Fortis Healthcare – Momentum Building Strongly

: Fundamentals (Q1 FY26 Highlights) Consolidated Revenue: ₹2,167 Cr ↑ 16.6% YoY PAT: ₹267 Cr ↑ 53% YoY EBITDA: ₹491 Cr ↑ 43% YoY; Margin improved to 22.6% from 18.4% Hospital vertical revenue up 18.6% YoY, led by higher occupancy (69%) and ARPOB (~₹2.65 Cr/year) Diagnostics revenue grew ~6.3% with strong margin expansion Fortis also inked a 700‑bed O&M deal with Gleneagles India and acquired Shrimann Superspecialty Hospital in Punjab Technical Snapshot: In a persistent uptrend; holding well above rising 20‑day EMA Approaching 52‑week highs backed by steady volumes—bullish sentiment intact Analysts’ View 13 analysts: 4 “Strong Buy”, 9 “Buy”—consensus bias positive Price targets range from ₹770 to ₹1,050, with a consensus around ₹931—indicating room for upside Short-Term Outlook Momentum could push the stock toward the ₹950–₹1,000 range. Sustained strength above the ₹850–₹870 zone would validate continuation of the bullish trend. Long-Term View Market tailwinds in healthcare, combined with strong earnings growth, expansion through O&M agreements and acquisitions, make Fortis a robust structural growth play. Risks to Monitor Rich valuation metrics (P/E ~78×; P/B ~7×) may constrain further upside. Healthcare demand is sensitive to policy changes and discretionary patient spending. Integration risks related to acquisitions and asset deals. Higher net debt (~₹1,869 Cr; Net Debt/EBITDA ~0.92×) requires careful monitoring even with growth consumption