Healthcare Global Enterprises Limited (HCG)

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Healthcare Global Enterprises Limited (HCG) · mywealthgrid

About

Healthcare Global Enterprises operates a hospital business within India's healthcare services sector, with consolidated scale of ₹695.1 Cr quarterly revenue (Jun 2026) and market cap ₹10,664.5 Cr. Operating through both standalone and consolidated structures, it has maintained operating margins of 17–21% across recent quarters while net profitability has proven volatile relative to its revenue base.

Face value: ₹10

Market cap

₹9,984 Cr

P/E

438.3×

P/B

7.5×

Dividend yield

ROE

1.2%

ROCE

9.1%

Debt / equity

0.68

OPM

18.3%

EPS (TTM)

₹1.5

Book value

₹89.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Thin earnings vs. valuation: PE of 468.15 leaves no margin of safety; the Dec 2025 loss quarter (-₹1.18 Cr standalone on ₹342.16 Cr revenue) and Jun 2026's compressed profit (₹5.58 Cr on ₹376.66 Cr revenue) reveal earnings instability—verify whether cost volatility, payer mix shifts, or structural margin pressure are at play.
Debt servicing at low margins: D/E of 0.68 is material in a business where standalone net-profit-to-revenue is 1.48%; hospital capital intensity and working-capital needs compound this risk—verify debt maturity profile, interest coverage from operating cash, and capex plans.
Unexplained profit divergence: Consolidated net profit (₹16.46 Cr) is 3× standalone (₹5.58 Cr) on only 1.85× revenue (Jun 2026), leaving questions about which group units are profitable and their cash contributions—verify what drives consolidation margin and whether it's sustainable.
ROE collapse: ROE of 1.22% and extreme PE of 468.15 indicate recent 1-year stock return of 16.59% was not backed by earnings growth—verify whether fundamentals have improved since purchase, else the valuation reset risk is severe.

Generated analysis · source review pending

Growth drivers

Consolidated net profit-to-revenue (2.37%, ₹16.46 Cr / ₹695.1 Cr Jun 2026) outpaces standalone (1.48%, ₹5.58 Cr / ₹376.66 Cr); if standalone improves to this ratio through operational efficiency or asset repositioning, profit scales without new revenue.
Operating margin of 18.3% held stable even through loss quarters, and most quarters delivered 17–21% OPM, indicating the cost structure is defensible; restoring standalone to Sep–Jun profitability (₹10–20 Cr quarterly profit range) becomes executable if operational volatility ceases.
Standalone quarterly revenue is ₹375–380 Cr; verify whether new hospital units, service-line expansion, geography growth, or capacity increases are in progress, as current data does not show these expansion drivers.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹668.8-5%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 20.2% over the last 5 years
+High promoter holding of 64.2% with no pledge

Cons

−Low return on equity of 4% (3-yr avg)
−Profit declined 22.3% a year over the last 3 years
−Weak interest coverage of 1.4×
−Expensive at 438.3× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

34/100

Business quality: 25
Growth: 55
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	831	976	1,096	1,013	1,398	1,694	1,912	2,223	2,545
COGS	190	219	240	240	355	424	475	581	692
Gross profit	641	757	856	773	1,043	1,270	1,437	1,642	1,853
	524	646	696	647	806	972	1,107	1,254	1,386
	117	112	160	126	237	299	330	388	467
OPM %	14.1%	11.4%	14.6%	12.5%	16.9%	17.6%	17.3%	17.5%	18.4%
Depreciation	71	85	148	159	158	163	174	211	244
Interest	42	70	138	119	98	104	109	155	177
	24	10	7	-77	107	13	21	35	-20
Profit before tax	27	-33	-119	-229	88	45	68	57	27
Tax	10	-3	6	-8	49	27	26	8	4
Tax %	37.7%	-7.5%	5.2%	-3.3%	55.7%	60.7%	39%	14.3%	15.4%
	17	-31	-125	-221	39	18	41	49	23
PAT margin %	2%	-3.2%	-11.5%	-21.8%	2.8%	1%	2.2%	2.2%	0.9%
EPS (₹)	2.4	-2.8	-12.1	-17	4.1	2.1	3.5	3.2	1
EPS adjusted (₹)	2.4	-2.8	-12	-15.4	3.9	2.1	3.5	3.2	0.9
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	70	85	87	88	89	125	139	139	139	139	149
Reserves	112	341	398	389	293	572	731	721	686	783	1,183
Minority interest	25	33	94	46	39	17	13	9	39	68	78
	295	283	374	567	623	472	408	399	673	1,002	910
	255	302	490	564	1,210	850	928	1,047	1,170	1,551	1,602
Total equity & liabilities	758	1,044	1,444	1,654	2,253	2,036	2,220	2,316	2,708	3,543	3,923
	518	583	828	970	1,068	1,382	1,547	1,553	1,758	2,442	2,462
CWIP	42	121	174	153	46	30	22	18	83	25	19
Investments	60	11	5	11	7	26	9	10	10	11	14
	137	329	437	520	1,131	597	642	735	856	1,065	1,428
Total assets	758	1,044	1,444	1,654	2,253	2,036	2,220	2,316	2,708	3,543	3,923

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	77.6%	78.1%	76.3%	74.6%	75%	75.1%	73.9%	72.8%
EBITDA margin %	12.6%	15.7%	12.5%	17%	17.6%	17.2%	17.4%	18.3%
EBIT margin %	3.8%	2.2%	-3.2%	5.7%	8%	8.1%	7.9%	8.7%
PAT margin %	-3.2%	-11.5%	-21.8%	2.8%	1%	2.2%	2.2%	0.9%
Working capital
Receivable days	59	62	67	57	65	56	66	60
Inventory days	45	35	32	31	33	33	33	32
Payable days	255	234	221	199	214	216	210	185
NWC days	-152	-136	-122	-112	-116	-127	-111	-93
Leverage
Current ratio	0.5	0.53	0.93	1.07	1.02	0.91	0.81	1.09
Debt to EBITDA	4.63	3.62	3.73	1.71	1.34	2.04	2.59	1.95
Debt to equity	1.19	1.63	0.68	0.47	0.46	0.81	1.09	0.68
Interest coverage	0.7	0.2	-0.1	0.9	1.4	1.6	1.4	1.4
Asset turnover	0.59	0.49	0.5	0.63	0.73	0.71	0.63	0.65
Return ratios
Return on assets %	-1.9%	-5.6%	-10.9%	1.8%	0.8%	1.5%	1.4%	0.6%
Return on capital employed %	4.3%	2.2%	-1%	5.6%	8.5%	9.3%	9.4%	9.1%
Return on equity %	-6.5%	-32.9%	-31.7%	4.5%	2%	5%	5.3%	1.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.3%	71.29%	71.28%	71.25%	71.23%	71.23%	71.22%	62.46%	63.78%	63.77%	64.21%	64.21%
	6.28%	6.36%	6.74%	3.95%	4.29%	2.77%	2.45%	2.16%	3.59%	3.22%	2.75%	2.74%
	7.94%	8.46%	8.52%	10.89%	11.64%	12.94%	12.47%	13.22%	18.36%	18.3%	18.91%	19.2%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.48%	13.89%	13.46%	13.91%	12.84%	13.06%	13.86%	22.16%	14.27%	14.71%	14.13%	13.85%
No. of shareholders	—	—	—	—	—	—	—	—	46,970	45,366	47,649	48,905

Promoter holding down 7.09 percentage points since Sep 2023.

7 disclosures

Person	Deal	Shares	Value	Holding	Filed
Vineesh Kumar GheiOther	SellInvocation of pledge	2,50,000	₹15.8 cr	0.35% → 0.17%	1 Oct 20257(2)
Ashwini P KEmployees/Designated Employees	SellInvocation of pledge	7,500	₹46.65 L

21 deals · 30 Jun 2022 – 10 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Sept 2025	ACESO COMPANY PTE LTD.	Bulk	NSE	Sell	63,00,000	₹695.00	₹437.85 Cr
10 Sept 2025	ACESO COMPANY PTE LTD.	Block	NSE	Sell	63,00,000	₹695.00	₹437.85 Cr
10 Sept 2025	NIPPON INDIA MUTUAL FUND	Block	NSE	Buy	44,00,000	₹695.00	₹305.80 Cr
10 Sept 2025	NIPPON INDIA MUTUAL FUND	Bulk	NSE	Buy	44,00,000	₹695.00	₹305.80 Cr
10 Sept 2025	ACESO COMPANY PTE LTD.	Bulk	NSE	Sell	16,41,913	₹695.01	₹114.11 Cr
10 Sept 2025	AXIS MUTUAL FUND	Bulk	NSE	Buy	9,52,700	₹695.00	₹66.21 Cr
10 Sept 2025	MORGAN STANLEY ASIA SINGAPORE PTE	Block	NSE	Buy	8,80,000	₹695.00	₹61.16 Cr
10 Sept 2025	MORGAN STANLEY ASIA SINGAPORE PTE	Bulk	NSE	Buy	8,80,000	₹695.00	₹61.16 Cr
10 Sept 2025	PLUTUS WEALTH MANAGEMENT LLP	Block	NSE	Buy	7,20,000	₹695.00	₹50.04 Cr
10 Sept 2025	PLUTUS WEALTH MANAGEMENT LLP	Bulk	NSE	Buy	7,20,000	₹695.00	₹50.04 Cr

1–10 of 21

1 / 3

Mr. Basavalinga Sadashivaiah AjaikumarNon-Executive - Non Independent Director-Chairperson
Mr. Manish MattooExecutive Director-CEO
Mrs. Anjali Ajaikumar RossiNon-Executive - Non Independent Director
Mrs. Geeta MathurNon-Executive - Independent Director
Mr. Rajagopalan RaghavanNon-Executive - Independent Director
Mr. Pradip Manilal KanakiaNon-Executive - Independent Director
Mr. Rajiv MaliwalNon-Executive - Independent Director
Mr. Akshay TannaNon-Executive - Nominee Director
Mrs. Simrun MehtaNon-Executive - Nominee Director
Mr. Bijou KurienNon-Executive - Independent Director
Mr. Sanjeev KumarChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

17.02%

of the company's equity

All mutual funds

15.43%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

32 schemes · 10 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	46.59 L	341.63	0.41%	3.12%	-0
ELSS Tax Saver Fund	Nippon India Mutual Fund	37.06 L	271.75	1.85%	2.482%	-0
Small Cap Fund	Axis Mutual Fund	32.73 L	240.03	0.76%	2.192%	-0
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	17.66 L	129.52	0.88%	1.183%	-0
Flexi Cap Fund	Axis Mutual Fund	15.86 L	116.3	0.83%	1.062%	-0
INDIA PHARMA & HEALTHCARE FUND	Tata Mutual Fund	13.44 L	98.56	6.3%	0.9%	-0
FOCUSED FUND	Tata Mutual Fund	10.09 L	73.98	4.22%	0.676%	-0
Healthcare Opportunities Fund	SBI Mutual Fund	10 L	73.33	1.27%	0.67%	+4.11 L

1–8 of 32

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results6 Aug 2026

1

Right Issue of Equity Shares2 Mar 2026 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

21 announcementsExport CSV

30 Sept 2026, 1:16 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

18 Sept 2026, 10:16 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

18 Sept 2026, 8:42 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

17 Sept 2026, 2:58 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 5:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

9 Sept 2026, 6:55 pmCompany Update

Intimation Of Grant Of Employee Stock Options Under Healthcare Global Enterprises Limited- Employee Stock Option Scheme, 2026

General PDF

28 Aug 2026, 1:52 pmCompany Update

Letter To Members Of The Company Containing Weblink And Path Of Integrated Annual Report For The Financial Year 2025-26.

General PDF

28 Aug 2026, 1:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
30 Sept 2026, 1:16 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
18 Sept 2026, 10:16 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	77.6%	78.1%	76.3%	74.6%	75%	75.1%	73.9%	72.8%
EBITDA margin %	12.6%	15.7%	12.5%	17%	17.6%	17.2%	17.4%	18.3%
EBIT margin %	3.8%	2.2%	-3.2%	5.7%	8%	8.1%	7.9%	8.7%
PAT margin %	-3.2%	-11.5%	-21.8%	2.8%	1%	2.2%	2.2%	0.9%
Working capital
Receivable days	59	62	67	57	65	56	66	60
Inventory days	45	35	32	31	33	33	33	32
Payable days	255	234	221	199	214	216	210	185
NWC days	-152	-136	-122	-112	-116	-127	-111	-93
Leverage
Current ratio	0.5	0.53	0.93	1.07	1.02	0.91	0.81	1.09
Debt to EBITDA	4.63	3.62	3.73	1.71	1.34	2.04	2.59	1.95
Debt to equity	1.19	1.63	0.68	0.47	0.46	0.81	1.09	0.68
Interest coverage	0.7	0.2	-0.1	0.9	1.4	1.6	1.4	1.4
Asset turnover	0.59	0.49	0.5	0.63	0.73	0.71	0.63	0.65
Return ratios
Return on assets %	-1.9%	-5.6%	-10.9%	1.8%	0.8%	1.5%	1.4%	0.6%
Return on capital employed %	4.3%	2.2%	-1%	5.6%	8.5%	9.3%	9.4%	9.1%
Return on equity %	-6.5%	-32.9%	-31.7%	4.5%	2%	5%	5.3%	1.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Max Healthcare Institute LimitedMAXHEALTHMAXHEALTH	₹91,573 Cr	₹95,052 Cr	₹8,712 Cr	₹2,318 Cr	26.8%	₹1,457 Cr	17.2%	13.8%	14.3%	-110
Manipal Health Enterprises LimitedMANIPALHOSMANIPALHOS	₹91,552 Cr	₹1,02,105 Cr	₹10,336 Cr	₹2,611 Cr	25.3%	₹917 Cr	8.9%	12.5%	12.8%	38
Fortis Healthcare LimitedFORTISFORTIS	₹59,268 Cr	₹62,140 Cr	₹9,506 Cr	₹2,131 Cr	22.8%	₹1,048 Cr	11.7%	13%	11.1%	-99
Aster Dm Healthcare LimitedASTERDMASTERDM	₹36,728 Cr	₹37,429 Cr	₹4,876 Cr	₹958 Cr	19.4%	₹319 Cr	9.2%	11.9%	9.7%	-112
Global Health LimitedMEDANTAMEDANTA	₹36,498 Cr	₹37,688 Cr	₹4,683 Cr	₹979 Cr	20.8%	₹556 Cr	12.6%	16.9%	15.1%	-26
Narayana Hrudayalaya Ltd.NHNH	₹35,594 Cr	₹40,460 Cr	₹9,072 Cr	₹1,749 Cr	20.5%	₹816 Cr	10.2%	15.1%	19.7%	-181
Krishna Institute Of Medical Sciences LimitedKIMSKIMS	₹29,457 Cr	₹32,701 Cr	₹4,213 Cr	₹833 Cr	20.5%	₹205 Cr	6.2%	9.5%	11%	-50
Dr. Agarwal's Health Care LimitedAGARWALEYEAGARWALEYE	₹15,420 Cr	₹15,578 Cr	₹2,207 Cr	₹612 Cr	27.4%	₹148 Cr	8.1%	10.1%	6.8%	-76
Rainbow Childrens Medicare LimitedRAINBOWRAINBOW	₹13,003 Cr	₹13,003 Cr	₹1,820 Cr	₹575 Cr	32%	₹285 Cr	16.5%	18.2%	17.9%	-73
Park Medi World LimitedPARKHOSPSPARKHOSPS	₹11,696 Cr	₹11,924 Cr	₹1,679 Cr	₹444 Cr	26.5%	₹258 Cr	16.3%	21.4%	16.7%	-2
Healthcare Global Enterprises LimitedHCGHCG	₹9,984 Cr	₹10,895 Cr	₹2,627 Cr	₹480 Cr	18.3%	₹23 Cr	0.9%	9.1%	1.2%	-93
Yatharth Hospital & Trauma Care Services LimitedYATHARTHYATHARTH	₹9,965 Cr	₹10,218 Cr	₹1,334 Cr	₹310 Cr	24.2%	₹174 Cr	14.1%	12.3%	10%	-26

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73	91	98	99	130	121	220	252	285	317	347
	-204	-210	-282	-238	-101	-171	125	-133	-226	-488	-177
	216	89	161	84	-58	112	-155	-140	-64	-42	241
Net cash flow	85	-29	-23	-56	-30	62	190	-22	-5	-213	410
Free cash flow	—	-101	-158	-90	22	85	149	118	99	108	55
CFO / Operating profit %	—	—	82.3%	80.4%	75.6%	95.2%	92.5%	84.2%	86.3%	81.9%	74.5%

Healthcare Global Enterprises Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

1

1

Announcements

Not in the F&O segment

1

1

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Healthcare Global Enterprises Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Rights issues1

Announcements

Ratio timeline

Not in the F&O segment

Board meetings1

Rights issues1

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1