Fortis Healthcare / Q3-FY26

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Positive2026-01-23Back to FORTIS

Revenue

₹2,265 Cr

verified against source

Revenue YoY

17.5%

reported change

EBITDA

₹505 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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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 Q3 FY26 with consolidated revenue of INR 2,265 crore (+17.5% YoY) and EBITDA margin expansion of 290 bps to 22.3%, driven by hospital business growth of 19.4% and diagnostic margin recovery. Hospital ARPOB rose 4.5% to INR 2.56 crore, supported by a 52% surge in robotic surgeries. Occupied beds grew 14% to 3,189, while occupancy held at 67%. The diagnostics business (Agilus) saw EBITDA margins improve to 23.1% from 14.4% YoY. Management guided for continued margin improvement via brownfield expansions (400+ beds next year, including FMRI) and cluster-based M&A (People Tree acquisition in Bengaluru). Risks include integration challenges at Gleneagles (negative 9M revenue growth) and potential dilution from IHH equity infusion.

Colored figures show movement against the previous available record.

Guidance to track

  • Targeting over 400 brownfield beds next year, primarily from FMRI expansion (200 beds) and other facilities.
  • Management expects ARPOB to grow 4-5% annually, driven by case mix and price increases.
  • IHH may infuse fresh equity via preferential allotment to strengthen balance sheet for growth.

Risks flagged

  • Gleneagles revenue declined 4% in 9M due to clinician attrition and management changes; turnaround uncertain.
  • Management noted intense competition in Hyderabad, making M&A there less attractive.
  • New facilities like Greater Noida and Adayu dragged overall occupancy by ~50 bps.

Key quotes

  • We feel there is still scope for margin improvement, especially with the brownfield expansion.
  • Fortis is their growth engine for India, and I think they will like to infuse fresh equity.
  • We are doing direct marketing there, and opening some information centers in these geographies to increase this business.

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