Fortis Healthcare Limited (FORTIS)
₹736.50 -1.31% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Fortis Healthcare's revenue was ₹2,365 Cr (+17.8% year on year, +4.4% on the previous quarter), and net profit ₹271 Cr (+44.1% year on year); the operating margin was 22.5%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2,365 | +17.8% | +4.4% |
| Operating profit | ₹532 | +22.2% | +5.1% |
| Net profit | ₹271 | +44.1% | +37.6% |
| EPS (₹) | 3.52 | +44.3% | +37.0% |
| Operating margin | 22.5% | — | — |
FORTIS delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 59.42% of the FORTIS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.37%. That is close to its usual level. In FORTIS futures, open interest rose 0.61% while the futures price fell 0.84%: short buildup (new short positions).
Delivery in the last 5 sessions: 47.1% · 55.7% · 55.5% · 54.8% · 59.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Fortis Healthcare Limited's wholly owned subsidiary, Fortis Hospotel Limited, has signed an agreement to acquire a 26% equity stake in Clean Max Sau Private Limited. The transaction involves a cash investment of up to ₹1.85 crore to secure captive solar power in Haryana. This SPV will support the company's renewable energy requirements and optimize power expenses. The investment is immaterial relative to Fortis's TTM revenue of ₹9,128.44 crore and is expected to close within three months.
- Subsidiary Fortis Hospotel Limited to acquire a 26% stake in Clean Max Sau Private Limited
- Cash investment of up to ₹1.85 crore in the SPV
- Target entity is a captive solar project in Haryana incorporated on June 2, 2026
- Acquisition scheduled to be completed within 3 months of agreement execution
Fortis Healthcare submitted its periodic reporting of listed debt securities issued via private placement as on September 30, 2026, pursuant to SEBI regulations. The company maintains three active tranches totaling Rs 1,550 Crore in outstanding non-convertible debentures. These debentures, issued on December 19, 2024, carry an initial coupon rate of 7.7648% p.a. (subject to annual reset/step-up clauses) with annual interest payouts and a final maturity of December 19, 2029. Total outstanding debt securities account for approximately 74.6% of Fortis' total reported debt of Rs 2,078 Crore.
- Total outstanding listed debt securities across three tranches stand at Rs 1,550 Crore as of September 30, 2026
- Individual tranches comprise Rs 500 Crore, Rs 500 Crore, and Rs 550 Crore issued on December 19, 2024
- All three tranches mature on December 19, 2029 with an initial coupon of 7.7648% p.a. paid annually
- Coupon rate is subject to annual resets and Step Up/Step Down provisions based on predefined processes
On September 25, 2026, the Supreme Court of India disposed of Fortis Healthcare's Special Leave Petition (SLP) challenging a Delhi High Court order requiring a forensic audit. In response, parent company IHH Healthcare confirmed it will fully cooperate with the forensic audit, reiterating its 2018 primary investment of INR 4,000 crore for a 31% stake was compliant and independent of erstwhile promoters. Crucially, IHH affirmed its long-term plan to increase its stake in Fortis to 51% over the next 3 to 5 years, integrate the Gleneagles platform, and scale bed capacity to ~10,000 beds by 2031.
- Supreme Court of India disposed of Fortis's SLP regarding the Delhi High Court forensic audit mandate on September 25, 2026
- Parent IHH Healthcare reaffirmed intent to increase its stake in Fortis from 31% to 51% over the next 3-5 years
- IHH targets expanding combined network capacity to approximately 10,000 beds by 2031
- IHH reiterated its initial entry was via INR 4,000 crore primary preferential allotment with zero payments to erstwhile promoters
The Supreme Court of India disposed of Fortis Healthcare's Special Leave Petition challenging the Delhi High Court's August 31, 2026 judgment in the Daiichi Sankyo dispute. The apex court allowed the forensic audit qua the company to proceed but clarified that challenged adverse observations in the High Court judgment are tentative and cannot influence the independent audit. Fortis reiterates that no financial liability, penalty, or fine has been imposed, and that it is not a party to the underlying Singh Brothers arbitration.
- Supreme Court disposed of Fortis SLP via order dated September 25, 2026
- Forensic audit permitted to proceed, but SC directed it must be conducted independently without being influenced by High Court observations
- Delhi High Court order dated August 31, 2026 has imposed no financial liability, penalty, or fine on Fortis Healthcare
- Company highlights Singh Brothers' holding fell below 1% and they resigned from the board by March 2018 prior to IHH's entry in November 2018
Fortis Healthcare has disclosed that promoter shareholder Northern TK Venture Pte Ltd (NTK), an indirect wholly owned subsidiary of IHH Healthcare, filed an appeal with the Tokyo High Court on September 24, 2026. The appeal challenges the Tokyo District Court's September 10, 2026 judgment regarding NTK's damages claim against Daiichi Sankyo related to mandatory open offer delays. Concurrently, parent firm IHH reaffirmed its strategic commitment to India, reiterating plans to raise its Fortis stake from 31.17% to 51% over the next 3 to 5 years and expand network capacity to ~10,000 beds by 2031.
- NTK appealed to the Tokyo High Court on September 24, 2026 against the Tokyo District Court judgment dated September 10, 2026.
- Parent company IHH reiterated intent to increase its shareholding in Fortis to 51% over the next 3-5 years (current promoter stake is 31.17%).
- IHH targets expanding its India hospital capacity to approximately 10,000 beds by 2031.
- The dispute stems from alleged damages suffered due to delays in mandatory tender offer approvals during the 2018 Fortis acquisition.
Fortis Healthcare's subsidiary, Fortis Hospotel Limited (FHTL), has signed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital to provide healthcare services to a 400+ bedded super specialty hospital in Ashok Vihar, New Delhi. Under the 29-year agreement, FHTL will hold exclusive rights for clinical services and receive a revenue-linked service fee. Additionally, FHTL has committed to extend a phased construction and operational loan of up to ₹567 crore over 3-4 years. The project expands Fortis' planned Delhi-NCR presence to over 3,400 beds upon completion.
- Exclusive healthcare services agreement for a committed term of 29 years
- Adds 400+ super specialty beds on ~3.1 acres in Ashok Vihar, operationalizing in phases over 3-4 years
- FHTL to extend a loan of up to ₹567 crore disbursed in tranches against security over 3-4 years
- FHTL to earn a service fee calculated as a percentage of hospital revenue plus interest on the loan
- Expands Fortis' operational and pipeline footprint to over 3,400 beds across the Delhi-NCR region
Fortis Healthcare's wholly-owned subsidiary, Fortis Hospotel Limited (FHTL), has executed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital (SLJ Society) to provide healthcare services to a new 400+ bedded super specialty hospital in Ashok Vihar, New Delhi. Under the 29-year agreement, FHTL will receive a service fee based on hospital revenues and provide equipment and clinical manpower. Additionally, FHTL will disburse up to ₹567 crore in loans over the next 3-4 years to fund the construction and operation of the facility. The hospital is slated to become operational in 3 to 4 years, scaling Fortis' footprint across Delhi-NCR beyond 3,400 beds.
- Exclusive 29-year Healthcare Services Agreement with an option to extend on mutually agreed terms
- FHTL to provide a loan up to ₹567 crore in tranches over 3-4 years to SLJ Society for construction and operations
- Facility planned on ~3.1 acres with 400+ beds operationalized in phases over 3-4 years
- Fortis will earn an agreed revenue-share percentage service fee plus interest on the disbursed loan
- Expands Fortis' current and upcoming footprint across the Delhi-NCR network to over 3,400 beds
Fortis Healthcare's wholly owned subsidiary, Fortis Hospotel Limited (FHTL), has executed definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital (SLJ Society) to provide healthcare services to an upcoming 400+ bedded super specialty hospital in Ashok Vihar, New Delhi. Under the 29-year agreement, FHTL holds exclusive rights to provide inpatient healthcare services and clinical manpower in return for a percentage of hospital revenue. Additionally, FHTL will disburse a secured loan of up to ₹567 Cr across 3-4 years to support the construction and operation of the facility. The hospital is slated to commence operations in phases over the next 3-4 years.
- Exclusive healthcare services agreement for a committed term of 29 years with an option to extend
- Hospital capacity planned at 400+ beds on ~3.1 acres of land in Ashok Vihar, North-West Delhi
- FHTL to extend a secured loan of up to INR 567 Cr disbursed in tranches over 3-4 years
- Service revenue to be earned as an agreed percentage of hospital revenue plus interest income on the loan
- Expands Fortis' planned footprint to more than 3,400 beds across the Delhi-NCR region
Fortis Healthcare Limited announced that it filed a Special Leave Petition (SLP) before the Supreme Court of India on September 16, 2026. The petition challenges the Delhi High Court's judgment dated August 31, 2026, relating to the long-standing Daiichi Sankyo Company, Limited vs. Malvinder Mohan Singh & Ors. execution proceedings. The company stated that the expected financial implications and quantum of claims are 'N/A' (not disclosed/not applicable) at this stage. Fortis has a market cap of ₹67,846 Cr and TTM revenue of ₹9,128 Cr, and legal overhangs related to former promoters have been closely tracked by investors.
- Special Leave Petition filed before the Supreme Court on September 16, 2026, at 02:54 AM IST
- Appeals against the Delhi High Court judgment dated August 31, 2026
- Arises from execution petition O.M.P.(EFA)(COMM.) 6/2016 in the Daiichi Sankyo dispute
- Expected financial implications and quantum of claims reported as N/A
Fortis Healthcare Limited has announced its schedule for upcoming institutional investor interactions in Mumbai. Management will participate in a Non-Deal Roadshow organized by BNP Paribas on September 21, 2026, followed by the J.P. Morgan India Conference on September 22, 2026. The meetings will be in-person group sessions discussing general industry updates and business overviews without sharing any Unpublished Price Sensitive Information (UPSI).
- Non-Deal Roadshow organized by BNP Paribas scheduled for 21st September 2026 from 9.00 AM to 6.00 PM (IST)
- J.P. Morgan India Conference scheduled for 22nd September 2026 from 9.00 AM to 6.00 PM (IST)
- Both meetings are in-person group meetings held in Mumbai
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Fortis Healthcare has scheduled in-person group investor meetings in Mumbai on September 21 and September 22, 2026. The meetings include a Non-Deal Roadshow organized by BNP Paribas and the J.P. Morgan India Conference. Management will provide general business updates, with no unpublished price-sensitive information (UPSI) to be discussed. This is an administrative compliance notification under Regulation 30.
- Meeting on 21st September 2026: Non-Deal Road show organized by BNP Paribas from 9.00 AM to 6.00 PM (IST)
- Meeting on 22nd September 2026: J.P. Morgan India Conference organized by J.P. Morgan from 9.00 AM to 6.00 PM (IST)
- Both meetings are in-person group sessions scheduled in Mumbai
- Company clarified that no Unpublished Price Sensitive Information (UPSI) will be shared
Fortis Healthcare has informed Indian exchanges that the Tokyo District Court in Japan delivered a judgment on September 10, 2026, dismissing all claims filed by its promoter shareholder Northern TK Venture Pte Ltd (NTK, subsidiary of IHH Healthcare) against Daiichi Sankyo Company, Limited. The court ruled that NTK shall bear the litigation costs. NTK has stated that it disagrees with the judgment and is evaluating further legal remedies. The direct financial liability, if any, is borne by promoter entity NTK, though the ongoing disputes relate to the broader historical transaction involving Fortis control.
- Tokyo District Court dismissed all claims filed by promoter shareholder NTK on September 10, 2026
- Court ordered that NTK shall bear the costs of the litigation (quantum not disclosed)
- Announcement originated from promoter parent IHH Healthcare Berhad on Bursa Malaysia and SGX on September 10, 2026
- NTK is reviewing the ruling with legal counsel to evaluate legal remedies and appeals
Fortis Healthcare hosted an investor call following a 200-page Delhi High Court order directing a forensic audit into past share dissipation by erstwhile promoters and IHH's entry. The audit sets a timeline requiring a questionnaire in 4 weeks, a 2-week response window, and report completion within 6 months. Management affirmed that Fortis was not involved in the share dissipation and highlighted that IHH entered via primary share subscription rather than secondary purchases. Parent IHH reiterated that its growth, capex, and ongoing integration plans for Fortis remain completely unhindered by the order.
- Delhi High Court issued a 200-page order directing a forensic audit regarding erstwhile promoter share transactions and IHH acquisition.
- Court-mandated timeline requires questionnaire issuance within 4 weeks, response in 2 weeks, and final audit report within 6 months.
- Scope includes reviewing actions of erstwhile promoters between 2018 and 2026 and examining roles of 17 banks and financial institutions.
- Parent IHH confirmed operational continuity, reiterating backing for bed expansions, capex, and future Gleneagles integration.
Fortis Healthcare Limited has submitted a revised schedule for an upcoming Non-Deal Roadshow organized by Jefferies. The in-person group meetings will take place in London on September 14 and 15, 2026. The meetings include the joint management of parent company IHH Healthcare Berhad and Fortis Healthcare Limited to discuss general business and industry updates. The company confirmed that no unpublished price sensitive information (UPSI) will be shared.
- Non-deal roadshow scheduled for 14th September 2026 and 15th September 2026
- Meeting timing set between 8 AM to 5 PM BST (12.30 PM to 9.30 PM IST)
- In-person group meetings organized by Jefferies in London
- Joint participation by the management of IHH Healthcare Berhad and Fortis Healthcare Limited
- Confirmation that no Unpublished Price Sensitive Information (UPSI) will be discussed
Fortis Healthcare has issued a revised intimation under Regulation 30 regarding an upcoming Non-Deal Roadshow organized by Jefferies. Management from parent IHH Healthcare Berhad and Fortis will participate in in-person group meetings with institutional investors in London on September 14 and 15, 2026. The meetings aim to cover general business and industry updates. The company confirmed that no Unpublished Price Sensitive Information (UPSI) will be discussed.
- Revised schedule for investor meetings on 14th September 2026 and 15th September 2026
- Non-Deal Roadshow organized by Jefferies in London
- Meeting timings set for 8 AM to 5 PM BST (12.30 PM to 9.30 PM IST)
- In-person group format with management from both IHH Healthcare and Fortis Healthcare
- No Unpublished Price Sensitive Information (UPSI) will be shared
Financial Performance
Revenue Growth by Segment
Hospital business revenue grew 19.3% YoY to INR 1,974 Cr in Q2 FY26, while the Diagnostics business (Agilus) grew 7.3% YoY to INR 400 Cr. For H1 FY26, Hospital revenue increased 19% to INR 3,812 Cr and Diagnostics grew 7.3% to INR 768 Cr.
Geographic Revenue Split
Pan-India presence with 27 hospitals. Key facilities in Noida, Faridabad, and FEHI (Fortis Escorts Heart Institute) registered revenue growth in excess of 20% YoY in Q2 FY26. Top 10 facilities contribute 73% to hospital revenues with a 20% operating EBITDA margin.
Profitability Margins
Consolidated PAT for Q2 FY26 was INR 329 Cr, up 70.3% YoY. Net profit margin stood at approximately 14.1%. Hospital business operating margins improved 250 bps to 22.5% in H1 FY26 compared to 20% in H1 FY25.
EBITDA Margin
Consolidated Operating EBITDA margin reached 23.9% in Q2 FY26 vs 21.9% in Q2 FY25, a 200 bps improvement. Diagnostics business reported a 26.1% operating EBITDA margin in Q2 FY26, up from 21.5% YoY.
Capital Expenditure
The company plans to incur capital expenditure of INR 800-1,000 Cr per annum over the next couple of years to fund brownfield expansions and medical equipment upgrades.
Credit Rating & Borrowing
Maintains a strong financial risk profile with a net debt-to-EBITDA ratio of 0.96x as of September 30, 2025, compared to 0.16x in 2024, following debt raised for the Agilus stake acquisition.
Operational Drivers
Raw Materials
Medical consumables and pharmacy supplies represent the primary operational costs, though specific percentage of total cost is not disclosed. Rebranding costs for Agilus and Fortis were significant one-off expenses in FY25.
Capacity Expansion
Current network includes 27 hospitals. Planned addition of 1,200-1,500 beds over the medium term. Recent additions include Shrimann Superspecialty (228 beds) and a 15-year lease for a 200-bed facility in Greater Noida with expansion potential to 250 beds.
Raw Material Costs
Not disclosed as a specific percentage of revenue; however, hospital operating EBITDA margins of 22.9% suggest a well-managed cost structure despite inflationary pressures in medical supplies.
Manufacturing Efficiency
Occupancy for Q2 FY26 stood at 71% versus 72% in Q2 FY25. ARPOB (Average Revenue Per Occupied Bed) improved 5.8% YoY to INR 2.51 Cr per annum.
Logistics & Distribution
Diagnostics business operates over 410 labs and 4,330 customer touchpoints as of September 30, 2025, to ensure wide retail reach.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
Growth will be driven by adding 1,200-1,500 beds via brownfield expansion, increasing ARPOB through a better surgical mix (currently 58%), and scaling the diagnostics business. The company also consolidated its stake in Agilus Diagnostics to 89.20% and acquired the 'Fortis' brand for INR 200 Cr to secure long-term brand usage.
Products & Services
Healthcare delivery services including complex surgeries (oncology, cardiac, neurosciences), outpatient consultations, and diagnostic pathology/radiology tests.
Brand Portfolio
Fortis, Agilus Diagnostics (formerly SRL Diagnostics).
New Products/Services
Expansion into digital healthcare with digital channels (website/app) now contributing 29.5% to hospital revenues, growing 20.4% YoY.
Market Expansion
Expansion in Punjab via Shrimann Hospital and Greater Noida. Evaluating integration of Gleneagles portfolio in Hyderabad and Chennai to enter new geographies.
Market Share & Ranking
Among India's leading healthcare delivery companies; Agilus is a leading player in the diagnostics segment with 410+ labs.
Strategic Alliances
Consolidated 89.20% stake in Agilus by buying out PE investors (NJBIF, Resurgence, and IFC). 15-year lease agreement with RR Lifesciences for Greater Noida hospital.
External Factors
Industry Trends
The industry is shifting toward digital patient acquisition (29.5% of Fortis revenue) and consolidation of diagnostic players. Fortis is positioning itself by expanding brownfield capacity to meet rising demand for specialty care (oncology, neurosciences).
Competitive Landscape
Competes with other major hospital chains like Apollo and Max Healthcare, as well as regional diagnostic labs.
Competitive Moat
Moat is built on a pan-India network of 27 hospitals and a massive diagnostic footprint (4,330 touchpoints). Sustainability is supported by the acquisition of the 'Fortis' brand and high clinical talent onboarding in oncology and cardiac sciences.
Macro Economic Sensitivity
Sensitive to healthcare spending trends and insurance penetration. Regulatory caps on cash transactions above INR 2 lakh impact high-value surgical billing.
Consumer Behavior
Increasing preference for digital booking and preventive health checkups; Agilus preventive portfolio now contributes 13% to its revenue.
Geopolitical Risks
Resumption of international patient revenue is a key driver, which is sensitive to global travel stability and medical tourism policies.
Regulatory & Governance
Industry Regulations
Subject to National Pharmaceutical Pricing Authority (NPPA) price caps on medical devices and clinical establishment acts across different states.
Taxation Policy Impact
Tax expense for Q2 FY26 was INR 96.6 Cr on a PBT of INR 425.4 Cr, representing an effective tax rate of approximately 22.7%.
Legal Contingencies
Contingent liabilities of approximately INR 2,622 Cr as of March 31, 2024, including income tax matters and medical negligence. Ongoing Supreme Court-directed investigation by the Delhi High Court into the RHT asset purchase and potential forensic audit.
Risk Analysis
Key Uncertainties
Outcome of the Hon’ble Supreme Court/High Court litigation regarding RHT assets and the potential for a forensic audit could impact management focus and financial liability.
Geographic Concentration Risk
Significant revenue concentration in North India (Noida, Faridabad, Shalimar Bagh), though the network is pan-India.
Third Party Dependencies
Dependency on medical specialists and clinical talent; the company recently onboarded specialists in oncology and neurosciences to mitigate talent risk.
Technology Obsolescence Risk
Mitigated by continuous investment in medical technology and digital transformation (Oracle Fusion ERP and digital patient channels).
Credit & Counterparty Risk
Strong liquidity with cash equivalents of ~INR 366 Cr and undrawn working capital limits of INR 355 Cr as of previous filings.
