FORTIS Q1 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,167 Cr
verified against source
Revenue YoY
16.6%
reported change
EBITDA
₹491 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Fortis Healthcare delivered a strong Q1 FY26 with consolidated revenue of INR 2,167 crore (+16.6% YoY) and EBITDA of INR 491 crore (+43.2% YoY), driving margin expansion of 420bps to 22.6%. The hospital business led growth with revenue up 18.6% to INR 1,838 crore, supported by ARPOB growth of 10.2% to INR 2.65 lakh per occupied bed per month, driven by a favorable case mix (oncology +28% YoY, robotic surgeries +75% YoY) and occupancy improvement to 69%. Diagnostics (Agilus) saw margin recovery to 23% (vs 16.1% YoY) on gross revenue of INR 369 crore (+7.4% YoY). Management maintained guidance of 200bps margin expansion for FY26, with 900 beds to be added this year. The Glen Eagles O&M contract (3% of net revenue) adds ~INR 20-25 crore EBITDA annually. Key risks include slower-than-expected ramp-up of new beds and potential dilution from the Glen Eagles contract if profitability improvement lags.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 200bps margin improvement for the full year, despite a strong Q1.
- Agilus expects full-year EBITDA margins in the 22-23% range on net revenue basis.
- Includes brownfield expansions at Noida, Faridabad, FMRI, and Manesar; 250 beds at FMRI to be completed by year-end.
- 3% of net revenue from ~700 beds; not included in original guidance.
Risks flagged
- The contract is based on a 3% revenue fee, not profit share; if underlying hospital margins remain low, Fortis may not capture full upside.
- While brownfield expansions are expected to ramp quickly, Manesar (new facility) may take longer to reach breakeven.
- Management guided high single-digit growth near-term, which may lag hospital growth and limit overall margin expansion.
- Debt rose due to acquisitions; higher leverage could constrain future M&A or increase interest costs.
Key quotes
- We reported a consolidated topline figure of INR 2,167 crores, a growth of 16.6% over the quarter 1 of financial year 25.
- Our consolidated operating EBITDA increased 43.2% to INR 491 cr delivering a margin of 22.6% versus 18.4% in Q1 of financial year 25.
- We are sticking to our guidance which we have provided in the beginning of the year 2% margin improvement.
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