Motilal Oswal starts India's Fortis Healthcare with 'buy', sees growth ahead

Fortis Healthcare

24/04/2026 05:43

** Motilal Oswal initiates coverage on India's Fortis Healthcare FOHE.NS with "buy" rating, PT of 1,100 rupees - a 19% upside to its last close

** Since the change in promoter ownership in FY19, Fortis has transitioned from a governance‑challenged, leveraged entity into a professionally managed healthcare platform, Motilal Oswal says

** Brokerage noted that Fortis' operating performance has steadily improved alongside a return to profitability over the years

** Motilal Oswal expects utilization-led growth, an improved test mix, and tighter hospital integration to support steady revenue growth and margin expansion

** Brokerage expects Fortis to post a CAGR of 17% in EBITDA and 22% in profit after tax over FY26‑FY28, driven by patient volume growth, capacity additions, and price hikes

** Stock rated "Buy" on average by 14 analysts; median PT 1,050 rupees, per data compiled by LSEG

** FOHE down 0.5% on the day; YTD, stock up 4.4%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))