Fortis Healthcare stock: Q2 revenue rises 17.3%, margins improve
Published on 11/11/2026 at 00:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFortis expands while margins improve
- Hospital revenue increased year over year as occupancy and occupied beds improved in the second quarter.
- Agilus Diagnostics delivered higher revenue, profit and testing volumes, strengthening Fortis's integrated healthcare model.
- Expansion plans include a long-term hospital-services agreement in New Delhi and the Suguna Hospital acquisition in Bengaluru.
- Investigations and a court-ordered forensic audit remain relevant risks for investors.
Fortis Healthcare reported stronger operating momentum for the quarter ended September 30, 2026, with hospital activity leading growth across the group. The company discussed the results and its expansion plans during an investor and analyst meeting on November 6, according to ScanX.
Hospital operations lead growth
Hospital operating revenue rose to INR 2,340 crore from INR 1,974 crore a year earlier. Occupancy improved to 72 percent from 71 percent, while occupied beds increased 9 percent to 3,616. Average revenue per patient reached INR 2.10 lakh, compared with INR 1.96 lakh in the prior-year quarter, supported by higher use of oncology, neuroscience and cardiac services.
Fifteen hospital facilities generated operating EBITDA margins above 20 percent and represented about 84 percent of hospital revenue. International business revenue increased 12.4 percent to INR 190 crore, contributing about 8 percent of group revenue.
Diagnostics and expansion add momentum
Agilus Diagnostics reported gross revenue of INR 448 crore, up from INR 400 crore in the comparable quarter. Profit after tax increased 15.8 percent to INR 68 crore, while testing volumes rose to 11.39 million from 10.62 million. Business-to-consumer revenue accounted for 54 percent of the segment total, up from 52 percent.
Fortis also agreed to provide healthcare services to a hospital with more than 400 beds in Ashok Vihar, New Delhi, under a 29-year agreement. The company acquired the 110-bed Suguna Hospital in Rajajinagar, Bengaluru, for about INR 277 crore in an all-cash transaction. Management is targeting broader network growth through brownfield expansion and acquisitions.
Risks remain alongside growth
Net debt stood at INR 2,188 crore on September 30, 2026, with net debt to EBITDA improving to 0.87 times from 0.96 times a year earlier. At the same time, the statutory auditor drew attention to ongoing Serious Fraud Investigation Office matters, while a court-ordered forensic audit covering transactions with RHT Health Trust is proceeding. Management said it is cooperating with regulators and that no adjustments are required in the current results.
Fortis serves India's healthcare market
Fortis Healthcare is an integrated healthcare-services provider in India, combining hospitals, clinics, quaternary care and diagnostics. Its investor materials describe a network of 27 healthcare facilities, 4,300 operational beds and 400 diagnostic centers, including joint ventures. The company is listed on the BSE and National Stock Exchange of India. It competes in India's organized multispecialty hospital market with Apollo Hospitals, Max Healthcare and Manipal Hospitals, with Fortis positioned as a large integrated provider focused on hospitals and diagnostics.
Fortis Healthcare at a glance
- Company: Fortis Healthcare Limited
- ISIN: INE061F01013
- Home market: India
- Listings: BSE and National Stock Exchange of India
- Reporting period: Quarter ended September 30, 2026
India's healthcare shares remain sensitive to hospital expansion, occupancy trends and regulatory developments. For broader market coverage, see Current market reports.
