Fortis Malar Hospitals Limited (FORTISMLR.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.4%

₹1.04

vs ₹40.00 price

Levered DCF

₹0.71

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.86×	386.48×	2.12×	-5.81×	-12.95×	-13.06×	-9.05×	50.05×
P/B	2.27×	5.02×	0.88×	1.4×	1.34×	1.16×	0.84×	0.98×
P/S	1,527.36×	0×	1.63×	1.05×	1.24×	1.49×	0.73×	0.72×
EV / EBITDA	-48.71×	835.91×	-0.18×	11.64×	13.67×	17.41×	12.12×	12.76×
Gross margin	-147.7%	0.0%	85.1%	85.2%	80.2%	79.7%	80.7%	76.8%
Operating margin	-3083.8%	0.0%	-17.6%	-8.5%	-10.6%	-27.8%	-13.8%	-4.6%
Net margin	8096.7%	0.0%	76.8%	-18.0%	-9.6%	-11.4%	-8.0%	1.4%
Current ratio	11.33×	5.15×	17.68×	2.66×	1.56×	2.43×	1.74×	2.56×
Debt / equity	0×	0×	0×	0.72×	0.67×	0.64×	0.67×	0×
Interest coverage	0×	-209.7×	-2.42×	-1.2×	-1.39×	-2.67×	-1.95×	-12.91×
Dividend yield	0.0%	52.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	20319.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.0%	1.3%	41.4%	-24.1%	-10.3%	-8.9%	-9.2%	2.0%
Return on invested capital	-4.0%	-4.9%	-8.6%	-6.4%	-6.7%	-9.0%	-7.0%	-4.5%
Return on assets	11.0%	1.1%	39.1%	-11.2%	-5.1%	-4.7%	-4.6%	1.4%
Free cash flow yield	0.0%	1.0%	-10.0%	4.1%	5.1%	-1.4%	-4.5%	-18.1%
Earnings yield	5.3%	0.3%	47.2%	-17.2%	-7.7%	-7.7%	-11.0%	2.0%
Enterprise value	₹767.6M	₹1.5B	-₹114.7M	₹1.3B	₹1.5B	₹1.5B	₹1B	₹980.1M
Net debt / EBITDA	0.82×	-1.12×	-1.69×	3.62×	3.79×	5.68×	2.53×	-0.66×
Cash conversion cycle (days)	6,211	-3,858	-208	-241	-373	-116	-288	-202