Fortis Healthcare Margin Trend — Quarter by Quarter

Fortis Healthcare's EBITDA margin moved from 16.5% in Q1 FY24 to 22.3% in Q3 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q3 FY26	22.3%	+290 bps
Q2 FY26	24.0%	+200 bps
Q1 FY26	23.0%	+420 bps
Q4 FY25	22.0%	+40 bps
Q3 FY25	19.0%	+250 bps
Q2 FY25	22.0%	+330 bps
Q1 FY25	18.4%	+190 bps
Q4 FY24	21.3%	+480 bps
Q3 FY24	17.0%	-80 bps
Q2 FY24	19.0%	-20 bps
Q1 FY24	16.5%	-40 bps

What management said about ebitda margin

Q2 FY26 · Hospital EBITDA margin to exceed initial guidance of 20.5-22.5%

Management indicated possibility of higher margin improvement than guided at the beginning of the year, driven by ramp-up of new units.

Q2 FY26 · Diagnostics EBITDA margin of 23-24% for full year FY26

Agilus CFO guided margins to be around 23-24% for the full year, based on H1 performance of 24%.

Q1 FY26 · Hospital EBITDA margin improvement of ~200 bps for FY26

Management reiterated guidance of 200 bps margin expansion for the hospital business in FY26, supported by case mix improvement and operational efficiencies.

Q1 FY26 · Diagnostics EBITDA margin of 22-23% for FY26

Management expects diagnostics EBITDA margins to remain in the 22-23% range for the full year, with Q2 typically stronger.

Q4 FY25 · Hospital EBITDA margin expansion of ~200bps in FY26

Management guided for ~200bps margin expansion in the hospital business for FY26, similar to the improvement seen in FY25.

Q4 FY25 · Agilus double-digit revenue growth and 23% EBITDA margin in FY26

Management targets double-digit revenue growth for Agilus in FY26, with EBITDA margin (net) around 23%, moving towards 25% in a couple of years.

Q3 FY25 · Hospital margin guidance of 20.5% for FY25

Management expects hospital EBITDA margin to reach 20.5% for the full year FY25, with a medium-term target of 25%.

Q3 FY25 · Diagnostics margin guidance of 21-22% for FY25

Agilus Diagnostics is expected to deliver adjusted EBITDA margin of 21-22% for FY25.

Q2 FY25 · Hospital EBITDA margin expansion of 200 bps for FY25

Management reaffirmed guidance of 200 bps margin expansion for the hospital business for the full year, factoring in initial losses from Manesar.

Q2 FY25 · Agilus EBITDA margin target of 25-26% by FY27-28

Agilus aims to achieve 25-26% EBITDA margins in 15-18 months, driven by operating leverage and cost optimization.

Q1 FY25 · Hospital EBITDA margin target of 20%+ for FY25

Management reiterated guidance for hospital business EBITDA margins to exceed 20% for the full year, despite Q1 margin of 18.5% impacted by one-offs and mix.

Q1 FY25 · Agilus rebranding spend of INR 50 crore in FY25

Agilus plans to spend approximately INR 50 crore on rebranding expenses this fiscal year, which will be treated as one-off costs.