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Hospitals Historical case study · data as of 10 Jul 2026 · published 14 Oct 2026 (96 days later)

Fortis Healthcare — 100-point case study

How Fortis Healthcare looked on 50 technical and 50 fundamental measures on 10 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: FORTIS · BSE: 532843
Close on 10 Jul 2026	₹968.00
Market cap then	₹73,080 crore
Valuation	P/E 68.7× · P/B 7.38×
Momentum	RSI (14) 52 · 1-year return +25.2%
Next 3 months	-21.9% vs Nifty 50 -6.1% (to 13 Oct 2026)

Scorecard

Technical — 50 points

13 bullish · 24 neutral · 1 caution · 11 bearish — the picture was mixed.

Fundamental — 50 points

15 bullish · 32 neutral · 0 caution · 2 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 10 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.07%/day	Neutral	Over the last 20 sessions the regression line of closing prices was falling about 0.07% a day — a flat, sideways phase. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +15.2%	Bullish	The 100-session trend line was up (+0.13%/day) and the stock was +15.2% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +25.2%	Bullish	Compared with a year earlier the price was +25.2%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 962.42 / 30W 907.03	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,010.10→987.45; lows 942.80→935.60	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	10.9	Neutral	ADX at 10.9 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 20.0 / –DI 21.0	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	965.51 (+0.3%)	Bullish	Close of 968.00 was 0.3% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	961.02 (+0.7%)	Bullish	Close of 968.00 was 0.7% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	930.67 (+4.0%)	Bullish	Close of 968.00 was 4.0% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 962.73 / 21E 963.26	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 08 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 15 Jun 2026	Bullish	The 50-day average was 3.3% above the 200-day. The most recent signal was a golden cross on 15 Jun 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+4.2% in 20 sessions	Bullish	The 50-day average rose 4.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	966 / 961 / 920 / 931	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	963.40 (+0.5%)	Bullish	Anchored to the start of July, the volume-weighted average price was 963.40; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	52.2	Neutral	RSI at 52.2 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 1.09 / signal 2.78	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.30 → -1.69	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	1.09	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 30.8 / %D 38.7	Bearish	Slow stochastic at 30.8 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-46.8	Neutral	%R of -46.8 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-28	Neutral	CCI at -28 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+1.4%	Neutral	Price changed +1.4% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.55 (bands 939.62–991.40)	Neutral	%B of 0.55 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 5.4% (2nd pct of 6M)	Caution	Band width was at the 2nd percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹23.47 (2.4% of price)	Neutral	A typical day's range was about ₹23.47, or 2.4% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	23.2% vs 1Y 26.0%	Neutral	Annualised 30-day volatility was 23.2%, close to the one-year level of 26.0%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	916.94–1,009.84	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.85	Neutral	A beta of 0.85 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 1.02× / 5-day 1.02×	Neutral	The final session traded 1.02× its 20-day average volume and the last five sessions averaged 1.02× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.61	Bearish	Average volume on up days was 0.61× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.10	Bearish	CMF at -0.10 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	42.4	Bearish	MFI, a volume-weighted RSI, was 42.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹167 cr/day	Neutral	About ₹167 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	938.69 / 906.64 / 876.83	Neutral	Nearest support (prior swing lows) sat at 938.69, 3.1% below the close, then 906.64, 876.83. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	976.82 / 1,103.72	Neutral	Nearest resistance (prior swing highs) sat at 976.82, 0.9% above the close, then 1,103.72. How to read: Information only.
40	Monthly pivot points (for next month)	P 967.65 \| R1 996.90 \| S1 938.75	Neutral	Classic pivots from July's high/low/close gave a pivot of 967.65; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 953 \| 38.2% 917 \| 50.0% 888 \| 61.8% 860	Neutral	Measuring the 6-month rise from 766.80 to 1,010.10, the close was nearest the 23.6% retracement at 952.68. How to read: Information only.
42	52-week high / low	H 1,104.30 / L 757.15	Neutral	The close was 12.3% below the 52-week high and 27.8% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	none	Neutral	No unfilled price gaps in the last six months. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 935.60–1,002.00	Neutral	The close was inside the prior 20-day range of 935.60–1,002.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 10 Jul the candle opened 959.00, ranged 948.70–969.90 and closed 968.00: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 879.75–945.90; Tenkan 967.47 / Kijun 966.85	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -6.4% / 3M +14.3%	Bullish	The stock outperformed the Nifty 50 by 14.3 points over three months and underperformed by 6.4 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +14.9%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 14.9 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	13 bullish · 11 bearish · 24 neutral · 1 caution	Neutral	Across the 49 readings the technical picture was mixed. Levels that mattered: support 938.69, resistance 976.82. This is a description of the chart on 10 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 10 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 10 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	68.7×	Neutral	At ₹968.00 the market valued the company at about ₹73,080 crore, or 68.7× the ₹1,064 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	7.38×	Neutral	Market cap was 7.38× the Mar 2026 book value (equity + reserves) of ₹9,896 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	8.01×	Neutral	The company was valued at 8.01× its trailing-12-month sales of ₹9,128 crore. How to read: Information only.
4	EV / EBITDA (approx.)	36.7×	Neutral	Enterprise value (market cap + ₹3,473 cr borrowings; cash not netted) was 36.7× trailing operating profit of ₹2,085 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.5%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.5 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	3.63	Bearish	P/E of 68.7 divided by 3-year profit growth of 18.9% a year gives a PEG of 3.63. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.10%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹1 a share, a 0.10% yield on the ₹968.00 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹73,080 cr	Neutral	At about ₹0.73 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹203.88 vs ₹968.00	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹203.88; the price was 375% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+17.3%	Bullish	Revenue for FY26 was ₹9,128 crore, +17.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+17.8%	Bullish	The Jan–Mar 2026 quarter brought ₹2,365 crore of revenue, +17.8% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+31.5%	Bullish	FY26 net profit was ₹1,064 crore, +31.5% on FY25's ₹809 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+44.1%	Bullish	Quarterly profit was ₹271 crore versus ₹188 crore a year earlier (+44.1%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	13.2%	Bullish	Revenue compounded at 13.2% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	18.9%	Bullish	Net profit compounded at 18.9% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	17.8%	Bullish	Over five years (FY21–FY26) revenue compounded at 17.8% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+34.5%	Bullish	Reported EPS went from ₹10.26 to ₹13.80 (+34.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	23%	Neutral	Operating profit (EBITDA) was 23% of sales in FY26 versus 20% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	23% → 24% → 22% → 23%	Neutral	Quarterly margins moved from 23% to 23% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	11.7%	Neutral	₹11.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	11.3%	Neutral	FY26 profit was 11.3% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	13%	Neutral	Return on capital employed (debt + equity) was 13% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	6.72%	Neutral	Net profit was 6.72% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	22%	Neutral	The company paid about 22% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	3%	Neutral	Non-operating 'other income' of ₹45 crore made up 3% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.35	Neutral	Borrowings of ₹3,473 crore were 0.35× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	1.67×	Neutral	Debt equalled 1.67 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	5.4×	Neutral	Earnings before interest and tax covered interest cost 5.4 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+11.0%	Bullish	Shareholders' equity grew +11.0% from ₹8,917 crore to ₹9,896 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹434 cr (4% of fixed assets)	Neutral	Projects under construction (CWIP) were 4% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-34 days	Neutral	Working capital tied up equalled -34 days of sales (FY25: -30). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-99 days	Neutral	It took -99 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	42 (FY25 37)	Neutral	Customers took 42 days on average to pay, versus 37 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,601 cr	Bullish	The business generated ₹1,601 crore of operating cash in FY26 versus ₹1,424 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹673 cr	Bullish	After capital spending, free cash flow was ₹673 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.50×	Bullish	Operating cash flow was 1.50× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	0.9%	Neutral	FY26 free cash flow was 0.9% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹1,436 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹1,436 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹928 cr	Neutral	Implied capital expenditure was about ₹928 crore, 10.2% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	7%	Neutral	The company paid out about 7% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	13% / 10% / 7%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹755 cr → ₹755 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	31.17% (+0.00 pts YoY)	Neutral	Promoters owned 31.17% at Mar 2026 versus 31.17% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	25.98% (-1.42 pts YoY)	Bearish	FIIs held 25.98% at Mar 2026, down from 27.40% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	31.35% (+1.89 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 31.35%, up from 29.46%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.3 lakh (+3.8% YoY)	Neutral	The shareholder count moved from 2.2 lakh to 2.3 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: leverage fell, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 2 weakness(es)	Neutral	Strengths: Company has delivered good profit growth of 64.3% CAGR over last 5 years. Weaknesses: Stock is trading at 5.76 times its book value; Company has a low return on equity of 9.87% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	15 bullish · 2 bearish · 32 neutral · 0 caution	Bullish	On the numbers published by 10 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 68.7×, P/B 7.38×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 10 Apr 2026 – 10 Jul 2026 that an investor could have known on the snapshot date.

23 Apr 2026 Fortis Healthcare grants 1.32 crore employee stock options under ESOP 2026 scheme — The Nomination & Remuneration Committee approved a grant of about 13.2 million options under the ESOP 2026 scheme at an exercise price of Rs 923.10 each, vesting over up to three years. source
23 May 2026 Fortis Healthcare Q4 PAT jumps 44%; FY26 profit rises 31% — Q4 FY26 consolidated revenue was Rs 2,365 crore (+17.8% YoY) and PAT Rs 271 crore (+44.2%); FY26 revenue reached Rs 9,128 crore and PAT Rs 1,064 crore. The board recommended a dividend of Rs 1 per share. source
17 Jun 2026 Fortis Healthcare unit's tax demand cut to Rs 61.48 crore for AY 2024-25 — Subsidiary Fortis Hospitals Limited received a corrective income-tax order reducing its AY 2024-25 demand from Rs 117.04 crore to Rs 61.48 crore. source
03 Jul 2026 Fortis Healthcare enters Odisha with 300-bed hospital pact — Fortis agreed to operate and manage a 300-bed greenfield hospital in Cuttack developed by Dion Group, its first presence in Odisha. source
08 Jul 2026 Fortis board recommends re-appointment of MD for two years — The board proposed extending Dr. Ashutosh Raghuvanshi's term as MD & CEO for two years from March 19, 2027, subject to shareholder approval. source

What happened next (10 Jul 2026 → 13 Oct 2026)

Price went from ₹968.00 to ₹756.40 by 13 Oct 2026 (-21.9%) while the Nifty 50 moved -6.1% — underperforming by 15.7 points.
Highest ₹988.25 on 15 Jul 2026; lowest ₹745.20 on 13 Oct 2026.
S1 938.69: broken on a closing basis on 04 Aug 2026.
S2 906.64: broken on a closing basis on 12 Aug 2026.
R1 976.82: not cleared on a closing basis.
R2 1,103.72: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 05 Aug 2026.
Apr–Jun 2026 results (reported 06 Aug 2026): revenue ₹2,545 crore (+17.4% YoY), net profit ₹273 crore (+2.2% YoY), operating margin 21% vs 23% a year earlier (Screener consolidated figures).

Later news

07 Aug 2026 Fortis Healthcare consolidated net profit rises 2.35% in the June 2026 quarter — Q1 FY27 revenue rose about 17.5% YoY to Rs 2,545 crore while net profit rose 2.35% to Rs 266.39 crore; operating margin narrowed to 21.1% from 22.65%. Results were approved on August 6, 2026. source
01 Sep 2026 Delhi HC orders forensic audit into Fortis Healthcare promoter share dissipation — On applications by Daiichi Sankyo, the Delhi High Court ordered an inquiry into how former promoters lost their Fortis shareholding and how control changed; the company says the order imposes no liability on it. source
07 Sep 2026 IHH plans to raise Fortis stake to 51% by 2030 — According to CIMB Securities, IHH Healthcare plans to lift its Fortis stake from 31.17% to 51% over about four years via capital injections or market purchases. source
16 Sep 2026 Fortis Healthcare signs 29-year deal for 400-bed Delhi hospital — Subsidiary Fortis Hospotel will provide healthcare services at a planned 400+ bed hospital in Ashok Vihar, New Delhi, under a 29-year term and lend up to Rs 567 crore to the owner. source
30 Sep 2026 Fortis Healthcare Ltd leads losers in 'A' group — Fortis fell about 7% intraday to a new 52-week low on BSE as several hospital stocks declined; reports cited no company-specific trigger. source

Educational summary. On 10 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved -21.9% against -6.1% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Fortis Healthcare today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 14 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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