Fortis Healthcare reported FY25 consolidated revenue of INR 7,783 Cr, up 13% YoY, led by a 15% rise in hospital revenues to INR 6,528 Cr. Operating EBITDA grew 25% to INR 1,588 Cr with margins at 20.4%, while PAT before exceptions jumped 43% to INR 899 Cr. Q4 saw 12% revenue growth with EBITDA margins at 21.7%. Hospital occupancy improved to 69%, supported by strong oncology (25%) and neurosciences (19%) growth. Expansion includes acquiring Shrimann Hospital and adding ~1,000 beds in FY26. Digital services now contribute ~30% of hospital revenue. Diagnostic revenue grew moderately with margins near 22%. Management targets 200 bps margin improvement in hospitals next year, driven by 10-11% volume growth and moderate ARPOB gains. Net debt stands at INR 1,694 Cr with a 0.93x net debt/EBITDA ratio. The Fortis brand acquisition will save royalty costs, boosting margins slightly. Growth is expected to be steady, supported by cluster strategy and specialty focus.