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Fortis Healthcare Limited is one of India's largest healthcare providers, operating 27 hospitals with 4,500 operational beds and over 426 diagnostics centres as of March 31, 2023. The company offers a wide range of integrated healthcare services including cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology, and mother and child care. Fortis uses advanced technology to deliver quality healthcare in modern facilities. Its subsidiary, SRL Limited, is a leading diagnostics chain in India. Fortis Healthcare has a presence in India, Dubai, Mauritius, and Sri Lanka. The company has expanded through acquisitions and new facility launches over the years, focusing on its core Indian market in recent times. It provides inpatient and outpatient services, sells medical and non-medical items, and offers management services to hospitals. Fortis Healthcare's specialties include cardiac sciences, cosmetology, dental sciences, dermatology, general surgery, oncology, urology, neurosurgery, radiology, orthopedics, and organ transplant.
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Company insights, generated from the most recent coverage.
Supreme Court's Sept 2022 direction for forensic audit was triggered by systemic enforcement gaps, including asset dissipation despite status quo orders and inadequate investigation of cross-border fund flows.
Fortis shareholding dilution (70% to 5%) causally linked to Religare diversions: Singh brothers used Rs 2,315 cr loans from Religare to maintain share pledges; loan recall in 2019 triggered forced sales.
Rs 403 crore siphoned from Fortis Hospitals to RHC Holding via conduit entities (Best, Fern, Modland); SEBI ordered repayment noting funds were used to repay promoter-connected loans.
The Quarter story
The two most recent quarterly results, compared side-by-side.
Fortis Healthcare expands revenue and patient pricing, though rising costs and margin pressure test profitability.
Consolidated revenue grows from ₹2,166.7 Cr to ₹2,545.0 Cr from Q1 FY26 to Q1 FY27 — steady top-line expansion across hospitals and diagnostics.
Operating expenses accelerate from ₹1,676.0 Cr to ₹2,007.9 Cr from Q1 FY26 to Q1 FY27 — cost inflation outpaces revenue growth.
Average realization per patient rises from ₹878 to ₹952 from Q1 FY26 to Q1 FY27 — stronger pricing power and higher-value treatments.
Consolidated EBITDA margin contracts from 22.6% to 22.3% from Q1 FY26 to Q1 FY27 — margin compression from higher operational costs.
Diagnostics operating margin expands from 23.0% to 23.9% from Q1 FY26 to Q1 FY27 — improved efficiency and a growing direct-to-consumer base.
Cash reserves fall from ₹486 Cr to ₹347 Cr from Q1 FY26 to Q1 FY27 — tighter liquidity amid capex and debt servicing.
High-performing hospital facilities grow from 11 to 14 from Q1 FY26 to Q1 FY27 — core assets scale effectively with stable occupancy.
International payor share drops from 8.1% to 7.5% from Q2 FY26 to Q1 FY27 — weaker cross-border demand pressures revenue mix.
Net debt to EBITDA improves from 0.92x to 1.01x from Q1 FY26 to Q1 FY27 — leverage remains manageable despite ongoing capital investments.
Hospital EBITDA margin declines from 22.6% to 20.6% from Q1 FY26 to Q1 FY27 — core operations face profit squeeze despite steady bed occupancy.