13 Nov 2025, 08:08 IST
Fortis Healthcare Limited
JM Financial · ADD (downgraded from BUY) · target INR 1,090
The note says Fortis delivered strong 2QFY26 results with revenue/EBITDA/PAT up 17%/28%/82% YoY and EBITDA margin of 23.9% (up 199bps YoY), and that margins should improve as more assets mature and EBITDA per occupied bed rises from INR 5mn in FY25 to INR 7mn in FY28, but after valuation multiples expanded to 28x FY27 EV/EBITDA versus a 5-year average of 21x, the analysts downgrade to ADD with an SOTP-based target of INR 1,090 (12.4% upside from INR 969) versus a previous target of INR 1,029.
From Fortis 2QFY26 RU 12Nov25, written by JM Financial and hosted by Investment Guru India. Orivam summarised it; the view is JM Financial's, not Orivam's.
Open the original PDF on Investment Guru India →Research PDFs are often removed by the firms that publish them. The summary above is kept so this page still means something if that happens.