HCG
Healthcare Global Enterprises share price & financials
- Price
- ₹610.95
- Market cap
- ₹11.0k Cr
- Sector
- Healthcare
- Calls analysed
- 6
Healthcare Global Enterprises Limited Q1 FY27
What went well
- Revenue grew by 13% year-on-year to ₹695.1 crores, demonstrating strong top-line performance.
- Adjusted EBITDA increased by 20% year-on-year to ₹133.9 crores, with margins improving to 19.4% from 18.2% in Q1 FY26.
- Patient volumes increased by 11%, and ARPP grew by 2%, indicating sustained patient demand and improved execution.
What to watch
- Discontinuation of some chemo drugs impacted the top line by 1.5%, though it was margin-accretive.
- ESOP plan charge for the quarter is yet to be evaluated and will be reported in Q2, creating some near-term uncertainty.
What Healthcare Global Enterprises Limited does
HealthCare Global Enterprises (HCG) runs a network of comprehensive cancer centres and dedicated infusion facilities offering diagnosis and treatment across medical oncology, radiation oncology, surgical oncology and outpatient oncology services, alongside select non-oncology specialties. Hospitals are organised into South, West and East regional clusters in India plus an international business in Kenya, treating patients under a mix of cash/TPA and government payor arrangements. The company has been adding capacity through greenfield and brownfield hospital expansions and recently introduced MR-Linac and theranostics capabilities. In FY26 HCG divested its non-core fertility business (Milann) to sharpen focus on its core oncology platform.
Segments
- South Cluster
- West Cluster
- East Cluster
- International
- Hospitals / Comprehensive Cancer Centres
- 25
- Cities / states covered (India)
- 19 cities across 10 states, plus Kenya
- Installed bed capacity
- 2,600+
- Linear accelerators (LINACs) for radiation therapy
- 38
- Operation theatres
- 100
- Clinical modalities offered
- Medical oncology, radiation oncology, surgical oncology, outpatient oncology services, non-oncology specialties
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 2 delivered 4 missed 12 open- M&A / Divestment delivered said Q4 FY25 Promised: Putting a proposal to divest. And hopefully, this will happen definitely this fiscal year [FY26] Q1 FY27: Divestment completed at the end of June '26, achieving the goal but after the original FY26 deadline.
- Operating Profit went quiet said Q3 FY25 Promised: By quarter 1 of next financial year [FY26], we should be seeing the center breaking even Q1 FY27: No update provided. Target of Q1 FY26 breakeven remains unaddressed.
- Bed Capacity revised up said Q4 FY26 Promised: Add 200+ beds over the next 24 months through brownfield expansion Q1 FY27: Original 200+ bed plan over 24 months appears superseded by a larger plan for ~600 brownfield beds by FY30.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.4%, net profit up 166.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 554 | 559 | 585 | 613 | 647 +17% | 633 +13% | 652 +11% | 695 +13% |
| EBITDA | 102 | 88 | 106 | 108 | 123 +21% | 110 +25% | 125 +18% | 122 +13% |
| Net profit | 21 | 8 | 7 | 6 | 21 +0% | -8 −200% | 4 −43% | 16 +167% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −0.2% 1Y
1Y: ₹695.05 on 10 Sept 2025 → ₹693.9. High ₹776.3 (29 Oct 2025), low ₹521.75 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.4%
- 7 Aug
- Q4 FY26
- +0.0%
- 26 May
- Q3 FY26
- −1.3%
- 9 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 14.5% a year over 3 years, FY23 to FY26. Operating margin widened to 18.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.7k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.5k Cr |
| Operating profit | ₹299 Cr | ₹330 Cr | ₹387 Cr | ₹466 Cr |
| Operating margin | 17.6% | 17.3% | 17.4% | 18.3% |
| Interest | ₹104 Cr | ₹109 Cr | ₹155 Cr | ₹177 Cr |
| Depreciation | ₹164 Cr | ₹174 Cr | ₹212 Cr | ₹245 Cr |
| Net profit | ₹17 Cr | ₹41 Cr | ₹50 Cr | ₹23 Cr |
| Net margin | 1.0% | 2.1% | 2.2% | 0.9% |
| Cash from operations | ₹252 Cr | ₹285 Cr | ₹317 Cr | ₹347 Cr |
| Free cash flow | ₹126 Cr | ₹101 Cr | ₹110 Cr | ₹59 Cr |
| ROCE | 8.0% | 9.0% | 9.0% | 8.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹125 Cr | ₹139 Cr | ₹139 Cr | ₹139 Cr | ₹141 Cr | ₹149 Cr |
| Reserves | ₹572 Cr | ₹731 Cr | ₹721 Cr | ₹686 Cr | ₹780 Cr | ₹1.2k Cr |
| Borrowings | ₹977 Cr | ₹915 Cr | ₹901 Cr | ₹1.3k Cr | ₹1.8k Cr | ₹1.7k Cr |
| Other liabilities | ₹357 Cr | ₹433 Cr | ₹549 Cr | ₹601 Cr | ₹897 Cr | ₹855 Cr |
| Total liabilities | ₹2.0k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹3.6k Cr | ₹3.9k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.5k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.4k Cr | ₹2.5k Cr |
| Capital work in progress | ₹30 Cr | ₹22 Cr | ₹18 Cr | ₹83 Cr | ₹96 Cr | ₹19 Cr |
| Investments | ₹26 Cr | ₹9 Cr | ₹10 Cr | ₹10 Cr | ₹13 Cr | ₹14 Cr |
| Other assets | ₹593 Cr | ₹641 Cr | ₹730 Cr | ₹850 Cr | ₹1.0k Cr | ₹1.4k Cr |
| Total assets | ₹2.0k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹3.6k Cr | ₹3.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −8.31 pp while DIIs added +5.98 pp. The shareholder count grew 4% to 48,905.
- Promoters
- 64.2%
- FIIs
- 2.7%
- DIIs
- 19.2%
- Public
- 13.9%
Since Jun 2025
- Public −8.31 pp
- DIIs +5.98 pp
- Promoters +1.75 pp
How it drifted, 12 quarters
Over this window DIIs went from 7.9% to 19.2% — +11.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 71.3%, FIIs 6.3%, DIIs 7.9%, Public 14.5%.Dec '23: Promoters 71.3%, FIIs 6.4%, DIIs 8.5%, Public 13.9%.Mar '24: Promoters 71.3%, FIIs 6.7%, DIIs 8.5%, Public 13.4%.Jun '24: Promoters 71.3%, FIIs 4.0%, DIIs 10.9%, Public 13.9%.Sep '24: Promoters 71.2%, FIIs 4.3%, DIIs 11.6%, Public 12.8%.Dec '24: Promoters 71.2%, FIIs 2.8%, DIIs 12.9%, Public 13.1%.Mar '25: Promoters 71.2%, FIIs 2.4%, DIIs 12.5%, Public 13.9%.Jun '25: Promoters 62.5%, FIIs 2.2%, DIIs 13.2%, Public 22.2%.Sep '25: Promoters 63.8%, FIIs 3.6%, DIIs 18.4%, Public 14.3%.Dec '25: Promoters 63.8%, FIIs 3.2%, DIIs 18.3%, Public 14.7%.Mar '26: Promoters 64.2%, FIIs 2.8%, DIIs 18.9%, Public 14.2%.Jun '26: Promoters 64.2%, FIIs 2.7%, DIIs 19.2%, Public 13.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tata Mutual Fund - Tata ELSS Fund Mutual fund newly disclosed 3.03% held
- Motilal Oswal S&P BSE Healthcare ETF Mutual fund newly disclosed 2.46% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund +0.63 pp 3.58% held
- Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund +0.28 pp 5.88% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Healthcare Global Enterprises Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hector Asia Holdings Ii Pte. Ltd. | 54.27% | unchanged |
| B S Ajaikumar | 9.30% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 5.88% | +0.28 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual F Mutual fund | 3.58% | +0.63 pp |
| Tata Mutual Fund - Tata ELSS Fund Mutual fund | 3.03% | newly disclosed |
| Motilal Oswal S&P BSE Healthcare ETF Mutual fund | 2.46% | newly disclosed |
| Clarus Capital I VC / PE | 1.37% | −0.27 pp |
| Asmitha Ajaikumar | 0.23% | unchanged |
| Aagnika Ajaikumar | 0.23% | unchanged |
| Catalyst Trusteeship Limited | 0.18% | unchanged |
| Anjali Ajaikumar Rossi | 0.00% | unchanged |
| Bhagya A Ajaikumar | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HCG
Filings to Aug 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +4.11 L shares (+4.4%).
- Held by funds
- ₹717 Cr
- 4 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹342 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹342 Cr | held | Sep '25 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹272 Cr | held | May '23 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹73 Cr | +4.11 L | Jul '26 |
| Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund | ₹30 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 0 trimmed — net +4.11 L shares (+4.4%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹717 Cr
- 4 schemes · ≈ 5.4% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹342 Cr · 0.4% of that fund
- Longest holder
- Nippon India ELSS Tax Saver Fund
- 3y 4m · since May '23
Shares held by these funds +915%
Aug '23 93.69 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Healthcare Global Enterprises Limited
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