Financial Performance Summary
Consolidated Financial Results (INR Cr):
| Metric | Q2 FY26 | Q2 FY27 | % Change YoY | H1 FY26 | H1 FY27 | % Change YoY |
| Revenue | 2,331 | 2,735 | 17.3% | 4,498 | 5,280 | 17.4% |
| Profit Before Tax (Before exceptional items) | 402 | 429 | 6.8% | 740 | 783 | 5.8% |
| Exceptional Item | 24 | 3 | - | 36 | 13 | - |
| Profit After Tax* | 329 | 320 | -2.5% | 596 | 593 | -0.4% |
| PAT Margin | 14.1% | 11.7% | - | 13.2% | 11.2% | - |
| PAT after Minority Interest & Share in Associates* | 322 | 312 | -3.0% | 582 | 579 | -0.6% |
| Earnings per share (EPS) | 4.26 | 4.14 | - | 7.71 | 7.67 | - |
*Exceptional gain pertains primarily to reversal of impairment in an associate Company; PAT and PATMI includes exceptional gain.
Hospital Business Performance (INR Cr):
| Metric | Q2 FY26 | Q2 FY27 | % Change YoY | H1 FY26 | H1 FY27 | % Change YoY |
| Revenue | 1,974 | 2,340 | 18.6% | 3,812 | 4,527 | 18.8% |
| Profit After Tax* | 287 | 284 | -1.1% | 512 | 502 | -1.8% |
| PAT Margin | 14.5% | 12.1% | - | 13.4% | 11.1% | - |
*PAT for Q2 FY27 and H1 FY27 includes exceptional gain of INR 3 Cr and INR 13 Cr respectively.
Diagnostics Business Performance (INR Cr):
| Metric | Q2 FY26 | Q2 FY27 | % Change YoY | H1 FY26 | H1 FY27 | % Change YoY |
| Gross Revenue | 400 | 448 | 12.2% | 768 | 855 | 11.2% |
| Net Revenue | 357 | 394 | - | 686 | 752 | - |
| Profit After Tax | 59 | 68 | 15.8% | 101 | 123 | 21.1% |
| PAT Margin | 14.8% | 15.2% | - | 13.2% | 14.4% | - |
Balance Sheet Position
- Net debt as of September 30, 2026: INR 2,188 Cr
- Net Debt to EBITDA: 0.87x (vs 0.96x as on September 30, 2025)
- Net debt to equity: 0.20x (vs 0.23x as on September 30, 2025)
Hospital Business Operational Highlights
| KPI | Q2 FY26 | Q2 FY27 | H1 FY26 | H1 FY27 |
| Occupancy | 71% | 72% | 70% | 70% |
| ARPP* (INR Lakhs) | 1.96 | 2.10 | 1.98 | 2.10 |
| ALOS (Days) | 4.18 | 4.20 | 4.14 | 4.20 |
*Average Revenue per IP Patient is basis Gross IP revenue, excluding daycare procedures
- Revenue growth driven by ~7% increase in ARPP and ~9% increase in occupied beds compared to Q2 FY26
Strategic Expansion Initiatives
- Through subsidiary Fortis Hospotel Limited, entered into definitive agreements with Seth Sunder Lal Jain Charitable Eye Hospital for a 400+ bedded super-specialty hospital in Ashok Vihar, New Delhi
- The ~3.1 acre facility expected to commence operations in 3–4 years, subject to necessary approvals
- Through subsidiary International Hospitals Limited, acquired Suguna Hospital, a 110-bedded facility in Rajajinagar, Bengaluru
- The acquired facility has potential to expand to ~150 beds
- Company aims to strengthen presence across key clusters through strategic M&A and greenfield opportunities including built-to-suit models in Mumbai, Kolkata, and Hyderabad
- Evaluating expansion opportunities in select Tier 2 markets across central India
Diagnostics Business Highlights
- B2C share increased to 54% in Q2 FY27 from 52% in Q2 FY26
- Total customer touch points (CTPs) as of September 30, 2026: 4,551
- Tests conducted in Q2 FY27: ~11.39 Mn (vs ~10.62 Mn in Q2 FY26)
- Preventive portfolio revenues grew 28% in Q2 FY27
- Specialized portfolio revenues grew 14% in Q2 FY27
Management Commentary
Dr Ashutosh Raghuvanshi, MD and CEO, stated: "We have witnessed another quarter of sustained growth, maintaining our growth trajectory in Q2 FY27 across our hospital and diagnostics businesses. We remain committed to strengthening our clinical capabilities and expanding our presence in key markets."
He added: "Our diagnostics business continued to demonstrate consistent growth and strong operational momentum. With our ongoing capacity expansion initiatives, focus on clinical excellence and disciplined execution of our growth strategy, we remain well positioned to capitalise on the growing demand for quality healthcare services in India."
Company Overview
- Operates 37 healthcare facilities (including JVs and O&M facilities) across 12 states
- Network comprises over 6,300 operational beds (including O&M beds) and 400+ diagnostics labs