HCGNSEQ4 & FY26May 26, 2026

Healthcare Global Enterprises Limited

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Key numbers — 40 extracted

INR425 crore

engine to support the next phase of growth. Fourth, we successfully completed the rights issue of INR425 crore. The strong response from shareholders reflects our continued confidence in HCG's strategy and lo

INR63 crore

expected to close within Q1 of FY27. The transaction values Milann at an enterprise valuation of INR63 crore. The equity consideration for 100% of the business, including certain transition services support

100%

e transaction values Milann at an enterprise valuation of INR63 crore. The equity consideration for 100% of the business, including certain transition services support is INR37.6 crore, of which 75% wil

INR37.6 crore

e equity consideration for 100% of the business, including certain transition services support is INR37.6 crore, of which 75% will be received upfront at closing and the balance 25% over 18 months. We believe

75%

or 100% of the business, including certain transition services support is INR37.6 crore, of which 75% will be received upfront at closing and the balance 25% over 18 months. We believe this is consis

25%

rvices support is INR37.6 crore, of which 75% will be received upfront at closing and the balance 25% over 18 months. We believe this is consistent with our stated strategy of focusing management ban

INR652 crore

oss the network. Turning now to our financial performance. For Q4 FY26, HCG delivered revenues of INR652 crore, reflecting 11.3% year-on-year growth. For the full year FY26, revenues stood at INR2,545 crore,

11.3%

now to our financial performance. For Q4 FY26, HCG delivered revenues of INR652 crore, reflecting 11.3% year-on-year growth. For the full year FY26, revenues stood at INR2,545 crore, representing 15% yea

INR2,545 crore

of INR652 crore, reflecting 11.3% year-on-year growth. For the full year FY26, revenues stood at INR2,545 crore, representing 15% year-on- year growth. Excluding the fertility business, full year revenues grew

15%

11.3% year-on-year growth. For the full year FY26, revenues stood at INR2,545 crore, representing 15% year-on- year growth. Excluding the fertility business, full year revenues grew 15%, supported by

12%

year-on- year growth. Excluding the fertility business, full year revenues grew 15%, supported by 12% growth in patient volumes and a 3% improvement in average revenue per patient. This growth refl

fertility business, full year revenues grew 15%, supported by 12% growth in patient volumes and a 3% improvement in average revenue per patient. This growth reflects the strength of our distributed

Guidance — 20 items

Manish Mattoo

opening

“FY26 has been an important year for HCG.”

Manish Mattoo

opening

“FY26 was a year of profitable broad-based growth.”

Manish Mattoo

opening

“FY27 growth levers are also visible through our planned initiatives.”

Manish Mattoo

opening

“Before we get into the update on financial performance, I would like to take a minute and highlight a few milestones achieved during this quarter and FY26.”

Manish Mattoo

opening

“Ravi is present with us on the call today and Sanjeev will be joining the team shortly at the end of this month.”

Manish Mattoo

opening

“The transaction was signed yesterday and is expected to close within Q1 of FY27.”

Manish Mattoo

opening

“The equity consideration for 100% of the business, including certain transition services support is INR37.6 crore, of which 75% will be received upfront at closing and the balance 25% over 18 months.”

Manish Mattoo

opening

“I will be happy to address any questions on this transaction during our Q&A session.”

Manish Mattoo

opening

“For Q4 FY26, HCG delivered revenues of INR652 crore, reflecting 11.3% year-on-year growth.”

Manish Mattoo

opening

“For the full year FY26, revenues stood at INR2,545 crore, representing 15% year-on- year growth.”

Risks & concerns — 2 flagged

So I do not think that is going to be a challenge.

— Manish Mattoo

If I refer the same to our FY25 presentation, we are seeing a dip in INR5 crore to INR10 crore revenue per month hospitals as well as we are seeing a sharp decline in margins for the less than INR5 crore bucket hospitals as well.

— Pranav Chawla

Q&A — 11 exchanges

Yes, so, thank you for taking my questions and congratulations for a good set of numbers, sir. So my first question was regarding the revenue growth. So given Q4 is typically a seasonally strong quarter for the business, so how one should actually interpret the 11% revenue growth reported during this quarter?

Manish Mattoo

Thanks, Himanshu, for the question. You are right, Q4 is typically a stronger quarter than other quarters. See, but you have to see it in two aspects. One is for the year, the revenue growth has been 15%, And in Q4, there were two factors, one was there was a conscious paring down of low-margin business. You know, I think we have been stating it for a couple of months now and, we have taken measures to bring down the low-margin business, which has impacted the revenue growth. There was also a factor of the Middle East conflict impacting the medical value travel to our West and South cluster, w

Yes, thanks, Abdul. So to your first question, the Whitefield existing infra that we have is slightly smaller as per our specs. Whitefield is a much bigger market and we feel there is going to be enormous demand in that market and we want to be prepared for that from an infrastructure perspective. Hence, we are looking at an asset which will provide us at least 120, 130 beds. And that is why, you know, there is this alternate location that we are seeking to realize the potential of that large market. So that is one. As far as brownfield expansions are concerned, so I will give you center-wise

Manish Mattoo

So the net debt to EBITDA ratio has, come down favourably. Earlier it was 2.2x, 2.3x. It is come down to 1.4x as of today and this gives us enough headroom to invest in capacity addition, expansion, brownfield, technology additions and all. And we will continue to be mindful of that ceiling. Internally, we have kept it at 2.5x and I think in the medium to long term, that is where it will be. Abdulkader Puranwala: Got it. And sir, just last one if I may. So among, you know, the four regions where we are operating, just directionally if you could help understand that, you know, where is the scop

So sir, on the cluster-wise revenue we see, so we have seen that the Western cluster has reported the highest revenue while the utilization has been like around 50% versus the consolidated 58% sort of like utilization. So just wanted to understand the utilization as in what exactly the utilization you are talking about is the occupancy or is the overall hospital equipment's included?

Manish Mattoo

Center utilization is a slightly different metric from occupancy, and it factors in other metrics also like the chemo beds utilization, the OT utilization, Radiation machine utilization. So it is overall, I would say, a blended metric capturing the potential revenue going forward. And you are right, in Ahmedabad, for example, at 50% center utilization, there is headroom for growth in a very rapidly expanding and a very important market for us. Okay. And sir, lastly from my side, if I actually look into Slide number 18 on the ramp-up of the new facilities moving up the value chain both in terms

Yes. So, sir, you mentioned that, you are going to do selective greenfield expansion. Any update on the on the greenfield expansion pipeline other than the two Bangalore facilities? Any geographies we are particularly focused on for this expansion?

Manish Mattoo

So Nitish, there are at least 10 to 12 cities that we are evaluating options in and depending on market potential, location availability, talent pipeline availability, we will be finalizing, you know, few locations ever so often. But as of now, there are several examples I can give you between a Pune, Surat, Coimbatore, Nellore, Lucknow, Jalandhar. There are several options that we are evaluating to finalize our greenfield options. Okay. And in terms of, you know, inorganic growth, are we in talks in advanced talks with any target companies? Any update on that front? There are I mean, options

Thanks for taking the question. Manish, so from your perspective since the time you have taken over the business. If you can, you know, sort of just, you know, tell -- let us know in terms of the way the business was being run, you know, prior to the promoter changeover and management change. I mean, where are the big opportunities that you see, you know, from a discrepancy perspective where, you know, we can create maximum amount of value for the business. And and where are the primary low-hanging fruits on this account that you would like to pursue, you know, as we go forward here?

Manish Mattoo

Yes, thanks for your question. I do not want to comment on what was the earlier priority and all, but definitely growth was there. But today, as we look at growth, we are focused on profitable growth. There is focus on revenue growth, but we want it to come in a holistic way. So the focus is on margin expansion, improving returns, improving quality of earnings, and stronger cash generation, which we clearly have seen in Q4 and, very confident that the trend will continue. And the levers that I mentioned earlier also about holistically looking at improving the quality of revenue that we do, imp

First of all, congratulations on your good set of numbers that you have delivered and I see clear efficiencies that you are building in in the hospital. My question is regarding the interest cost. So, we have been hovering around INR40 crore of interest cost each quarter. So, with the rights issue funds and remaining funds, do we expect that interest cost would reduce in the upcoming quarters?

Manish Mattoo

You are right after the rights issue and, you know, we have repaid some long-term debts, we do expect some improvement, some reduction in the interest cost. Our average interest cost is at 8% Okay. Got it. Thank you, sir.

Thank you so much. My question is, what sort of occupancy are the various hospitals in our system operating at?

Manish Mattoo

For the for your benefit, if you refer investor presentation slide 17, we have highlighted that a center utilization of 58% today, which reflects future growth potential. I mean, that is the metric we are tracking now against occupancy because we feel this is actually a blended metric that combines our utilization across modalities and this gives a better picture of how you should view our utilization rate overall. So, we are at 58% of our growth potential. Okay. And my next question is, like, can we continue to deliver same growth for the next two, three years on the in the hospitals which ar

My first question was on growth in revenue per patient. You mentioned earlier that we are reducing lower-margin business. So why is that not reflected in a better growth on realization? And secondly, in the West also, the trend across quarters is there is a tapering down of growth. If you can talk about on these.

Manish Mattoo

See, as I stated earlier, growth is not our only objective. Growth has to be accompanied by margin expansion, returns, better returns, improving quality of earnings, and, you know, stronger cash generation, which we have demonstrated can come even at a lower revenue. So, we have to consciously, you know, we have taken those calls consciously, which may have a short-term impact on revenue, but will have a long-term beneficial effect on all the other metrics that I mentioned. And that is how it is an intentional strategy to go in that direction and that is what we will continue to do for some ti

Congratulations for a good quarter. Sir, I had a couple of questions. One regarding slide number 18 where we have highlighted margins for various buckets where we classify. If I refer the same to our FY25 presentation, we are seeing a dip in INR5 crore to INR10 crore revenue per month hospitals as well as we are seeing a sharp decline in margins for the less than INR5 crore bucket hospitals as well. Can you elude to what has led to that dip?

Manish Mattoo

So that is because, you know, there are several centres moved from third bucket to the second one and second to the first one. So this is primarily due to moving of cohorts? Thanks right. So the balance hospitals that are still operating at this less than 5% bucket, are these the Mumbai assets that we were referring to in the past and is there a scope for margin improvement in this bucket? It includes that. So is there scope for margin improvement in this bucket? So there is scope to improve margin and ROCE and, of course, you will see improvement in the subsequent quarters. Okay. Got it, sir.

Hi, Manish. Congratulations on a good set of numbers. My question is regarding the new North Bangalore facility where you have added the MR-Linac. Just wanted to understand, is MR-Linac on an ownership basis or is it a pay- per-use? Secondly, how are you looking at the ROCE trajectory in the Bangalore region with the addition of North Bangalore?

Manish Mattoo

So, Anubhav, MR-Linac is on a pay-per-use basis to create an asset-light model for us. Second is that overall, while Bangalore KR, the flagship hospital, is operating at about 30%+ ROCE, and as company we expected to hit a 20% ROCE over next four to five years. All right. Thank you.

Thank you so much. Thank you so much for joining us and I look forward to our next interaction. In case any other questions have remained unanswered, please reach out to Ravi or me as you deem appropriate. Thank you. Disclaimer: This is a transcription and may contain transcription errors. The transcript has been edited for clarity. The Company takes no responsibility for such errors, although an effort has been made to ensure a high level of accuracy.

Management

Speaking time

Manish Mattoo

Moderator

Pranav Chawla

Devang Patel

Himanshu Binani

Nitish Rege

Nitin Agarwal

Shashank Goyal

Santosh

Anubhav Sanghal

Opening remarks

Anoop Poojari

Thank you. Good afternoon, everyone, and thank you for joining us on Healthcare Global Enterprises Q4 and FY26 Earnings Conference Call. We have with us Dr. Manish Mattoo, Executive Director and CEO of the company; and Mr. Ravi Gothwal, Head of Investor Relations. We would like to begin the call with opening remarks from Manish, following which we will have the forum open for an interactive question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature and a disclaimer to this effect has been included in the earnings presentation shared with you earlier. I would now like to invite Manish to make his opening remarks.

Manish Mattoo

Thank you, Anoop. Good afternoon, everyone, and thank you for joining us today. I hope you have had the opportunity to review the results presentation for the fourth quarter and full year ended March 2026. FY26 has been an important year for HCG. It was a year in which we strengthened the core of our oncology platform, sharpened our strategic focus, improved the resilience of our operating model, and took several steps to position the company for its next phase of profitable growth. Particularly, a couple of things that I would like to share. FY26 was a year of profitable broad-based growth. Quality of growth improved supported by higher volumes, better realization discipline, and ongoing payor mix optimization. We sharpened our focus on oncology, strengthened the balance sheet, and are deploying capital into higher returns markets. FY27 growth levers are also visible through our planned initiatives. Before we get into the update on financial performance, I would like to take a minute

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