Fortis Healthcare (FORTIS) Q2 25/26 earnings summary

Executive summary

• Consolidated revenue for Q2 FY26 grew 17.3% year-over-year to INR 2,331 crore, with hospital business up 19.3% and diagnostics up 7.3%.

• Operating EBITDA rose 28% to INR 556 crore, with margin improvement to 23.9% from 21.9% in Q2 FY25.

• Q2 FY26 PAT was INR 305 crore, up 120.7% year-over-year, excluding exceptional items.

• H1 FY26 consolidated revenue reached INR 4,498 crore, up 16.9% year-over-year; operating EBITDA margin improved to 23.3%.

• Board approved unaudited financial results for Q2 and H1 FY26, with no material misstatements per statutory auditors.

Financial highlights

• Q2 FY26 consolidated PBT before exceptional items was INR 402 crore, up 25.3% year-over-year; PAT was INR 305 crore, up 120.7% year-over-year, excluding exceptional items.

• Hospital business revenue in Q2 FY26: INR 1,974 crore (85% of total), up 19.3% year-over-year; diagnostics business gross revenue grew 7.3% to INR 400 crore.

• Q2 consolidated net profit was ₹32,882 lacs, up from ₹19,308 lacs in Q2 FY25.

• Operating EBITDA margin for the hospital business was 22.9% and for diagnostics 26.1% in Q2 FY26.

• Net debt as of September 30, 2025, stood at INR 2,219 crore, with net debt/EBITDA at 0.96x.

Outlook and guidance

• Expectation of continued positive growth momentum in both revenue and margins for H2 FY26.

• Hospital business ARPOB expected to grow 5-6% in H2, with further volume growth from bed additions.

• Diagnostic business margins guided at 23-24% for FY26.

• Full-year organic bed addition target maintained at 400-500 beds.

• Expansion projects include new bed additions at Manesar, Faridabad, Noida, and FMRI, with further capacity increases expected in H2 FY26 and H1 FY27.