Prabhudas Lilladher's research report on HealthCare Global Enterprises
HealthCare Global Enterprises’ (HCG) Q2 consolidated EBITDA grew by 21% YoY (13% QoQ) to Rs1.02bn, in line with our estimates. We expect margins to improve further, as ramp-up in occupancy across centers should aid better operating leverage along with scale-up in new centers. The company’s assetlight approach with focus on partnerships, has made its business model more capital efficient and scalable, in our view. Our FY26/FY27E EBITDA broadly remains unchanged.
Outlook
We expect 22% EBITDA CAGR over FY24-27E. At CMP, the stock trades at 17x FY26E EV/EBITDA adjusted for rentals and minority. Maintain ‘BUY’ rating with a revised TP of Rs535/share valuing at 17x on Sep’26E EV/EBITDA.
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