Financial Performance Overview

Fortis Healthcare Limited announced its audited consolidated financial results for the quarter and year ended March 31, 2026.

Q4 FY26 Consolidated Performance (vs Q4 FY25)
  • Revenue: INR 2,365 Cr, up 17.8% from INR 2,007 Cr
  • Operating EBITDA: INR 531 Cr, up 22.2% from INR 435 Cr
  • Operating EBITDA Margin: 22.5% vs 21.7%
  • Profit Before Tax (Before exceptional items): INR 337 Cr, up 16.1% from INR 290 Cr
  • Profit After Tax: INR 271 Cr, up 44.2% from INR 188 Cr
  • Profit After Tax after Minority Interest and Share in Associates: INR 266 Cr, up 44.6% from INR 184 Cr
Full Year FY26 Consolidated Performance (vs FY25)
  • Revenue: INR 9,128 Cr, up 17.3% from INR 7,783 Cr
  • Operating EBITDA: INR 2,085 Cr, up 31.3% from INR 1,588 Cr
  • Operating EBITDA Margin: 22.8% vs 20.4%
  • Profit Before Tax (Before exceptional items): INR 1,388 Cr, up 26.6% from INR 1,096 Cr
  • Profit After Tax: INR 1,064 Cr, up 31.5% from INR 809 Cr
  • Profit After Tax after Minority Interest and Share in Associates: INR 1,042 Cr, up 34.6% from INR 774 Cr
Exceptional Items Breakdown
  • Q4 FY26: Exceptional loss of INR 12.5 Cr pertaining primarily to impairment in an associate company.
  • FY26: Exceptional net loss of INR 22.2 Cr, comprising a one-time impact of New Labour Codes set off primarily by a reversal of impairment in an associate company of INR 33.0 Cr.
  • Q4 FY25: Exceptional loss of INR 53.6 Cr pertaining to impairment of investment in an associate company and impairment of assets in a subsidiary company.
  • FY25: Exceptional net loss of INR 89.3 Cr primarily pertaining to impairment of investment in an associate company and impairment of assets in a subsidiary company, set off primarily by a gain of INR 23.5 Cr related to the divestment of the Richmond Road, Bangalore facility.

Segment-Wise Performance

Hospital Business (INR Cr)

Q4 FY26 (vs Q4 FY25)

  • Revenue: INR 2,023 Cr, up 19.0% from INR 1,701 Cr
  • Operating EBITDA: INR 446 Cr, up 19.9% from INR 372 Cr
  • Operating EBITDA Margin: 22.1% vs 21.9%

FY26 (vs FY25)

  • Revenue: INR 7,773 Cr, up 19.1% from INR 6,528 Cr
  • Operating EBITDA: INR 1,724 Cr, up 28.7% from INR 1,339 Cr
  • Operating EBITDA Margin: 22.2% vs 20.5%
Diagnostics Business (Gross Basis, INR Cr)

Q4 FY26 (vs Q4 FY25)

  • Revenue: INR 387 Cr, up 11.1% from INR 348 Cr
  • Operating EBITDA: INR 85 Cr, up 35.9% from INR 63 Cr
  • Operating EBITDA Margin: 22.0% vs 18.0%
  • Net Revenue (net of intercompany elimination): INR 341 Cr vs INR 306 Cr

FY26 (vs FY25)

  • Revenue: INR 1,527 Cr, up 8.5% from INR 1,407 Cr
  • Operating EBITDA: INR 360 Cr, up 44.7% from INR 249 Cr
  • Operating EBITDA Margin: 23.6% vs 17.7%
  • Net Revenue (net of intercompany elimination): INR 1,355 Cr vs INR 1,255 Cr
Adjusted Diagnostics Margins (Excluding One-Offs)
  • Q4 FY26 Operating EBITDA Margin: 20.1% (vs 23.4% in Q4 FY25)
  • FY26 Operating EBITDA Margin: 23.2% (vs 22.0% in FY25)
  • One-off impact in Q4 FY26 and FY26 primarily related to brand fee provision written back. One-off expenses in Q4 FY25 and FY25 pertained primarily to rebranding costs and a contingent consideration payment.

Balance Sheet and Leverage

  • Net Debt (as of March 31, 2026): INR 2,334 Cr
  • Net Debt to EBITDA: 1.09x (vs 0.93x as on March 31, 2025, based on Q4 annualized EBITDA)
  • Net Debt to Equity: 0.23x (vs 0.18x as on March 31, 2025)
  • The increase in debt was primarily due to the acquisition of People Tree Hospital in Yeshwanthpur, Bengaluru and Shrimann Hospital in Jalandhar, Punjab.
  • Shareholder's Equity (Mar 31, 2026): INR 10,168 Cr
  • Total Debt (including lease liabilities): INR 3,472 Cr (INR 2,872 Cr Debt + INR 600 Cr Lease Liabilities)
  • Cash and Cash Equivalents (Mar 31, 2026): INR 538 Cr

Operational and Business Highlights

Hospital Business Key Performance Indicators

| KPIs | Q4 FY25 | Q4 FY26 | FY25 | FY26 |

| Occupancy | 69% | 68% | 69% | 68% |

| ARPOB (INR Cr p.a.) | 2.51 | 2.56 | 2.42 | 2.51 |

| ALOS (Days) | 4.22 | 4.26 | 4.19 | 4.21 |

  • Revenue growth driven by a 17% YoY increase in occupied beds in Q4 FY26 (3,339 beds vs 2,855 beds) and a 15% increase for FY26 (3,270 beds vs 2,838 beds).
  • Key procedure volumes: Radiation Therapy increased 19% YoY; Robotic Surgeries increased 66% YoY.
  • Top 6 specialties (Cardiac, Orthopedics, Neurology, Gastroenterology, Oncology, Renal Sciences) grew 18.9% over FY25 and contributed ~62% to overall revenues.
  • International Patient revenues grew 18.5% to INR 639 Cr in FY26 (7.8% of hospital business revenues).
  • Added high-value medical equipment: five soft tissue surgical robots, two MRI machines, four Cath labs, one PET CT.
Diagnostics Business (Agilus)
  • Tests conducted in FY26: ~40.8 Mn vs ~39.2 Mn in FY25.
  • Total Customer Touch Points (CTPs) as of March 31, 2026: 4,445.
  • Revenues from preventive portfolio grew 21% and increased contribution from 11% in FY25 to 13% in FY26.
  • B2C:B2B revenue mix stood at 52:48 in FY26.

Strategic Initiatives and Expansion

  • Acquisition of People Tree Hospital, Bengaluru (Jan'26): 125-bedded facility acquired for INR 430 Cr through 100% acquisition of TMI Healthcare Pvt. Ltd., with potential to expand to over 300 beds.
  • Long-Term Lease for Greater Noida Hospital (Sep'25): 15-year lease for a ~200-bedded multi-specialty hospital with expansion potential to ~250 beds.
  • Acquisition of Shrimann Hospital, Punjab (Jul'25): Added 228 beds, strengthening presence in Punjab to ~1,000 beds.
  • Launch of 'Adayu' Mental Health Facility (Nov'25): 36-bedded specialized mental health care facility in Gurugram.
  • O&M Agreement for Lucknow Hospital (Aug'25): Agreement for Operations and Management of a 550-bedded greenfield hospital to be constructed by Ekana Group.
  • O&M Agreement with Gleneagles (Jul'25): Agreement to manage ~700 beds across five hospitals within the Gleneagles network.
  • Brownfield Expansion: Planned capacity addition of ~1,800 beds from FY27 to FY30.

Dividend Declaration

  • The Board recommended a dividend of INR 1 per share (10% of Face Value), subject to shareholders' approval.

Management Commentary

Dr. Ashutosh Raghuvanshi, MD and CEO, stated: "We have witnessed a steady business performance in Q4 enabling us to end the year on a healthy note. Our hospital business which now contributes 85% to our overall revenues continues to do well. We have maintained our investment momentum in augmenting medical equipment and technology, adding to our clinical depth and expanding key medical programs. For FY26, our top 6 specialties have grown 19% notably amongst them being Renal Sciences and Orthopedics, which witnessed a growth of 22% and 21%, respectively."

He further added: "I'm also pleased to share that the year gone by has seen network expansion in our key geographies through brownfield initiatives and acquisitions. As part of our inorganic growth strategy, we added ~500 beds to our network through the acquisition of People Tree Hospital, Bengaluru; the Shrimann Hospital in Jalandhar, Punjab and with a long-term lease arrangement for the Greater Noida Hospital in Delhi NCR. We continue to progress on our brownfield expansion plans and actively evaluate further inorganic growth opportunities within our focus geographic clusters."

Corporate Overview

Fortis Healthcare Limited is a leading integrated healthcare delivery service provider in India operating 36 healthcare facilities (including JVs and O&M facilities) across 12 states. The network comprises ~6,100 operational beds (including O&M beds) and over 400 diagnostics labs.

ESG Initiatives

The company reported measurable improvement in energy optimization, reduced carbon emissions, water conservation, and reduction in plastic waste generation.