Fortis Healthcare (FORH) reported strong EBITDA of Rs4.9bn, up 43% YoY, marking strong beat across segments. Though hospital margin has improved by 360bps bps YoY over FY23-25 to ~20%, we see further scope for improvement aided by 1) improving case and payor mix, 2) cost rationalization initiatives and ramp-up of Manesar unit, and 3) new brownfield bed additions. Additionally, we expect margin to expand further, driven by the recent...