1. Cuttack O&M - 300-bed greenfield hospital Pending - At the Q1 FY27 call, management announced an O&M agreement for a 300-bed greenfield multi-specialty hospital in Cuttack, Fortis's entry into Odisha, with no capital committed. The agreement has been entered; no operational timeline was disclosed.
2. Shalimar Bagh expansion - \~300 beds deferred to FY29 Pending - At the Q4 FY26 call, management said the \~300-bed Shalimar Bagh expansion, deferred from FY28 to FY29, was delayed pending approval issues, with "we will move fast" once sorted; at Q3 FY26 all approvals were in place. The Q4 FY26 PPT shows FY28 bed additions of 173 vs earlier 465, confirming the deferral; no construction start was disclosed as of Q1 FY27.
3. Agilus B2C mix - 55% to 58% On track - At the Q1 FY27 call, Vijender Singh targeted the B2C ratio going from 53% to at least 55% and 58% "in next few times from now". The Q1 FY27 B2C:B2B mix improved to 53:47 from 51:49 in Q1 FY26.
4. IHH equity infusion - stake increase to 50% Pending - At the Q4 FY26 call, management cited IHH's plan to increase stake to 50% with \~₹10,000 cr fresh equity infusion, but "there is no specific time line I can give you"; at Q3 FY26 clarity was expected in 3-6 months after the cooling period ended in May. No equity infusion was completed as of Q1 FY27, though IHH has publicly expressed willingness.
5. Proton facility at FMRI Gurgaon - capex \~₹252 cr Pending - At the Q1 FY27 call, management guided proton facility capex at FMRI Gurgaon "in the range of INR 252-odd crores", under finalization. The board approved a proton facility at Gurgaon; no completion date was disclosed.
6. Diagnostics one-offs - discontinuation from FY26 Delivered - At the Q4 FY25 call, management said diagnostics one-off items (brand transition, legal fees, contingent consideration) would discontinue from FY26 onwards. FY26 Agilus EBITDA margin ex-one-offs was 23.2% vs 23.6% reported, showing minimal one-offs; Q1 FY27 disclosed none.
7. Legal costs - reduction from FY26 onward Partial - At the Q2 FY25 call, management expected legal costs to go down from FY26; by Q2 FY26 they were expected to fall to \~50% of the earlier ₹30-40 cr annually. Legal fees came down substantially in Q2 FY26, but in Q1 FY27 ongoing Delhi High Court hearings burdened profitability.
8. EMR rollout - across Fortis network Partial - At the Q3 FY23 call, management said EMR implementation would be "rolled out across the Fortis network in a phased manner"; at Q2 FY26 completion was expected by end of FY26. Rollout progressed from 4 units in FY24 to 15 with OP modules in FY25 and IP modules in \~4 hospitals by Q2 FY26, but the FY26 annual report lists the project as overdue/over-cost.
9. Agilus network expansion - 600-700 touch points per year Delivered - At the Q2 FY25 call, Agilus expected to add close to 600-700 touch points in FY25, with the run-rate continuing into FY26. Agilus added 640+ CTPs in FY25 and 675+ gross in FY26, plus 200+ in Q1 FY27.
10. ARPOB growth - 4-5% for FY24 Delivered - At the Q1 FY24 call, management expected ARPOB growth of 4-5% for full year FY24; later calls guided 5.5-6% for FY25 and 5-6% for FY26. FY24 ARPOB grew 10.8% to ₹2.22 cr, FY25 grew 9% to ₹2.42 cr, and FY26 grew 3.4% to ₹2.51 cr.
11. Government payer mix - reduce to \~15% or lower Missed - At the Q3 FY23 call, management aimed to bring the government/institutional payer mix back to "about 15% or lower" over "the next two or three quarters"; at Q4 FY24 a \~20% share was to reach \~15% over 1.5 years. FY26 payor mix shows Govt & PSUs 8.7%, ECHS 7.3% and CGHS 4.7% - total \~20.7%, unchanged at \~20.7% in Q1 FY27.
12. Escorts Delhi hospital - EBITDA margin above 15% Delivered - At the Q4 FY25 call, management expected the Escorts Delhi hospital EBITDA margin to go above 15%, settling around 15-16%. By Q1 FY26 the margin moved up to around 15-17% and was consistently performing at that level.
13. Jaipur hospital - double-digit EBITDA margin in 6-8 months Delivered - At the Q2 FY25 call, management expected Jaipur to reach double-digit plus EBITDA margin "maybe in the next 6 to 8 months' time"; at Q4 FY26 FY27 growth of 15% plus with 13-14% margin was guided. Jaipur achieved double-digit EBITDA margin by Q1 FY26 at \~65% occupancy, with further margin expansion in Q1 FY27.
14. Net debt-to-EBITDA - below 1.5x after Agilus stake acquisition Delivered - At the Q2 FY25 call, management expected net debt-to-EBITDA below 1.5x by year-end even after funding the Agilus stake acquisition through ₹1,500 cr of debt. Net debt-to-EBITDA was 0.93x at March 31, 2025, 1.09x at March 31, 2026 and 1.01x at June 30, 2026.
15. Capex - ₹800-900 cr per annum Partial - At the Q2 FY25 call, management guided capex of around ₹800-900 cr per year for FY25 and FY26, later refined to \~₹900 cr split \~₹600 cr expansion and \~₹300 cr maintenance. Actual capex was \~₹700 cr in FY25 and \~₹700 cr in FY26, below the guided range.
16. FY27 hospital revenue growth - 15% plus On track - At the Q4 FY26 call, management guided hospital business revenue growth of "15% plus" for FY27 on an organic basis. Q1 FY27 hospital revenue grew 19% YoY to ₹2,187 cr.
17. FY27 bed additions - 500+ brownfield beds On track - At the Q4 FY26 call, management targeted commissioning of around 500-plus brownfield beds in FY27, after \~430-odd beds were indicated at Q3 FY26. \~100 operational beds were added in Q1 FY27, with another 400 planned in the remaining quarters and FMRI's occupancy certificate expected imminently.
18. People Tree Hospital acquisition - 125 beds, expandable to 300+ On track - At the Q3 FY26 call, management said People Tree (Bengaluru) should become a high-end 300-bedded super speciality hospital over the next 3-4 years, with expansion construction to start "pretty soon"; the adjacent-land expansion was to take \~30 months. The 125-bed hospital was acquired in January 2026 for ₹430 cr; it runs at a margin under 10% and construction had not started as of Q4 FY26.
19. Gleneagles O&M agreement - 5 hospitals, \~700 beds On track - At the Q1 FY26 call, management announced the Gleneagles O&M agreement covering \~700 beds across 5 hospitals with a 3% of net revenue service fee; at Q1 FY27 stabilization was expected to take 2-4 quarters. The agreement was entered in July 2025; ₹5 cr fee was earned in Q3 FY26 and \~₹6 cr in Q1 FY27, with operations improved but not fully stabilized.
20. FMRI new tower - 200+ beds operational by FY26 Partial - At the Q2 FY25 call, the FMRI new tower (220 beds) was expected to have beds available from April 2025, with 100 opened initially; the timeline slipped repeatedly - to March end at Q2 FY26, April at Q3 FY26, and \~100 beds in FY27 at Q4 FY26. The tower was not operationalized in FY26; by Q1 FY27 all work was completed and the occupancy certificate applied for.
21. FY26 bed additions - \~900 beds Delivered - At the Q1 FY26 call, management reiterated it was "on track to add capacity of approximately 900 beds in the current financial year", including Jalandhar; the target was later stated as 400-500 beds. FY26 saw \~800 beds added via brownfield expansion and acquisitions, including \~500 via People Tree, Shrimann and Greater Noida lease.
22. Shrimann Superspecialty Hospital Jalandhar acquisition - 228 beds Delivered - At the Q4 FY25 call, management expected the Shrimann Superspecialty Hospital (Jalandhar) acquisition - ₹462 cr, 228 beds, potential over 450 beds - to be consummated "very shortly - in our fold maybe by this month end". The acquisition was completed by Q1 FY26, closing in July 2025 and taking the Punjab cluster to 965 beds; Jalandhar carries a 25%+ EBITDA margin.
23. Fortis brand acquisition - court auction participation Delivered - At the Q2 FY25 call, management said the court had ordered an auction for the Fortis brand and Fortis would see how to participate and secure it; at Q3 FY25 court confirmation of sale was expected within a couple of months. Fortis was declared successful bidder, acquiring perpetual rights to the 'Fortis' brand and trademarks for ₹200 cr in March/April 2025.
24. Agilus revenue growth - double-digit from FY26-27 On track - At the Q2 FY25 call, Anand Kuppuswamy expected Agilus to return to double-digit growth from FY26-27 onwards ("definitely, that will happen"); at Q4 FY26 the target shifted to FY27, with 12-13% growth guided at Q1 FY27. FY26 gross revenue grew 8.5% to ₹1,527 cr; Q1 FY27 gross revenue grew 10.2% to ₹407 cr.
25. Agilus Diagnostics IPO / stake restructuring Delivered - At the Q1 FY23 call, management said they were exploring options for SRL stake restructuring and would "maybe come back with some plan by the end of this year"; an IPO process via offer for sale was initiated at Q1 FY24. The DRHP was filed in September 2023 but the IPO did not proceed; instead Fortis acquired the 31.52% PE stake for ₹1,778 cr, completed January 2025, taking its stake to 89.2%, with no demerger as of Q1 FY27.
26. Medeor Manesar hospital - 350 beds, first phase within 12 months Delivered - At the Q4 FY23 call, Dr. Raghuvanshi said "within the next 12 months we should be able to get the hospital going with about 150 beds in the first phase. And then we will take into 350 beds"; the opening was later targeted for Q2 FY25 with 100 beds. Manesar commenced operations in September 2024 with 50 beds, reached EBITDA-positive status by Q2 FY26, and had 187 beds operationalized at \~60% occupancy by Q1 FY27.
27. Arcot Road (Vadapalani) breakeven - within 12 months Missed - At the Q1 FY23 call, Dr. Raghuvanshi guided Arcot Road (Chennai) to take "another 12 months before it becomes positive"; the CFO corrected this to six months at Q2 FY23, then the timeline slipped at Q3 FY23. Arcot Road posted an EBITDA loss of \~₹36 cr in FY23 on revenue of ₹51 cr and was divested in July 2023 for ₹152 cr without ever reaching breakeven.
28. International patient revenue mix - 12-13% of hospital revenue Missed - At the Q4 FY22 call, the CFO expected international patient revenue mix to move from \~7% towards 12-13% of total revenues, confirmed at Q3 FY23 within two years; from Q4 FY25 expectations were reset to \~8%. The mix was 8.3% in FY23, 8% in FY24, 7.8% in FY25 and FY26 and 7.5% in Q1 FY27, though absolute revenue grew from ₹425 cr in FY23 to ₹639 cr in FY26.
29. Brownfield bed expansion - 1,300-1,500 beds, \~5,000 beds in 3 years On track - At the Q4 FY22 call, the CFO reiterated 1,300-1,500 brownfield bed expansion as "online", with \~5,000 beds targeted in the next three years from \~4,000 currently; the pipeline was later raised to \~2,200 beds over 4 years and 6,000 beds by FY28. Additions were 246 beds in FY24, \~200 in FY25 and \~800 in FY26, taking operational beds to 4,968 at FY26 with \~1,800 more planned through FY30.
30. SRL/Agilus diagnostics margin - 22-23% sustainable Delivered - At the Q4 FY22 call, SRL margin guidance of 22-23% was reiterated as sustainable over the next two-three years; guidance was later reset to 23-24% for FY26 and 24-25% for FY27. Margins fell to 19.5% in FY23 and 15.3% reported in FY24, then recovered to 22.0% ex-one-offs in FY25 and 23.6% reported in FY26, with 23.9% in Q1 FY27.
31. Hospital EBITDA margin - 16%+ near-term, 18-20% long-term On track - At the Q4 FY22 call, the CFO targeted hospital EBITDA margins of \~16%+ for the coming quarter with long-term guidance of 18-20%; the target was raised over time to 20% by FY25 and 25% by FY28. Hospital margin moved from 18.1% in FY23 to 20.5% in FY25 and 22.2% in FY26, with 21.5% in Q1 FY27.
32. Hospital business revenue growth - \~10% for FY23 Delivered - At the Q4 FY22 call, CFO Vivek Goyal targeted \~10% revenue growth for FY2023 hospital business versus Q4 FY2022; later years were guided at 14-15% for FY26 and "15% plus" for FY27. FY23 hospital revenue grew 19.8% to ₹5,107 cr, FY25 grew 14.8% to ₹6,528 cr and FY26 grew 19.1% to ₹7,773 cr.
33. Hospital occupancy - 70% by end of FY23 Partial - At the Q4 FY22 call, management targeted hospital occupancy moving from \~65% to 70% by the end of FY2023, with Dr. Raghuvanshi saying it "may happen in the next quarter itself"; later targets included 70-71% for FY26. Occupancy reached 70% in Q2 FY23 but full-year FY23 was 67%, FY24 65%, FY25 69%, FY26 68% and Q1 FY27 69%.