Healthcare Global Enterprises Ltd. share price target

HCG is poised to deliver strong top-line growth over the next 23 years, supported by improvements in ARPOB and ongoing bed additions. However, profitability recovery may be gradual given the debt-funded nature of recent capex. Management has indicated plans for a capital infusion, which could help ease the interest burden. With KKR as the new promoter, the business is expected to undergo transformation, enhancing growth and operational efficiencies. Considering the elevated debt levels, we retain our Hold...

We maintain our BUY recommendation on the stock.

HealthCare Global Enterprises’ (HCG) Q1FY26 result was in line with our expectations. Revenue grew 16.7% YoY driven by new centres in Mumbai (+28% YoY), Kolkata (+17% YoY) and Ahmedabad (+22% YoY) while key cluster of Karnataka and East India grew at a moderate pace.

We recommend a BUY with TP of Rs 600, implying an upside of 10% from the CMP.

HealthCare Global Enterprises' (HCG) Q4 consolidated EBITDA grew by 15% YoY to Rs1.1bn; in line with our estimate. The company's asset-light approach with a focus on partnerships has made its business model more capital efficient and scalable, in our view. We believe the strategic investment by KKR will bring in more operational and financial efficiency. Currently, HCG enjoys 13-14% pre IND AS margin, which is lower than its peers. We expect KKR to drive growth through bed expansion, rationalization of existing assets and scale up of...

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

With 51% stake in HCG, KKR has become the largest shareholder. We believe the strategic investment by KKR will bring in more operational and financial efficiency. Currently, HCG enjoys 15% pre IND AS margin, which is lower than its peers. We expect KKR to drive growth through bed expansion, rationalization of existing assets and scale up of margins. The company's asset-light approach with a focus on partnerships has made its business model more capital efficient and scalable, in our view. Our FY26/FY27E EBITDA stands...

HealthCare Global Enterprises’ (HCG) current promoter CVC Capital (Aseco PTE) is likely to sell up to 54% of its stake in the company to another private equity (PE) firm, KKR, at an agreed price of INR 445/share (cumulative value between INR 320bn–339bn).

We recommend HCG with a BUY rating and a target price of Rs 575/share, implying a 14% upside from the CMP.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.