Fortis Healthcare Ltd

Q2 FY26Healthcare Services

Fortis Healthcare Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹907

Market cap₹69.8K Cr

P/E66.1

Updated23 Aug 2026

Read4 min read

The short version

Hospital business expects sustained revenue growth with H1 FY26 growth at ~18-19%, and similar momentum anticipated in H2 despite seasonal fluctuations. Hospital EBITDA margin target is around 25%, with current levels near 23%, indicating potential margin improvement in the next 2 years (Page 12).

From Fortis Healthcare Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Hospital business expects sustained revenue growth with H1 FY26 growth at ~18-19%, and similar momentum anticipated in H2 despite seasonal fluctuations.
Anticipated 5-6% ARPOB (Average Revenue Per Occupied Bed) growth in H2 driven by mix changes like robotic surgeries and day care procedures; price hikes expected around 1-1.5%.
Bed additions planned: around 400-plus beds organically in the current and next fiscal year, including 225 beds from FMRI and 70 beds in Kolkata.
Diagnostics business revenue grew 7.3% in Q2 FY26, with expectations to continue positive growth momentum supported by new labs and expanded services.

2 more points management made on revenue & sales performance

Profitability & Margins

Hospital EBITDA margin target is around 25%, with current levels near 23%, indicating potential margin improvement in the next 2 years (Page 12).
Operational leverage and efficiency gains from higher occupancy and bed ramp-up expected to continue driving EBITDA margin expansion (Page 12).
ARPOB (Average Revenue per Occupied Bed) expected to grow around 5-6% in H2, driven by volume growth and higher mix of day care and robotic surgeries (Page 9).
Bed additions of approximately 300-400 beds planned for next fiscal year, supporting revenue growth (Page 12).
Diagnostics business revenues growing steadily (~7.3% growth in Q2), with expanding services and improved operating EBITDA margin (Page 5).

- Overall revenue growth momentum expected to sustain in second half, with some seasonal fluctuations but strong Q4 outlook (Page 8). - Potential upside to margin guidance due to better-than-expected operational performance in H1 (Page 9). In summary: Sustained revenue growth with improving margins and operational efficiencies indicate positive outlook for earnings, operating profits, and EPS over the next 1-2 years.

2 more points management made on profitability & margins

See what Fortis Healthcare Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Fortis Healthcare is actively adding bed capacity, with about 400-plus beds added organically in the current year and a similar addition (300-400 beds range) expected in FY 2027.
Major bed additions next year include 225 beds at FMRI and approximately 70 beds in Kolkata, along with ramp-up at Manesar and Bangalore facilities.
They are open to greenfield hospital projects; current greenfield hospitals include FMRI Mohali, Ludhiana, Noida, and Shalimar Bagh. Future greenfield opportunities will be evaluated as appropriate.
The company is pursuing brownfield expansions and inorganic growth opportunities, such as acquisitions (e.g., Shrimann Super speciality Hospital in Jalandhar).

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

5x potential

1Health X Platform₹919 Cr

Rev 1Mar 1

2Chandan Healthca₹590 Cr

Rev 1Mar 3

3₹66.2K Cr

Rev 2Mar 1

4₹1.8K Cr

Rev 2Mar 2

5₹649 Cr

Rev 2Mar 2

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The document does not mention any current or planned fundraising through debt or equity.
It states the net debt as of September 30, 2025, is INR 2,219 crores with a net debt-to-EBITDA ratio of 0.96x.
The company highlights a healthy balance sheet with the capacity to absorb more acquisitions or expansions.

2 more points management made on fundraising & capital structure

See what Fortis Healthcare Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript from Fortis Healthcare Limited's Investors/Analysts meet dated November 12, 2025, does not explicitly mention any details on the current or expected order book or pending orders. The discussion mainly focuses on hospital operations, bed additions, legal and financial updates, government receivables, acquisitions, and growth plans. No specific information regarding current or expected order book or pending orders is provided in the document.

Fortis Healthcare Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹2.4K Cr, net profit ₹271 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Fortis Health.'s management said in earlier quarters

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Frequently Asked Questions

What were Fortis Healthcare Ltd Q2 FY26 results?

What is Fortis Healthcare Ltd share price analysis?

Fortis Healthcare Ltd currently shows a neutral. The stock trades at a P/E of 66.1 with a market cap of ₹69,834 Cr. Investors should review the full earnings analysis for detailed insights.

Is Fortis Healthcare Ltd planning capital expenditure?

Fortis Healthcare is actively adding bed capacity, with about 400-plus beds added organically in the current year and a similar addition (300-400 beds range) expected in FY 2027. - Major bed additions next year include 225 beds at FMRI and approximately 70 beds in Kolkata, along with ramp-up at Manesar and Bangalore facilities. - They are open to greenfield hospital projects; current greenfield hospitals include FMRI Mohali, Ludhiana, Noida, and Shalimar Bagh.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.