Fortis Healthcare Q3 FY26 Results: Strong Growth with Management Insights from Earnings Call
Fortis Healthcare delivered strong Q3 FY26 results with consolidated revenues of INR 2,265 Cr, up 17.5% YoY, and operating EBITDA margin expanding to 22.3% from 19.4%. The hospital business drove growth with 19.4% revenue increase to INR 1,938 Cr and occupied beds rising 14% to 3,189. Management announced strategic acquisitions including People Tree Hospital in Bengaluru for INR 430 Cr and outlined expansion plans for 430+ beds in FY27.

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Fortis Healthcare Limited has completed the mandatory newspaper publication of its Q3 FY26 unaudited financial results under SEBI regulations, following the company's strong financial performance for the quarter ended December 31, 2025. The healthcare giant reported consolidated revenues of INR 2,265 Cr, marking a significant 17.5% increase compared to Q3 FY25. Subsequently, the company held its earnings conference call on February 16, 2026, providing detailed insights into operational performance and future expansion plans.
Regulatory Compliance and Publication Details
Pursuant to Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its financial results on February 14, 2026, in English daily "Financial Express" (all editions) and Punjabi daily "Rozana Spokesman" (Mohali edition). The publication ensures transparency and accessibility of financial information to all stakeholders. Additionally, the company released the transcript of its investors/analysts meet held on February 16, 2026, under Regulation 30.
| Publication Details: | Information |
|---|---|
| Publication Date: | February 14, 2026 |
| English Daily: | Financial Express (All Editions) |
| Regional Daily: | Rozana Spokesman (Mohali Edition) |
| Earnings Call Date: | February 16, 2026 |
| Regulatory Framework: | SEBI Regulations 30 & 47 |
Strong Financial Performance Highlights
The consolidated financial results showcase robust operational efficiency across both hospital and diagnostics businesses, with significant margin expansion and revenue growth. During the earnings call, MD and CEO Dr. Ashutosh Raghuvanshi highlighted the sustained growth momentum despite seasonal impacts from festivals in key geographies.
| Consolidated Metrics: | Q3 FY25 | Q3 FY26 | YoY Change |
|---|---|---|---|
| Total Income: | INR 1,94,915 Lakhs | INR 2,27,330 Lakhs | +16.6% |
| Operating EBITDA: | INR 375 Cr | INR 505 Cr | +34.8% |
| Operating EBITDA Margin: | 19.4% | 22.3% | +290 bps |
| Net Profit (After Tax): | INR 254.30 Cr | INR 197.40 Cr | -22.4% |
| Profit Before Tax: | INR 256 Cr | INR 312 Cr | +21.9% |
For the nine-month period ended December 31, 2025, consolidated revenues reached INR 6,763 Cr, demonstrating consistent growth momentum with a 17.1% increase. The company's net debt stands at INR 2,547 Cr with a net debt to EBITDA ratio of 1.24x as of December 31, 2025.
Hospital Business Drives Growth
The hospital business segment emerged as the primary growth driver, with revenues increasing substantially and margins improving across key specialties. Management noted that 13 facilities reported operating EBITDA above 20% during the nine-month period, contributing 77% of hospital revenues.
| Hospital Business: | Q3 FY25 | Q3 FY26 | Performance |
|---|---|---|---|
| Revenue Growth: | INR 1,623 Cr | INR 1,938 Cr | +19.4% |
| EBITDA Margin: | 20.0% | 21.7% | +170 bps |
| Occupied Beds: | 2,790 | 3,189 | +14% |
| ARPOB: | INR 2.45 Cr | INR 2.56 Cr | +4.5% |
| Hospital Occupancy: | 67% | 67% | Steady |
Strategic Acquisitions and Expansion Plans
During the earnings call, management announced the acquisition of 125-bedded People Tree Hospital in Yeshwanthpur, Bengaluru for INR 430 Cr in January 2026. The acquisition includes underlying land and an adjacent land parcel enabling future expansion to over 300 beds. The company also launched Adayu, a 36-bedded specialized mental health care facility in Gurugram in November 2025.
| Expansion Highlights: | Details |
|---|---|
| Total Beds Added (9 months): | 750 beds |
| People Tree Hospital: | 125 beds (expandable to 300) |
| Acquisition Cost: | INR 430 Cr |
| Adayu Mental Health Facility: | 36 beds |
| Planned FY27 Bed Addition: | 430+ beds |
Diagnostics Business Performance
Agilus Diagnostics reported gross revenues of INR 371 Cr, reflecting 8.3% year-on-year growth. Operating EBITDA margin improved significantly to 23.1% from 14.4% in Q3 FY25. The business conducted 9.9 million tests during the quarter with a balanced B2C-B2B mix of 52-48.
| Diagnostics Metrics: | Q3 FY25 | Q3 FY26 | Change |
|---|---|---|---|
| Gross Revenue: | INR 342 Cr | INR 371 Cr | +8.3% |
| Operating EBITDA Margin: | 14.4% | 23.1% | +870 bps |
| Tests Conducted: | 9.6 million | 9.9 million | +3.6% |
| Customer Touch Points: | - | 4,370 | 175+ additions |
Management Outlook and Future Strategy
CFO Vivek Goyal indicated expectations of continued growth trajectory with 4-5% ARPOB increases going forward. The company expects potential equity infusion from parent IHH Healthcare post the cooling period ending in May 2026. Management expressed confidence in maintaining growth momentum through brownfield expansions, strategic acquisitions, and operational improvements across existing facilities.
Historical Stock Returns for Fortis Healthcare
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.08% | -7.38% | +4.12% | -5.83% | +34.93% | +403.13% |


































