Fortis Healthcare Limited (FORTIS.BO) Stock Analysis & Winston Score

Fortis Healthcare Limited functions as a comprehensive provider of integrated medical services. The company delivers a full spectrum of healthcare, encompassing secondary, tertiary, and quaternary care, across India, the United Arab Emirates, Nepal, Sri Lanka, and various other international locations. Its operational framework includes hospitals, advanced diagnostic centers, and specialized day care facilities. Fortis is distinguished by its extensive array of medical and surgical specialties. These include, but are not limited to, cardiac sciences, cosmetology, dental sciences, dermatology, diabetology/endocrinology, emergency and trauma care, ear, nose, and throat (ENT), foetal medicine, gastroenterology and hepatology, general surgery, haematology, infertility treatments, internal medicine, mental health and behavioral sciences, nephrology, neurosurgery, neurointerventional radiology, neurology, obstetrics and gynaecology, oncology, ophthalmology, orthopedics, pediatrics, physiotherapy and rehabilitation, plastic and reconstructive surgery, pulmonology, radiology, organ transplantation, rheumatology, thoracic surgery, transplantation medicine, urology, and various other essential support services. Established in 1995, the company's headquarters are situated in Gurugram, India.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+44.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Cash Position

Cash flow positive

$8.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Fortis Healthcare Limited is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 755.0M (2022) → 754.9M (2026)

Score breakdown

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Quality

Gross Margin

37.3%

Modest — 37.3% gross margin

Operating Margin

17.4%

Healthy — 17.4% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+17.3%

Fast-growing sales (17.3% YoY)

EPS YoY

+34.5%

Earnings growing fast (34.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

65%

Modest — 65% of profit becomes cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

6.76x

Adequate interest coverage (6.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

68.3x

Expensive — P/E 68.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+16.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (68.3 → 52.3)

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Dividends

Dividend Yield

0.11%

Small dividend — 0.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

Data not available

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