Business

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% YoY Operating EBITDA margin at 22.9% vs 21.4% in Q2 FY25

• By Newsdesk
• New Delhi
• Nov 12, 2025

Business

Fortis Healthcare Ltd. (“Fortis” or the “Company”), amongst India’s leading healthcare delivery companies, today announced its unaudited consolidated financial results for the quarter and half year ended September 30, 2025.

Financial Highlights

^ Operating EBITDA excludes Other Income

* PAT and PATMI for Q2 FY26 and H1 FY26 includes exceptional gain of INR 23.5 Cr and INR 12.6 Cr which pertains primarily to reversal of impairment in an associate Company; PAT and PATMI for Q2 FY25 includes exceptional loss of INR 59.8 Cr which pertains primarily to the impairment movement in an associate Company

Balance Sheet 

• The company’s net debt as of 30th September 2025 stood at INR 2,219 crore, with a Net Debt to EBITDA ratio of 0.96x compared to 0.16x as of 30th September 2024 (based on Q2 annualized EBITDA). Net Debt to Equity was 0.23x versus 0.03x as on 30th September 2024.
• The increase in debt compared to 30th September 2024 was primarily due to funds raised to part-finance the acquisition of a 31.5% private equity stake in Agilus Diagnostics and the acquisition of Shrimann Hospital in Jalandhar, Punjab, among other investments.

 HOSPITAL BUSINESS HIGHLIGHTS 

• Revenue growth in the hospital business for the quarter was led by increase of 13% in occupied beds compared to Q2 FY25.
• International Patient revenues grew 26% to INR 169 Cr in Q2 FY26 vs INR 135 Cr in Q2 FY25. The business contributed to 8.1% to overall hospital business revenues compared to 7.7% Cr in Q2 FY25.
• Key surgical procedure volumes performed across some of our focus specialties such as Robotic Surgeries and Radiation Therapy increased by 66% and 54% YoY.

 DIAGNOSTICS BUSINESS HIGHLIGHTS 

• Q2 FY26 diagnostic business gross revenue grew 7.3% to INR 400 Cr compared to INR 372 Cr in Q2 FY25. Operating EBITDA margins (basis gross revenues) stood at 26.1% versus 21.5% in Q2 FY25. Excluding one offs, the operating EBITDA margins stood at 24.0% in Q2 FY25.

• Continuing with its network expansion strategy, primarily the addition of new customer touch points (CTPs); total CTPs as on 30^th September 2025 stood at 4,330.

• In Q2 FY26, Agilus conducted ~10.62 Mn tests versus ~10.40 Mn tests in Q2 FY25.

Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “We have maintained a healthy growth momentum across both our hospital and diagnostics businesses. In the hospital segment, key specialties such as Oncology and Renal Sciences grew by 29% and 22%, respectively, compared to the same period last year. Our growth and expansion strategy is accelerating on multiple fronts. The company recently entered into a lease agreement for a ~200-bedded multi-specialty hospital in Greater Noida, a facility that we had previously been managing under an O&M arrangement. This expands our presence in Delhi NCR to ~2,100 beds. The integration of Gleneagles unit 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 that in the diagnostics business, the company continues to witness a strong recovery in both revenue and EBITDA margin and expects this positive momentum to continue in the coming quarters.