CRISIL upgrades Fortis Healthcare's long-term rating to 'CRISIL AA+/Stable'
A credit rating upgrade can significantly impact investor confidence and the company's ability to raise funds, leading to potential growth and expansion.
The credit rating agency CRISIL has upgraded the company's long-term rating, indicating a positive outlook on the company's financial stability and business performance.
* CRISIL Ratings has upgraded Fortis Healthcare Limited's (FHL) long-term bank facilities and non-convertible debenture (NCD) rating to 'CRISIL AA+/Stable' from 'CRISIL AA/Stable' and reaffirmed the short-term rating at 'CRISIL A1+'. * The upgrade reflects a stronger-than-expected and sustained improvement in FHL's business risk profile, driven by increased scale of operations and better operating efficiency. * FHL is one of the largest hospital chains in India, with a pan-India presence through 33 hospitals across 11 states, and nearly 5,700+ operational beds (including JV and O&M). * Revenue is projected to cross ₹10,000 crore and the operating margin is expected to reach 22-25% over the medium term. * In fiscal 2025, consolidated revenue grew by 13% year-on-year to approximately ₹7,740 crore (₹6,852 crore in fiscal 2024), led by a 15% increase in the hospital business, reaching ₹6,528 crore (₹5,686 crore in fiscal 2024). * The diagnostics business saw muted growth with net revenue of ₹1,255 crore (₹1,207 crore in fiscal 2024) due to rebranding and competitive pressure. * FHL expects to add 1,200-1,500 beds between fiscals 2026 and 2028, mainly through brownfield expansions. * Consolidated operating profit (EBITDA) margin improved to approximately 20% in fiscal 2025 (approximately 18% in fiscal 2024). * In July 2025, FHL signed an operations and maintenance (O&M) agreement to manage 5 out of 6 hospitals under Gleneagles Healthcare India Pvt Ltd (GHIPL), receiving a management fee of 3% (plus GST) of GHIPL's revenue. * FHL acquired the Fortis brand for ₹200 crore (plus GST) in April 2025, which is expected to improve operating profitability. * As on March 31, 2025, gross debt increased to ₹2,475 crore (₹1,155 crore as on March 31, 2024), with ₹1,550 crore raised via NCDs to acquire a 31.2% stake in Agilus Diagnostics Ltd. * The company plans capital expenditure (capex) of ₹800-1,000 crore over the medium term for expansion and maintenance, funded through internal accruals and debt. * The management does not anticipate any major implication on the day-to-day operations and future growth plans of the company on account of the remaining litigations. * FHL registered net revenue of approximately ₹2,167 crore in the first quarter of fiscal 2026 (approximately ₹1,859 crore in the first quarter of fiscal 2025), and profit after tax (PAT) of approximately ₹267 crore (approximately ₹174 crore).
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Fortis Healthcare Limited filed this with the NSE as a statutory disclosure, categorised under credit ratings. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Fortis Healthcare Limited. Read the original for the full detail.