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Revenue
₹1,988 Cr
verified against source
Revenue YoY
12.3%
reported change
EBITDA
₹435 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Fortis Healthcare delivered a strong Q2 FY25 with consolidated revenue of INR 1,988 crore (+12.3% YoY) and EBITDA of INR 435 crore (+31.9% YoY), driving a 330 bps margin expansion to 21.9%. The hospital business led growth with revenue up 13.9% and EBITDA margins improving 300 bps to 21.4%, aided by higher occupancy (72% vs 69%) and ARPOB growth of 7.6%. Agilus Diagnostics saw margin recovery to 21.5% (24% adjusted) despite modest revenue growth of 3.4%. Management maintained guidance of 200 bps margin expansion for the hospital business for FY25, with brownfield bed additions (Manesar, Faridabad, FMRI) expected to contribute from Q4. The acquisition of 31.52% stake in Agilus for INR 1,778 crore enterprise value is on track to close by December. Key risk: slower-than-expected ramp-up of new brownfield capacity could pressure near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed guidance of 200 bps margin expansion for the hospital business for the full year, factoring in initial losses from Manesar.
- Agilus aims to achieve 25-26% EBITDA margins in 15-18 months, driven by operating leverage and cost optimization.
- Management expects to add 350-400 beds in FY26 through brownfield expansions at Noida, FMRI, Anandapur, and BG Road.
- Annual capex includes maintenance and growth capex for both years, supporting brownfield expansions and equipment upgrades.
Risks flagged
- Agilus revenue grew only 3.4% YoY, trailing peers, due to brand transition impact and low-value PPP business decline. Recovery to double-digit growth is uncertain.
- New bed additions at Manesar and other facilities are expected to initially drag EBITDA, with Manesar break-even estimated at 15 months.
- Legal costs related to ongoing High Court cases are higher this year due to increased hearings, with no immediate resolution expected.
- Festival season typically reduces occupancy in Q3, which could impact sequential revenue and margin performance.
Key quotes
- Our consolidated operating EBITDA increased 31.9% to INR 435 crore, delivering a margin of 21.9% versus 18.6% in Q2 of Financial Year 24.
- We are maintaining our margin guidelines. And when we have given that guideline, we have factored in these losses of Manesar, which is obvious because it is a sort of greenfield project.
- In another 15 to 18 months, we should be able to be in the range of about 25%-26% kind of margins.
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