506 Cr	₹2,131 Cr	22.8%	₹1,048 Cr	11.7%	13%	11.1%	-99
Aster Dm Healthcare LimitedASTERDMASTERDM	₹36,728 Cr	₹37,429 Cr	₹4,876 Cr	₹958 Cr	19.4%	₹319 Cr	9.2%	11.9%	9.7%	-112
Global Health LimitedMEDANTAMEDANTA	₹36,498 Cr	₹37,688 Cr	₹4,683 Cr	₹979 Cr	20.8%	₹556 Cr	12.6%	16.9%	15.1%	-26
Narayana Hrudayalaya Ltd.NHNH	₹35,594 Cr	₹40,460 Cr	₹9,072 Cr	₹1,749 Cr	20.5%	₹816 Cr	10.2%	15.1%	19.7%	-181
Krishna Institute Of Medical Sciences LimitedKIMSKIMS	₹29,457 Cr	₹32,701 Cr	₹4,213 Cr	₹833 Cr	20.5%	₹205 Cr	6.2%	9.5%	11%	-50
Dr. Agarwal's Health Care LimitedAGARWALEYEAGARWALEYE	₹15,420 Cr	₹15,578 Cr	₹2,207 Cr	₹612 Cr	27.4%	₹148 Cr	8.1%	10.1%	6.8%	-76
Rainbow Childrens Medicare LimitedRAINBOWRAINBOW	₹13,003 Cr	₹13,003 Cr	₹1,820 Cr	₹575 Cr	32%	₹285 Cr	16.5%	18.2%	17.9%	-73
Park Medi World LimitedPARKHOSPSPARKHOSPS	₹11,696 Cr	₹11,924 Cr	₹1,679 Cr	₹444 Cr	26.5%	₹258 Cr	16.3%	21.4%	16.7%	-2
Healthcare Global Enterprises LimitedHCGHCG	₹9,984 Cr	₹10,895 Cr	₹2,627 Cr	₹480 Cr	18.3%	₹23 Cr	0.9%	9.1%	1.2%	-93
Yatharth Hospital & Trauma Care Services LimitedYATHARTHYATHARTH	₹9,965 Cr	₹10,218 Cr	₹1,334 Cr	₹310 Cr	24.2%	₹174 Cr	14.1%	12.3%	10%	-26

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,561	4,469	4,632	4,030	5,718	6,298	6,893	7,783	9,128
COGS	999	928	964	976	1,357	1,455	1,619	1,830	2,089
Gross profit	3,562	3,541	3,668	3,054	4,360	4,843	5,274	5,953	7,039
	3,236	2,951	3,047	2,602	3,267	3,720	3,997	4,353	4,938
	326	590	622	452	1,093	1,123	1,277	1,599	2,101
OPM %	7.2%	13.2%	13.4%	11.2%	19.1%	17.8%	18.5%	20.6%	23%
Depreciation	239	233	292	291	301	316	343	386	449
Interest	258	337	205	166	147	129	131	184	314
	-741	-130	114	48	342	135	54	-22	28
Profit before tax	-912	-110	239	43	988	814	858	1,007	1,366
Tax	23	114	148	99	198	181	213	198	302
Tax %	2.5%	103.2%	61.8%	229.8%	20%	22.2%	24.8%	19.6%	22.1%
	-934	-224	91	-56	790	633	645	809	1,064
PAT margin %	-20.5%	-5%	2%	-1.4%	13.8%	10.1%	9.4%	10.4%	11.7%
EPS (₹)	-19.5	-3.7	0.8	-1.5	7.4	7.8	7.9	10.3	13.8
EPS adjusted (₹)	—	—	—	-1.5	7.4	7.8	7.9	10.3	13.8
	—	—	0%	—	0%	12.8%	12.6%	9.7%	7.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	755	755	755	755	755	755
Reserves	5,365	5,423	6,487	6,908	8,162	9,141
Minority interest	598	830	858	893	253	273
	1,271	966	926	858	2,475	2,873
	3,166	3,911	3,407	3,874	2,047	2,925
Total equity & liabilities	11,155	11,885	12,434	13,289	13,692	15,966
	8,799	9,416	9,426	9,874	10,424	10,690
CWIP	163	193	228	540	404	432
Investments	186	104	210	230	169	1,782
	2,006	2,172	2,569	2,645	2,695	3,061
Total assets	11,155	11,885	12,434	13,289	13,692	15,966

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Healthcare	7,772.69	1,393.7	12,038.48	1,888.26	10,150.22	13.73
Diagnostics	1,526.56	241.85

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.2%	79.2%	75.8%	76.3%	76.9%	76.5%	76.5%	77.1%
EBITDA margin %	5%	13.2%	10%	18.7%	17.5%	18.4%	20.4%	22.8%
EBIT margin %	-0.2%	6.9%	2.8%	13.4%	12.5%	13.4%	15.4%	17.9%
PAT margin %	-5%	2%	-1.4%	13.8%	10.1%	9.4%	10.4%	11.7%
Working capital
Receivable days	—	—	41	33	34	33	37	42
Inventory days	—	—	29	33	31	24	23	24
Payable days	—	—	205	178	179	164	161	165
NWC days	—	—	-135	-112	-115	-107	-101	-99
Leverage
Current ratio	—	—	0.84	0.89	1.39	0.69	1.35	0.86
Debt to EBITDA	—	—	3.14	0.9	0.84	0.68	1.56	1.38
Debt to equity	—	—	0.21	0.16	0.13	0.11	0.28	0.29
Interest coverage	0.3	1.8	1	5.4	6.6	7.4	6.9	5.4
Asset turnover	—	—	0.36	0.48	0.51	0.52	0.57	0.57
Return ratios
Return on assets %	—	—	-0.5%	6.6%	5.1%	4.9%	5.9%	6.7%
Return on capital employed %	—	—	1.6%	7.7%	7.8%	9.1%	11.4%	13%
Return on equity %	—	—	-0.9%	12.8%	8.7%	8.4%	9.1%	10.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%	31.17%
	30.03%	23.71%	23.24%	23.24%	25.26%	26.77%	27.4%	27.17%	27.9%	27.84%	25.97%	25.2%
	22.16%	29.41%	31.15%	31.15%	30.73%	30.05%	29.46%	29.79%	29.14%	29.33%	31.35%	32.23%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.64%	15.71%	14.44%	14.44%	12.84%	12.01%	11.97%	11.87%	11.79%	11.66%	11.51%	11.4%
No. of shareholders	—	—	—	—	—	—	—	—	2,20,766	2,33,156	2,26,685	2,20,743

Promoter holding up 0 percentage points since Sep 2023.

50 deals · 20 Dec 2021 – 24 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Nov 2025	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	1,19,38,263	₹921.85	₹1,100.53 Cr
24 Nov 2025	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	52,81,102	₹921.93	₹486.88 Cr
13 Nov 2025	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	3,99,348	₹969.40	₹38.71 Cr
13 Nov 2025	GOLDMAN SACHS BANK EUROPE SE	Block	BSE	Sell	3,99,348	₹969.40	₹38.71 Cr
13 Nov 2025	GOLDMAN SACHS BANK EUROPE SE	Block	BSE	Sell	1,76,393	₹969.40	₹17.10 Cr
13 Nov 2025	BNP PARIBAS FINANCIAL MARKETS	Block	BSE	Buy	1,76,393	₹969.40	₹17.10 Cr
12 Nov 2025	UBS AG	Block	BSE	Sell	5,09,235	₹975.40	₹49.67 Cr
12 Nov 2025	MORGAN STANLEY ASIA (SINGAPORE) PTE.	Block	BSE	Buy	5,09,235	₹975.40	₹49.67 Cr
7 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	2,19,013	₹1,042.00	₹22.82 Cr
7 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	2,19,013	₹1,042.00	₹22.82 Cr

1–10 of 50

1 / 5

Mr. Leo PuriNon-Executive - Independent Director-Chairperson
Mr. Indrajit BanerjeeNon-Executive - Independent Director
Mr. Ashutosh RaghuvanshiExecutive Director-CEO-MD
Vivek Kumar GoyalChief Financial Officer
Ms. Suvalaxmi ChakrabortyNon-Executive - Independent Director
Mr. Dilip KadambiNon-Executive - Non Independent Director
Mr. Ashok PanditNon-Executive - Non Independent Director
Mr. Prem Kumar NairNon-Executive - Non Independent Director
Mr. Keith Hsiu Chin LimNon-Executive - Non Independent Director
Mr. Mohd Shahazwan Bin Mohd HarrisNon-Executive - Non Independent Director
Mr. Satyendra ChauhanCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹770.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹764.7	-66.6	-8%	₹764.7	13,961	+424	5,188	775
23 Nov 2026	₹767.0	-68.3	-8.2%	₹767.0	2,233	+111	370	775
29 Dec 2026	₹769.6	-64.6	-7.7%	₹769.6	53	+53	59	775

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

40

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	660

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

134

across 20 fund houses

Held by these funds

15.3%

of the company's equity

All mutual funds

25.81%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

134 schemes · 20 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	2.81 Cr	2,548.19	3.58%	3.722%	—
Growth Mid Cap FundNEW	Nippon India Mutual Fund	1.5 Cr	1,364.2	2.61%	1.992%	—
Midcap Fund	Axis Mutual Fund	1.25 Cr	1,135.66	3.21%	1.659%	-0
Mid Cap Fund	DSP Mutual Fund	64.68 L	586.58	2.79%	0.857%	+4.51 L
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	47 L	426.24	1.32%	0.623%	—
Large & Mid Cap Fund	DSP Mutual Fund	36.06 L	327	1.78%	0.478%	+10.76 L
ELSS- Tax Saver Fund	Axis Mutual Fund	33.77 L	306.23	0.94%	0.447%	+1.08 L
Portfolio of Kotak Aggressive Hybrid Fund	Kotak Mahindra Mutual Fund	32.01 L	290.31	3.11%	0.424%	-0

1–8 of 134

1 / 17

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Sept 2026Transcript AI SummaryPPTREC
Aug 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend24 Jul 2026 · ex-date₹1
Final dividend25 Jul 2025 · ex-date₹1
Final dividend24 Jul 2024 · ex-date₹1
Final dividend20 Jul 2023 · ex-date₹1

1

Board meeting to consider results6 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

42 announcementsExport CSV

29 Sept 2026, 2:59 pmCompany Update

Announcement / Press Release Filed By IHH Healthcare Berhad ('IHH')

General PDF

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.2%	79.2%	75.8%	76.3%	76.9%	76.5%	76.5%	77.1%
EBITDA margin %	5%	13.2%	10%	18.7%	17.5%	18.4%	20.4%	22.8%
EBIT margin %	-0.2%	6.9%	2.8%	13.4%	12.5%	13.4%	15.4%	17.9%
PAT margin %	-5%	2%	-1.4%	13.8%	10.1%	9.4%	10.4%	11.7%
Working capital
Receivable days	—	—	41	33	34	33	37	42
Inventory days	—	—	29	33	31	24	23	24
Payable days	—	—	205	178	179	164	161	165
NWC days	—	—	-135	-112	-115	-107	-101	-99
Leverage
Current ratio	—	—	0.84	0.89	1.39	0.69	1.35	0.86
Debt to EBITDA	—	—	3.14	0.9	0.84	0.68	1.56	1.38
Debt to equity	—	—	0.21	0.16	0.13	0.11	0.28	0.29
Interest coverage	0.3	1.8	1	5.4	6.6	7.4	6.9	5.4
Asset turnover	—	—	0.36	0.48	0.51	0.52	0.57	0.57
Return ratios
Return on assets %	—	—	-0.5%	6.6%	5.1%	4.9%	5.9%	6.7%
Return on capital employed %	—	—	1.6%	7.7%	7.8%	9.1%	11.4%	13%
Return on equity %	—	—	-0.9%	12.8%	8.7%	8.4%	9.1%	10.8%

Calls	Strike	Puts
0	0	0	₹0.0	660

Date	Category	Subject	Filing
29 Sept 2026, 2:59 pm	Company Update General	Announcement / Press Release Filed By IHH Healthcare Berhad ('IHH')	PDF
27 Sept 2026, 11:11 am	Company Update General	Update On Special Leave Petition (''SLP'') Filed By The Company Before The Hon''ble Supreme Court Of India	PDF
16 Sept 2026, 7:05 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
16 Sept 2026, 7:02 pm	Company Update General	Intimation For Signing The Definitive Agreements By Fortis Hospotel Limited (Wholly Owned Subsidiary Of The Company) To Provide Healthcare Services To A 400+ Bedded Super Specialty Hospital In Ashok Vihar, New Delhi	PDF
16 Sept 2026, 11:01 am	Company Update General	Announcement Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015 About Filing Of Special Leave Petition ('SLP') Before The Hon'Ble Supreme Court Of India	PDF
15 Sept 2026, 6:53 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
15 Sept 2026, 6:20 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 12:41 pm	Company Update General	Update On Material Litigation Filed By Northern TK Venture Pte Ltd. (''NTK''), The Promoter Shareholder Of The Company, Against Daiichi Sankyo Company, Limited Before The Tokyo District Court In Japan.	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	172	486	865	822	1,100	1,424	1,602
	60	-135	-514	-374	-886	-779	-1,538
	-862	-143	-517	-471	-86	-714	164
Net cash flow	-627	207	-166	-23	127	-69	227
Free cash flow	—	267	650	375	158	577	656
CFO / Operating profit %	28.1%	120%	81%	74.7%	86.8%	89.7%	76.8%

Fortis Healthcare Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain40

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends4

Board meetings1

Announcements

Dividends4

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain40

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

- Healthcare · revenue

3

40

4

1

4

1

3

40