Healthcare Global Enterprises Limited has successfully concluded its postal ballot process, with shareholders providing overwhelming approval for variations to the consultancy arrangement with Dr B.S. Ajaikumar. The company announced the results on January 22, 2026, following the completion of the e-voting process and scrutinizer's report.

Voting Results and Participation

The postal ballot, conducted exclusively through e-voting, demonstrated strong shareholder participation and support. The voting statistics reveal significant engagement across all shareholder categories:

The resolution received approval from 98.32% of the valid votes cast, with 10,15,52,724 shares voting in favor and 17,31,979 shares voting against the proposal.

E-Voting Process Details

The postal ballot process was conducted in accordance with Section 110 of the Companies Act, 2013, and related regulations. Key process parameters included:

The company sent the postal ballot notice exclusively via email to members whose email addresses were available, following MCA circulars related to COVID-19 guidelines. The voting was unblocked on January 21, 2026, at 5:00 PM for scrutiny.

Resolution Details and Approval

The ordinary resolution sought approval for variations to the consultancy arrangement with Dr B.S. Ajaikumar, in which the promoter and promoter group had declared interest. The resolution was categorized as an ordinary resolution requiring simple majority approval.

The scrutinizer's report, prepared by V. Sreedharan & Associates, confirmed the validity of the e-voting process and results. All votes cast through the electronic system were verified against the Register of Members and list of beneficiaries as of the cut-off date.

Regulatory Compliance and Documentation

The company has fulfilled all regulatory requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results have been communicated to both NSE and BSE, where the company's shares are listed under the symbols HCG and 539787 respectively.

The scrutinizer's report noted that 239 members initially participated in e-voting, with one abstention and minor adjustments resulting in 238 valid participants. Three members voted partially in favor and partially against the resolution, demonstrating the granular nature of the e-voting system.

Healthcare Global Enterprises Limited conducted a comprehensive virtual investor and analyst meet on December 4, 2025, where CEO Dr. Manish Mattoo presented the company's strategic roadmap for strengthening its position as India's leading cancer care platform.

Company Performance and Market Position

Healthcare Global Enterprises has established itself as India's largest cancer-focused oncology platform, operating 25 hospitals across 10 states and 19 cities. The company maintains leadership positions in 16 out of 19 markets where it operates, supported by comprehensive infrastructure spanning 2,500 beds and the country's largest LINAC installation base of 38 units.

The company's clinical excellence is demonstrated through its gross mortality rate of 0.90%, which represents one-half to one-third of multi-specialty peers' rates. This superior performance stems from HCG's specialized focus, comprehensive tumor board approach, and well-defined treatment protocols backed by over 400 experienced oncologists.

Strategic Framework and Growth Pillars

Dr. Mattoo outlined a comprehensive four-pillar strategy designed to drive sustainable growth and profitability. The strategy focuses on optimizing existing network capacity, pursuing strategic expansion opportunities, enhancing operational efficiency, and improving patient experience through digital transformation and infrastructure upgrades.

Network Optimization and Revenue Potential

The company has identified significant growth potential within its existing hospital network. Current operations represent approximately 50% to 60% of overall revenue potential at existing pricing levels, assuming optimal occupancy and utilization rates.

Cluster-Based Operational Structure

The company has transitioned from its previous established/emerging classification to a new region-based framework, organizing operations into three main clusters plus international operations:

South Cluster: 10 hospitals across Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh, delivering ₹875.00 crores revenue in FY2025 with 13% revenue CAGR since FY2020.

West Cluster: 11 hospitals across Maharashtra, MP, Gujarat, and Rajasthan, generating ₹990.00 crores revenue in FY2025 with 17% CAGR, representing 45% of overall revenue contribution.

East Cluster: 3 centers across Ranchi, Cuttack, and Calcutta, achieving ₹255.00 crores revenue in FY2025 with robust 26% revenue CAGR since FY2020.

International Operations: Kenya center delivered ₹43.00 crores revenue in FY2025, continuing strong momentum while feeding complex cases to Indian centers of excellence.

Financial Strength and Capital Allocation

Healthcare Global Enterprises has demonstrated strong financial discipline, reducing net debt to EBITDA ratio from 6.20x in FY2020 to 2.30x in FY2025. The company generated cumulative operating cash flow of ₹754.00 crores over the past five years, with healthy EBITDA to cash flow conversion of 72%.

The expansion strategy includes approximately 700 beds through brownfield expansion in key markets like Ahmedabad, Vizag, Baroda, and Cuttack, with 200-400 beds planned through greenfield expansion in identified markets including Pune, Surat, Varanasi, and Kanpur.

Leadership and Organizational Development

Dr. Mattoo, who brings extensive healthcare experience from Apollo Hospitals and Fortis Healthcare, has strengthened the leadership team with five senior appointments in critical functions. These include Head of Clinical Strategy, Chief Marketing Officer, CIO for digital transformation, Head of Investor Relations, and specialized heads for International Business and Domestic Sales.

Future Outlook and Performance Targets

The company expects to maintain revenue growth ahead of industry averages, targeting EBITDA growth faster than the historical 18% CAGR through operational leverage and efficiency improvements. Mature centers generating over ₹10.00 crores monthly revenue currently deliver 25% EBITDA margins pre-corporate costs and 27% ROCE, providing a benchmark for network-wide performance improvement.

The strategic vision positions Healthcare Global Enterprises to remain at the forefront of cancer care in India, combining scale, clinical excellence, and operational efficiency to create sustained value for all stakeholders while delivering superior patient outcomes.