Fortis Healthcare Ltd

- No immediate new fundraising is planned, as the company is currently in a comfortable financial position. - There is scope to take some more debt for growth aspirations if required. - IHH, the parent company, has expressed willingness to increase their stake through equity infusion, likely via preferential allotment within 3 to 6 months. - This equity infusion could be used for debt reduction or financing growth opportunities. - There is a cooling period after the recent open offer, ending around May, before further equity infusion by IHH can happen. - The potential equity raise size could be around 5%, subject to SEBI regulations and Board approvals. - No indication of creeping acquisition by IHH at this time; focus is on supporting Fortis’s growth.

- Brownfield expansions approved/planned: - Onco block in Faridabad unit approved by Board. - Expansion in Jalandhar and TMI units using adjacent land parcels. - Greater Noida to increase capacity from 150 to 250-300 beds. - Planning expansion at Shalimar Bagh (approval secured). - FMRI's flagship hospital expansion delayed, targeted by April. - New projects under consideration at Mohali, Shalimar Bagh. - People Tree acquisition in Bangalore (125 beds) being expanded to 300 beds with related capex for medical equipment and civil infrastructure estimated around INR800 crores—cheaper than greenfield INR1,000 crores for similar capacity. - Capital infusion expected from IHH (post open offer cooling period ending May), likely via preferential allotment, to support growth and reduce debt. - Expansion plans target a bed addition of approximately 430-750 beds in FY '27. - M&A focused on existing clusters including Hyderabad (with Gleneagles O&M).

- Fortis Healthcare expects continued growth in both revenue and operational scale over the next 2 years, driven by: - Addition of approximately 430 beds in FY '27, with most becoming operational except phased expansion at FMRI. - Brownfield expansions in key units like FMRI, Jalandhar, TMI, Greater Noida, and Shalimar Bagh, enhancing capacity and improving margins. - Stabilization and ramp-up at newly acquired and expanding units such as People Tree (Bangalore), Manesar, and Gleneagles (Hyderabad and Bangalore). - ARPOB (Average Revenue Per Occupied Bed) anticipated to grow at 4-5% annually due to favorable product mix and moderate price increases. - Continued growth supported by diagnostic business expansion, increasing preventive and specialized test portfolios. - Engagement with government healthcare initiatives to expand access and increase institutional patient volumes. - Emphasis on leveraging AI and digital tools for operational efficiency and scalability.

- Fortis Healthcare expects continued revenue growth at least for the next 2 years, supported by brownfield expansions, especially at premier facilities like FMRI (Page 10). - ARPOB (Average Revenue Per Occupied Bed) is expected to grow by around 4-5% annually, driven equally by price increases and product mix improvements (Page 12). - Margin expansion potential remains, with the operating EBITDA margin improving due to efficiency and high-end specialty business growth (Pages 10, 12). - Positive impact from institutional rate hikes (CGHS, ECHS) is anticipated but requires more clarity and time to quantify (Page 16). - New acquisitions and expansions (e.g., People Tree Hospital, Mohali, Shalimar Bagh expansions) will support future profitability, though some will require upfront capex (Pages 5, 16). - Management is confident in maintaining growth trajectory and margin improvement through operational enhancements and cluster-based expansion (Pages 10, 16).

The transcript does not provide specific details on the current or expected order book or pending orders for Fortis Healthcare Limited. However, some relevant operational insights include: - FMRI hospital expansion (200+ beds) planned in two phases; first 100 beds expected operational either this year or next, depending on ramp-up. - Brownfield expansions identified in Faridabad (onco block), Jalandhar, TMI, and Greater Noida (potential to increase to 250-300 beds). - Addition of approximately 430 beds planned for FY '27, with expected operationalization timelines discussed. - Ongoing acquisitions in existing clusters (including Hyderabad with Gleneagles O&M) to deepen presence. - Continuous evaluation of additional brownfield opportunities and potential expansions in Jaipur and other units. No explicit order book or pending order values are mentioned.