HCG Q3FY26 Results: Revenue Grows 13% to ₹6.33B, EBITDA Jumps 20% to ₹1.11B
Healthcare Global Enterprises reported robust Q3FY26 performance with revenue growing 13% to ₹6.33 billion and adjusted EBITDA increasing 20% to ₹1.11 billion, driven by strong performance across West, South, and East clusters. Despite operational strength and margin expansion to 17.5%, the company posted a net loss of ₹94 million due to higher depreciation, interest expenses from growth investments, and exceptional items.
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Healthcare Global Enterprises has released its Q3FY26 financial results through an investor presentation, demonstrating robust operational performance with strong revenue growth and significant EBITDA expansion across its pan-India oncology network. The company achieved broad-based growth across all three key clusters while maintaining margin expansion despite reporting a net loss.
Financial Performance Overview
The company delivered strong financial metrics in Q3FY26, with revenue reaching ₹6.33 billion compared to ₹5.59 billion in Q3FY25, representing growth of 13% year-on-year. Adjusted EBITDA performance was particularly impressive, growing 20% to ₹1.11 billion from ₹923 million in the corresponding quarter of the previous year.
| Financial Metric | Q3FY26 | Q3FY25 | Change |
|---|---|---|---|
| Total Revenue | ₹6.33 billion | ₹5.59 billion | +13% |
| Adjusted EBITDA | ₹1.11 billion | ₹923 million | +20% |
| Adjusted EBITDA Margin | 17.5% | 16.5% | +98 bps |
| Revenue (excl. Fertility) | ₹6.18 billion | ₹5.45 billion | +13% |
| Volumes (excl. Fertility) | 73,388 patients | 68,108 patients | +8% |
| ARPP (excl. Fertility) | ₹84,208 | ₹80,024 | +5% |
Regional Performance Highlights
Healthcare Global Enterprises achieved broad-based growth across its three key regional clusters during Q3FY26. The West cluster, representing 45% of revenue, delivered the strongest performance with 17% year-on-year revenue growth supported by strong volumes across all hospitals including the ramp-up of the expanded hospital in Ahmedabad.
| Region | Revenue Share | Q3FY26 Revenue Growth | Key Highlights |
|---|---|---|---|
| West Cluster | 45% | +17% YoY | Strong patient inflows across Gujarat and Maharashtra |
| South Cluster | 39% | +9% YoY | Momentum in Bangalore COE and Vizag despite AP disruptions |
| East Cluster | 11% | +13% YoY | Strong performance in Cuttack and Ranchi |
| International | 2% | +42% YoY | Kenya operations showing strong momentum |
Nine-Month Performance and Operational Metrics
For the nine months ended December 2025, Healthcare Global Enterprises reported revenue of ₹18.93 billion compared to ₹16.38 billion in the corresponding period of the previous year, reflecting growth of 15%. The company's adjusted EBITDA for nine months reached ₹3.46 billion, up 20% from ₹2.89 billion in the previous year, with margins expanding to 18.3% from 17.7%.
Strategic Developments and Leadership Strengthening
The company has completed senior leadership augmentation across key functions including marketing, domestic sales, international business, finance, technology, and clinical strategy. Healthcare Global Enterprises is also advancing its North Bangalore Greenfield Hospital project, which will be the first in Bangalore to offer MR-LINAC technology, with operations expected to commence by the end of Q4FY26.
Profitability and Net Loss Position
Despite strong operational performance, Healthcare Global Enterprises reported a consolidated net loss of ₹94 million in Q3FY26 compared to a profit of ₹70 million in Q3FY25. The company noted that Q3FY26 PAT was impacted by higher depreciation and interest expenses from growth investments and acquisitions, along with an exceptional item of ₹127 million related to changes in gratuity provisions under new labor codes.
