Fortis Healthcare has maintained a robust growth trajectory, reporting a 19.4% revenue increase in its hospital business for the quarter ended December 31, 2025. This performance was largely supported by a 14% rise in occupied beds and a 10% increase in Average Revenue Per Occupied Bed (ARPOB), which reached 2.56 crore per annum. Despite a 22% decline in consolidated net profit to 197 crore—impacted by a one-time exceptional loss of 45.9 crore related to new labor codes—the company’s operational fundamentals remain strong. The hospital business continues to be the primary growth engine, contributing 1,938 crore to the total consolidated revenue of 2,265 crore. Operating EBITDA margins for the hospital segment expanded to 21.7%, up from 20% in the previous year. Management has set a medium-term target to push hospital EBITDA margins toward the 24-25% range, driven by portfolio optimization and a higher mix of complex surgical procedures in specialties like Oncology and Renal Sciences. Occupancy levels currently stand at 67%, with the company anticipating a ramp-up to 70% within the next 12 months. This growth is being fueled by an aggressive expansion strategy. In January 2026, Fortis acquired the 125-bed People Tree Hospital in Bengaluru for 430 crore, with plans to scale the facility to over 300 beds. This follows the launch of Adayu, a 36-bed mental health facility in Gurugram, and the acquisition of Shrimann Hospital in Jalandhar. The diagnostics arm, Agilus Diagnostics, is also showing recovery with revenue growing 8.3% to 371 crore. Diagnostic margins saw a significant jump to 23.1%, aided by a shift toward higher-value specialized and preventive tests, which now account for 35% and 12% of the segment's revenue respectively. The company has expanded its diagnostic footprint to 4,370 touchpoints as of late 2025. On the stock market, Fortis Healthcare shares were trading around 916.75 on February 16, 2026. While the stock saw a minor intraday dip of 1.2%, it has delivered nearly 50% returns over the past year. Net debt has increased to 2,547 crore to fund recent acquisitions, bringing the net debt-to-EBITDA ratio to 1.24x. Analysts remain generally positive, citing a potential 26% EBITDA CAGR through 2028 as brownfield expansions at flagship facilities like FMRI Gurugram begin to contribute fully.