Fortis Healthcare Limited, headquartered in Gurgaon, India, is a leading integrated healthcare provider operating 27 hospitals with over 4,700 beds and 426 diagnostics centers across India, UAE, Nepal, and Sri Lanka. Listed on BSE and NSE, it is majority-owned by Malaysia’s IHH Healthcare. Fortis generates revenue of ₹1,928 crore (US$221 million) in Q3 FY25, with hospital business contributing 80% of EBITDA and diagnostics 20%. Under CEO Dr. Ashutosh Raghuvanshi, Fortis has focused on portfolio rationalization, exiting loss-making Chennai facilities, and pursuing brownfield expansions, adding 1,800 beds by FY28, particularly in Delhi NCR and Punjab. Oncology, contributing ~13% to revenue, is a fast-growing segment. With a net debt-to-equity ratio of 0.04x and 19.8% hospital revenue growth in FY23, Fortis targets 10% annual organic growth through tech investments and M&A, capitalizing on India’s underserved healthcare market while navigating competitive valuations and regulatory pressures.