Fortis Healthcare, after acquiring perpetual rights to its brand name for ₹200 crore, is turning its focus to expanding operations across its key hospital clusters. The company is considering both greenfield and brownfield opportunities in the National Capital Region, Mumbai, and Bengaluru, while also preparing to add new capacity in Punjab and further build its diagnostics business.
“We are looking at both greenfield and acquisition opportunities in NCR, Mumbai and Bengaluru,” said Dr Ashutosh Raghuvanshi, Managing Director and CEO of Fortis Healthcare. “These are not new markets for us, but we are exploring options to deepen our presence — whether through developer partnerships or acquisition of operational hospitals that align with our strategy.”
The company is also integrating its recently announced acquisition of Shrimann Superspecialty Hospital in Jalandhar into its existing Punjab network, which includes hospitals in Ludhiana, Amritsar and Mohali. With brownfield expansions underway, Fortis expects to reach around 2,000 beds in the region.
Agilus Diagnostics, Fortis’s diagnostics arm, has come through a brand transition phase and is now expected to grow at a steadier pace. The company is working to expand its collection network and has opened new labs in genomics and transplant immunology.
“We expect diagnostics to show double-digit growth in the coming year,” Dr Raghuvanshi said. “The new brand is now better established, and we are focused on improving operational efficiency and network scale.”
There is no immediate plan to list the diagnostics business, but Dr Raghuvanshi did not rule it out once the business reaches performance levels closer to industry peers.
On the hospital front, Fortis plans to commission two new towers — at its Noida and Faridabad facilities — adding around 200 beds in early FY26. A third tower at its FMRI hospital in Gurugram is also on track for completion by the end of the financial year.
The company continues to invest in digital systems. Its electronic medical records (EMR) rollout is underway across all hospitals, with outpatient EMRs already live at 14 locations and inpatient integration in progress. The digital patient app, currently used for bookings, payments, and accessing records, is also being linked to the EMR system.
“Digital channels now account for close to 30% of our patient inflow. We expect that share to increase over time as our EMR platform scales across locations,” said Dr Raghuvanshi.
Although Fortis has taken on additional debt following the diagnostics acquisition, its net debt-to-EBITDA ratio stands at around 1.3. Dr Raghuvanshi said the company is not planning any immediate fundraising and expects to fund its current expansion through internal accruals. However, it remains open to raising capital should a major acquisition materialise.
“We continue to assess opportunities that offer value and fit well within our existing clusters. Any decision to raise funds will depend on the scale and relevance of the acquisition,” the MD and CEO said.
With brand ownership settled, hospital capacity set to grow, and diagnostic margins improving, Fortis is moving into FY26 with a focus on operational delivery and disciplined expansion. “We also saw an increase in revenue from international patients, particularly from Central Asia and Africa, even as traffic from Bangladesh and the Middle East declined. We will monitor geopolitical factors closely but expect international contributions to remain steady,” said Dr Raghuvanshi.
Fortis Healthcare has reported a 25.3% year-on-year growth in operating EBITDA for the financial year ended March 2025, driven by strong performance in its hospital segment and continued cost efficiencies across its diagnostics arm. The company also announced the acquisition of perpetual rights to its brand name for ₹200 crore and recommended a dividend of ₹1 per share.
Total consolidated revenue rose 12.9% year-on-year to ₹7,783 crore in FY25, while operating EBITDA grew to ₹1,588 crore with a margin of 20.4%, up from 18.4% in the previous year. Net profit after tax and minority interest increased 29.3% to ₹774 crore.
In the final quarter of FY25, revenue stood at ₹2,007 crore, up 12.4% over the same period last year. Operating EBITDA for Q4 rose 14.3% to ₹435 crore. Fortis’s diagnostics subsidiary, Agilus, posted a 4% increase in revenue to ₹1,255 crore in FY25. Operating EBITDA improved to ₹249 crore, with margins rising to 19.8% from 17.3% last year. Adjusting for one-time rebranding expenses, EBITDA margins were 24.6%.
Agilus conducted 39.2 million tests during the year, up marginally from 38.8 million in FY24. Preventive diagnostics accounted for 11% of the segment’s revenue. The company increased its customer touch points to 4,171 and opened new labs focused on genomics and transplant immunology. Fortis also consolidated its stake in Agilus to 89.2% during the year, following the acquisition of a 31.5% stake from private equity investors.
