Whalesbook
Fortis Healthcare (FORH) mein ab IHH Healthcare ke aane ke baad kaafi changes aaye hain. FY19 se company ka management professional ho gaya hai, governance theek hui hai, balance sheet ke issues solve hue hain, aur jo business kaam ka nahi tha, use bech diya gaya. Iska asar ab dikh raha hai aur FY26E tak company ₹9,000 crore ki sales, ₹2,050 crore ka EBITDA, aur ₹1,080 crore ka Profit After Tax (PAT) kama sakti hai. Ye FY18 ke ₹4,500 crore ki sales, ₹200 crore ke EBITDA aur ₹150 crore ke loss se kaafi bada jump hai, jo ek positive future ka sign hai.
Par bhai, itni growth ke baad bhi, Fortis ki valuation ek bada topic hai. Stock abhi kaafi mehenga lag raha hai. P/E ratio pichhle 12 mahine ke hisaab se around 61.8x se 72.89x chal raha hai, aur agle saal ke liye 51x ke aaspaas hai. Analysts iske hospital business ko 30x EV/EBITDA aur diagnostics ko 23x valuation de rahe hain, jo baaki companies jaise Apollo Hospitals (P/E 61.39x-72.41x) aur Max Healthcare (P/E 67.0x-69.05x) ke barabar hi hai. Apollo Hospitals ki market cap ₹1.11 trillion hai, jabki Fortis ki market cap abhi $7.01 billion USD yaani ₹69,966 crore hai. India mein healthcare sector mein badhti kharch aur Ayushman Bharat jaise schemes ki wajah se companies ki valuation high chal rahi hai. Stock ki baat karein toh, pichhle 6 mahine mein yeh 11.4% gira hai, lekin pichhle ek saal mein 38.65% bada hai.
Lekin bhai, sab kuch itna bhi smooth nahi hai. Fortis ke purane time mein governance ke bade issues rahe hain. Jab IHH ne control nahi liya tha (FY18 mein ₹4,500 crore sales, ₹200 crore EBITDA aur ₹150 crore ka loss hua tha), tab company ki balance sheet kharab thi aur governance mein gadbad thi. SEBI aur SFIO jaise bodies ne promoter ke control wali companies ke saath huye galat transactions ki jaanch ki thi. Is wajah se auditors ne bhi financial statements par sawaal uthaye the, jisse investors ka trust kam ho gaya tha. Ab IHH ne management ko professional bana diya hai, par purane issues ka impact abhi bhi investors ke mind mein reh sakta hai aur zyada scrutiny bhi ho sakti hai.
Iss sab ke beech, analysts ne Fortis Healthcare par 'Buy' rating ke saath coverage shuru ki hai aur ₹1,100 ka target price diya hai. Brokerages ka milaa-jula opinion 'Buy' rating ke favor mein hai, aur average target price ₹1,044 ke aaspaas hai, matlab thoda aur upar jaane ka chance hai. Lekin haan, MarketsMojo ne 22 April 2026 ko stock ko 'Sell' bola hai, kyunki unke hisaab se valuation 'bahut mehenga' hai. Ab dekhte hain ki company apne growth plans ko kitna sahi se execute karti hai aur return ratios mein kitna sudhar lati hai. Ye sab hi is current market price ko justify karne ke liye zaroori hoga. Aage 27-28 April 2026 ko Mumbai mein investor roadshow hai aur Q4 FY26 ke results bhi lagbhag 30 May 2026 tak aa jayenge, jisse performance ke baare mein aur clear pata chalega.