Fortis Healthcare Limited

FORTIS.NS

Medical - Care Facilities · Healthcare

Price

₹948.70

+5.05 (+0.54%)

Market Cap

₹716.23B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Fortis Healthcare Limited is one of India's largest private hospital chains. It runs a network of hospitals, diagnostic centers, and day-care surgery facilities across India, serving patients who need everything from routine checkups to complex surgeries like heart operations and cancer treatment. The company also operates SRL Diagnostics, a major pathology and imaging lab brand that serves both walk-in patients and corporate clients.

Fortis makes money primarily by charging patients for hospital stays, surgeries, doctor consultations, and diagnostic tests. It operates mainly in India, with a presence in over 25 cities, and competes with other large private chains like Apollo Hospitals. Its scale, brand recognition, and network of specialist doctors give it a competitive edge in attracting patients who want quality private healthcare. The key growth driver is India's rising middle class and growing demand for private healthcare, though the main risk is regulatory pressure on pricing and the high cost of expanding hospital infrastructure.

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

Insider Activity

35.2%ownership

Insiders own a meaningful stake in the company

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)

68.7x

Expensive — P/E 68.7

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

P/E vs Forward

+16.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (68.7 → 52.7)

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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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