Fortis Healthcare 4Q26 Inline Performance

Fortis Healthcare's 4Q26 results were inline with expectations, driven by strong hospital occupancy and improving diagnostic margins. Goldman Sachs maintains a Neutral rating with a revised price target of Rs950.

Key Takeaways

• 1.4Q26 results were inline with expectations, with consolidated sales and EBITDA growing 18% and 22% YoY respectively.
• 2.The diagnostics business showed significant margin improvement, reaching ~25% in the quarter due to a better test mix and preventive portfolio growth.
• 3.Management has guided for 15% revenue growth and 150-200bps margin expansion for the hospital business in FY27.

Table of Contents

• 4Q26 inline: Good performance, balanced risk-reward; retain Neutral
• Maintained healthy occupancy of larger bed base, ARPOB growth slowing down
• Profitability pickup in Diagnostics
• Expansion plans
• Valuation
• Price Target Risks and Methodology
• Disclosure Appendix

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