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Andhra Pradesh scheme disruption
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Healthcare Global Enterprises Limited — Q3 FY26
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%.
bullish
high
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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.
HCG ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 633 करोड़ रुपये रही, जो पिछले साल से 13.4% ज्यादा है। कमाई में से खर्चे निकालने के बाद बचा मुनाफा (EBITDA) 111 करोड़ रुपये रहा, जो 20% बढ़ा। मुनाफे की दर 17.5% हो गई, जो पहले से 1% ज्यादा है। यह बढ़ोतरी मरीजों की संख्या 8% बढ़ने और बेहतर इलाज के चलते हुई, लेकिन आंध्र प्रदेश में 20-25 दिन की हड़ताल से थोड़ा असर पड़ा। डिजिटल कमाई 26% बढ़ी। कंपनी को उम्मीद है कि अगले 3-4 साल में मुनाफे की दर 23-24% तक पहुंच जाएगी। नए अस्पताल खोलने से शुरू में मुनाफा कम हो सकता है।
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Patient Volume Growth
8%
+8% YoY
Overall patient volume growth for Q3 FY26, excluding fertility business.
Digital Revenue Growth
26%
+26% YoY
Digital revenue grew 26% YoY despite reduction in paid media spend.
Average Revenue Per Patient (ARPP)
₹84,000
+5% YoY
ARPP including fertility business, driven by case mix and pay mix improvements.
Pre-tax RoCE (9M FY26)
13.3%
+130 bps YoY
Pre-tax RoCE for 9M FY26, expected to trend higher as centers mature.
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Guidance and risk preview
Management expects 15%+ revenue growth, with 10% from volume and 5% from ARPU improvement.
A 20-25 day strike in Andhra Pradesh impacted volumes and revenue in Q3, though resolved by quarter end.
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