Announcement
Announcement under Regulation 30 (LODR)-Acquisition 5 Oct - HCG Kenya bought 10 AMIL shares for KES 42,150, raising stake to 50.10% and making AMIL a subsidiary.
Source: Bse
Healthcare Global Enterprises Limited (HCG)
Micro CapPharma stocks · Micro cap · NSE
HCG is India's largest oncology-focused hospital chain, operating 25 hospitals across 19 cities/states with over 2,600 beds and 38 LINACs. It provides comprehensive cancer care, leveraging advanced technology and a patient-centric approach across medical, surgical, and radiation oncology.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result07 Aug, 12:44 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
59NeutralSMA20 -8.4% / mo · RSI oversold · MACD − · near 52W low · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 32
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HCGD candles · FIT view-4.7%Latest close ₹550.10 on 2026-10-21
Bar
-3.2%
RSI
23
MACD hist
-8.87
52W pos
13%
2026-10-21O ₹568.00H ₹571.50L ₹545.90C ₹550.10Vol 88,799 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HCGNifty PharmaNifty 500
- HCG
- -16.8%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- -10.3 pp
Chart stats
21 Oct 2026- From 52W high
- -31.2%
- 52W range position
- 13%
- ATR (14)
- 4.4%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹9.5 Cr
- 20D price channel
- ₹545.9 - ₹723.3
₹799.7
₹513.3 - ₹799.7
₹24
Latest completed session
20-session average
40.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED28
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +13.4% · PAT +166.7% YoY
Technical
Neutral59
Price trend and sector-relative-strength timing.
Valuation
Legacy model-699.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +13% YoY · PAT +167% YoY · +7% QoQ · operating leverage · margin compression
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹695 Cr | +13.4% | +6.6% |
| EBITDA | ₹122 Cr | +13.0% | -2.4% |
| Operating margin | 18.0% | +0 bps | -100 bps |
| PAT | ₹16 Cr | +166.7% | +300.0% |
| PAT margin | 2.3% | +132 bps | +169 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 182.00
- P/B
- 6.59
- EV/EBITDA
- 14.28
- Market Cap
- 8786.00Cr
Profitability
- ROE
- 2.54%
- ROCE
- 8.30%
- ROA
- 0.84%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 1.30
- Interest Coverage
- 2.81×
- Altman Z
- 3.66
- Book Value
- 89.20
Cash Flow
- FCF Yield
- 1.93%
- FCF Positive Y
- 5/5
- OCF
- 347.00 Cr
- EPS TTM
- 1.53
Shareholding
- Promoter Hold
- 64.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 695+6.6% vs prev
Net Profit
₹ CrLatest: 16.0+300.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 23. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 31% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
36
RS percentile
Stage 1 Base / Transition
1M return
-21.6%
3M return
-16.8%
6M return
-3.5%
1Y return
-28.7%
RS 1D
-5
RS 20D
-34
Sector rank
#1
Industry rank
#14
Stage evidence
- Price is 13.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 91.56-2.54%
RS vs Nifty 50092
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 28 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth13/25
Quality0/20
Balance Sheet6/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
28
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
28/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 13/25 to the score.
- Cash flow contributes 5/10 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -699.0%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
182.0
PB
6.6
EV/EBITDA
14.3
ROE
2.5%
ROCE
8.3%
FCF Yield
1.9%
Debt/Equity
1.3
MoS
-699.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
28
Previous: 28
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-699.0%
Previous: -727.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
28
28
28
28
28
28
28
28
28
28
28
28
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹55.41
-892.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹68.85
-699.0% MoS
PEG
10.11
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JLHL
Micro
Jupiter Life Line Hospitals Limited
Healthcare Services
match 166
43
41.7
13.1%
+5%
WATCHLIST
PARKHOSPS
Micro
Park Medi World Limited
Healthcare Services
match 165
44
37.2
16.8%
+22%
WATCHLIST
AGARWALEYE
Micro
Dr. Agarwal's Health Care Limited
Healthcare Services
match 161
30
99.3
6.0%
-122%
OVERVALUED
ARTEMISMED
Small
Artemis Medicare Services Limited
Healthcare Services
match 157
39
44.2
12.0%
+10%
WATCHLIST
SHALBY
Small
Shalby Limited
Healthcare Services
match 154
28
36.7
2.5%
-856%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-09T07:24:55.450Z
Management commentary snapshot
HCG reported strong FY26 results with 15% YoY revenue growth and 19% YoY Adjusted EBITDA growth, driven by volume expansion and margin improvement. Q4FY26 also showed robust performance, with revenue up 11% YoY and Adjusted EBITDA up 17% YoY.
HCG's strategic divestment of its fertility business and successful rights issue have strengthened its balance sheet and sharpened focus on core oncology. Continued growth across clusters, significant international business ramp-up, and planned brownfield expansions indicate a clear path for sustained profitable growth and improved capital efficiency.
Current business mix
FY26 Revenue Mix by Specialty (excl. Fertility)
Latest issuer-disclosed distribution across 5 reported categories.
Medical Oncology38.0%
Surgical Oncology21.0%
OP Onco services16.0%
Radiation Oncology14.0%
Non-oncology specialties11.0%
Growth engines
Pan-India Network Expansion
Largest oncology-focused hospital chain with a deep network across metros and non-metros, leading positions in 16 of 19 cities.
Advanced Technology Adoption
Track record of being first to launch advanced technology in India, including MR-LINAC in North Bangalore facility in FY26.
International Business Scaling
International business (Kenya) continued to scale meaningfully, growing 71% YoY in FY26, supported by ramp-up in radiation oncology, PET and stronger patient inflows.
Operating Leverage from Existing Centers
Existing network continues to witness healthy ramp-up in utilization (HCG Overall 58% in FY26), with significant headroom for sustained future growth.
Capacity and execution
North Bangalore Facility
Commenced operations with 110 beds, 1st in Bangalore to offer MR-LINAC technology, strengthening advanced oncology capabilities.
Planned Brownfield Expansion
Additional brownfield expansion of 200+ beds planned in the next 24 months across Bangalore, Cuttack, Ranchi, Vizag and Bhavnagar.
Bangalore COE Bed Addition
Planned addition of ~25 beds at the Bangalore COE in FY27.
Ahmedabad Day Care Centre
Addition of day care centre in Ahmedabad to further strengthen clinical capabilities, access and throughput.
Tailwinds
Strategic Divestment of Non-Core Assets
Agreed to divest 100% stake in Milann fertility business, expected to close in Q1 FY27, to unlock value and focus on core oncology.
Strengthened Balance Sheet
Rights issue completed, raising INR 4,250 Mn and oversubscribed by 1.3x, leading to de-leveraging (Net Debt/EBITDA 0.98x pre-Vizag payment).
Improved Payor Mix
West cluster saw Cash + TPA mix improve by 2% YoY during Q4FY26.
Headwinds
Softer Medical Value Tourism
South cluster's Q4FY26 growth was partially offset by softer medical value tourism.
Case Mix Impact in Kolkata
East cluster's ARPP moderated in Q4FY26 due to clinical transitions in Kolkata impacting case mix.
Risk radar
Execution Risk in New Expansions
Evaluating an alternate location for Whitefield hospital, which could delay planned comprehensive cancer services.
Doctor Team Onboarding Delays
East cluster's performance in FY27 relies on the expected onboarding of a new doctor team in Kolkata in Q1 FY27.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing the underlying growth trends and operational efficiency in a healthcare business, which can have seasonal variations. QoQ comparison is useful for tracking sequential momentum, especially in new facility ramp-ups and specific regional performance.
Sector KPIs management disclosed
Revenue Growth (excl. Fertility)
FY26 revenue grew ~15% YoY to INR 24,850 Mn (excl. Fertility); Q4FY26 revenue grew ~11% YoY to INR 6,367 Mn (excl. Fertility).
Adjusted EBITDA Margin
FY26 Adjusted EBITDA margin expanded by ~68 bps YoY to 18.5%; Q4FY26 margin expanded to 19.2% from 18.3% in Q4FY25.
Volume Growth (excl. Fertility)
FY26 volume grew ~12% YoY to 294,912 (excl. Fertility); Q4FY26 volume grew ~9% YoY to 74,748 (excl. Fertility).
ARPP Growth (excl. Fertility)
FY26 ARPP improved ~3% YoY to INR 84,261 (excl. Fertility); Q4FY26 ARPP improved ~2% YoY to INR 82,169 (excl. Fertility).
Management forward view
Focus on Profitable Growth
Management emphasizes profitable growth with prudent capital allocation and driving operational and capital efficiency.
Optimize Existing Network
Strategic priority to build best-in-class talent, improve case mix, and scale international business.
Improve Network Efficiency
Focus on operating leverage to improve margins and develop asset-light adjacencies like day care and diagnostics.
Enhance Patient Experience
Invest in upgrading existing infrastructure, maintaining leadership in medical technology, and leveraging digital & tech.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt / EBITDA (Pre-Ind AS) | 1.43x (adjusted for Vizag payment) | Sustained reduction or prudent utilization of headroom for growth investments without significant re-leveraging. |
| Hospital Utilization (Overall) | 58% (FY26) | Continued ramp-up in utilization across existing and new centers to drive operating leverage and margin expansion. |
| International Business Growth | 71% YoY (FY26) | Sustained high growth rates and increasing contribution from Kenya operations. |
| New Doctor Onboarding in Kolkata | Expected in Q1 FY27 | Successful onboarding and positive impact on case mix and ARPP in the East cluster. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 31st percentile within Pharma. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
120 docs text-extracted · 30 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Pharma: 31st pctile, median 70 · Micro: 25th pctile, median 73
Evidence depth
Financial-only
120 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
61
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 64.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸5 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.30.
- ▸ROE is low at 2.5%.
- ▸Revenue CAGR is 14% but EPS CAGR is -1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Healthcare Global Enterprises Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Healthcare Global to meet investors/analysts on September 21, 2026, at Anand Rathi Annual Flagship Conference in Mumbai.
Source: Bse
Annual reportSep 2026
Sep 2026 · Letter To Members Of The Company Containing Weblink And Path Of Integrated Annual Report For The Financial Year 2025-26. 28 Aug - 28th AGM on September 18, 2026 via VC/OAVM; remote e-voting September 15-17.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of Schedule of Analyst/Institutional Investor Meeting under the SEBI (LODR), Regulations 2015
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - HCG will host a Healthcare Day group investor meeting in Bangalore on August 12, 2026, with Ambit Capital.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper Advertisement of Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter ended June 30, 2026, approved at the meeting of Board …
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Aug - Q1 FY27 revenue rose 13% to ₹6,951 million; North Bangalore 120+ bed hospital and MR Linac commissioned.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Diversification / Disinvestment 29 Jun - Completed sale of 99.999% BACC stake on June 29, 2026; received INR 28.23 crore initial consideration.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jun - Newspaper Advertisement in respect of Special Window for Transfer and Dematerialisation of Physical Securities of the Company.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.