NSE: HCG · BSE: 539787
HEALTHCARE GLOB. ENT. LTD
Operates a network of cancer-care hospitals focused exclusively on oncology, following the divestiture of its Milann fertility business (sold to Inviga Healthcare Fund at a ₹63 crore enterprise valuation, expected to close in Q1 FY27). It earns revenue from in-patient and out-patient cancer treatment services across medical, surgical, radiation, nuclear medicine, PET-CT and bone marrow transplant (BMT), delivered through a distributed multi-cluster hospital network in India and a Kenya operation that grew 71% in FY26. In FY26 the company reported ₹2,545.41 crore in revenue (up 15% YoY) with adjusted EBITDA of ₹471.1 crore at 18.5% margin, and a net profit of ₹22.78 crore. The largest cost line is other operating expenses at 39.6% of revenue, followed by employee costs at 14.9% and depreciation at 9.6%, reflecting the asset-heavy nature of running comprehensive cancer centres. Growth is being funded by a completed ₹425 crore rights issue that cut net debt/EBITDA to 1.4x, with about ₹90–100 crore of capex directed to a brownfield expansion adding 200+ beds (Cuttack +75, Ranchi +30, Vizag +50, Bhavnagar 20+) over 24 months and a longer-term plan of roughly 1,000 bed additions by FY30 (400 greenfield, 600 brownfield). It is also scaling standalone Day-Care oncology centres from 5 to 15–20 over 24 months, and has launched a North Bangalore comprehensive oncology facility featuring MR-Linac technology, a first for Bangalore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oncology hospital services, Day-Care oncology centres, Kenya cancer-care operations. Asset-heavy, distributed hospital network operating exclusively in oncology after the Milann fertility divestiture
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,398 | 1,694 | 1,912 | 2,223 | 2,545 |
| EBITDA (ex other income) | 333 | 299 | 333 | 387 | 421 |
| margin % | 23.8 | 17.6 | 17.4 | 17.4 | 16.5 |
| Owners' profit | 54 | 29 | 48 | 44 | 14 |
| EPS, as reported (₹) | 4.14 | 2.11 | 3.46 | 3.19 | 0.97 |
| ROE % · ROCE % | 4.4 · 10.7 | 2.0 · 8.5 | 4.8 · 9.0 | 4.9 · 8.4 | 1.6 · 6.9 |
| Debt / equity (x) | 0.46 | 0.46 | 0.78 | 1.01 | 0.65 |
| Cash from operations | 220 | 252 | 285 | 317 | 347 |
| Capex | (71) | (133) | (186) | (209) | (292) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 554 | 558 | 585 | 613 | 647 | 633 | 652 | 695 |
| Profit before tax | 28 | (4) | 14 | 11 | 20 | (6) | 1 | 24 |
| Net profit | 21 | 8 | 7 | 6 | 21 | (8) | 4 | 16 |
| EPS (₹) | 1.29 | 0.50 | 0.53 | 0.34 | 1.16 | (0.68) | 0.15 | 0.92 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 382.4 | 42.2 | 29 of 30 | 3% |
| P/B | 6.3 | 5.4 | 14 of 24 | 44% |
| ROCE | 0.9 | 10.9 | 27 of 30 | 10% |
| ROE | 1.6 | 11.8 | 23 of 24 | 4% |
| Debt / Equity | 0.7 | 0.2 | 22 of 24 | 9% |
| EBITDA margin | 19.3 | 22.0 | 18 of 24 | 26% |
| Revenue growth | 13.4 | 20.2 | 17 of 23 | 27% |
| Profit growth | 175.3 | 8.1 | 2 of 21 | 95% |
| Market cap | 8851 | 2481 | 12 of 30 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Quarterly compliance certificate for share dematerialization under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 13 Oct 2026 · Intimation of earnings call to discuss Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · Board meeting on Nov 5 to consider Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Clarification on shareholding pattern differences for Q4 FY26 | strategic transactions | low | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 18 Sept 2026 · HCG 28th AGM: all 5 resolutions passed, related party deal faces 13% dissent | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · HCG 28th AGM held Sept 18, 2026 via video conferencing; 5 resolutions transacted | board shareholder meetings | low | — | — |
| 17 Sept 2026 · HCG schedules analyst and institutional investor meeting on September 22 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · HCG to meet institutional investors at Anand Rathi conference in Mumbai | board shareholder meetings | low | — | — |
| 9 Sept 2026 · HCG grants 64.47 lakh stock options to employees at INR 495 each | corporate actions | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.