Fortis Healthcare Ratings Reaffirmed by CRISIL AA+/Stable/A1+
CRISIL Ratings has reaffirmed Fortis Healthcare Limited's ratings at ‘Crisil AA+/Stable/Crisil A1+’. The company's consolidated revenue grew 17% to ₹4,498 crore in H1FY26, with operating margin improving to 23.3%. FHL plans to add 1,200-1,500 beds by FY28 and is undertaking acquisitions totaling over ₹830 crore.
Credit ratings are crucial for a company's financial standing, influencing its ability to raise debt and its borrowing costs. A stable and strong rating reaffirmation positively impacts investor confidence and the company's overall financial flexibility.
The credit ratings have been reaffirmed at a strong level ('AA+/Stable/A1+'), indicating financial stability and positive outlook. The company has shown significant revenue growth and improved operating margins, with clear plans for future expansion and strategic acquisitions.
CRISIL Ratings has reaffirmed its ratings on the bank facilities and non-convertible debentures of Fortis Healthcare Limited (FHL) at ‘Crisil AA+/Stable/Crisil A1+’. This reaffirmation follows a stronger-than-expected and sustained improvement in FHL's business risk profile, driven by an increase in 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 and nearly 5,700+ operational beds.
Revenue is projected to cross ₹10,000 crore and the operating margin is expected to reach 22-25% over the medium term. The financial risk profile should remain comfortable, aided by a strong capital structure and healthy debt protection metrics.
In the first half of fiscal 2026, consolidated revenue grew by 17% year-on-year (y-o-y) to ₹4,498 crore. Consolidated operating profit margin improved by 300 bps to 23.3% in the first half of fiscal 2026.
FHL is expected to add 1,200-1,500 beds between fiscals 2026 and 2028, mainly via brownfield expansions. The company also acquired the Fortis and allied marks/brand for a consideration of ₹200 crore in April 2025.
FHL completed the acquisition of Shrimann Superspecialty hospital in Jalandhar for ₹462 crore in the first half of fiscal 2026. In December 2025, FHL signed an agreement to acquire TMI Healthcare Private Limited for around ₹430 crores, with an additional investment of ₹400 crores over the next 2-3 fiscals.
Despite increased debt levels due to acquisitions, the capital structure is expected to remain healthy with gearing below 0.6 times in fiscal 2026.
The company faces exposure to regulatory risks and continuing litigations, including ongoing investigations and appeals against penalties imposed by SEBI. However, the management does not anticipate any major implication on day-to-day operations or future growth plans.
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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.