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.

Healthcare Global Enterprises Limited (HCG), India's largest provider of cancer care, recently held a virtual investor and analyst meet to outline its business strategy and long-term growth plans. The company, which currently operates 25 comprehensive cancer centers across India and Africa, has set forth an ambitious expansion roadmap that aligns with its strong financial performance.

Expansion Strategy

HCG's growth strategy for the next five years includes:

• Adding 1,000 beds to its network
• Installing 10 new Linear Accelerators (LINACs)
• Targeting revenue growth above industry rates

This expansion plan is expected to significantly enhance HCG's capacity to provide advanced cancer care across its markets.

Financial Performance

The company's expansion plans are backed by a robust financial position, as evidenced by its latest balance sheet data:

The substantial growth in total assets and fixed assets over the past year and five-year period indicates HCG's consistent investment in infrastructure and capabilities. This aligns well with the company's announced expansion plans.

Market Position and Future Outlook

As the largest cancer care provider in India, HCG is well-positioned to capitalize on the growing demand for specialized healthcare services. The company's focus on comprehensive cancer centers, coupled with its presence in both India and Africa, provides a strong foundation for future growth.

The planned addition of 1,000 beds and 10 LINACs over the next five years demonstrates HCG's commitment to expanding its reach and enhancing its treatment capabilities. This expansion may strengthen HCG's market leadership and potentially increase its market share in the oncology care segment.

Investor Implications

For investors, HCG's growth plans and strong financial performance present an interesting opportunity:

1. Expansion-Driven Growth: The addition of new beds and advanced equipment is likely to drive revenue growth in the coming years.
2. Market Leadership: HCG's position as the largest cancer care provider in India gives it a competitive advantage in a growing healthcare market.
3. Financial Stability: The company's robust balance sheet, with significant growth in assets and equity, suggests financial stability to support its expansion plans.

However, investors should also consider potential risks such as execution challenges in rapid expansion and the capital-intensive nature of healthcare infrastructure investments.

In conclusion, HCG's ambitious expansion plans, coupled with its strong financial performance, position the company for potential growth in the specialized healthcare sector. As the company executes its strategy, it will be crucial to monitor its ability to maintain profitability while expanding its footprint in the competitive healthcare landscape.