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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>HCG reported strong Q4FY25 results, with revenue growth of 18.3%, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.</li><li>ARPOB stood at Rs 44,236, up 3.5% YoY, reflecting healthy growth. Occupancy improved to 67%, marking a 310 bps YoY increase.</li><li>The company reported EBITDA margins of 18.1%, down 50 bps YoY but increased by 220 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.

HCG reported strong Q4FY25 results, with revenue growth of 18.3%, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.ARPOB stood at Rs 44,236, up 3.5% YoY, reflecting healthy growth. Occupancy improved to 67%, marking a 310 bps YoY increase.The company reported EBITDA margins of 18.1%, down 50 bps YoY but increased by 220 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.

Pick of the Week: Healthcare Global Enterprises Ltd - 28th June, 2025

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

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Equity L/S Analyst | Forensic Accounting | India

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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">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>In-line revenue performance: HCG reported revenue in line with expectations, registering an 18.3% growth, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.</li><li>ARPOB stood at Rs 44,236, up 3.5% YoY but flat QoQ, reflecting healthy growth. Occupancy improved to 67%, marking a 310 bps YoY increase.</li><li>PAT lower than expected: The company reported EBITDA margins of 18.1%, down 50 bps YoY but up 220 bps QoQ. Reported EBITDA of 106 Cr grew by 15% YOY and 20% 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.

In-line revenue performance: HCG reported revenue in line with expectations, registering an 18.3% growth, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.ARPOB stood at Rs 44,236, up 3.5% YoY but flat QoQ, reflecting healthy growth. Occupancy improved to 67%, marking a 310 bps YoY increase.PAT lower than expected: The company reported EBITDA margins of 18.1%, down 50 bps YoY but up 220 bps QoQ. Reported EBITDA of 106 Cr grew by 15% YOY and 20% 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 - Leadership Changes; Growth Ahead

<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

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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

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)

Pick of the Week: Healthcare Global Enterprises Ltd - 28th June, 2025

HCG reported strong Q4FY25 results, with revenue growth of 18.3%, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.

Axis Direct

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

Healthcare Global Enterprises Ltd - Leadership Changes; Growth Ahead

In-line revenue performance: HCG reported revenue in line with expectations, registering an 18.3% growth, driven by a 3.5% YoY increase in ARPOB...

Axis Direct

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

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Pick of the Week: Healthcare Global Enterprises Ltd - 28th June, 2025

HCG reported strong Q4FY25 results, with revenue growth of 18.3%, driven by a 3.5% YoY increase in ARPOB and ~16.7% growth in occupied days.

Axis Direct

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

Healthcare Global Enterprises Ltd - Leadership Changes; Growth Ahead

In-line revenue performance: HCG reported revenue in line with expectations, registering an 18.3% growth, driven by a 3.5% YoY increase in ARPOB...

Axis Direct

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

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