Healthcare Global Enterprises Limited — Investor Meet, 11-12-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Healthcare Global Enterprises Limited (HCG) discussed its business strategy and long-term growth plans in a virtual investor meet.

**Financial Performance:** HCG reported FY2025 revenue over Rs.2,200 Cr, a 15% CAGR (FY20-25), and EBITDA of Rs.396 Cr, an 18% CAGR, doubling from FY2020. Net debt to EBITDA improved to 2.3x in FY2025 from 6.2x in FY2020. Future outlook targets revenue growth ahead of industry, EBITDA growth faster than historical, and 21-22% corporate EBITDA margins in ~3 years, with ROCE 20%+ over five years.

**Strategy & Outlook:** HCG, India's largest cancer-focused platform, emphasized its clinical differentiation, leading to a 0.9% gross mortality rate. With KKR as a majority shareholder, HCG plans to optimize its existing network, pursue growth through brownfield and greenfield expansions, enhance network efficiency, and improve patient experience. The company will add 1,000 beds (700 brownfield, 200-400 greenfield) and 10 LINACs, with a capex of Rs.600-700 Cr over 2-3 years. It will focus on improving payor mix and international business contribution. The fertility business, Milann, is under strategic review, including potential divestment. Management maintains a confident tone on achieving strategic goals and delivering sustained long-term value.