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 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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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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Name: Ankit Agrawal
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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

<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

<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

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)

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

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

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