Fortis Healthcare logo

Fortis Healthcare

FORTIS NSE

Key Fundamentals

MidcapHospitalsHealthcare Services
Market Cap
₹67,055 Cr
Volatility
Moderate
P/E Ratio
63.96
EBITDA
₹2,136 Cr
Return on Equity
10.47%
Debt to Equity
0.35
Book Value
₹131.07
EPS
₹8.5
52W High
₹1,104.3
52W Low
₹766.8

Tapetide Score

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

Key Insights

Strengths

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

Weaknesses

2
  • Stock is trading at 6.77 times its book value
  • Company has a low return on equity of 9.87% over last 3 years.

Growth Rate

Revenue Growth
16.93% higher than 3Y
Net Income Growth
31.48% higher than 3Y
Cash Flow Change
12.47% lower than 3Y
ROE
18.57% higher than 3Y
ROCE
23.02% lower than 3Y
EBITDA Margin (Avg.)
10.39% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Fortis Healthcare Ltd commands a market cap of ₹67,055 Cr with a PE of 63.6x and a price-to-book of 6.88x. The company has delivered strong profit CAGR of 64% over five years and TTM sales growth of 18%, though return on equity remains modest at around 10-11% and the stock has declined 7% over the past year.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 64% CAGR, indicating significant earnings expansion from the hospital network
  • TTM revenue growth of 18% shows continued top-line momentum, outpacing the 10-year sales CAGR of 8%
  • 3-year compounded sales growth of 13% and 5-year sales CAGR of 18% reflect a sustained demand trajectory in healthcare services
  • ROE has improved from a 10-year average of 5% to 11% in the last year, signalling improving capital efficiency
  • 3-year stock CAGR of 39% reflects strong wealth creation over the medium term despite near-term weakness
  • 10-year stock CAGR of 18% indicates long-term compounding in line with broader quality healthcare plays
  • TTM profit growth of 16% remains in double digits, sustaining the multi-year earnings upcycle
Bear Case 7
  • PE ratio of 63.6x is elevated, leaving little room for earnings disappointment relative to growth expectations
  • Price-to-book of 6.88x is steep, well above typical hospital sector averages, raising valuation concerns
  • 3-year average ROE of roughly 10% is modest for a company trading at such premium multiples, implying the market is pricing in significant future improvement
  • Stock has declined 7% over the past one year, underperforming broader market indices during the same period
  • Dividend yield of just 0.11% offers negligible income return, making the stock almost entirely a capital appreciation play
  • 10-year compounded sales CAGR of only 8% suggests that the recent top-line acceleration may not be structurally sustainable
  • 5-year ROE average of 9% lags many asset-light healthcare peers, reflecting the capital-intensive nature of the hospital business

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Broker upgrades target to ₹2,320 Sep 07

    Prabhudas Lilladher upgraded Fortis to 'Accumulate' with a target of ₹2,320, citing 20% EBITDA CAGR over FY26-28E. Hospital margins improved 530bps over FY23-FY26 to 22.2%, with occupancy at 68-69% despite 17% increase in operating beds.

  • IHH capital infusion unimpeded Sep 10

    IHH confirmed no impediment to strategic plans or capital infusion into Fortis, with the forensic audit not restricting IHH from raising its stake to ~51% from 31%. Capex and brownfield expansion plans remain unaffected.

Neutral 4
  • Delhi HC orders forensic audit Aug 31

    Delhi High Court directed a forensic audit into promoter shareholding dissipation and Fortis-IHH-RHT transactions since May 24, 2016, including scrutiny of ₹46.66bn transferred to RHT. The audit is expected to take 7-8 months; the court found no liability for Fortis itself.

  • Supreme Court appeal considered Sep 02

    Fortis Healthcare is reportedly considering a Supreme Court appeal against the Delhi HC order in the Daiichi arbitration case. The development remains unconfirmed by the company.

  • Tokyo court dismisses NTK claims Sep 11

    Tokyo District Court dismissed all claims by NTK against Daiichi Sankyo on September 10, 2026, with NTK bearing full litigation costs. NTK plans to review the judgment and pursue further legal remedies.

  • London investor roadshow planned Sep 09

    Fortis will hold a Jefferies-organized non-deal roadshow in London on September 14-15, 2026 to discuss general business updates with investors.

TL;DR: Fortis Healthcare is operationally strong, with hospital margins expanding 530bps to 22.2% and robust volume-led growth at 68-69% occupancy. The key overhang is the Delhi HC-ordered forensic audit into historical promoter transactions, though the court found no liability for Fortis and IHH's capital infusion plans remain unaffected. Broker sentiment is bullish with Prabhudas Lilladher targeting ₹2,320 on 20% EBITDA CAGR expectations. The trend is positive on fundamentals, with legal proceedings being a monitoring risk rather than an immediate operational threat.

Quarterly Results

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
10
18
19
17
14
-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
233
183
271
230
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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
-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 %
-1%
0%
0%
0%
0%
0%
0%
0%
13%
13%
10%
7%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

DIIs32.23%Promot.31.17%Others1.53%Public9.87%FIIs25.20%As ofJun 2026

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. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty fa...
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 market capitalisation of Fortis Healthcare Ltd?
Fortis Healthcare Ltd has a market capitalisation of ₹67,055 Cr, which places it in the Large Cap band.
What is the PE ratio of Fortis Healthcare Ltd?
Fortis Healthcare Ltd trades at a PE ratio of 63.96, on earnings per share of ₹8.5, 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 ₹766.8 and ₹1,104.3.
Does Fortis Healthcare Ltd pay dividends?
Fortis Healthcare Ltd has a dividend yield of 0.11%.
What is the Return on Equity (ROE) of Fortis Healthcare Ltd?
Fortis Healthcare Ltd reported a return on equity of 10.47%. 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. [1] 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. [2]

Website fortishealthcare.com
CEO Dr. Ashutosh Raghuvanshi
Employees 12,237
Listed 2007-05-09
Face Value ₹ 10
Issued Size 75,49,58,148

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