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Healthcare Global Enterprises
SectorHealthcare Services
In the news
HCG calls cancer drug margin cap 'thoughtless interference' amid ₹2,500-3,500 crore savings
Hospital Stocks Face Regulatory Scrutiny as TMR Policy Review Gains Momentum
HCG targets 21-22% EBITDA margins under KKR ownership
HCG launches new cancer hospital in North Bengaluru with 132 beds
Geojit recommends Healthcare Global Enterprises buy at ₹724 target
HCG board approves ₹42,500 lakh rights issue terms finalization
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and patient volumes are climbing steadily while the balance sheet strengthens, though net margins remain volatile due to rising operational costs and one-off charges.
Adjusted EBITDA grows from ₹1,118 Cr in Q1 FY26 to ₹1,339 Cr in Q1 FY27, confirming strong operational cash generation.
Adjusted PAT margin swings from 0.1% in Q3 FY26 to 5.2% in Q4 FY26, then cools to 2.0% in Q1 FY27, signaling volatile profitability.
Net debt falls from ₹7,231 Cr in Q1 FY26 to ₹3,387 Cr in Q4 FY26, highlighting aggressive deleveraging.
Medical consultancy charges climb from ₹1,330.2 Cr in Q1 FY26 to ₹1,574.7 Cr in Q1 FY27, tracking higher specialist utilization.
Patient volumes (excl. Fertility) jump from 221 in Q3 FY26 to 78,914 in Q1 FY27, confirming massive patient inflow.
Other expenses rise from ₹1,101.5 Cr in Q1 FY26 to ₹1,320.5 Cr in Q1 FY27, adding to bottom-line pressure.
Finance cost declines from ₹454.7 Cr in Q1 FY26 to ₹398.7 Cr in Q1 FY27, easing interest burden on profits.
South and West revenue spikes from ₹2,459 Cr and ₹2,842 Cr in Q3 FY26 to ₹9,950 Cr and ₹11,330 Cr in Q4 FY26, then normalizes to ₹2,765 Cr and ₹3,010 Cr in Q1 FY27, reflecting uneven reporting cycles.
International revenue climbs from ₹157 Cr in Q3 FY26 to ₹208 Cr in Q1 FY27, validating cross-border expansion.
Depreciation increases from ₹579.3 Cr in Q1 FY26 to ₹704.2 Cr in Q1 FY27, mirroring heavy asset base expansion.
Company insights, generated from the most recent coverage.
KKR's concentration in high-acuity oncology (HCG) leaves it exposed because oncology is precisely where the committee identifies the largest cost gaps — making it a prime target for standardized pricing.
Since CVC/KKR took charge in 2020, HCG's cash flow from operations jumped from under ₹100 crore to ~₹300 crore — oncology-focused PE ownership is translating into materially stronger cash generation.