FHL was incorporated in February 1996. The company’s first healthcare facility became operational in Mohali, Punjab in 2001. It is a leading integrated healthcare service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Nepal, Dubai and Sri Lanka with 36 healthcare facilities with approximately 4,000 operational beds.[1]Company controls its diagnostics business through its 57% owned subsidiary SRL Limited. It is amongst the largest private diagnostics chains. It has a presence in over 600 cities and towns, with an established strength of 415 laboratories, 8,200 direct clients and 1,400 Collection Centers.[2]
Business Segments[1]a) Hospital Segment:Co. operates Multi-specialty and super-specialty hospitals providing inpatient and outpatient treatments across various disciplines.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Apollo Hospitals | 7447.50 | 64.05 | 107085.81 | 0.26 | 494.00 | 25.98 | 6303.50 | 12.78 | 16.64 | 23264.70 | 14.29 | 1671.90 | 477.20 | 11.78 | 7.77 | 0.88 |
| 2. | Max Healthcare | 1034.70 | 71.45 | 100671.67 | 0.14 | 491.30 | 74.34 | 2135.47 | 25.07 | 14.88 | 7941.09 | 26.56 | 1409.01 | 491.30 | 10.01 | 8.32 | 0.33 |
| 3. | Fortis Health. | 940.85 | 383.93 | 70996.42 | 0.11 | 125.09 | 9.77 | 455.81 | 27.62 | 3.27 | 1644.18 | 19.81 | 184.92 | 104.86 | 7.74 | 1.14 | 0.22 |
| 4. | Narayana Hrudaya | 1920.50 | 46.15 | 39241.42 | 0.23 | 258.49 | 29.64 | 1643.79 | 20.28 | 20.75 | 5961.09 | 23.53 | 850.33 | 258.16 | 9.67 | 12.22 | 0.58 |
| 5. | Global Health | 1238.50 | 55.60 | 33244.32 | 0.04 | 158.40 | 21.09 | 1099.22 | 14.91 | 19.74 | 4004.75 | 23.87 | 597.87 | 158.44 | 8.98 | 11.46 | 0.25 |
| 6. | Aster DM Health. | 621.05 | 87.60 | 32154.78 | 0.81 | 121.31 | 13.83 | 1197.21 | 10.20 | 10.68 | 4325.23 | 18.61 | 367.05 | 110.24 | 7.10 | 2.44 | 0.46 |
| 7. | Krishna Institu. | 625.35 | 76.09 | 25010.76 | 0.00 | 72.00 | -37.45 | 960.70 | 23.59 | 15.00 | 3401.60 | 22.98 | 328.68 | 67.18 | 11.02 | 8.32 | 1.40 |
| – | Median: 28 Co. | 474.62 | 51.95 | 5166.64 | 0.0 | 33.23 | 18.47 | 333.23 | 16.03 | 15.0 | 1257.97 | 19.47 | 105.7 | 29.83 | 6.07 | 7.79 | 0.34 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 262 | 291 | 367 | 289 | 333 | 433 | 277 | 307 | 388 | 266 | 294 | 357 | 456 |
Expenses | 226 | 242 | 300 | 254 | 275 | 345 | 250 | 238 | 318 | 228 | 255 | 297 | 356 |
Operating Profit | 36 | 49 | 67 | 35 | 58 | 88 | 28 | 69 | 71 | 38 | 40 | 60 | 100 |
Other Income | 42 | 32 | 40 | 31 | 35 | 57 | 30 | 65 | -27 | 106 | 110 | 36 | 114 |
Profit before tax | 24 | 36 | 51 | 18 | 50 | 63 | 3 | 90 | -39 | 87 | 104 | 52 | 135 |
Tax % | 18% | 36% | 22% | 27% | 47% | 18% | 41% | 24% | 9% | 5% | 8% | 24% | 7% |
Net Profit | 19 | 23 | 40 | 13 | 27 | 52 | 2 | 68 | -42 | 82 | 95 | 40 | 125 |
EPS in Rs | 0.26 | 0.30 | 0.52 | 0.17 | 0.36 | 0.69 | 0.03 | 0.91 | -0.56 | 1.09 | 1.26 | 0.52 | 1.66 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 369 | 611 | 612 | 645 | 659 | 656 | 702 | 633 | 863 | 1,053 | 1,181 | 1,446 | 1,644 |
Expenses | 449 | 758 | 737 | 792 | 697 | 780 | 633 | 605 | 747 | 919 | 988 | 1,190 | 1,318 |
Operating Profit | -80 | -148 | -125 | -146 | -38 | -123 | 69 | 28 | 116 | 134 | 193 | 256 | 326 |
Other Income | 229 | 220 | 166 | 165 | 70 | 522 | 809 | 248 | 118 | 197 | 236 | 83 | 183 |
Interest | 91 | 81 | 65 | 106 | 64 | 192 | 160 | 141 | 130 | 106 | 82 | 112 | 181 |
Depreciation | 17 | 27 | 25 | 27 | 29 | 27 | 97 | 111 | 113 | 116 | 101 | 113 | 118 |
Profit before tax | 41 | -36 | -50 | -114 | -60 | 180 | 621 | 24 | -9 | 109 | 247 | 114 | 210 |
Net Profit | 24 | -34 | -40 | -75 | -64 | 123 | 513 | 4 | -13 | 96 | 199 | 64 | 174 |
EPS in Rs | 0.52 | -0.73 | -0.87 | -1.44 | -1.23 | 1.63 | 6.80 | 0.06 | -0.18 | 1.27 | 2.64 | 0.84 | 2.31 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 78% | 38% | 118% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 463 | 463 | 463 | 518 | 519 | 755 | 755 | 755 | 755 | 755 | 755 | 755 | 755 |
Reserves | 3,247 | 3,217 | 3,284 | 3,754 | 3,708 | 7,608 | 8,122 | 8,127 | 8,114 | 8,209 | 8,332 | 8,319 | 8,420 |
Borrowings | 1,279 | 1,234 | 1,076 | 647 | 555 | 1,478 | 1,361 | 1,380 | 1,193 | 785 | 659 | 2,039 | 2,030 |
Other Liabilities | 171 | 246 | 215 | 242 | 234 | 279 | 343 | 320 | 365 | 620 | 640 | 887 | 780 |
Total Liabilities | 5,160 | 5,159 | 5,039 | 5,161 | 5,016 | 10,120 | 10,581 | 10,582 | 10,426 | 10,369 | 10,387 | 11,999 | 11,985 |
Fixed Assets | 146 | 190 | 172 | 186 | 203 | 180 | 906 | 853 | 770 | 492 | 467 | 925 | 1,299 |
Gross Block | 268 | 301 | 195 | 234 | 285 | 279 | 1,097 | 1,152 | 1,174 | 947 | 1,012 | 1,574 | – |
Accumulated Depreciation | 122 | 110 | 24 | 49 | 82 | 99 | 191 | 299 | 404 | 456 | 545 | 649 | – |
CWIP | 121 | 169 | 182 | 199 | 166 | 165 | 33 | 7 | 6 | 3 | 260 | 42 | 55 |
Investments | 2,795 | 2,411 | 2,428 | 3,603 | 3,658 | 8,310 | 8,153 | 8,898 | 8,845 | 8,848 | 8,834 | 10,178 | 10,110 |
Other Assets | 2,097 | 2,389 | 2,257 | 1,174 | 989 | 1,466 | 1,489 | 824 | 804 | 1,027 | 825 | 853 | 521 |
Total Assets | 5,160 | 5,159 | 5,039 | 5,161 | 5,016 | 10,120 | 10,581 | 10,582 | 10,426 | 10,369 | 10,387 | 11,999 | 11,985 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -45 | -144 | -761 | 22 | -15 | -61 | 100 | 32 | 76 | 198 | 218 | 334 |
Cash from Investing Activity | -521 | 294 | 394 | -72 | 245 | -4,688 | 810 | 28 | 238 | 205 | 44 | -1,572 |
Cash from Financing Activity | 484 | -170 | 370 | 45 | -292 | 4,792 | -972 | 6 | -320 | -395 | -245 | 1,276 |
Net Cash Flow | -82 | -20 | 3 | -5 | -62 | 43 | -62 | 66 | -6 | 8 | 18 | 38 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 86 | 57 | 61 | 43 | 39 | 47 | 42 | 37 | 32 | 34 | 41 | 46 |
Inventory Days | 16 | 18 | 15 | 14 | 19 | 17 | 25 | 21 | 25 | 18 | 15 | 16 |
Days Payable | 172 | 240 | 289 | 340 | 392 | 542 | 525 | 520 | 494 | 572 | 608 | 643 |
Cash Conversion Cycle | -70 | -165 | -213 | -284 | -334 | -479 | -457 | -462 | -438 | -520 | -553 | -581 |
Working Capital Days | 1,283 | 354 | -168 | -206 | -130 | -594 | -59 | -52 | -25 | -24 | -74 | -165 |
ROCE % | 3% | 0% | 1% | -0% | 1% | 5% | 9% | 1% | 1% | 2% | 2% | 3% |
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Stock Analysis
Fortis Healthcare Limited is a leading integrated healthcare service provider in India, operating hospitals and diagnostics centers.
The merger aims to achieve rationalization of operational efficiencies and reduction of administrative and managerial overheads through simplification of the management structure and financial reporting.
Currently no data available for Order Book.
Currently no data available for Key Red Flags.
The scheme becomes effective upon filing certified copies of the NCLT orders with the Registrar of Companies. The NCLT, Chandigarh order was received on January 15, 2026.
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