Fortis Healthcare Limited — Q2FY27 earnings call summary

Filed 10 November 2026 · Official transcript

FY27 hospital EBITDA margin expected flattish at ~22% post-ESOP; future margin guidance withheld due to regulatory uncertainty
Analyst queries on cluster growth, margin impact of ESOP, diagnostics volume growth, and forensic audit status
Multiple clusters expanding including Bangalore, Delhi NCR, Mumbai, Kolkata, Hyderabad with mix of brownfield and greenfield projects
Diagnostics revenue grew 12.2% in Q2; patient volume +5.8% y-y; wellness revenue contribution rose to 15%
Capex of ~INR 3,500 Cr planned over 3-3.5 years for brownfield expansions; 2,000 beds addition visible from acquisitions and expansions
Operating EBITDA margin improved to 24.2% consolidated; hospital margin 23.3%; diagnostics margin 26.2%
Net debt INR 2,188 Cr; net debt/EBITDA improved to 0.87x as of Sep 30, 2026
Q2FY27 consolidated revenue grew 17.3% y-y to INR 2,735 Cr; H1FY27 revenue up 17.4% to INR 5,280 Cr