Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Fortis Healthcare Limited
Physical assets are 46.7% of total assets, a mixed footprint. Capex is 2.10x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 10.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.25x. Compare it with other names in the same basket.
Physical asset ratio
46.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 73.20BpropertyPlantAndEquipmentNetInventoryINR 1.35BinventoryTotal assetsINR 159.66BtotalAssetsResult 46.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.25xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 91.28BtotalRevenueNet PP&EINR 73.20BpropertyPlantAndEquipmentNetResult 1.25x
Revenue per dollar of the physical asset base.
Capex / D&A
2.10xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 9.45BcapitalExpendituresD&AINR 4.49BdepreciationAndAmortizationResult 2.10x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 63.90Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 159.66BtotalAssetsGoodwillINR 47.21BgoodWillIntangiblesINR 6.23BintangibleAssetsLiabilitiesINR 57.98BtotalLiabTangible bookINR 48.24BShares754,913,000commonStockSharesOutstandingResult INR 63.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
11.81xPrice / tangible bookPrice / tangible book per sharePriceINR 754.90Latest quoteTangible book / shareINR 63.902026-03-31Result 11.81x
Price INR 754.90.
Fixed-charge coverage
1.51xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.30BebitdaCapexINR 9.45BcapitalExpendituresInterestINR 3.14BinterestExpenseShort-term debtINR 4.71BshortLongTermDebtEBITDA − capexINR 11.84BPrincipal due is the current portion of debt.Result 1.51x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.8%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 4.39BfreeCashFlowMarket capINR 573.39BMarketCapitalizationResult 0.8%
Latest free cash flow divided by current market cap (INR 573.39B).
ROIC
10.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.36BoperatingIncomeTax expenseINR 3.02BincomeTaxExpensePretax incomeINR 13.66BincomeBeforeTaxTax rate22.1%EquityINR 98.96BtotalStockholderEquityDebtINR 34.73BshortLongTermDebtTotalCashINR 5.61BcashAndShortTermInvestmentsInvested capitalINR 128.07BResult 10.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 43.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 51.15BpropertyPlantEquipmentInventoryINR 565.33MinventoryTotal assetsINR 119.51BtotalAssetsResult 43.3% | 0.87xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 44.69BtotalRevenueNet PP&EINR 51.15BpropertyPlantEquipmentResult 0.87x | 0.36xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 831.13McapitalExpendituresD&AINR 2.33BdepreciationAndAmortizationResult 0.36x | INR 51.26Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 119.51BtotalAssetsGoodwillINR 37.21BgoodWillIntangiblesINR 907.39MintangibleAssetsLiabilitiesINR 48.39BtotalLiabTangible bookINR 33.01BShares644,019,607commonStockSharesOutstandingResult INR 51.26 | 0.11xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 2.66BebitdaCapexINR 831.13McapitalExpendituresInterestINR 3.30BinterestExpenseShort-term debtINR 13.34BshortLongTermDebtEBITDA − capexINR 1.83BPrincipal due is the current portion of debt.Result 0.11x | -INR 2.62BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-INR 1.79BtotalCashFromOperatingActivitiesCapexINR 831.13McapitalExpendituresFree cash flow-INR 2.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -INR 2.62B | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 22.18BoperatingIncomeTax expenseINR 1.14BincomeTaxExpensePretax income-INR 1.10BincomeBeforeTaxTax rate—EquityINR 66.01BtotalStockholderEquityDebtINR 20.10BshortLongTermDebtTotalCashINR 9.35BcashAndShortTermInvestmentsInvested capitalINR 76.76BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.43xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 22.18BoperatingIncomeNet PP&EINR 51.15BpropertyPlantEquipmentResult 0.43x |
| 2020 | 46.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 52.09BpropertyPlantEquipmentInventoryINR 781.79MinventoryTotal assetsINR 113.48BtotalAssetsResult 46.6% | 0.89xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 46.32BtotalRevenueNet PP&EINR 52.09BpropertyPlantEquipmentResult 0.89x | 0.53xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 1.56BcapitalExpendituresD&AINR 2.92BdepreciationAndAmortizationResult 0.53x | INR 45.15Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 113.48BtotalAssetsGoodwillINR 37.21BgoodWillIntangiblesINR 759.69MintangibleAssetsLiabilitiesINR 41.42BtotalLiabTangible bookINR 34.09BShares754,960,967commonStockSharesOutstandingResult INR 45.15 | 0.75xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 6.03BebitdaCapexINR 1.56BcapitalExpendituresInterestINR 1.97BinterestExpenseShort-term debtINR 4.00BshortLongTermDebtEBITDA − capexINR 4.47BPrincipal due is the current portion of debt.Result 0.75x | INR 156.58MFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 1.72BtotalCashFromOperatingActivitiesCapexINR 1.56BcapitalExpendituresFree cash flowINR 156.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 156.58M | 17.8%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 23.70BoperatingIncomeTax expenseINR 1.48BincomeTaxExpensePretax incomeINR 2.39BincomeBeforeTaxTax rate40.0%EquityINR 66.61BtotalStockholderEquityDebtINR 15.94BshortLongTermDebtTotalCashINR 2.66BcashAndShortTermInvestmentsInvested capitalINR 79.90BThe effective tax rate was above 40% and was capped at 40%.Result 17.8% | 0.45xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 23.70BoperatingIncomeNet PP&EINR 52.09BpropertyPlantEquipmentResult 0.45x |
| 2021 | 47.1%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 51.79BpropertyPlantEquipmentInventoryINR 767.63MinventoryTotal assetsINR 111.55BtotalAssetsResult 47.1% | 0.78xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 40.30BtotalRevenueNet PP&EINR 51.79BpropertyPlantEquipmentResult 0.78x | 0.75xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 2.19BcapitalExpendituresD&AINR 2.91BdepreciationAndAmortizationResult 0.75x | INR 38.84Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 111.55BtotalAssetsGoodwillINR 37.22BgoodWillIntangiblesINR 637.83MintangibleAssetsLiabilitiesINR 44.37BtotalLiabTangible bookINR 29.32BShares754,958,148commonStockSharesOutstandingResult INR 38.84 | 0.56xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 4.09BebitdaCapexINR 2.19BcapitalExpendituresInterestINR 1.58BinterestExpenseShort-term debtINR 1.80BshortLongTermDebtEBITDA − capexINR 1.90BPrincipal due is the current portion of debt.Result 0.56x | INR 2.67BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 4.85BtotalCashFromOperatingActivitiesCapexINR 2.19BcapitalExpendituresFree cash flowINR 2.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 2.67B | 16.1%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 19.40BoperatingIncomeTax expenseINR 994.64MincomeTaxExpensePretax incomeINR 432.95MincomeBeforeTaxTax rate40.0%EquityINR 61.20BtotalStockholderEquityDebtINR 15.31BshortLongTermDebtTotalCashINR 4.16BcashAndShortTermInvestmentsInvested capitalINR 72.34BThe effective tax rate was above 40% and was capped at 40%.Result 16.1% | 0.37xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 19.40BoperatingIncomeNet PP&EINR 51.79BpropertyPlantEquipmentResult 0.37x |
| 2022 | 44.3%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 51.44BpropertyPlantEquipmentInventoryINR 1.23BinventoryTotal assetsINR 118.85BtotalAssetsResult 44.3% | 1.11xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 57.18BtotalRevenueNet PP&EINR 51.44BpropertyPlantEquipmentResult 1.11x | 0.72xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 2.15BcapitalExpendituresD&AINR 3.01BdepreciationAndAmortizationResult 0.72x | INR 33.68Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 118.85BtotalAssetsGoodwillINR 41.23BgoodWillIntangiblesINR 3.42BintangibleAssetsLiabilitiesINR 48.76BtotalLiabTangible bookINR 25.43BShares754,958,148commonStockSharesOutstandingResult INR 33.68 | 2.60xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 10.61BebitdaCapexINR 2.15BcapitalExpendituresInterestINR 1.39BinterestExpenseShort-term debtINR 1.87BshortLongTermDebtEBITDA − capexINR 8.46BPrincipal due is the current portion of debt.Result 2.60x | INR 6.50BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 8.65BtotalCashFromOperatingActivitiesCapexINR 2.15BcapitalExpendituresFree cash flowINR 6.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 6.50B | 34.1%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 29.95BoperatingIncomeTax expenseINR 1.98BincomeTaxExpensePretax incomeINR 9.88BincomeBeforeTaxTax rate20.0%EquityINR 61.78BtotalStockholderEquityDebtINR 12.55BshortLongTermDebtTotalCashINR 4.13BcashAndShortTermInvestmentsInvested capitalINR 70.21BResult 34.1% | 0.58xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 29.95BoperatingIncomeNet PP&EINR 51.44BpropertyPlantEquipmentResult 0.58x |
| 2023 | 41.8%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 50.77BpropertyPlantEquipmentInventoryINR 1.23BinventoryTotal assetsINR 124.34BtotalAssetsResult 41.8% | 1.24xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 62.98BtotalRevenueNet PP&EINR 50.77BpropertyPlantEquipmentResult 1.24x | 1.42xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 4.47BcapitalExpendituresD&AINR 3.16BdepreciationAndAmortizationResult 1.42x | INR 46.67Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 124.34BtotalAssetsGoodwillINR 41.41BgoodWillIntangiblesINR 4.36BintangibleAssetsLiabilitiesINR 43.33BtotalLiabTangible bookINR 35.23BShares754,958,000commonStockSharesOutstandingResult INR 46.67 | 2.51xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 11.00BebitdaCapexINR 4.47BcapitalExpendituresInterestINR 1.29BinterestExpenseShort-term debtINR 1.31BshortLongTermDebtEBITDA − capexINR 6.53BPrincipal due is the current portion of debt.Result 2.51x | INR 3.75BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 8.22BtotalCashFromOperatingActivitiesCapexINR 4.47BcapitalExpendituresFree cash flowINR 3.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 3.75B | 19.8%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 20.00BoperatingIncomeTax expenseINR 1.87BincomeTaxExpensePretax incomeINR 8.20BincomeBeforeTaxTax rate22.8%EquityINR 72.42BtotalStockholderEquityDebtINR 9.26BshortLongTermDebtTotalCashINR 3.66BcashAndShortTermInvestmentsInvested capitalINR 78.02BResult 19.8% | 0.39xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 20.00BoperatingIncomeNet PP&EINR 50.77BpropertyPlantEquipmentResult 0.39x |
| 2024 | 44.7%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 58.29BpropertyPlantAndEquipmentNetInventoryINR 1.07BinventoryTotal assetsINR 132.89BtotalAssetsResult 44.7% | 1.18xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 68.97BtotalRevenueNet PP&EINR 58.29BpropertyPlantAndEquipmentNetResult 1.18x | 2.75xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 9.42BcapitalExpendituresD&AINR 3.42BdepreciationAndAmortizationResult 2.75x | INR 52.30Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 132.89BtotalAssetsGoodwillINR 41.94BgoodWillIntangiblesINR 4.13BintangibleAssetsLiabilitiesINR 47.33BtotalLiabTangible bookINR 39.49BShares754,958,000commonStockSharesOutstandingResult INR 52.30 | 1.29xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 12.62BebitdaCapexINR 9.42BcapitalExpendituresInterestINR 1.31BinterestExpenseShort-term debtINR 1.17BshortLongTermDebtEBITDA − capexINR 3.19BPrincipal due is the current portion of debt.Result 1.29x | INR 1.58BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 11.00BtotalCashFromOperatingActivitiesCapexINR 9.42BcapitalExpendituresFree cash flowINR 1.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 1.58B | 33.2%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 36.32BoperatingIncomeTax expenseINR 2.13BincomeTaxExpensePretax incomeINR 8.58BincomeBeforeTaxTax rate24.8%EquityINR 76.63BtotalStockholderEquityDebtINR 11.55BshortLongTermDebtTotalCashINR 6.00BcashAndShortTermInvestmentsInvested capitalINR 82.18BResult 33.2% | 0.62xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 36.32BoperatingIncomeNet PP&EINR 58.29BpropertyPlantAndEquipmentNetResult 0.62x |
| 2025 | 46.5%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 62.52BpropertyPlantEquipmentInventoryINR 1.15BinventoryTotal assetsINR 136.92BtotalAssetsResult 46.5% | 1.25xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 77.86BtotalRevenueNet PP&EINR 62.52BpropertyPlantEquipmentResult 1.25x | 2.20xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 8.47BcapitalExpendituresD&AINR 3.86BdepreciationAndAmortizationResult 2.20x | INR 60.84Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 136.92BtotalAssetsGoodwillINR 41.94BgoodWillIntangiblesINR 3.84BintangibleAssetsLiabilitiesINR 45.22BtotalLiabTangible bookINR 45.91BShares754,591,000commonStockSharesOutstandingResult INR 60.84 | 2.61xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 15.80BebitdaCapexINR 8.47BcapitalExpendituresInterestINR 1.72BinterestExpenseShort-term debtINR 1.10BshortLongTermDebtEBITDA − capexINR 7.33BPrincipal due is the current portion of debt.Result 2.61x | INR 5.77BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 14.24BtotalCashFromOperatingActivitiesCapexINR 8.47BcapitalExpendituresFree cash flowINR 5.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 5.77B | 30.8%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 41.70BoperatingIncomeTax expenseINR 1.98BincomeTaxExpensePretax incomeINR 10.07BincomeBeforeTaxTax rate19.6%EquityINR 89.17BtotalStockholderEquityDebtINR 24.75BshortLongTermDebtTotalCashINR 5.08BcashAndShortTermInvestmentsInvested capitalINR 108.84BResult 30.8% | 0.67xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 41.70BoperatingIncomeNet PP&EINR 62.52BpropertyPlantEquipmentResult 0.67x |
| 2026 | 46.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 73.20BpropertyPlantAndEquipmentNetInventoryINR 1.35BinventoryTotal assetsINR 159.66BtotalAssetsResult 46.7% | 1.25xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 91.28BtotalRevenueNet PP&EINR 73.20BpropertyPlantAndEquipmentNetResult 1.25x | 2.10xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 9.45BcapitalExpendituresD&AINR 4.49BdepreciationAndAmortizationResult 2.10x | INR 63.90Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 159.66BtotalAssetsGoodwillINR 47.21BgoodWillIntangiblesINR 6.23BintangibleAssetsLiabilitiesINR 57.98BtotalLiabTangible bookINR 48.24BShares754,913,000commonStockSharesOutstandingResult INR 63.90 | 1.51xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 21.30BebitdaCapexINR 9.45BcapitalExpendituresInterestINR 3.14BinterestExpenseShort-term debtINR 4.71BshortLongTermDebtEBITDA − capexINR 11.84BPrincipal due is the current portion of debt.Result 1.51x | INR 4.39BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 13.84BtotalCashFromOperatingActivitiesCapexINR 9.45BcapitalExpendituresFree cash flowINR 4.39BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 4.39B | 10.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 16.36BoperatingIncomeTax expenseINR 3.02BincomeTaxExpensePretax incomeINR 13.66BincomeBeforeTaxTax rate22.1%EquityINR 98.96BtotalStockholderEquityDebtINR 34.73BshortLongTermDebtTotalCashINR 5.61BcashAndShortTermInvestmentsInvested capitalINR 128.07BResult 10.0% | 0.22xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 16.36BoperatingIncomeNet PP&EINR 73.20BpropertyPlantAndEquipmentNetResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 73.20B
Inventory: INR 1.35B
Total assets: INR 159.66B
Goodwill: INR 47.21B
Intangibles: INR 6.23B
Liabilities: INR 57.98B
Tangible book: INR 48.24B
Shares: 754,913,000
Revenue: INR 91.28B
Capex: INR 9.45B
D&A: INR 4.49B
EBITDA: INR 21.30B
Interest: INR 3.14B
Short-term debt: INR 4.71B
Free cash flow: INR 4.39B
Operating income: INR 16.36B
Invested capital: INR 128.07B
Tax rate: 22.1%