Brokerage firm Nomura has retained its ‘neutral’ rating on stock with a target price of ₹1,030 per share, saying that the rating is based on 25x FY28-29F average EBITDA.
“We believe that growth is priced in and EBITDA margin expansion faces headwind from ESOP charges. We remain conservative on the valuation multiple given insurers’ growing bargaining strength, potential cost-control regulations, wage inflation pressures for both employees and doctors, and the high capital intensity of the business,” the firm said in a note.
The brokerage firm further said that during the analyst call to provide an update on the Delhi High Court’s recent order to conduct a forensic audit, the management has stated that the audit is investigative in nature, the business operations are fully insulated, and the growth/expansion plans of Fortis are intact. Management expressed confidence that the forensic audit is unlikely to have any negative outcome.
“Separately, during the call, IHH management stated: 1) its commitment to increase its stake in Fortis to 51% over the next 3-5 years from 31.2% currently, and 2) confirmed thatGleneagles India (unlisted), which houses IHH’s hospital operations in India outside of Fortis, shall be merged with Fortis at the appropriate time. Both these commitments from IHH are aligned to the Street’s current expectations, in our view,” it added.
Fortis Healthcare Q1 results 2026
reported a 2.3% year-on-year (YoY) increase in consolidated profit after tax (PAT) to ₹273 crore for the first quarter ended June 30, 2026, compared with ₹267 crore in the same quarter last fiscal.
The healthcare company’s consolidated revenue rose 17.5% to ₹2,545 crore during the quarter, from ₹2,167 crore in the corresponding period a year earlier, according to a regulatory filing.
Revenue from the hospital business increased to ₹2,187 crore in Q1 FY27, compared with ₹1,838 crore in the year-ago period, Fortis Healthcare said.
Fortis Healthcare share price trend
Fortis Healthcare’s share price has remained under pressure in the near term, declining 4.61% over the past week and 6.04% over the last month. The stock is also down 3.08% year-to-date, indicating a weak performance so far in 2026.
Over a longer one-year period, Fortis Healthcare shares have declined 9.70%, showing that the recent weakness comes after a broader period of correction.
Furthermore, the stock has risen 164.10% in three years and 219.37% over five years.
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