External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<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

<ul><li>HCG is one of India's leading cancer care providers, operating 21 comprehensive centres dedicated to advanced treatment.</li><li>Its multidisciplinary team uses evidence to create treatment plans that are likely to be successful</li><li>HCG delivered a strong revenue beat with 16.7% YoY growth, supported by 257 new beds, a 15.7% rise in occupied bed days, and improved occupancy of 67% (like-for-like AOR at 76%), while ARPOB remained stable at Rs 44,751.</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 is one of India's leading cancer care providers, operating 21 comprehensive centres dedicated to advanced treatment.Its multidisciplinary team uses evidence to create treatment plans that are likely to be successfulHCG delivered a strong revenue beat with 16.7% YoY growth, supported by 257 new beds, a 15.7% rise in occupied bed days, and improved occupancy of 67% (like-for-like AOR at 76%), while ARPOB remained stable at Rs 44,751.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.

Pick of the Week: Healthcare Global Enterprise Ltd - 04th October, 2025

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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<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>Inline Revenue Performance: HCG reported revenue higher than expectations, registering a 16.7% growth YoY.</li><li>This was driven by higher bed additions of 257 beds over the period, leading to 15.7% growth in occupied days with a flattish ARPOB.</li><li>ARPOB stood at Rs 44,751, remained flat both YoY and QoQ, reflecting healthy growth. </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 reported revenue higher than expectations, registering a 16.7% growth YoY.This was driven by higher bed additions of 257 beds over the period, leading to 15.7% growth in occupied days with a flattish ARPOB.ARPOB stood at Rs 44,751, remained flat both YoY and QoQ, reflecting healthy growth. 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 - Growth Visible; Maintain BUY

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 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

Pick of the Week: Healthcare Global Enterprise Ltd - 04th October, 2025

HCG delivered a strong revenue beat with 16.7% YoY growth, supported by 257 new beds, a 15.7% rise in occupied bed days, and improved occupancy of 67%

Axis Direct

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 Enterprises Ltd - Growth Visible; Maintain BUY

The company reported EBITDA margins of 17.6%, down 50 bps QoQ but up 30 bps YoY. It reported EBITDA of 108 Cr, grew by 18.6% YOY and 2% QoQ.

Axis Direct

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