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.

Thematic (Sector/Industry)

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.</li><li>However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.</li><li>According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. </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.

Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. 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.

Pharma and Healthcare - Q2FY27E: Result Preview

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>Inline Revenue Performance: HCG delivered revenues of Rs 695 Cr, growing a steady 13% YoY, supported by broad-based performance with 16 centres reporting highest-ever quarterly revenues; top-line growth was slightly tempered (~1.5%) by the strategic discontinuation of low-margin chemotherapy.</li><li>Margin Performance: The company reported an EBITDA margin of 17.6%, while Adjusted EBITDA margin expanded 103 bps YoY to 19.3% (Adjusted EBITDA of Rs 134 Cr, up 19.8% YoY).</li><li>Reported PAT stood at Rs 16 Cr, up 175% YoY, despite initial startup losses of Rs 7 Cr at the new North Bangalore facility. </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 of Rs 695 Cr, growing a steady 13% YoY, supported by broad-based performance with 16 centres reporting highest-ever quarterly revenues; top-line growth was slightly tempered (~1.5%) by the strategic discontinuation of low-margin chemotherapy.Margin Performance: The company reported an EBITDA margin of 17.6%, while Adjusted EBITDA margin expanded 103 bps YoY to 19.3% (Adjusted EBITDA of Rs 134 Cr, up 19.8% YoY).Reported PAT stood at Rs 16 Cr, up 175% YoY, despite initial startup losses of Rs 7 Cr at the new North Bangalore facility. 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 - Improving Margins as Newer Facilities Ramp 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

<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 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)

Pharma and Healthcare - Q2FY27E: Result Preview

We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0%...

Axis Direct

Healthcare Global Enterprises Ltd - Improving Margins as Newer Facilities Ramp Up

The company reported an EBITDA margin of 17.6%, while Adjusted EBITDA margin expanded 103 bps YoY to 19.3% (Adjusted EBITDA of Rs 134 Cr, up 19.8%...

Axis Direct

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

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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