FORTIS Q1 FY27 Guidance vs Delivery (FORTIS Management Mirror)

FY28 Hospital EBITDA Margin Target Reaffirmed at 25%, Accommodating New INR 40 Crore Quarterly ESOP Charge

In the Mar'26 Qtr concall, management initiated a target of reaching a 25% operating EBITDA margin for the hospital business by FY28 (targeting a 1.5% to 2.0% YoY improvement annually) and projected an approximate 150 basis points improvement for FY27. In the Jun'26 Qtr concall, the FY28 target of 25% was reaffirmed. Management explicitly noted this target includes absorbing new ESOP costs, which are projected at approximately INR 40 crore per quarter for the remaining quarters of FY27, declining to around INR 30 crore per quarter in the second year, and approximately INR 25 crore per quarter in the third year.