1. Opening Hook
While most hospitals still blame monsoons, manpower, and morale, Fortis decided Q2 FY26 was a good time to flex. Revenue jumped, margins expanded, and management calmly reminded everyone that hospitals age like fine wine—slowly, then suddenly profitable.
Between oncology doing the heavy lifting, diagnostics finally behaving, and debt being defended like a growth accessory, this concall was less about survival and more about scaling arrogance—politely, of course.
Yes, occupancy is rising. Yes, ARPOB is climbing. And yes, Fortis is clearly enjoying life post-legal mess.
Stick around. The real diagnosis lies ahead.
2. At a Glance
- Revenue up 17.3% – Patients showed up, and they didn’t come cheap.
- Hospital revenue up 19.3% – Beds finally earning their keep.
- EBITDA margin at 23.9% – Operational leverage doing God’s work.
- PAT up 20.7% – Profits healing nicely after years in ICU.
- Net debt at ₹2,219 Cr – Growth funded, balance sheet mildly sweating.
3. Management’s Key Commentary
“Both Hospitals and Diagnostics continue to perform well.”
(Translation: Finally, no sick child in the group 😏)
“Occupancy improved to 71%.”
(Translation: Empty beds are slowly becoming a thing of the past.)
“ARPOB increased
to ₹2.51 crore per annum.”
(Translation: Same bed, richer patient 🏥)
“Oncology grew 29% YoY.”
(Translation: Complex cases = complex billing.)
“Robotic surgeries grew 66%.”
(Translation: Capex justification unlocked 🤖)
“Net debt increased due to acquisitions.”
(Translation: Calm down, this wasn’t reckless.)
“Diagnostics margins reached 26%.”
(Translation: The laggard finally learned discipline.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change
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Revenue ₹2,331 Cr +17.3%
Hospital Revenue ₹1,974 Cr +19.3%
Diagnostics Revenue ₹357 Cr +7.1%
EBITDA ₹556 Cr +28.0%
EBITDA Margin 23.9% +200 bps
PAT (pre-exceptional) ₹305 Cr +20.7%
- Hospitals drove growth; diagnostics quietly followed.
- Margin expansion came from mix, maturity, not price hikes.
- Debt rose, but leverage still below 1x—hardly panic-worthy.
5. Analyst Questions
- Weather disruptions?
→ Punjab floods hurt footfalls briefly, but Fortis shrugged it off.
