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>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

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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

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

Thematic (Sector/Industry)

<ul>
<li>India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.</li>
<li>The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.</li>
<li>HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.</li>
</ul>


India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.
The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.
HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.


India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

India

HealthCare Global Enterprises is a leading healthcare provider in India, specializing in comprehensive cancer diagnosis and treatment, including medical oncology, radiation therapy, and surgical oncology. The company also offers fertility treatments under the Milann brand, advanced screening and diagnostic services, and multi-specialty hospital care. It was founded in 1989 (initially as Bangalore Institute of Oncology) and is headquartered in Bangalore, India.

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HealthCare Global Enterprises (HCG IN)

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

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

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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

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

​India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...