Fortis Healthcare Ltd. · NSE:FORTIS
Fortis Healthcare — Q2 FY26 Earnings Presentation
39 slides from Fortis Healthcare's earnings presentation, Nov 11, 2025
Slide 1: Regulation 30 filing cover letter
Fortis Healthcare Limited Tower-A, Unitech Business Park, Block-F, South City 1, Sector – 41, Gurgaon, Haryana – 122 001 (India) Tel : 0124 492 1033 Fax : 0124 492 1041 Emergency : 105010 Email : secretarial@fortishealthcare.com Website : www.fortishealthcare.com November 11, 2025 FHL/SEC/2025-26 Th
Slide 2: Press Release: Fortis announces Q2 FY26 Financial Results
Press Release November 11, 2025 Fortis Healthcare announces Q2 FY26 Financial Results ➢ Consolidated Revenues at INR 2,331 Cr, up 17.3% YoY ➢ Operating EBITDA Margin at 23.9% vs 21.9% in Q2 FY25 ➢ Profit after Tax at INR 329 Crs, up 70.3% YoY ➢ Hospital Business Revenues at INR 1,974 Cr, up 19.3% Yo
Slide 3: Press Release: Balance Sheet and Business Highlights
Press Release November 11, 2025 Balance Sheet • The Company’s net debt as of 30th September 2025 stood at INR 2,219 Cr with a Net Debt to EBITDA of 0.96x as compared to 0.16x as on 30th September 2024 (basis Q2 annualized EBITDA). Net debt to equity was at 0.23x versus 0.03x as on 30th September 202
Slide 4: Press Release: About Fortis Healthcare and Disclaimer
Press Release November 11, 2025 under the O&M arrangement with Fortis is progressing well and we have also made our foray in Lucknow with an O&M arrangement for a 550 bedded super specialty hospital to be constructed by the Ekana Group.” He further added “In the diagnostics business, we continue to
Slide 5: Fortis Healthcare Limited – Q2 FY26
FORTIS HEALTHCARE LIMITED EARNINGS PRESENTATION – Q2 FY26 November 11, 2025 1
Slide 6: Disclaimer
DISCLAIMER This presentation may not be copied, published, distributed or transmitted. The presentation has been prepared solely by the company. Any reference in this presentation to “Fortis Healthcare Limited” shall mean, collectively, the Company and its subsidiaries. This presentation has been pr
Slide 7: About Fortis Healthcare
About Fortis Healthcare National Capital Region ➢ FMRI, Gurugram ➢ FEHI, New Delhi 33 Healthcare Facilities ➢ Shalimar Bagh 2,075 ➢ Noida ➢ Vasant Kunj (O&M) ➢ Faridabad ~5,800 Operational Beds^ Punjab ➢ Manesar, Gurugram ➢ Mohali ➢ La Femme GK ➢ Ludhiana ➢ Def Col 7,600+ Doctors 965 ➢ Ludhiana 2 ➢
Slide 8: Agenda
AGENDA 1. Clinical Excellence at Fortis 2. Performance Highlights • Earnings and Financial Summary – Q2FY26 and H1FY26 3. Performance Review - Hospital Business 4. Performance Review - Diagnostics Business 5. Appendix 4
Slide 9: Clinical Excellence at Fortis
CLINICAL EXCELLENCE AT FORTIS KEY HIGHLIGHTS 5
Slide 10: Clinical Excellence
CLINICAL EXCELLENCE • Fortis Hospital, Anandpur, performed a complex surgery to remove a clinoidal meningioma tumor from a 40-year-old patient suffering from severe headaches and vision loss. The tumor was compressing the optic nerves and brain vessels. • Fortis Hospital, Gurugram, performed a rare
Slide 11: Augmenting Medical Programs
AUGMENTING MEDICAL PROGRAMS ➢ Fortis Hospital, Mohali, launched a dedicated Biplane Neuro Cath Lab, equipping the facility with advanced imaging technology that provides high-resolution precision for diagnosing and treating neurovascular conditions. ➢ Fortis Hospital, Greater Noida, launched a 10-be
Slide 12: Performance Highlights: Q2FY26 and H1FY26
Q2FY26 and H1FY26 PERFORMANCE HIGHLIGHTS 8
Slide 13: Q2FY26 Snapshot
Q2FY26 SNAPSHOT Consolidated Revenue Consolidated Op EBITDA Consolidated PBT1 2,331 Crores 556 Crores 402 Crores (23.9% Margin) 17.3% 28.0% 25.3% Consolidated PAT1 Net Debt / (Cash)3 Net Debt to EBITDA2,3 305 Crores 2,219 Crores 0.96x vs 0.16x 20.7% 1. Excluding exceptional items 2. Basis Q2FY26 ann
Slide 14: H1FY26 Snapshot
H1FY26 SNAPSHOT Consolidated Revenue Consolidated Op EBITDA Consolidated PBT1 4,498 Crores 1,047 Crores 740 Crores (23.3% Margin) 16.9% 34.7% 34.3% Consolidated PAT1 Net Debt / (Cash)3 Net Debt to EBITDA2,3 559 Crores 2,219 Crores 0.96x vs 0.16x 31.1% 1. Excluding exceptional items 2. Basis Q2FY26 a
Slide 15: Recent Key Updates
Recent Key Updates Long-Term Lease for 200-Bedded Greater Noida Hospital Sep’25: Fortis through its wholly owned subsidiary entered into a 15-year lease agreement with RR Lifesciences for a ~200-bedded multi-specialty hospital in Greater Noida. Fortis had been previously managing the facility under
Slide 16: Q2FY26 Snapshot
Q2FY26 SNAPSHOT ➢ Hospital business revenues grew 19.3% to INR 1,974 Cr versus INR 1,655 Cr in Q2FY25 ➢ Hospital Business Operating EBITDA stood at INR 452 Cr, up 27.4%; while operating EBITDA margin was at 22.9% versus 21.4% in Q2FY25 ➢ Q2FY26 hospital business ARPOB was at INR 2.51 Cr per annum vs
Slide 17: Consolidated Earnings Summary – Q2FY26
CONSOLIDATED EARNINGS SUMMARY – Q2FY26 All figures in INR Cr Revenue Op EBITDA & Margin 2,331 556 491 2,167 435 23.9% 1,988 22.6% 21.9% Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Up 17.3% Up 28.0% PBT before Exceptional Items PAT* 305 402 253 254 321 338 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Up 2
Slide 18: Consolidated Earnings Summary – H1FY26
CONSOLIDATED EARNINGS SUMMARY – H1FY26 All figures in INR Cr. Revenue Op EBITDA & Margin 4,498 1,047 777 3,847 23.3% 20.2% H1FY25 H1FY26 H1FY25 H1FY26 Up 16.9% Up 34.7% PBT before Exceptional Items PAT* 740 559 551 426 H1FY25 H1FY26 H1FY25 H1FY26 Up 34.3% Up 31.1% * H1FY26 PAT excludes exceptional g
Slide 19: Consolidated Earnings Summary
CONSOLIDATED EARNINGS SUMMARY All figures in INR Cr Consolidated Revenue 2,331 2,167 1,988 1,928 2,007 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Op EBITDA Margin Op EBITDA PBT (before Exceptional items) 23.9% 22.6% 21.9% 21.7% 556 19.4% 491 435 435 375 402 321 338 290 256 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Slide 20: Hospital Business Highlights – Key Performance Indicators
Q2FY26 HOSPITAL BUSINESS HIGHLIGHTS Key Performance Indicators • Occupancy was at 71%, compared to 72% in Q2FY25. Overall Occupancy Occupied beds increased to 3,318 compared to 2,939 in Q2FY25, a 72% 71% growth of 12.9%. 69% • Revenue from focus specialties comprising Oncology, Neurosciences, Cardia
Slide 21: Diagnostic Business Highlights
Q2FY26 DIAGNOSTIC BUSINESS HIGHLIGHTS • Agilus gross revenues grew 7.3% to INR 400 Cr in Q2FY26 versus INR 372 Cr in Q2FY25 • Operating EBITDA stood at INR 104 Cr in Q2FY26 versus INR 80 Cr in Q2FY25 • Operating EBITDA Margin (basis gross revenues) stood at 26.1% versus 21.5% in Q2FY25. Excluding on
Slide 22: Operating Performance – Hospital Business
OPERATING PERFORMANCE HOSPITAL BUSINESS Hospital Business Particulars (INR Cr) Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Operating Revenue 1,655 1,838 1,974 3,204 3,812 Revenue Growth vs LY 13.9% 18.6% 19.3% 14.2% 19.0% Reported EBITDA 369 415 483 664 898 EBITDA growth vs LY 27.5% 40.5% 30.9% 33.5% 35.2% M
Slide 23: Operating Performance – Diagnostic Business
OPERATING PERFORMANCE DIAGNOSTIC BUSINESS Diagnostic Business Particulars (INR Cr) Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Operating Revenue 372 369 400 716 768 Revenue Growth vs LY 3.4% 7.4% 7.3% 1.9% 7.3% Reported EBITDA 87 91 113 147 205 EBITDA growth vs LY 27.9% 51.4% 30.9% 4.8% 39.3% Margin 23.3% 24
Slide 24: Balance Sheet (Consolidated)
BALANCE SHEET (CONSOLIDATED) September 30, 2025 Balance Sheet (INR Cr) Sep 30, 2024 Mar 31, 2025 Sep 30, 2025 Shareholder’s Equity 8,729 9,169 9,693 Debt 878 2,196 2,632 Lease Liabilities (Ind AS 116)* 309 280 562 Total Capital Employed 9,916 11,645 12,887 Net Fixed Assets (including intangibles & C
Slide 25: Performance Review – Hospitals Business
PERFORMANCE REVIEW HOSPITALS BUSINESS 21
Slide 26: Specialty Mix
SPECIALTY MIX Q2FY25 Q2FY26 Other Operating Other Operating Revenue, 1.8% Revenue, 1.6% OPD, 13.7% OPD, 13.8% Cardiac, Cardiac, 16.8% 16.9% Other IPD, Ortho, 8.6% Other IPD, Ortho, 8.3% 17.3% 16.9% Renal, 6.9% Renal, 7.1% Gynae, 3.4% Gynae, 3.3% Neuro, 8.2% Neuro, 8.5% Pulmo, 2.6% Pulmo, 2.8% Gastro
Slide 27: Payor Mix
PAYOR MIX Q2FY25 Q2FY26 TPAs, 36.3% TPAs, 36.1% Cash : Cash : Domestic, Domestic, 35.0% 34.2% Pvt Corps, 1.1% Pvt Corps, 1.1% International , International , Govt & 7.7% Govt & 8.1% PSUs, 8.4% PSUs, 8.4% ECHS, 7.5% CGHS, 4.3% ECHS, 7.3% CGHS, 4.3% 23
Slide 28: Hospital Business Performance – Q2FY26
HOSPITAL BUSINESS PERFORMANCE – Q2FY26 Key healthcare facilities continue to witness a YoY and QoQ upward momentum in revenues Revenue Q2FY25 Q2FY26 290 All figures in INR Cr. 251 234 207 185 156 164 148 157 150 149 136 120 128 90 101 59 74 59 67 FMRI Mohali Shalimar Bagh Noida BG Road FEHI Mulund A
Slide 29: Hospital Margin Matrix
HOSPITAL MARGIN MATRIX EBITDA No of Facilities Revenue Contribution Operational beds ARPOB (INR Cr) Occupancy >20% 13 77.2% 3,218 2.65 75% Q2FY26 15% - 20% 4 11.7% 559 2.54 70% 10% - 15% 2 2.6% 175 2.13 56% <10% 4^ 7.4% 691 1.52 60% ^ Note: <10% EBITDA Margin facilities include Manesar (commissioned
Slide 30: Beds Expansion Update
BEDS EXPANSION UPDATE 26
Slide 31: Key Ongoing Expansion Projects
Key Ongoing Expansion Projects Manesar Facility (~300 Beds)* – ~180 Bed Capacity added till July’25 (124 beds operationalized as of Oct’25) Faridabad New Tower (50 Beds) –Operationalized in Q2FY26 Remaining Capacity Addition: H2FY26 Noida New Tower (~150 Beds) – ~73 Beds operationalized: H1FY26 FMRI
Slide 32: Performance Review – Diagnostics Business
PERFORMANCE REVIEW DIAGNOSTICS BUSINESS 28
Slide 33: Diagnostics Business
DIAGNOSTICS BUSINESS • During Q2FY26, Agilus conducted 10.62 Mn tests, versus 10.40 Mn in Q2FY25. • Agilus added 200+ Customer touchpoints^ to its network in Q2FY26. • Agilus’ B2C: B2B revenue mix stood at 52:48 in the quarter vs 53:47 in Q2FY25. • Operating EBITDA INR 104 Cr in Q2FY26 versus INR 80
Slide 34: Quarterly Revenue Mix
QUARTERLY REVENUE MIX Geographic mix Product Mix Segment Mix International 4% Wellness 13% B2C, North Q2FY26 30% 52% South 33% Routine B2B, 53% 48% Specialised 34% East 12% West 20% International 3% Wellness 10% North Q2FY25 31% B2C, 53% South 32% B2B, Specialised 47% Routine 33% 57% East West 13% 2
Slide 35: Quarterly Key Performance Metrics
QUARTERLY KEY PERFORMANCE METRICS Test (mn) Avg. Realization per test (INR) No of Patients (mn) Avg. Realization per patient (INR) 4.50 910 10.8 380 4.40 900 10.6 375 890 900 890 10.4 375 4.30 370 880 10.2 4.20 878 365 870 10 365 4.10 363 360 860 9.8 4.00 355 850 9.6 357 357 854 3.90 845 846 840 9.4
Slide 36: Appendix
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Slide 37: Group Consolidated P&L – Q2FY26
GROUP CONSOLIDATED P&L – Q2FY26 Particulars ( INR Cr) Q2FY25 Q1FY26 Q2FY26 Revenue from operations 1,988.4 2,166.7 2,331.4 Other income 13.2 15.4 22.6 Total income 2,001.6 2,182.1 2,354.0 Expenses 1,533.6 1,676.0 1,775.1 EBITDA* 448.1 506.1 578.9 Margin 22.5% 23.4% 24.8% Finance costs 36.4 69.6 74.9
Slide 38: Group Consolidated P&L – H1FY26
GROUP CONSOLIDATED P&L – H1FY26 Particulars (INR Cr) H1FY25 H1FY26 Revenue from operations 3,847.3 4,498.2 Other income 26.3 38.0 Total income 3,873.5 4,536.1 Expenses 3,069.9 3,451.2 EBITDA* 803.6 1,085.0 Margin 20.9% 24.1% Finance costs 71.7 144.4 Depreciation and amortisation expense 186.1 207.3
Slide 39: Thank You
THANK YOU 35