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Fortis Healthcare

FORTIS NSE
₹790.65 +5.10 (+0.65%)
P/E
56.96
View as Markdown
MCP
Close 4 Nov 2026 ₹790.65 −219.25 −21.7% 1Y
Start ₹1,009.90

Key Fundamentals

MidcapHealthcare ServicesHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
13.40%
Debt to Equity
0.35
EPS (TTM)
₹13.88
Book Value
₹131.07
Market Cap
—
P/E (TTM)
56.96
P/B
6.03
ROE
11.20%
Dividend Yield
0.13%
EBITDA
₹2,136 Cr
52W High
₹1,029.90
52W Low
₹704.95
Day Range
₹781.35 – ₹795.50
Volume
6,11,910

Peer Comparison

Healthcare › Healthcare Services › Hospitals › Hospital

Fortis Healthcare peer comparison
Apollo Hospitals
₹8,599.5059.18₹1,22,850 Cr13.040.24%21.20%17.40%₹26,430 Cr₹2,171 Cr
Max Healthcare Institute
₹927.1561.89₹89,301 Cr7.960.22%14.70%14.70%₹8,712 Cr₹1,457 Cr
Manipal Health Enterprises
₹667.2088.96₹86,479 Cr5.340.00%6.64%8.30%₹11,400 Cr₹906 Cr
Aster DM Healthcare
₹719.55117.00₹59,927 Cr14.910.44%11.30%11.60%₹4,876 Cr₹363 Cr
Fortis Healthcare (this company)
₹790.6556.96₹59,706 Cr6.030.13%11.20%13.40%₹9,506 Cr₹1,070 Cr
Narayana Hrudayalaya
₹1,931.5048.36₹39,090 Cr7.890.24%20.50%15.50%₹9,072 Cr₹816 Cr
Global Health
₹1,402.0067.76₹37,618 Cr9.520.04%15.20%17.40%₹4,683 Cr₹552 Cr
Median 7 companies₹927.1561.89₹59,927 Cr7.960.22%14.70%14.70%₹9,072 Cr₹906 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

40 Weak

Data confidence 100/100

Category scores

Quality
47
Average
Returns, margins, earnings quality 22% weight
Valuation
41
Weak
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
33
Poor
Solvency, leverage, coverage 9% weight
Momentum
11
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 64.3% CAGR over last 5 years

Weaknesses

2
  • Stock is trading at 6.13 times its book value
  • Company has a low return on equity of 9.87% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish937
OscillatorsNeutral333
Moving AveragesStrong Bearish604

Key readings

RSI (14)
53.85
Neutral
MACD (12,26,9)
−14.31
Bullish
SMA (50)
828.21
Bearish
SMA (200)
894.09
Bearish

As of

Analyst Rating

Based on 17 analysts
BUY88%

15 of 17 analysts rate Buy, 2 Hold, 0 Sell.

As of

BUY
15
88%
HOLD
2
12%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.07%
5Y+17.76%
3Y+13.17%
1Y+17.28%
TTM+17.50%

Net profit

Net profit growth by window
10Y+38.16%
5YTurned to profit
3Y+18.90%
1Y+31.52%
TTM+18.63%

Operating cash flow

Operating cash flow growth by window
10Y+23.43%
5Y+26.98%
3Y+24.88%
1Y+12.43%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+20.65 pp
5Y+12.82 pp
3Y+5.36 pp
1Y+2.44 pp
TTM+0.96 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,574 Cr
Mar 2018₹4,561 Cr
Mar 2019₹4,469 Cr
Mar 2020₹4,632 Cr
Mar 2021₹4,030 Cr
Mar 2022₹5,718 Cr
Mar 2023₹6,298 Cr
Mar 2024₹6,893 Cr
Mar 2025₹7,783 Cr
Mar 2026₹9,128 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹479 Cr
Mar 2018−₹934 Cr
Mar 2019−₹224 Cr
Mar 2020₹91.00 Cr
Mar 2021−₹56.00 Cr
Mar 2022₹790 Cr
Mar 2023₹633 Cr
Mar 2024₹645 Cr
Mar 2025₹809 Cr
Mar 2026₹1,064 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹605 Cr +6.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Fortis Healthcare Ltd trades at ₹790.65 with a market cap of ₹59,705.87 crore as of 2026-11-04, commanding a PE of 56.96x and a price-to-book of 6.03x. The company has delivered strong 5-year profit CAGR of 64% alongside 18% TTM sales growth, though the stock has declined 29% over the past year from its 52-week high of ₹1,029.90.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 64%, reflecting a sustained improvement in profitability and operating leverage across hospital operations.
  • TTM revenue growth of 18% indicates continued strong momentum in the healthcare services business, matching the 5-year compounded sales growth rate.
  • Conservative balance sheet with a debt-to-equity ratio of just 0.35, providing financial flexibility for capacity expansion or acquisitions.
  • ROE has improved from a 10-year average of 5% to 11% in the last year, signalling a clear upward trajectory in capital efficiency.
  • ROCE of 12.13% as of 2026-11-04 supports the thesis that the company is generating reasonable returns on total capital deployed.
  • 3-year compounded sales growth of 13% and 5-year compounded sales growth of 18% demonstrate a consistent revenue expansion track record.
  • 10-year stock CAGR of 16% shows long-term wealth creation for shareholders over a meaningful holding period.
Bear Case 7
  • PE ratio of 56.96x as of 2026-11-04 is significantly elevated, implying the market is pricing in aggressive future earnings growth that may be difficult to sustain.
  • Price-to-book of 6.03x is steep for a hospital chain, indicating a substantial premium over the net asset base.
  • 3-year average ROE of roughly 10% remains modest relative to the rich valuation multiples, suggesting shareholders are paying a premium for middling capital returns.
  • Dividend yield of just 0.13% as of 2026-11-04 offers negligible income to shareholders, making returns entirely dependent on capital appreciation.
  • TTM profit growth has decelerated to 16% from the 5-year CAGR of 64%, pointing to a possible normalisation in earnings expansion.
  • EPS TTM of ₹13.88 against a share price of ₹790.65 underscores the demanding earnings multiple investors are currently paying.
  • Despite a 10-year compounded sales growth of only 8%, the stock's 10-year CAGR of 16% has been driven more by multiple expansion than top-line fundamentals.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Fortis Healthcare is executing on its cluster-focused inorganic growth strategy, adding capacity in Bengaluru through the ₹277 crore Suguna Hospital acquisition following the People Tree Hospital purchase earlier in 2026. The CGIO departure and moderate debt levels bear watching but are not immediate concerns. The trend is constructive as the company scales its bed network in key urban markets, though integration execution and the ~5.6x EV/revenue acquisition multiple warrant monitoring.

Positives 1
  • Suguna Hospital acquired for ₹277Cr Oct 28

    Fortis acquired the 110-bed Suguna Hospital in Bengaluru for ₹277 crore via all-cash slump sale, with potential to expand to 150 beds. This takes Fortis' operational bed capacity in Bengaluru to ~1,000 and strengthens the north-west Bengaluru corridor to ~500 potential beds.

Neutral 2
  • CGIO Dr. Ritu Garg resigns Oct 31

    Chief Growth & Innovation Officer Dr. Ritu Garg resigned citing other commitments, effective Oct 31, 2026 at close of business hours.

  • ₹1,550Cr debt securities outstanding Oct 12

    Fortis disclosed ₹1,550 crore in listed debt securities outstanding as of Sep 30, 2026, carrying a coupon rate of 7.7648% for the first year.

Quarterly Results

₹ Cr
FORTIS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,657
1,770
1,680
1,786
1,859
1,988
1,928
2,007
2,167
2,331
2,265
2,365
2,545
Expenses
1,386
1,440
1,396
1,405
1,516
1,554
1,553
1,572
1,676
1,775
1,759
1,832
2,008
Operating Profit
272
330
284
381
343
435
375
435
491
556
506
532
537
OPM %
16%
19%
17%
21%
18%
22%
19%
22%
23%
24%
22%
23%
21%
Other Income
8.14
18
19
17
13.01
−42
47
−29
31
50
−34
−2
28
Interest
31
32
33
35
35
36
45
68
70
75
86
84
80
Depreciation
79
84
87
92
91
95
97
102
101
106
120
122
122
PBT
171
231
183
271
229
261
279
237
351
425
266
324
363
Tax %
27%
21%
27%
25%
24%
26%
9%
21%
24%
23%
26%
16%
25%
Net Profit
124
184
134
203
174
193
254
188
267
329
197
271
273
EPS (₹)
1.48
2.3
1.78
2.37
2.2
2.34
3.28
2.44
3.45
4.26
2.57
3.52
3.53

Profit & Loss

₹ Cr
FORTIS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,966
4,199
4,574
4,561
4,469
4,632
4,030
5,718
6,298
6,893
7,783
9,128
9,506
Expenses
3,857
4,106
4,220
4,287
4,238
4,022
3,626
4,649
5,196
5,625
6,195
7,043
7,375
Operating Profit
109
92
354
274
231
610
404
1,069
1,101
1,268
1,588
2,085
2,131
OPM %
2.8%
2.2%
8%
6%
5%
13%
10%
19%
17%
18%
20%
23%
22%
Other Income
92
299
649
−689
228
126
95
367
157
64
−11
45
42
Interest
152
133
229
258
337
205
166
147
129
131
184
314
325
Depreciation
235
225
222
239
233
292
291
301
316
342
386
449
470
PBT
−185
34
552
−912
−110
239
43
988
814
858
1,007
1,366
1,378
Tax %
2%
−24%
13%
2%
103%
62%
230%
20%
22%
25%
20%
22%
—
Net Profit
−130
42
479
−934
−224
91
−56
790
633
645
809
1,064
1,070
EPS (₹)
−3.1
0.4
8.14
−19.46
−3.96
0.77
−1.45
7.35
7.8
7.93
10.26
13.8
13.88
Div. Payout %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
0%
0%
0%
0%
0%
0%
0%
13%
13%
10%
7%
—

Balance Sheet

₹ Cr
FORTIS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
463
463
518
519
755
755
755
755
755
755
755
755
Reserves
3,585
3,998
4,626
3,543
5,846
5,906
5,365
5,423
6,487
6,908
8,162
9,141
Borrowings
1,784
1,513
2,217
1,962
2,010
1,594
1,531
1,255
926
1,155
2,475
3,473
Other Liabilities
1,760
1,257
2,227
2,455
2,875
2,781
3,216
4,082
3,921
4,153
1,985
2,465
Total Liabilities
7,592
7,232
9,588
8,479
11,486
11,036
10,866
11,516
12,089
12,971
13,377
15,833
Fixed Assets
4,218
3,642
5,419
4,992
8,477
8,802
8,799
9,416
9,426
9,874
10,424
12,230
CWIP
228
226
268
226
450
204
165
193
228
542
407
434
Investments
1,464
1,452
1,878
1,732
270
175
186
104
210
230
169
243
Other Assets
1,682
1,913
2,023
1,529
2,290
1,856
1,716
1,803
2,225
2,326
2,378
2,926
Total Assets
7,592
7,232
9,588
8,479
11,486
11,036
10,866
11,516
12,089
12,971
13,377
15,833

Cash Flow

₹ Cr
FORTIS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
24
195
966
493
−179
172
485
865
822
1,100
1,424
1,601
Investing
213
122
−1,001
−333
−3,279
63
−131
−501
−372
−889
−780
−1,537
Financing
−304
−354
259
−672
4,257
−862
−143
−517
−471
−86
−714
164
Net Cash Flow
−66
−37
225
−513
799
−627
212
−153
−21
125
−70
228
Free Cash Flow
−181
−162
689
437
−261
35
274
750
367
172
591
673
CFO/OP
131
354
304
187
30
84
108
101
100
104
97
90

Ratios

FORTIS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
38
39
38
38
44
36
41
33
34
33
37
42
Inventory Days
25
23
23
24
22
30
29
33
31
24
23
24
Days Payable
207
218
215
279
296
226
205
178
179
164
161
165
Cash Conversion Cycle
−144
−156
−155
−217
−230
−161
−135
−112
−115
−107
−101
−99
Working Capital Days
−71
−69
−87
−113
−234
−150
−56
−35
−22
−124
−30
−34
ROCE %
0%
3%
11%
3%
6%
4%
2%
10%
10%
10%
12%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Fortis Healthcare insights

63 extracted metrics across FY13–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 34.46%
  • Promoters 31.17%
  • FIIs 23.19%
  • Public 9.80%
  • Others 1.38%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Fortis Healthcare

What does Fortis Healthcare Ltd do?
FHL was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India.
Where is Fortis Healthcare Ltd (FORTIS) listed?
Fortis Healthcare Ltd trades as FORTIS on the NSE and under code 532843 on the BSE.
Which sector does Fortis Healthcare Ltd belong to?
Fortis Healthcare Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the PE ratio of Fortis Healthcare Ltd?
Fortis Healthcare Ltd trades at a PE ratio of 56.96 as of 4 Nov 2026, on earnings per share of ₹13.88, against a book value of ₹131.07 per share.
What is the 52-week high and low of Fortis Healthcare Ltd?
Over the last 52 weeks Fortis Healthcare Ltd has traded between ₹704.95 and ₹1,029.9 as of 4 Nov 2026.
Does Fortis Healthcare Ltd pay dividends?
Fortis Healthcare Ltd has a dividend yield of 0.13%.
What is the Return on Equity (ROE) of Fortis Healthcare Ltd?
Fortis Healthcare Ltd reported a return on equity of 11.20%. Its debt-to-equity ratio is 0.35.

Company Information

FHL was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Nepal, Dubai and Sri Lanka with 36 healthcare facilities with approximately 4,000 operational beds. Company controls its diagnostics business through its 57% owned subsidiary SRL Limited. It is amongst the largest private diagnostics chains. It has a presence in over 600 cities and towns, with an established strength of 415 laboratories, 8,200 direct clients and 1,400 Collection Centers.

Website fortishealthcare.com
CEO Dr. Ashutosh Raghuvanshi
Employees 12,237
Listed 9 May 2007
Face Value ₹10

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