Healthcare Global Enterprises Ltd(HCG)

NSE: HCGBSE: 539787

₹ 570+3.61%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 8,510 crNext results: 5 Nov 2026Website: www.hcgoncology.comUpdated: 24 Oct 2026

About

Healthcare Global Enterprises (HCG) operates India's largest private cancer care network by number of comprehensive cancer centres, running 22 comprehensive cancer centres and 3 multispecialty hospitals across 19 cities in 10 states, plus one centre in Kenya. KKR is the majority shareholder and promoter; HCG divested its Milann fertility arm in June 2026 to sharpen focus on oncology.^[1][2][3]

Network and capacity

As of March 31, 2026, HCG operated 22 comprehensive cancer centres (including Kenya) and 3 multispecialty hospitals across 19 cities in 10 states.^[1]
Total bed capacity exceeded 3,100 as of FY26, with 38 linear accelerators, 100 operation theatres, and 19 PET-CT scanners across the network.^[1]
Operational beds reached 2,855 in Q1 FY27 after adding 121 beds in the quarter (56 North Bangalore, 26 Ranchi, 19 Borivali, 8 Nashik, 5 Hubli, 7 Kenya).^[3]
The network operates on a hub-and-spoke model across three domestic clusters - South (Bengaluru, Vizag, Vijayawada, Hubli and others), West (Ahmedabad, Mumbai, Nagpur, Rajkot and others), and East (Cuttack, Kolkata, Ranchi) - plus an international arm in Kenya.^[1]

Services and clinical capabilities

HCG provides chemotherapy, radiation therapy, robotic surgery, bone marrow transplant, CAR-T therapy, immunotherapy, targeted drug therapy, nuclear medicine theranostics (Actinium and Lutetium), and psycho-oncology.^[1]
Triesta Sciences, HCG's advanced oncology diagnostics arm, is recognised as one of the country's largest networks of CAP- and NABL-accredited oncology diagnostic laboratories.^[1]
HCG has 20 NABH-accredited radiation centres and 2 NABH-certified centres, with 1,030 total research publications as of FY26.^[1]
HCG is developing capabilities in genomics, proteomics, molecular oncology, CAR-T therapies, and organoid-based research platforms, and is partnering with a leading German group to develop indigenous CAR-T capabilities.^[1]

Key operating metrics

In-patient volume was 78,914 in Q1 FY27, up 11% YoY; full-year FY26 in-patient volume was 294,912, up 12% YoY.^[3][4]
Average revenue per patient (ARPP) was INR 85,943 in Q1 FY27 (+2% YoY); FY26 full-year ARPP was INR 84,261 (+3% YoY).^[3][4]
LINAC capacity utilisation was 61% (excluding Fertility) in FY26; LINAC count stood at 38 as of Q1 FY27.^[1][3]
Average length of stay was 2.06 days in FY26; OPD footfall exceeded 650,000 for the full year.^[1]
Non-institutional (cash + TPA) payor mix improved to 69% in Q1 FY27 from 67% in Q1 FY26, up 189 bps YoY.^[3]
Centre utilisation stood at 58% in Q4 FY26. Hospitals generating more than INR 10 Cr monthly revenue grew from 4 to 7 by Q1 FY27.^[4][3]

Cluster performance

East cluster revenue grew 22% YoY in Q1 FY27 with 25% volume growth; ARPP was INR 64,983, down 3% YoY due to state-government scheme mix.^[3]
West cluster revenue grew 9% YoY in Q1 FY27; Maharashtra grew over 14% while Gujarat was muted due to deliberate rationalisation of low-margin institutional chemotherapy drugs.^[3]
West cluster ARPP was INR 94,702 and South cluster ARPP was INR 84,001 in Q1 FY27.^[3]
International business (Kenya) generated INR 208 Mn revenue in Q1 FY27, up 9% YoY; for full-year FY26 Kenya revenue grew 71% YoY.^[3][4]

Workforce

HCG had 6,759 total employees in FY26, including 3,113 doctors (including visiting consultants), 2,347 nurses, 1,343 paramedical staff, and 2,972 support staff.^[1]
Employee retention rate was 75% and employee engagement score was 93% in FY26.^[1]

Expansion and capex pipeline

Brownfield additions planned: 75 beds in Cuttack, 30 in Ranchi, 50 in Vizag, and 20+ in Bhavnagar over 24 months from Q4 FY26.^[4]
A Whitefield (South cluster) greenfield of ~96 beds is targeted for end of FY28; a Maharashtra (West cluster) greenfield of ~84 beds is targeted for FY29.^[3]
Total network expansion plan targets ~1,000 additional beds by FY30 (~600 brownfield, ~400 greenfield); a further 65 beds are planned for FY27 beyond the 121 already added in Q1.^[3][4]
Day-care centres are planned to expand from 5 to 13 - 15 across multiple markets over the 24 months from Q4 FY26.^[4]
Annual maintenance capex is guided at approximately INR 100 Cr; brownfield capex for 200+ beds is estimated at INR 90 - 100 Cr (~INR 45 lakh per bed).^[3][4]

Recent developments

Milann fertility business (BACC Healthcare) was divested on June 29, 2026 to Inviga Healthcare Fund at an enterprise value of INR 63.2 Cr, sharpening HCG's focus on pure-play oncology.^[3][4]
Rights issue of INR 425 Cr was completed in FY26 and was oversubscribed 1.3x; proceeds were used to repay INR 170 Cr of debt and increase HCG's stake in the Vizag hospital from 51% to 85% for INR 150 Cr.^[3][4]
Net debt (pre-Ind AS) fell to INR 3,387 Mn at 1.43x EBITDA at end of FY26, down from INR 6,317 Mn (2.27x) the prior year, following rights issue proceeds and debt repayment.^[4]
HCG rationalised high-value, low-margin chemotherapy drugs primarily in the Gujarat/West cluster in Q1 FY27, reducing Q1 revenue by ~1.5% while expanding EBITDA margins.^[3]

Market Cap

₹8,510 Cr

High / Low

₹799 / 513

Stock P/E

359.5

Price / Book

6.2

Book Value

₹89

EPS

₹0.9

No. of Shares

14.93 Cr

ROCE

8.4%

ROE

1.2%

OPM

9.6%

Debt / Equity

0.68

Sales

₹2,545 Cr

Net Profit

₹23 Cr

Promoter holding

64.2%

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