Fortis Healthcare

On August 31, the Delhi High Court ordered the appointment of a forensic auditor to examine the dissipation of the Singh Brothers’ shareholding in Fortis Healthcare, the subsequent change in control and the role of relevant stakeholders, including the company. The order arose from applications by Daiichi Sankyo in its case against Malvinder Mohan Singh and others. Fortis was not a party to the original dispute or a judgment debtor in the execution proceedings, and the court imposed no liability, penalty or fine on it. Fortis generated about ₹10,100 crore of consolidated revenue in FY26, with hospitals accounting for roughly 85% of gross segment sales.

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Aug 6 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD JUNE-QUARTER CONSOL NET PROFIT 2.73 BILLION RUPEES

• FORTIS HEALTHCARE LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 25.45 BILLION RUPEES

Further company coverage: FOHE.NS

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Updates with comments from company and IPO details

By Rishika Sadam and Vivek Kumar M

July 24 (Reuters) - India's Manipal Health Enterprises MNIA.NS plans to spend 40 billion rupees ($414.38 million) to increase its bed capacity by over 18% in the next few years, a company executive said on Friday, ahead of the launch of the hospital chain operator's IPO next week.

The Temasek-backed company, one of India's largest hospital chain operators, plans to add 2,400 beds to its existing 13,037 capacity within three to four years, Dilip Jose, managing director and CEO at Manipal Health Enterprises, said in a press conference.

The Bengaluru-based chain operates 49 hospitals across India and competes with the likes of Apollo Hospitals Enterprise APLH.NS, Max Healthcare MAXE.NS, and Fortis Healthcare FOHE.NS.

The company is also targeting a valuation of up to $8 billion for its $960.4 million IPO, India's second-largest primary market offering this year after SBI Funds Management's SBIA.NS $1.03 billion issue earlier this month.

Manipal Health plans to issue new shares worth $828.4 million in the IPO. Existing investors including Temasek's unit Imperius Healthcare Investments and TPG Capital will offload shares worth $132 million.

The hospital chain operator said it expects to turn net debt-free with the help of the IPO proceeds.

Anchor investors can bid for Manipal Health's shares by July 28. Public subscription will be open from July 29 to July 31.

($1 = 96.5725 Indian rupees)

(Reporting by Vivek Kumar M in Bengaluru and Rishika Sadam in Hyderabad; Editing by Mrigank Dhaniwala, Sherry Jacob-Phillips and Sonia Cheema)

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July 8 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE - RE-APPOINTS ASHUTOSH RAGHUVANSHI AS MD

Further company coverage: FOHE.NS

(([email protected];))

July 3 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD- SIGNS OM AGREEMENT WITH DION GROUP FOR 300-BED MULTI-SPECIALTY HOSPITAL IN CUTTACK

Source text: [ID:]

Further company coverage: FOHE.NS

(([email protected];))

By Vibhuti Sharma

MUMBAI, June 18 (Reuters) - KKR is in advanced talks to buy a majority stake in the Indian business of Sweden's Medicover MCOVb.ST for at least $1 billion, a source with direct knowledge of the matter said, a deal that would expand its healthcare bet in the world's most populous nation.

Stockholm-listed Medicover issued a press release soon after Reuters sent a request for comment on Wednesday night, saying Medicover Hospitals India is in discussions with KKR KKR.N "regarding a potential sale of its Indian operations."

The company did not provide any details and Reuters is first to report that talks are ongoing for KKR to take a majority stake in the Indian business unit for at least $1 billion.

Medicover, which entered the country in 2016, operates a network of 26 hospitals with around 6,000 beds. In its statement, it said it has also been preparing for an Indian initial public offering.

Sweden's Medicover owns 66.9% of Medicover Hospitals India. KKR is seeking to acquire the Swedish firm's entire stake for at least $1.05 billion and is also in discussions with minority shareholders.

The "discussions are ongoing and a non-binding agreement has been reached," said the person, who declined to be named publicly as the talks are private.

Medicover did not respond to Reuters queries and KKR declined to comment.

INTEREST IN HOSPITALS

In its press release, Medicover said there is no certainty that discussions with KKR will result in any transaction and that the firm is continuing with the IPO process.

KKR has been steadily increasing its healthcare investments in India. In 2024, the buyout firm bought a controlling stake in a hospital chain in the southern state of Kerala and has since backed the hospital group's expansion through acquisitions.

India's hospital sector has attracted strong investor interest as rising incomes, expanding health insurance coverage and growing demand for quality healthcare drive consolidation and capacity expansion across the industry.

Medicover competes with Apollo Hospitals APLH.NS, Aster Hospitals, and Fortis Healthcare FOHE.NS in India.

Rothschild is advising on the sale process, while Kotak is advising KKR, the person added.

Kotak and Rothschild did not respond to Reuters queries.

Medicover's India unit reported annual revenue of $234.6 million in 2025, up nearly 1% from a year earlier. The Indian business accounts for more than half of the group's hospitals globally.

(Reporting by Vibhuti Sharma; Editing by Aditya Kalra and Thomas Derpinghaus)

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June 17 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE - TAX DEMAND REDUCED FROM 1.17 BILLION RUPEES TO 614.8 MILLION RUPEES FOR UNIT

Source text: ID:nBSE3zydY7

Further company coverage: FOHE.NS

(([email protected];))

May 22 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE MARCH-QUARTER CONSOL NET PROFIT FROM CONTINUING OPERATIONS 2.66 BILLION RUPEES

• FORTIS HEALTHCARE MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 23.65 BILLION RUPEES

• FORTIS HEALTHCARE LTD - DIVIDEND OF 1 RUPEE PER SHARE

Source text: ID:nnAZN4SY0B8

Further company coverage: FOHE.NS

(([email protected];))

** 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)

(([email protected]; Ph no. +91 9590227221;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, April 13 (Reuters Breakingviews) - Feverish demand for private medical care in India will aid Temasek as it lines up a $1.2 billion initial public offering of Manipal Hospitals, the country's largest chain with 12,000 beds. Yet at a mooted $13 billion valuation, the Singapore sovereign investor may be stretching too far to crystallise a strong exit on one of its rare controlling stakes.

Its 51% holding in Manipal is part of Temasek’s S$434 billion ($324 billion) global portfolio which boasts a growing footprint in India. The South Asian country accounts for about 8% of underlying assets, up from 5% a decade ago. Its exposure could rise higher in the coming years under Piyush Gupta; in November, Temasek appointed the former DBS Group DBSM.SI chief executive as its India chair. Manipal’s listing hands the bank its first IPO mandate in India.

The Singaporean investment firm valued the company at just under $5 billion in 2023 when it picked up a 41% stake for $2 billion. At the time, Manipal founder and Chair Ranjan Pai said the business needed "long-term patient capital". It has acquired five hospital brands since Temasek first invested in it in 2017. Meanwhile, revenue is set to grow 27% in the financial year to the end of March 2026, based on annualising results in the six months to the end of September in its IPO prospectus, with a 6% net profit margin.

At a time when global investors are cooling on Indian equities, it helps that Manipal's footprint is concentrated in the southern states where incomes are higher and patients older. Even so, the targeted headline valuation for the hospital chain would value it at 107 times its annualised first-half earnings, Breakingviews calculates, nearly double the multiple of its top three rivals Apollo Hospitals APLH.NS, Fortis Healthcare FOHE.NS and Max Healthcare MAXE.NS. Manipal is more efficient than its rivals yet its average revenue per bed is only about 5% higher than Apollo Hospitals' and 4% higher than Fortis Healthcare.

True, hospital valuations have swung wildly in India, with Apollo's nearly halving from two years ago but Temasek doesn't need such a grand debut for its bet on Manipal to stack up, and forcing one could cast a shadow over its ambitions to increase its exposure to the country.

Follow Ujjaini Dutta on LinkedIn and X

CONTEXT NEWS

India's Manipal Health ‌Enterprises filed for an up to $1.17 billion initial public offering on March 23. The initial public offering comprises a fresh issue to raise $852.2 million and an offer for sale by existing investors including Singapore's Temasek, U.S. investment firm TPG, Manipal Education and Novo Holdings, according ⁠to its draft prospectus.

The company is targeting a valuation of up to $13 billion, Bloomberg reported on March 24, citing people familiar with the matter.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

April 1 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• UNIT RECEIVES INCOME TAX ORDER WITH DEMAND OF 1.49 BILLION RUPEES

Source text: ID:nBSE7Q2chs

Further company coverage: FOHE.NS

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Feb 13 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE DEC-QUARTER CONSOL NET PROFIT 1.97 BILLION RUPEES

• FORTIS HEALTHCARE LTD DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 22.65 BILLION RUPEES

Source text: ID:nNSE4BKNh

Further company coverage: FOHE.NS

(([email protected];;))

Jan 22 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• INQUIRY DIRECTED AGAINST THIRD PARTY OFFICERS FOR PERJURY

Source text: ID:nNSEbNc38B

Further company coverage: FOHE.NS

(([email protected];))

Jan 6 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• TAX AUTHORITY CONFIRMED DEMAND OF 59.8 MILLION RUPEES

Source text: ID:nBSE1jQsYj

Further company coverage: FOHE.NS

(([email protected];))

Dec 30 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• GETS ORDERS FOR TAX DEMANDS AGGREGATING TO 214 MILLION RUPEES

Source text: ID:nNSE67r4w6

Further company coverage: FOHE.NS

(([email protected];))

Dec 3 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD - ESCORTS HEART INSTITUTE FILES WRIT PETITION AGAINST CGST DELHI

Source text: ID:nBSE1QgJvt

Further company coverage: FOHE.NS

(([email protected];;))

Oct 1 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• FORTIS HEALTHCARE LTD - O&M AGREEMENT EFFECTIVE OCT 1, 2025 FOR GLENEAGLES BGS HOSPITAL

Source text: ID:nBSE30mBXC

Further company coverage: FOHE.NS

([email protected])

** Shares of Fortis Healthcare FOHE.NS rise 5% to 900.95 rupees

** Co's Q1 consol net profit rises 53.3% Y/Y to 2.67 bln rupees ($29.7 mln)

** Q1 consol revenue jumps 16.6% Y/Y to 21.67 bln rupees

** Trading vols at 2 mln shares so far, over 1.3x the 30-day average

** FOHE up ~25% YTD

($1 = 87.6810 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

July 23 (Reuters) - IHH Healthcare Bhd IHHH.KL:

• FORTIS HEALTHCARE AND GLENEAGLES HEALTHCARE INDIA DEEPEN COLLABORATION TO STRENGTHEN BUSINESS GROWTH

• UNDER OPERATION AND MAINTENANCE SERVICES AGREEMENT, FORTIS WILL MANAGE OPERATIONS OF 5 OUT OF 6 HOSPITALS UNDER GLENEAGLES INDIA NETWORK

Further company coverage: IHHH.KL

(([email protected];))

** India's Fortis Healthcare FOHE.NS jumps 7.7%, set to snap three-session losing streak

** Hospitals operator expects ~15% rev growth in FY26 and double-digit pct growth in diagnostics business

** Jefferies analysts say that is much higher than what they "penciled in"

** Ambit Capital analysts say forecast shows benefits from new hospitals will continue to accrue

** Analysts avg rating on FOHE, peers Max Health MAXE.NS and Apollo Hospitals APLH.NS is "buy" -LSEG data

** Session's gains erase FOHE's 2025 losses; Max up ~1% YTD, while Apollo down ~5%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Adds background in paragraphs 3,5-6

May 20 (Reuters) - IHH Healthcare IHHH.KL said on Tuesday its unit has filed a petition in a Tokyo court to revise damages sought from Japan's Daiichi Sankyo 4568.T over its Fortis Healthcare FOHE.NS stake buy to up to 109.3 billion rupees ($1.28 billion).

Northern TK Venture (NTK) — a subsidiary of IHH — had filed a claim in October 2023 alleging the Japanese drugmaker caused losses to the company by preventing it from proceeding with open offers to buy a stake in the Indian hospital chain in 2018.

IHH, Asia's largest healthcare operator, had bought a 31% interest in Fortis through NTK, but later halted its open offer to buy an additional 26% after the Japanese company filed a contempt plea against the founders of the Indian company.

The latest petition filed by NTK seeks another 2.7 million rupees for losses arising from the unit's defamation claim against Daiichi Sankyo and accrued interest on the damages claimed.

An expert report authorised by NTK in February included an analysis and quantification of the damages that NTK suffered based on three scenarios.

The report potentially entitled the unit to damages between 4.24 billion rupees and 109.3 billion rupees.

Malaysia's IHH had initially approached a Tokyo district court in November 2023, seeking an order directing Daiichi Sankyo to pay 20 billion yen as damages to NTK.

The next hearing is scheduled for July 11, IHH said.

Daiichi Sankyo and Fortis did not immediately respond to Reuters' requests for comment.

($1 = 85.5530 Indian rupees)

($1 = 144.5200 yen)

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Shilpi Majumdar)

(([email protected]))

May 5 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• RECTIFICATION ORDER RECEIVED UNDER INCOME TAX ACT

• TAX DEMAND REDUCED TO NIL FOR FORTIS HOSPITALS

Source text: ID:nBSEkJg5n

Further company coverage: FOHE.NS

(([email protected];;))

April 2 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• DELHI HIGH COURT CONFIRMS SALE OF FORTIS MARKS TO FORTIS HEALTHCARE

Further company coverage: FOHE.NS

(([email protected];;))

March 21 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• EX-PARTE INJUNCTION ORDER RESTRAINS SALE OF SHRIMANN HOSPITAL

• SHRIMANN HOSPITAL SEEKS AMICABLE SETTLEMENT TO VACATE INJUNCTION ORDER

Source text: ID:nBSE74DDNC

Further company coverage: FOHE.NS

(([email protected];))

Corrects Feb 6 story throughout to show the damages are according to an expert report, and not estimated by IHH's unit

Feb 6 (Reuters) - IHH Healthcare IHHH.KL said on Thursday its unit submitted an expert report to a Tokyo court which states damages sought from Japan's Daiichi Sankyo 4568.T in relation to a stake buy in Fortis Healthcare FOHE.NS could be up to 109.3 billion rupees ($1.25 billion).

($1 = 87.5600 Indian rupees)

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected];))

** India's Fortis Healthcare FOHE.NS, One 97 Communications PAYT.NS, Coforge COFO.NS and four other stocks rise between 1% and 5% ahead of MSCI rebalancing announcement post-market hours on Feb. 11

** Eight Indian stocks likely to be included in MSCI indexes, attracting $1.28 billion inflows, says JM Financial Services

** MSCI indexes tracked widely by investors, passive funds globally

** FOHE, PAYT, COFO, and Coromandel International CORF.NS up 5.3%, 2.7%, 1.4% and 1% respectively; JM Financial Services sees high probability of their inclusion

** Blue Star BLUS.NS, Federal Bank FED.NS, Uno Minda UNOI.NS, and GE Vernova TD India GETD.NS are JM Financial's "low conviction" inclusion candidates, up 0.1%-5%

(Reporting by Vivek Kumar M)

(([email protected]))

Dec 20 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• ACQUIRES 7.61% EQUITY STAKE IN AGILUS DIAGNOSTICS

• DEAL FOR 4.29 BILLION RUPEES

Source text: ID:nBSE8xX90k

Further company coverage: FOHE.NS

(([email protected];))

MUMBAI, Dec 13 (Reuters) - India's Fortis Healthcare FOHE.NS plans to raise 15.50 billion rupees ($182.71 million) through the sale of floating rate bonds maturing in five years, three bankers said on Friday.

The company has invited bids from bankers and investors for the issue on Tuesday, they said.

The issuer will sell these bonds at a spread of 192 basis points over the 12-month Mumbai Interbank Forward Offer Rate (MIFOR) and the coupon will be reset annually.

Fortis Healthcare did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Dec. 13:

* Size includes base plus greenshoe for some issues

($1 = 84.8360 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

(([email protected]))

Nov 8 (Reuters) - Fortis Healthcare Ltd FOHE.NS:

• Q2 CONSOL NET PROFIT FROM CONTINUING OPERATIONS 1.76 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 19.88 BILLION RUPEES

Source text: ID:nBSE3J54vG

Further company coverage: FOHE.NS

(([email protected];;))

MUMBAI, Oct 11 (Reuters) - India's Fortis Healthcare FOHE.NS plans to raise 15.50 billion rupees ($184.5 million) through the sale of bonds maturing in five years, three bankers said on Friday.

It will invite coupon and commitment bids for the issue next week, they said.

Here is the list of deals reported so far on Oct 11:

*Size includes base plus greenshoe for some issue

($1 = 84.0300 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

(([email protected]))