Fortis Healthcare / Q2-FY26

Read the quarter in context.

A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

Positive2025-10-30Back to FORTIS

Revenue

₹2,331 Cr

verified against source

Revenue YoY

17.3%

reported change

EBITDA

₹556 Cr

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
9 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY24: 330 · Positive source sentiment · 2023-10-31Q2 FY24Q4 FY24: 380 · Positive source sentiment · 2024-05-15Q4 FY24Q1 FY25: 343 · Positive source sentiment · 2024-08-07Q1 FY25Q2 FY25: 435 · Positive source sentiment · 2024-10-31Q2 FY25Q3 FY25: 375 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 435 · Positive source sentiment · 2025-05-15Q4 FY25Q1 FY26: 491 · Positive source sentiment · 2025-07-31Q1 FY26Q2 FY26: 556 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 505 · Positive source sentiment · 2026-01-23Q3 FY26556330
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Fortis Healthcare delivered a strong Q2 FY26 with consolidated revenue of INR 2,331 crore (+17.3% YoY) and EBITDA margin expansion of 200 bps to 23.9%. Hospital revenue grew 19.3% to INR 1,974 crore, driven by 5.8% ARPOB growth and 13% occupied bed increase. Oncology grew 29% YoY, contributing 16.2% of hospital revenue. Diagnostics EBITDA margin improved to 26.1% (vs 21.5% YoY). Management guided for sustained H2 momentum with 5-6% ARPOB growth and potential margin upside. Key risks include CGHS payment uncertainty and integration of Gleneagles O&M assets.

Colored figures show movement against the previous available record.

Guidance to track

  • Management indicated possibility of higher margin improvement than guided at the beginning of the year, driven by ramp-up of new units.
  • Company added 550 operational beds in H1 FY26 and expects full-year addition of 400-500 beds.
  • Agilus CFO guided margins to be around 23-24% for the full year, based on H1 performance of 24%.
  • Management expects ARPOB growth of 5-6% in second half, driven by mix improvement and robotic surgeries.

Risks flagged

  • Management expressed caution on CGHS due to non-predictability of payments and potential circular changes, despite recent rate increases.
  • The O&M arrangement for five hospitals may face operational challenges; future conversion to ownership is uncertain.
  • Net debt rose to INR 2,219 crore (0.96x EBITDA) from 0.16x a year ago due to acquisitions, though management is comfortable.
  • Commissioning of 225 beds at SMRI delayed by three months to March 2026, pushing revenue contribution to next fiscal.

Key quotes

  • We expect we will continue to do better on the margin expansion side as our units are becoming matured.
  • I think the target is not very far away. I will put it that way. I will not like to give any definitive timeline, but yeah, next couple of years, it is definitely looking like we are reaching there.
  • There is always a sort of hesitancy because of the non-predictability about the payment. It is always a question mark when the money will be coming, the deductions, and all those stuff.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check