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Revenue
₹2,265 Cr
verified against source
Revenue YoY
17.5%
reported change
EBITDA
₹505 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 Q3 FY26 with consolidated revenue of ₹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 diagnostics margin recovery to 23.1%. PAT declined to ₹197 crore due to a one-off expense of ₹55 crore for new labor codes. Hospital occupancy remained steady at 67%, while ARPOB grew 4.5% to ₹2.56 lakh, supported by a 52% surge in robotic surgeries. The diagnostics business saw 8.3% revenue growth and a 870 bps margin improvement. Management guided for continued growth trajectory with brownfield expansion of ~400 beds in FY27, led by the fMRI facility. The People Tree acquisition in Bengaluru adds 125 beds with expansion potential to 300. Risks include integration challenges at Glenagles and potential dilution from IHH's planned equity infusion.
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Guidance to track
- Major contribution from fMRI expansion (200+ beds) to be commissioned in phases starting April 2026.
- Driven by ~2.5% price increase and balance from case mix improvement, especially in oncology.
- Supported by brownfield expansions in high-margin facilities like fMRI and operational leverage.
- Preferential allotment likely after cooling period ends in May 2026, to strengthen balance sheet for growth.
Risks flagged
- Revenue declined 4% in 9M FY26 due to management changes and operational issues; turnaround expected only from next fiscal.
- Management expressed caution about Hyderabad due to competitive intensity, though it remains a focus cluster.
- Acquired hospital is suboptimal and requires investment; expansion to 300 beds may take 30 months due to Bangalore approval delays.
- New circulars have implementation ambiguities; full benefit may be delayed until clarity on super-specialty rates and drug pricing.
Key quotes
- Our business performance in Q3 has been good considering the seasonal impact of festivals in some of our key geographies.
- We feel there is still scope for margin improvement especially with the brownfield expansion.
- We are doing acquisition opportunity in the existing cluster itself. We feel we have a very strong brand equity in whichever cluster we present.
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