Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>Inline Revenue Performance: HCG delivered revenues broadly in line with expectations, growing a steady 13.3% YoY, supported by healthy performance across all centres; however, AP was disrupted due to temporary strikes related to a state-sponsored scheme.</li><li>Margin Performance: The company reported an EBITDA margin of 17.5%, an expansion of 150 bps YoY but a 175 bps QoQ decline.</li><li>EBITDA stood at Rs 110 Cr, up 24% YoY and 14.4% QoQ. Reported PAT was a loss of Rs 7.9 Cr, impacted by changes in labour codes.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inline Revenue Performance: HCG delivered revenues broadly in line with expectations, growing a steady 13.3% YoY, supported by healthy performance across all centres; however, AP was disrupted due to temporary strikes related to a state-sponsored scheme.Margin Performance: The company reported an EBITDA margin of 17.5%, an expansion of 150 bps YoY but a 175 bps QoQ decline.EBITDA stood at Rs 110 Cr, up 24% YoY and 14.4% QoQ. Reported PAT was a loss of Rs 7.9 Cr, impacted by changes in labour codes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Global Enterprises Ltd - Guiding Steady Growth Ahead

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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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.

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

Compliance/Grievance Officer:
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Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<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 Q2FY26 with 17%+ YoY revenue growth in cancer care. Cancer care EBITDA grew 18% YoY with adjusted EBITDA margin expanding 24bp YoY.</li>
<li>However, led by the new promoter, HCG is embarking on an expansion spree entailing capex of INR 1000cr+ over 5Y towards addition of 1000 beds and new LINAC machines.</li>
<li>While the expansion entails 700 brownfield beds and only 300 greenfield beds, we believe it is aggressive, and with rising competition, it could lead to sub-optimal outcomes.</li>
</ul>



HealthCare Global Enterprises ("HCG") reported a strong Q2FY26 with 17%+ YoY revenue growth in cancer care. Cancer care EBITDA grew 18% YoY with adjusted EBITDA margin expanding 24bp YoY.
However, led by the new promoter, HCG is embarking on an expansion spree entailing capex of INR 1000cr+ over 5Y towards addition of 1000 beds and new LINAC machines.
While the expansion entails 700 brownfield beds and only 300 greenfield beds, we believe it is aggressive, and with rising competition, it could lead to sub-optimal outcomes.


HCG: New Capex Plan Appears Sub-Optimal - Change in Recommendation to SELL

<ul><li>HCG’s management hosted an investor and analyst interaction where the new CEO, Mr. Manish Mattoo (a practicing anaesthesiologist and MBA in Finance), outlined a clear four-pillar strategy centered on clinical outcomes, profitable growth, capital efficiency, and patient experience.</li><li>There will be a shift in the reporting framework from the “mature vs. new” category to regional clusters and oncology-appropriate KPIs such as ARPP and patient volumes.</li><li>The medium-term aspiration is to grow ahead of the industry, improve EBITDA margins beyond the historical CAGR, and uplift company-level ROCE to 20% as more centres mature.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCG’s management hosted an investor and analyst interaction where the new CEO, Mr. Manish Mattoo (a practicing anaesthesiologist and MBA in Finance), outlined a clear four-pillar strategy centered on clinical outcomes, profitable growth, capital efficiency, and patient experience.There will be a shift in the reporting framework from the “mature vs. new” category to regional clusters and oncology-appropriate KPIs such as ARPP and patient volumes.The medium-term aspiration is to grow ahead of the industry, improve EBITDA margins beyond the historical CAGR, and uplift company-level ROCE to 20% as more centres mature.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Global Enterprises Ltd - 5 Th December, 2025

<ul><li>Inline Revenue Performance: HCG delivered revenue broadly in line with expectations, growing 16.9% YoY, supported by healthy performance across all centres.</li><li>Emerging centres grew 18.3% YoY, while established centres reported 17.5% YoY growth.</li><li>Record Margin Performance: The company reported its highest-ever EBITDA margin at 19.1%, an expansion of 59 bps YoY and 148 bps QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Inline Revenue Performance: HCG delivered revenue broadly in line with expectations, growing 16.9% YoY, supported by healthy performance across all centres.Emerging centres grew 18.3% YoY, while established centres reported 17.5% YoY growth.Record Margin Performance: The company reported its highest-ever EBITDA margin at 19.1%, an expansion of 59 bps YoY and 148 bps QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Global Enterprises Ltd - Steady Performance with a Focus on Profitability

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)

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

Healthcare Global Enterprises Ltd - Guiding Steady Growth Ahead

HCG delivered revenues broadly in line with expectations, growing a steady 13.3% YoY, supported by healthy performance across all centres...

Axis Direct

HCG: New Capex Plan Appears Sub-Optimal - Change in Recommendation to SELL

HCG's new strategy, led by its new promoter KKR, entails significant capex. Our thesis had been hinged on consolidation and operating leverage, but...

Ankit Agrawal, CFA

Healthcare Global Enterprises Ltd - 5 Th December, 2025

There will be a shift in the reporting framework from the “mature vs. new” category to regional clusters and oncology-appropriate KPIs such as ARPP...

Axis Direct

Healthcare Global Enterprises Ltd - Steady Performance with a Focus on Profitability

Inline Revenue Performance: HCG delivered revenue broadly in line with expectations, growing 16.9% YoY, supported by healthy performance across all...

Axis Direct

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