Healthcare Global Enterprises Ltd.HCG: EBITDA +20% YoY & 15%+ Revenue Growth Affirmed

Healthcare Global Enterprises (HCG) delivered Q3 FY26 revenue of ₹633 crore, up 13.4% year-on-year, with Adjusted EBITDA of ₹111 crore growing 20% — faster than revenue — confirming positive operating leverage.

EBITDA margin expanded to 17.5%, up 100 basis points year-on-year. The 9-month FY26 performance strengthened further: revenue at ₹1,893 crore (+16% YoY) and Adjusted EBITDA at ₹346 crore (+20% YoY) with margins at 18.3%. Average revenue per patient rose 5% to approximately ₹84,000. The Andhra Pradesh scheme disruption, which cost 20-25 working days of volume in Q3, is now resolved, and management expects Q4 FY26 to be the best quarter of the year.

HCG maintained its 15%+ annual revenue guidance (10% volume plus 5% ARPP growth), while expressing aspiration to exceed this, and reiterated long-term targets of 23-24% EBITDA margins and 20% pre-tax ROCE over three to five years. North Bangalore's 120-bed facility, featuring Bangalore's first MR-LINAC system, is on track to launch by end of Q4 FY26. The key near-term uncertainty is an unexplained Rights Issue pending Board disclosure.