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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹633 Cr
verified against source
Revenue YoY
13.4%
reported change
EBITDA
₹111 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HCG delivered a steady Q3 FY26 with revenue of ₹633 crore (+13.4% YoY) and adjusted EBITDA of ₹111 crore (+20% YoY), with margins expanding 100 bps to 17.5%. Growth was driven by 8% patient volume growth and improving case mix, partially offset by a 20-25 day strike in Andhra Pradesh. Digital revenue grew 26% YoY with reduced paid media spend. Management reiterated 15%+ revenue growth guidance, with 10% volume and 5% ARPU contribution. Margin trajectory targets 23-24% in 3-4 years, supported by operating leverage and value initiatives. A rights issue was announced to strengthen the balance sheet. Risk: New greenfield hospitals (North Bangalore, Whitefield) may temporarily drag margins during ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 15%+ revenue growth, with 10% from volume and 5% from ARPU improvement.
- Management aspires to reach 23-24% EBITDA margins over the next 3-4 years, driven by operating leverage and value initiatives.
- Capex for FY26 expected at ₹275-280 crore, with FY27 capex 10-12% higher.
- The 120+ bed North Bangalore facility is expected to commence operations by end of Q4 FY26.
Risks flagged
- A 20-25 day strike in Andhra Pradesh impacted volumes and revenue in Q3, though resolved by quarter end.
- Gross profit margin declined to 72% from ~75% due to higher medical oncology and pharmacy costs, though management expects offset via operating leverage.
- The North Bangalore and Whitefield greenfield projects will add beds but may initially pressure margins during ramp-up.
- The announced rights issue may dilute existing shareholders; specifics not yet disclosed.
Key quotes
- Our mature centers some of our mature centers are at 26 27%. And they have delivered that margin consistently over the last couple of years and uh you know we are sure that eventually the organization will converge towards that.
- We continue to maintain our guidance of 15% plus but as I said you know our aspiration would be to do better than that but as of now the guidance stays the same.
- We believe that an equity infusion at this stage u will strengthen the company's balance sheet and you know the capital structure.
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