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Fortis Healthcare Limited
Tower-A, Unitech Business Park, Block-
F, South City 1, Sector – 41, Gurgaon,
Haryana – 122 001 (India)
Tel 0124 492 1033
Fax 0124 492 1041
Emergency 105010
Email: secretarial@fortishealthcare.com
Website : www.fortishealthcare.com
November 10, 2026
FHL/SEC/2026-27
The National Stock Exchange of India Ltd. BSE Limited
Scrip Symbol: FORTIS Scrip Code: 532843
Sub: Transcript of Investors / Analyst’s meet under Regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
Dear Madam/Sir,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, please find enclosed transcript of Investors / Analysts’ meet held on November
06, 2026 to discuss the Company’s Un-audited Financial Results for the quarter and half year
ended on September 30, 2026 and same is available on the Website of the Company at below
hyperlink:
earnings call transcript for the quarter ended september 2026
The date and time of occurrence of event is Friday, November 06, 2026 at 12:08 PM (IST).
This is for your information and records.
Thanking you,
Yours Sincerely,
For Fortis Healthcare Limited
Satyendra Chauhan
Company Secretary & Compliance Officer
M. No. - A14783
Encl.: As stated above
FORTIS HEALTHCARE LIMITED
Regd. Office : Fortis Hospital, Sector 62, Phase – VIII, Mohali – 160062
Tel :0172-4692222, Fax : 0172-5096221, CIN : L85110PB1996PLC045933
“Fortis Healthcare Limited Q2 & H1 FY '27 Earnings
Conference Call”
November 06, 2026
MANAGEMENT: DR. ASHUTOSH RAGHUVANSHI – MANAGING
DIRECTOR AND CHIEF EXECUTIVE OFFICER, FORTIS
HEALTHCARE LIMITED
MR. VIVEK GOYAL – CHIEF FINANCIAL OFFICER,
FORTIS HEALTHCARE LIMITED
MR. ANURAG KALRA – HEAD, INVESTOR RELATIONS,
FORTIS HEALTHCARE LIMITED
MR. AMIT MAHENDRU – FORTIS HEALTHCARE
LIMITED
MR. VIJENDER SINGH – CHIEF EXECUTIVE OFFICER,
AGILUS DIAGNOSTICS
MR. AKSHAY TIWARI – CHIEF FINANCIAL OFFICER,
AGILUS DIAGNOSTICS
Page 1 of 19
Fortis Healthcare Limited
November 06, 2026
Moderator: Ladies and gentlemen, good day and welcome to Fortis Healthcare Limited Q2 and H1 FY '27
Earnings Conference Call.
As a reminder, all participant lines will be in the listen-only mode, and there will be an
opportunity for you to ask questions after the presentation concludes. Should you need assistance
during this conference call, please signal an operator by pressing “*” then “0” on your touchtone
phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Anurag Kalra – Head, Investor Relations, at Fortis
Healthcare Limited. Thank you and over to you, sir.
Anurag Kalra: Thank you. Very Good morning, ladies and gentlemen, and thank you for joining us on our
Quarter 2 FY '27 Earnings Call. The call is being chaired by our CEO and MD, Dr. Ashutosh
Raghuvanshi. With him we have our Chief Financial Officer, Mr. Vivek Goyal. From Agilus
Diagnostics, the CEO, Mr. Vijender Singh, joins us, and with him is Akshay Tiwari, the CFO of
Agilus. I have my colleague Amit with me as well.
We will begin with some opening comments on the results by Dr. Raghuvanshi, and then
Vijender will take you through the key highlights of the diagnostics business before we open the
floor for questions and answers. Over to Dr. Raghuvanshi.
Ashutosh Raghuvanshi: Thank you, Anurag. Good morning, everyone, and thank you for taking the time to join us for
our Q2 Financial Year '27 Earnings Call today. I would like to wish you all a very Happy
Dhanteras and Happy Diwali as well.
Let me begin by taking you through our quarterly and half yearly performance along with the
key developments across our businesses. Building on the momentum from the first quarter, we
continued to deliver healthy growth in Q2 with both our hospitals and Diagnostics businesses
performing well.
The first half of Financial Year '27 reflects sustained revenue growth and expanding operational
footprint and continued advancement of our strategic initiatives. We reported consolidated
revenues of INR 2,735 crores for the quarter, registering a growth of 17.3% over Quarter 2 of
Financial Year '26.
The Hospital business recorded a revenue growth of 18.6%, with revenues reaching INR 2,340
crores, while the Diagnostics business reported gross revenues of INR 448 crores, reflecting an
increase of 12.2% over INR 400 crores in the corresponding quarter last year.
Our consolidated operating EBITDA pre-ESOP expense grew by 19.2% over Q2 of Financial
Year '26 to INR 663 crores, with operating EBITDA margins improving to 24.2% in Q2 of
Financial Year '27 from 23.9% in the corresponding quarter last year.
Page 2 of 19
Fortis Healthcare Limited
November 06, 2026
The Hospital business reported operating EBITDA of INR 545 crores, with margins improving
to 23.3% from 22.9% on Quarter 2 of Financial Year '26. The Diagnostic business also recorded
a marginal improvement in operating EBITDA margin to 26.2% in Q2 of Financial Year '27
compared to 26.1% in Q2 of Financial Year '26.
Our consolidated profit after tax excluding gains from exceptional items increased by 4% to INR
317 crore in the current quarter compared to INR 305 crores in the corresponding previous
period.
Let me now take you through the H1 Financial Year '27 performance of the company:
During the first half of the financial year, our consolidated revenue stood at INR 5,280 crores,
representing a growth of 17.4% over H1 of Financial Year '26.
The Hospital business continued to be the primary growth driver with revenue increasing 18.8%
to INR 4,527 crores, while the Diagnostics business recorded gross revenue of INR 855 crores,
registering growth of about 11.2% over INR 768 crores in the corresponding previous period
last year.
Our Consolidated profit after tax excluding gains from exceptional items grew by 3.8% to INR
581 crores in H1 of Financial Year '27 compared to INR 559 crores in H1 of Financial Year '26.
On the balance sheet front, the company's net debt stands at INR 2,188 crore, with a healthy net
debt-to-EBITDA of 0.87x as on September 30, 2026, as against 0.96x on September 30, 2025.
Let me now turn to the key highlights of our Hospital business:
Occupancy improved to 72% in Q2 compared to 71% in the corresponding quarter last year. The
number of occupied beds increased by 9% to 3,616 from 3,318 in Q2 of Financial Year '26.
ARPP also grew by 6.8% to INR 2.1 lakh compared to INR 1.96 lakh in Q2 of Financial Year
'26.
During the quarter, our key specialties, including renal sciences, neuro sciences, and orthopedics
recorded a year-on-year revenue growth of 27%, 28%, and 30%, respectively. During the
quarter, 15 of our hospital facilities reported operating EBITDA margin exceeding 20%,
collectively accounting for about 84% of the Hospital business revenues. In comparison, in
Financial Year '26, we had 13 of our facilities with operating EBITDA margin above 20%,
contributing 76% to the hospital revenues.
Our revenue from international business grew 12.4% compared to Q2 of Financial Year '26 to
reach INR 190 crores and contributed approximately 8% to the overall revenues in Q2 Financial
Year '27, on similar lines as Q2 of Financial Year '26.
Page 3 of 19
Fortis Healthcare Limited
November 06, 2026
Revenue from digital channels such as our website, mobile application, and digital campaigns
witnessed an 18.6% year-on-year growth. Digital revenues contributed 29.5% to the overall
hospital revenue in Q2, which is similar to the corresponding previous period.
Our network expansion initiatives have also progressed through a combination of acquisition
and strategic partnerships. Recently, we completed the acquisition of the 110-bedded Suguna
Hospital in Bangalore, taking our hospital bed capacity in the region to approximately 1,000
beds. The facility has potential to expand to 150 beds.
In addition, we entered into a long-term healthcare services agreement for a 400-bedded
greenfield super specialty hospital to be developed in Ashok Vihar, New Delhi,
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