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Operates a chain of multi-specialty hospitals and diagnostic centers across India, majority-owned by the IHH Healthcare group.
Operates a chain of multi-specialty hospitals and diagnostic centers across India, majority-owned by the IHH Healthcare group.
Earns mostly from inpatient stays and procedures at its own hospitals, paid by patients, private insurers and corporate schemes, so bed occupancy and the mix of treatments carry the business. SRL, a pathology-lab network, adds a second stream paid per test. Malaysia-based IHH Healthcare is the controlling shareholder.
In one line: India's smaller HCA Healthcare.
Moat: narrow (brand, installed base). An established hospital network and brand recognition across major Indian cities, backed by IHH Healthcare's scale.
Headquarters: Gurugram, India · Founded: 1996 · Employees: 29,616
Size Fortis Healthcare (FORTIS.NS) is an India Health Care company (Hospital/Nursing Management) with a market value of $6.13B, the 186th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹766.90 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against +7.8% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 17.5% over the last twelve months (peer median +9.5%); the operating margin is 17.5% (peer median 12.4%).
Valuation It trades at 45.0× forward earnings against a peer median of 36.5× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 41% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (16.1% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹95.1B | ₹90.7B | ₹77.4B | ₹68.5B | ₹62.2B |
| Revenue growth | — | +17% | +13% | +10% | — |
| Gross profit | ₹34.6B | ₹25.6B | ₹20.9B | ₹17.0B | ₹14.0B |
| EBITDA | ₹21.3B | ₹20.4B | ₹15.7B | ₹12.5B | ₹10.4B |
| Net income | ₹10.5B | ₹10.4B | ₹7.74B | ₹5.99B | ₹5.89B |
| Free cash flow | n/a | ₹3.98B | ₹5.25B | ₹908M | ₹2.74B |
| Capital expenditure | n/a | ₹9.46B | ₹8.47B | ₹9.42B | ₹4.47B |
| Total debt | n/a | ₹34.7B | ₹24.8B | ₹11.6B | ₹9.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Fortis Healthcare FORTIS.NS | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% |
| Aster DM Quality Care ASTERDM.NS | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% |
| Max Healthcare Institute MAXHEALTH.NS | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% |
| Global Health MEDANTA.NS | $3.95B | +15% | +26% | 17% | 51.1× | n/a |
| Narayana Hrudayalaya NH.NS | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% |
| Dr. Lal PathLabs LALPATHLAB.NS | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% |
| Metropolis Healthcare METROPOLIS.NS | $1.25B | +12% | +20% | 18% | 45.6× | 32.4% |
| Krishna Institute of Medical Sciences KIMS.NS | $3.21B | +2% | +31% | 12% | 70.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FORTIS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +6.2% | 4th lowest of 21 |
| 6-month return | -19.1% | +7.8% | 2nd lowest of 20 |
| Distance from 52-week high | -26.9% | -15.1% | 4th lowest of 21 |
| Revenue growth (TTM) | +17.5% | +9.5% | 7th highest of 21 |
| Operating margin | 17.5% | 12.4% | 4th highest of 21 |
| Forward P/E | 45.0× | 36.5× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 41.0% | 13.7% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +17.9% | +8.7% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | +23.1 pp | +2.1 pp | 3rd most demanding of 19 |
| ROIC minus cost of capital | -3.8 pp | +0.6 pp | 4th lowest of 21 |
| EV / EBITDA | 27.2× | 18.8× | 7th most expensive of 18 |
| Net debt / EBITDA | 1.4× | 2.5× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fortis Healthcare FORTIS.NS | India | $6.13B | -19% | +18% | 17% | 45.0× | 41.0% | +17.9% |
| Aster DM Quality Care ASTERDM.NS | India | $6.57B | -3% | +16% | 14% | 49.6× | 55.3% | -11.6% |
| Chemed CHE | United States | $6.87B | +24% | +5% | 14% | 19.5× | 2.4% | +4.0% |
| PACS PACS | United States | $7.87B | +48% | +11% | 8% | 19.2× | 7.6% | +29.7% |
| Ramsay Health Care RHC.AX | Australia | $8.87B | +52% | +4% | 5% | 32.4× | 14.3% | +8.3% |
| Manipal Health Enterprises MANIPALHOS.NS | India | $9.01B | n/a | +25% | 19% | 63.1× | 29.7% | +28.8% |
| Narayana Hrudayalaya NH.NS | India | $4.11B | +3% | +71% | 13% | 36.5× | 31.1% | +25.0% |
| Global Health MEDANTA.NS | India | $3.95B | +15% | +26% | 17% | 51.1× | n/a | n/a |
| Max Healthcare Institute MAXHEALTH.NS | India | $9.61B | -8% | +15% | 21% | 49.7× | 43.2% | +27.2% |
| National HealthCare NHC | United States | $3.27B | +11% | +7% | -8% | n/a | 7.9% | +9.7% |
| Universal Health Services UHS | United States | $11.5B | +15% | +8% | 11% | 8.7× | -1.2% | +8.5% |
| Krishna Institute of Medical Sciences KIMS.NS | India | $3.21B | +2% | +31% | 12% | 70.0× | n/a | n/a |
| Surgery Partners SGRY | United States | $2.99B | +61% | +4% | 14% | 62.5× | 13.8% | +12.2% |
| Apollo Hospitals Enterprise APOLLOHOSP.NS | India | $12.8B | +8% | +19% | 12% | 49.3× | 32.2% | +19.0% |
| Topchoice Medical 600763.SS | China | $2.51B | -11% | +7% | 26% | 26.7× | 13.6% | +6.9% |
| Ardent Health ARDT | United States | $2.44B | +71% | +3% | 4% | 14.5× | 4.0% | +8.7% |
| Brookdale Senior Living BKD | United States | $2.15B | -31% | -4% | 5% | 127.7× | 22.4% | -1.4% |
| Huaxia Eye Hospital 301267.SZ | China | $1.92B | -16% | +2% | 15% | 24.7× | 3.8% | +10.4% |
| Extendicare EXE.TO | Canada | $1.87B | -9% | +31% | 9% | 19.4× | 11.2% | +8.5% |
| Tenet Healthcare THC | United States | $22.5B | +49% | +6% | 17% | 14.0× | -1.2% | +3.9% |
| Sienna Senior Living SIA.TO | Canada | $1.63B | -11% | +16% | 10% | 38.1× | 19.6% | +8.6% |