Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul>
<li>In line with our thesis, HCG has been scaling up well led by rapid growth in emerging centers. Established centers are also growing at a steady pace.  </li>
<li>With scale, profitability is normalizing. Over the next two years, we project the EBITDA to grow at 25% CAGR led by margin expansion and volume growth.</li>
<li>Utilization on like to like basis came in at 76% in Q1FY26 vs 69% in FY25. ARPOB has been steady at around INR 45000.</li>
</ul>


In line with our thesis, HCG has been scaling up well led by rapid growth in emerging centers. Established centers are also growing at a steady pace.  
With scale, profitability is normalizing. Over the next two years, we project the EBITDA to grow at 25% CAGR led by margin expansion and volume growth.
Utilization on like to like basis came in at 76% in Q1FY26 vs 69% in FY25. ARPOB has been steady at around INR 45000.


Healthcare Global (HCG): Next Two Years Look Promising

<ul>
<li>
<a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">HCG</a>  continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.</li>
<li>International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.</li>
<li>HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.</li>
</ul>



HCG  continues to scale up well with the emerging centers reporting 32% YoY revenue growth in Q4FY25. Q4FY25 revenue from established centers also grew strong at 22% YoY.
International footfalls have resumed strong, led by which the revenue in the South Mumbai center grew 38% YoY. Revenue in Kolkata center also grew well at 22% YoY.
HCG has been in consolidation phase over the last four years. Now, the next two years should witness strong growth in profitability, led by margin expansion and continued volume growth.


Healthcare Global (HCG): Beyond Consolidation Now, Next Two Years Could Be Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">HealthCare Global Enterprises ("HCG")</a> reported a strong Q3FY25 despite Q3 being a seasonally weak quarter. Revenue growth was strong across both the established centers and the emerging centers.</li>
<li>Revenue from established centers grew 20% YoY while that from emerging centers grew 25% YoY in Q3FY25. Within emerging centers, Kolkata led the growth with 40% YoY rise in revenues.</li>
<li>HCG saw promoter change in Feb 2025. KKR announced acquisition of 54% stake from CVC who owns around 60%+. Dr. BS Ajaikumar, the founder promoter, will continue to own 10%+.</li>
</ul>



HealthCare Global Enterprises ("HCG") reported a strong Q3FY25 despite Q3 being a seasonally weak quarter. Revenue growth was strong across both the established centers and the emerging centers.
Revenue from established centers grew 20% YoY while that from emerging centers grew 25% YoY in Q3FY25. Within emerging centers, Kolkata led the growth with 40% YoY rise in revenues.
HCG saw promoter change in Feb 2025. KKR announced acquisition of 54% stake from CVC who owns around 60%+. Dr. BS Ajaikumar, the founder promoter, will continue to own 10%+.


HCG: Strong Q3FY25 and Promoter Change Update

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

HealthCare Global Enterprises / Event-Driven

<ul>
<li>KKR has signed definitive agreements to acquire up to 54% of HCG from CVC Asia V, positioning itself as the largest shareholder and assuming sole operational control.</li>
<li>This will trigger an open offer to buy an additional 26% stake at a price of INR 504.41 per share. </li>
<li>Now, HCG will be seen as a transformed healthcare leader with a robust growth trajectory, driven by global expertise and strategic restructuring for long-term value creation.</li>
</ul>


KKR has signed definitive agreements to acquire up to 54% of HCG from CVC Asia V, positioning itself as the largest shareholder and assuming sole operational control.
This will trigger an open offer to buy an additional 26% stake at a price of INR 504.41 per share. 
Now, HCG will be seen as a transformed healthcare leader with a robust growth trajectory, driven by global expertise and strategic restructuring for long-term value creation.


Event Driven: KKR Acquired Controlling Stake in HealthCare Global

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

India

HealthCare Global Enterprises Limited provides medical and surgical hospital services. The Hospital offers cancer care, chemotherapy, cyberknife surgery, surgical, radiation, and medical oncology services. HealthCare Global Enterprises operates worldwide.

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HealthCare Global Enterprises (HCG IN)

Healthcare Global (HCG): Next Two Years Look Promising

HCG is executing well led by organic growth and strategic acquisitions. The next couple of years look promising with EBITDA likely to grow at 25%...

Ankit Agrawal, CFA

Healthcare Global (HCG): Beyond Consolidation Now, Next Two Years Could Be Strong

HCG is scaling up well led by prudent acquisition and growth in emerging centers. The next two years should witness strong growth in profitability...

Ankit Agrawal, CFA

HCG: Strong Q3FY25 and Promoter Change Update

HCG is growing from strength to strength led by prudent expansion and focus on best clinical outcomes. At current valuation, an investment in HCG...

Ankit Agrawal, CFA

Event Driven: KKR Acquired Controlling Stake in HealthCare Global

KKR acquires majority stake in HCG, triggering open offer for additional shares at INR 504.41 per share. HCG poised for growth as healthcare...

Nimish Maheshwari

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Healthcare Global (HCG): Next Two Years Look Promising

HCG is executing well led by organic growth and strategic acquisitions. The next couple of years look promising with EBITDA likely to grow at 25%...

Ankit Agrawal, CFA

Healthcare Global (HCG): Beyond Consolidation Now, Next Two Years Could Be Strong

HCG is scaling up well led by prudent acquisition and growth in emerging centers. The next two years should witness strong growth in profitability...

Ankit Agrawal, CFA

HCG: Strong Q3FY25 and Promoter Change Update

HCG is growing from strength to strength led by prudent expansion and focus on best clinical outcomes. At current valuation, an investment in HCG...

Ankit Agrawal, CFA

Event Driven: KKR Acquired Controlling Stake in HealthCare Global

​KKR acquires majority stake in HCG, triggering open offer for additional shares at INR 504.41 per share. HCG poised for growth as healthcare...

Nimish Maheshwari

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

KKR acquires majority stake in HCG, triggering open offer for additional shares at INR 504.41 per share. HCG poised for growth as healthcare...