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HEALTHCARE GLOBAL ENTERPRISES LIMITED Q3 & 9MFY26 Results Presentation February 5, 2026
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Safe Harbor This presentation and its contents are confidential and are not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful . This presentation has been prepared by HealthCare Global Enterprises Limited (the "Company") . These materials are not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) . These materials are not an offer of securities for sale into the United States, Canada or Japan or any other jurisdiction . Any securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933 , as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration . No public offering of any securities of the Company is being made in the United States . The information contained in this presentation is for information purposes only and does not constitute or form part of an offer or invitation for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in India, the United States or any other jurisdiction . No person accepts any liability whatsoever for any loss howsoever arising from the use of this document or of its contents or otherwise arising in connection therewith . The information set out herein may be subject to updating, completion, revision, verification and amendment without notice and such information may change materially . Financial information contained in this presentation has been derived from the restated consolidated and standalone financial statements of the Company and have been rounded off to the next integer, except percentages which have been rounded off to one decimal point . This presentation contains certain "forward looking statements" . Forward‐looking statements are based on certain assumptions and expectations of future events . Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions . Although the Company believes that such forward‐looking statements are based on reasonable assumptions, it can give no assurance that such expectations will be met . Neither the Company nor any of its advisors or representatives assumes any responsibility to update forward -looking statements or to adapt them to future events or developments . This presentation includes certain industry data and projections that have been obtained from industry publications and surveys . Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete . Neither the Company nor any of its advisors or representatives have independently verified any of the data from third -party sources or ascertained the underlying economic assumptions relied upon therein . No representation or claim is made that the results or projections contained in this presentation will actually be achieved . All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct . For the reasons mentioned above, you should not rely in any way on any of the projections contained in this presentation for any purpose . No responsibility or liability whatsoever is undertaken for the contents hereof . This presentation is based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof . It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm . 2
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Largest Pan -India Oncology Focused Hospital Chain Our Presence Note: (1) excludes Kenya and includes Chennai (2) Includes multispecialty; (3) Includes Chennai and MSR (4) Excludes fertilit y b usiness (5) Adj. EBITDA is normalized for one -time cost of INR 38mn and ESOP of INR 14mn (6) RoCE refers to pre – IND AS and post allocation of corporate cost and excludes North Bangalore Kenya Jaipur Bhavnagar Nagpur Ranchi Kolkata Cuttack Vizag Ongole Vijaywada Bangalore Hubli Mumbai (2) Nashik Gulbarga Ahmedabad Baroda Shimoga Indore Rajkot Suchirayu 9MFY26 Operational and Financial Metrics 19 / 10 Cities / States 1 25 Hospitals 2 38 No. of LINACs3 98 Operation Theatres 2 2.5k+ Capacity Beds 2 3% ARPP4 YoY 221k 13% Volume4 YoY INR 18,931 Mn 16% Revenue YoY 13.3% ROCE (Pre-Tax)6 INR 3,458 Mn 20% Adj. EBITDA5 YoY 18.3% 60 bps Adj. EBITDA Margin YoY INR 83,684 3
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m HCG Key Highlights: Q3FY26 HCG delivered revenue of INR 6,331mn in Q3 FY26 vs INR 5,586mn in Q3FY25, reflecting a growth of ~13% YoY; Excluding Milann, HCG delivered YoY revenue growth of ~13% driven by ~8% growth in volumes and ~5% growth in ARPP • Broad based growth continued in Q3 across the 3 key clusters with the largest West cluster growing revenue at ~17% YoY • South cluster (39% of revenue): ~9% YoY revenue growth driven by strong momentum in Bangalore COE and Vizag, despite strikes in Andhra Pradesh relating to state-sponsored scheme • West cluster (45% of revenue): ~17% YoY revenue growth supported by strong volumes across all hospitals including the ramp-up of the expanded hospital in Ahmedabad • East cluster (11% of revenue): ~13% YoY revenue growth driven by higher growth from Ranchi, with steady growth in the other centers • International business (Africa business) (2% of revenue) grew by ~42% YoY to INR 157 Mn primarily on account of business ramp up under radiation oncology and PET • Modality mix1 (9MFY26): Medical oncology (~38% of revenue); Radiation (~15% of revenue); Surgical oncology (~20% of revenue); OP Onco services (~17% of revenue); Non-oncology specialties (~10% of revenue) • Payor mix2 (9MFY26): Cash + TPA (~55% of revenue); Govt (~33% of revenue); International (~3% of revenue) and others (~10% of revenue) HCG delivered Adjusted EBITDA of INR 1,108mn in Q3FY26 vs INR 923mn in Q3FY25, reflecting a growth of ~20% YoY • Overall Adjusted EBITDA margins stood at 17.5% in Q3FY26 as compared to 16.5% in Q3FY25, margin expansion led by operating leverage • ROCE (pre-tax) at 13.3% (9M FY26); remained stable YoY Recent talent addition: Strengthening cluster execution and corporate functions • HCG has completed senior leadership augmentation, with all key roles across marketing, domestic sales, and international business completed • Other key roles including finance, technology, clinical strategy and investor relations have also been completed with leaders expected to join by beginning of FY27 Project Update • North Bangalore Greenfield Hospital is being designed to set new benchmarks in cancer care. It will be the first in Bangalore to offer MR-LINAC technology, creating a strong clinical and technology-led differentiation; Operations expected to commence by the end of Q4FY26 Note :( 1) Modality mix: Excludes fertility business (2) Payor mix: (a)Excludes Fertility & International Business (b)Others in payor mi x r epresents Corporates and institution (3) ROCE is pre - IND AS and post allocation of corporate cost and excludes North Bangalore 4
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 923 1,108 Q3FY25 Q3FY26 70 6 Q3FY25 Q3FY26 80,024 84,208 Q3FY25 Q3FY26 68,108 73,388 Q3FY25 Q3FY26 5,450 6,180 Q3FY25 Q3FY26 5,586 6,331 Q3FY25 Q3FY26 Financial Highlights: Q3FY26 Note:(1) Normalized for ESOP and one -time expenses (2) Q3FY26 PAT (post Non controlling interest ) is normalized for one -time exceptional item pertaining to change in Gratuity from new Labor code (impact of ~INR 127mn; post effective tax impact of ~INR 100mn) (3) # IP patients Overall Revenue Adjusted Overall EBITDA1 Adjusted PAT (Post - IND AS)2 Revenue (excl. Fertility) Volumes3 (excl. Fertility) ARPP (excl. Fertility) +20% +8%+13% +5% +13% Q3FY26 PAT (post Non controlling interest) lower on account of higher depreciation and interest expense from growth investments / acquisitions and positive benefit in Q3 FY25 from corporate restructuring 17.5%16.5%Margin (%) 5
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 13% 13% 9MFY25 9MFY26 15,940 18,483 9MFY25 9MFY26 1,95,671 2,20,866 9MFY25 9MFY26 81,464 83,684 9MFY25 9MFY26 Overall Revenue Adjusted EBITDA1 ROCE3Adjusted PAT (Post - IND AS) 2 Financial Highlights: 9MFY26 Note: (1) Normalized for ESOP and one -time expenses (2) 9MFY26 PAT (post Non controlling interest) is normalized for one -time exceptional item pertaining to change in Gratuity from new Labor code (impa ct of ~INR 127mn; post effective tax impact of ~INR 100mn ); (3) RoCE is pre - IND AS and post allocation of corporate cost and excludes North Bangalore ; (4) # IP Patients +13%+16% +3% 16,377 18,931 9MFY25 9MFY26 371 216 9MFY25 9MFY26 2,893 3,458 9MFY25 9MFY26 +20%+15% 18.3%17.7%Margin (%) 6 Revenue (excl. Fertility) Volumes4 (excl. Fertility) ARPP (excl. Fertility)
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Medical Oncology 38% Radiation Oncology 15% Surgical Oncology 20% OP Onco services 17% Non Oncology 10% Cash + TPA 55% International 2% Government 33% Others 9% 9MFY26 Revenue Mix: By Specialty and Payor (1) OP services includes OPD consultation, diagnostics and pharmacy. (2) Payor mix excludes Fertility & International Business (3 ) Others in payor mix represents Corporates and institutions Payor Mix Specialty Mix 7
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 29,693 30,114 80,081 92,821 Q3FY25 Q3FY26 9MFY25 9MFY26 76,080 81,666 79,709 79,110 Q3FY25 Q3FY26 9MFY25 9MFY26 2,259 2,459 6,383 7,343 Q3FY25 Q3FY26 9MFY25 9MFY26 Region -wise Performance Update: South Q3FY26 Highlights: • Continued and robust YoY revenue growth of 9% in South cluster driven by COE in Bangalore and Vizag despite disruptions in Andhra Pradesh relating to state-sponsored scheme, which have been resolved in Q3 • Volume growth was impacted by the temporary disruptions in Andhra Pradesh • High-end MO work (Immunotherapy, CAR-T) at COE center and favorable payor mix with reduced scheme volumes in AP resulted in improving ARPP • New hospital in North Bangalore with total capacity of 120+ beds expected to operationalize by the end of Q4FY26 with new clinician hiring for the hospital largely completed Overall Volumes Overall ARPP Revenue (In INR Mn) (# of IP patients) Revenue Share % Bed share % 39% 40% Gulburga Hubli Shimonga Bangalore Chennai Vizag Vijaywada Ongole + 1% 9M FY26 9M FY26 8 + 16% -1%+ 7% + 15% + 9%
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Jaipur Ahmedabad Indore Baroda Bhavnagar Nashik Mumbai Nagpur Rajkot 45% 47% Region -wise Performance Update: West Q3FY26 Highlights: • Revenue grew at 17% YoY supported by strong patient inflows across hospitals in Gujarat and Maharashtra • Volume growth of 11% YoY driven by expanded capacity in Ahmedabad, clinician addition and focused sales and marketing efforts Revenue Share % Bed share % 27,386 30,289 83,021 90,187 Q3FY25 Q3FY26 9MFY25 9MFY26 89,067 93,827 88,688 93,862 Q3FY25 Q3FY26 9MFY25 9MFY26 2,439 2,842 7,363 8,465 Q3FY25 Q3FY26 9MFY25 9MFY26 Overall Volumes Overall ARPP Revenue (In INR Mn) (# of IP patients) 9M FY26 9M FY26 9 + 9% + 11% + 6%+ 5% + 15% + 17%
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 13% Ranchi Kolkata Cuttack 11% 89% 11% Region -wise Performance Update: East Q3FY26 Highlights: • Revenue grew at 13% YoY driven by strong patient inflow in Cuttack and Ranchi and continuous ramp up in Kolkata • Volume growth of 16% YoY on account of continuous market penetration • ARPP declined by 3% YoY owing to transition in Odisha state govt. scheme and case mix which was offset with volume growth • Cluster leadership strengthened with addition of new regional business head with 3 decades of experience in East India markets Revenue Share % Bed share % 9,792 11,326 29,437 32,647 Q3FY25 Q3FY26 9MFY25 9MFY26 65,509 63,693 64,598 65,256 Q3FY25 Q3FY26 9MFY25 9MFY26 9,792 11,326 29,437 32,647 Q3FY25 Q3FY26 9MFY25 9MFY26 Overall Volumes Overall ARPP Revenue (In INR Mn) (# of IP patients) 9M FY26 9M FY26 10 + 11% + 16% + 1%- 3% + 12% + 13%
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 136 151 437 448 Q3FY25 Q3FY26 9MFY25 9MFY26 111 157 292 544 Q3FY25 Q3FY26 9MFY25 9MFY26 Milann 5% Region -wise Performance Update: International and Milann Q3 FY26 Highlights: • Kenya Operations − Revenue growth of 42% YoY, driven by strong operating momentum and improving patient inflows and service mix, reflecting rising demand for oncology services • Milann − Revenue grew ~11% YoY, supported by steady demand across fertility services Revenue Share % 9M FY26 Nairobi Kenya International (Kenya) Milann Revenue (INR Mn) 11 + 87% + 42% + 2.5% + 11%
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 12 Capital Expenditure & Net Debt Net Debt (INR Mn) Capital Expenditure (INR Mn) Ongoing Capex (INR Mn) Regions 9MFY25 9MFY26 South 966 1,433 West 663 637 East 109 104 International and Milann 50 53 Total 1,788 2,227 Net Debt Items 31 st Dec 2025 30 th Sep 2025 Bank Debt (1) 8,617 8,549 Vendor Finance (2) 191 187 Other Debt 114 114 Less: Cash & Cash Equivalents (3) (1,193) (2,038) Net Debt 7,728 6,812 Capital Leases: Ind AS116 8,609 8,639 Net Debt (Incl. Leases) 16,337 15,451 Sr. No Particulars Capex incurred till 31 st December 2025 Total Planned Capex Expected Operational period 1 North Bangalore 692 1,290 Q4FY26 2 Whitefield (Extension of Bangalore - COE) 137 290 FY27 1. Bank debt: Net of Bank balance held as margin money of ~INR 241mn and investment in fixed deposits of ~INR 248mn (Margin money value reclassed to other deposit) as of 31st Dec 2025, margin money of ~INR 190mn and investment in fixed deposits of ~INR 406mn as of 30th Sep 2025. The unamortized portion of processing fees amounting to ~INR 58mn as of 31st Dec 2025 and ~INR 56mn as of 30th Sep 2025 netted off against Bank Debt 2. Vendor Finance; Includes Forex reinstatement of ~INR 9mn as of 31st Dec 2025 and ~INR 8mn as of 30th Sep 2025 3. Cash and cash equivalents: Includes investment in mutual funds of ~INR 22mn as at 30th Sep 2025 and ~INR 21mn as at 30th Sep 2025
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Q3 & 9MFY26 Consolidated Profit & Loss Account Profit and Loss (INR in Mn.) Q3FY25 Q3FY26 Y-o-Y 9MFY25 9MFY26 Y-o-Y Revenues from Operations 5,576 6,312 16,347 18,881 Income from Govt. Grant 10 19 30 49 Total Revenue from Operations 5,586 6,331 13% 16,377 18,931 15% Cost of Goods Sold (1,491) (1,766) (4,266) (5,156) Employee Cost (888) (942) (2,555) (2,847) Medical Consultancy Charges (1,225) (1,391) (3,525) (4,087) Other Expenses (1,058) (1,124) (3,139) (3,382) Adjusted EBITDA 923 1,108 20% 2,893 3,458 20% Adjusted EBITDA Margin (%) 16.5% 17.5% +98 bps 17.7% 18.3% + 60 bps One time cost (25) (12) (25) (38) ESOP’s (14) - (52) (14) Reported EBITDA 884 1,096 24% 2,816 3,407 21% Reported EBITDA Margin (%) 15.8% 17.3% +149 bps 17.2% 18.0% +81 bps Depreciation (565) (607) (1,533) (1,814) Other Income 46 25 246 119 EBIT 365 514 1,529 1,713 Finance Cost (407) (448) (1104) (1,339) Extraordinary Items (127) - (127) Share in Profit/(loss) in JV and Associates 9 (1) 9 9 Profit before Tax (33) (61) 433 257 Taxes & Non controlling interest 103 (33) (63) (141) Profit After Tax 70 (94) 371 116 PAT Margin (%) 1.2% (1.5)% 2.3% 0.6% Adj. Profit After Tax 70 6 371 216 Adj. PAT Margin (%) 1.2% 0.1% 2.3% 1.1% EPS (On reported PAT) 0.5 (0.7) 2.7 0.8 13
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 14 www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 14 HCG: India’s Leading Oncology Platform
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m A Unique Oncology Platform Redefining Comprehensive Cancer Care Treatment Underpinned by a personalized patient-centric approach, superior technology, and industry leading medical excellency Largest oncology-focused hospital chain with a pan-India network Focused approach and Tumor Board enabling effective cancer care Industry leading clinical outcomes with industry leading mortality rate of 0.9% Best-in-class medical talent pool with industry-leading retention Marquee leadership team and experienced management Note: (1) HCG in top 3 based on management estimates. (2) Excluding Chennai Deepest network across metros and non-metros; leading¹ positions in 16 of 19 cities² 15
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m 1,600 5,194 10,956 10,134 13,978 16,948 19,121 22,228 FY10 FY15 FY20 FY21 FY22 FY23 FY24 FY25 Adjusted EBITDA1 Revenue INR Mn 245 918 1,750 1,285 2,453 3,207 3,374 3,963 FY10 FY15 FY20 FY21 FY22 FY23 FY24 FY25 INR Mn Expansion Phase Consolidation Phase Sources: Company information; Notes: (1) EBITDA from FY20 is Post Ind -As 116 and adjusted. EBITDA is adjusted for ESOP costs and certain one -time costs CAGR 27% CAGR 16% CAGR ~15% Expansion Phase Consolidation Phase CAGR 30% CAGR 14% CAGR ~18% Proven Track Record of Successfully Delivering Profitable Growth Consistently 16
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m HCG is Positioned as the ‘Destination for Cancer Care’ with Superior Clinical and Non -clinical Expertise… Specifically available in Single Specialty. Not available / Outsourced at multi-specialty Genomics and Molecular diagnostics Digital PET Medical Oncology and Haemato- Oncology Radiation Oncology Surgical Oncology Molecular Imaging and Theranostics Preventive Oncology Psychological support Preventive Oncology Diagnostics Treatment Post Care Digital PET Digital Pathology Preventive Oncology Physical Examination Laboratory Tests Home Health Services Genomics CTC1 detection Patient Care Home Health Services Nutrition Rehab Genetic Counselling Endocrine Therapy Bone Marrow Transplant Pediatric Oncology Organ preservation & Reconstructive surgery Liver Transplant Psycho- oncology Immunotherapy Targeted Drug Therapy Iodine Therapy Robotic Surgery Radiation Chemotherapy Actinium and Lutetium therapy Psychological Support Preventive Oncology Note: (1) Circulating Tumor Cells 17
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m TRACK RECORD OF BEING 1st TO LAUNCH ADVANCED TECHNOLOGY IN INDIA Introducing organ-specific working committees – gastrointestinal, head & neck, breast, etc. for better data collection & analysis to improve patient outcome State-of-the-art Equipment in each modality Cyberknife, SRS/ SBRT Genomics Radixact AI- based RIS PACS Cyclotron FFF Technology Tomotherapy - H Ethos / Adaptive Radiation D I A G N O S T I C S R A D I O T H E R A P Y M E D I C A L / S U R G I C A L O N C O L O G Y Total PET CTs : 19 Total Robots: 8 Molecular / Genomics l ab Tomotherapy Digital Mammography Versa HD Skyra Tesla 3T for MRI Radixact Automated Breast Volume Scanner True Beam Digital PET Cyber Knife Digital CT Pathology MR-LINAC Total LINACs : 38 2013 2012 2009 2006 2022 2022 2018 2016 2026 MR-LINAC1 Bone Marrow Transplant Units Holo Lens Versius Robot Da Vinci Robot Note:(1) In new North Bangalore facility …including Cutting -edge Technology 18
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m Clinical Outcomes, Growth and Profitability Optimize Existing Network Invest in Growth Improve Network Efficiency Enhance Patient Experience A DCB 1. Build best-in-class talent → improve case mix 2. Focused marketing efforts to become provider of choice across payor types 3. Scale up international business 1. Brownfield expansion across key hospitals 2. Strengthen presence in existing markets 3. Enter identified and attractive markets which fit the expansion framework 1. Undertake prudent cost optimization initiatives 2. Focus on operating leverage to improve margins 3. Develop asset light adjacencies – Day care, Diagnostics etc. 1. Invest in upgrading existing infrastructure 2. Maintain leadership in medical technology 3. Leverage digital & tech to improve patient experience Prudent Capital Allocation Strategic Priorities 19
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m For updates and specific queries, please visit www.hcgoncology.com or contact: HealthCare Global Enterprises Limited investors@hcgoncology.com Mr. Anoop Poojari / Mr. Suraj Digawalekar CDR India anoop@cdr -india.com / suraj@cdr -india.com Tel: +91 98330 90434 / +91 98211 94418 About Us: HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is the largest provider of cancer care in India. Through its network of 22 comprehensive cancer centers across India and Africa, HCG has brought advanced cancer care to the doorstep of millions of people. HCG’s comprehensive cancer centers provide expertise and advanced technologies for the effective diagnosis and treatment of cancer under one roof. Under the “Milann” brand, HCG operates 7 fertility centers. CIN: L15200KA1998PLC023489 20
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www.hcgoncology.com w w w . h c g o n c o l o g y. c o m THANK YOU