Healthcare Global Enterprises Limited (HCG)
Micro CapPharma stocks · Micro cap · NSE
Healthcare Global Enterprises Limited (HCG) is a leading oncology hospital chain in India, operating a network of comprehensive cancer centers across multiple cities. It focuses on specialized cancer care, leveraging advanced technology and multi-disciplinary teams to manage high-acuity, high-complexity cases.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +13% YoY · PAT +167% YoY · +7% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 15% YoY to INR2,545 crore, with Q4 up 11.3% YoY to INR652 crore. Adjusted EBITDA for FY26 rose 19% YoY to INR471.1 crore, with margins expanding 70 bps to 18.5%. Pre-tax ROCE improved to 14%, and net debt reduced to 1.4x EBITDA.
Management delivered profitable growth, strengthened the balance sheet via a rights issue, and divested non-core assets to sharpen oncology focus. Strategic brownfield expansion and clinical talent additions are underway. Q4 growth moderation due to specific factors needs monitoring for sustained 15% growth.
Revenue by cluster (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
New Facility Launches
Commenced operations at North Bangalore facility, a comprehensive oncology center with MR-Linac technology, strengthening presence in a rapidly growing corridor.
Brownfield Expansion
Near-term emphasis on brownfield opportunities in high-potential centers, with planned Cuttack expansion and other identified additions across the network.
Clinical Talent Addition
Added about 23 oncologists to the network in Q4, expecting growth from this addition in subsequent quarters.
Digital & Outreach
Strengthening the digital layer for patient acquisition and experience. Doubling Day-Care centers (8-10 over 24 months) and expanding ORC outreach.
North Bangalore Facility
Commenced operations, designed as a comprehensive oncology center with capabilities across medical, surgical, radiation oncology, nuclear medicine, PET-CT, and BMT.
Brownfield Bed Additions (next 24 months)
Adding 200+ beds: Cuttack (75 beds), Ranchi (30 beds), Vizag (50 beds), and Bhavnagar (20+ beds). Average cost is INR45 lakh per bed.
Whitefield Expansion
Seeking an alternate location for Whitefield to provide at least 120-130 beds, as the existing infra is smaller than desired for the market potential.
Long-term Bed Target
Plan to add about 1,000 beds by FY30, with 400 through greenfield expansion and about 600 through brownfield expansion.
Operating Leverage & Maturity
FY26 reflects benefits of scale, maturing centers, and improving network productivity, driving margin expansion.
Inherent Market Demand
There is an inherent demand being generated in the market quite rapidly because of higher incidence of cancer.
Strengthened Balance Sheet
Rights issue and sustained cash generation strengthened financial position, providing flexibility for growth investments.
Medical Value Travel Impact
Q4 growth was moderated by softer medical value travel due to the Middle East conflict, impacting West and South clusters.
Paring Low-Margin Business
Conscious paring down of low-margin business impacted Q4 revenue growth, an intentional strategy for long-term benefit.
Competition from Multi-Specialty Hospitals
Larger peers and multi-specialty hospitals are investing aggressively in oncology, potentially increasing competition.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The company reported both full-year (FY26) and quarterly (Q4 FY26) results, with management discussing specific Q4 factors like medical value travel and low-margin business paring, making both YoY comparisons relevant for assessing annual performance and recent trends.
Revenue Growth (ex-fertility)
Full year FY26 revenues grew 15% YoY, supported by 12% growth in patient volumes and a 3% improvement in average revenue per patient.
Adjusted EBITDA Margin
For the full year, adjusted EBITDA stood at INR471.1 crore, up 19% YoY, with margins improving by 70 bps to 18.5%. Q4 FY26 margins expanded by 90 bps to 19.2%.
Pre-tax ROCE
Our pre-tax ROCE improved to 14%, supported by higher utilization, center maturity, and disciplined capital allocation.
Center Utilization
Overall center utilization is 58% today, reflecting future growth potential. This is a blended metric capturing utilization across modalities.
Focus on Profitable Growth
Priority is on profitable growth, margin expansion, improving returns, and stronger cash generation, not just top-line growth.
Sharpening Oncology Focus
Strategic decision to divest Milann (fertility business) for INR63 crore enterprise valuation to focus management bandwidth and capital on core oncology platform.
Leveraging Existing Network
Will continue to optimize the existing network by improving utilization, strengthening referral ecosystems, and deepening high-complexity clinical programs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to EBITDA | 1.4x | Maintaining below the internal ceiling of 2.5x while pursuing growth investments. |
| Adjusted EBITDA Margin | FY26: 18.5% | Continued margin expansion, with management confident of delivering 100 bps improvement in FY27. |
| Revenue Growth | FY26: 15% | Sustained medium-term growth close to 15%, as low-margin business is replaced and international business recovers. |
| Brownfield Bed Commissioning | 200+ beds planned over next 24 months | Timely commissioning and ramp-up of new brownfield beds in Cuttack, Ranchi, Vizag, and Bhavnagar. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
61BullishSMA20 +7.1% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
HCGdaily · 1Y · AUTO+29.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.6% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 36% 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.
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -917.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 64.2%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 31st pctile, median 70 · Micro: 25th pctile, median 73
120 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 217.00
- P/B
- 7.85
- EV/EBITDA
- 16.54
- Market Cap
- 10454.00Cr
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
- 4.04
- Book Value
- 89.20
Cash Flow
- FCF Yield
- 1.63%
- FCF Positive Y
- 5/5
- OCF
- 347.00 Cr
- EPS TTM
- 1.53
Shareholding
- Promoter Hold
- 64.21%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
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.