Healthcare global enterprises sees strong revenue growth despite profit dip

Healthcare Global Enterprises (HCG) reported a 16.9% year-over-year increase in revenue for Q2 FY26, reaching INR 6,470 Mn, with adjusted EBITDA growing 18.4% to INR 1,233 Mn. For the first half of FY26, revenue rose 16.8% to INR 12,601 Mn, and adjusted EBITDA increased 19.3% to INR 2,352 Mn. Profit after tax for Q2 FY26 decreased by 9.6% to INR 163 Mn, and for H1 FY26, it fell 30.0% to INR 210 Mn, attributed to higher depreciation and interest expenses from growth investments.

Operational highlights include a 23% increase in OPD volumes and a 66% in-patient bed occupancy in Q2 FY26. Established centers saw revenue growth of 17.5% in Q2 FY26, while emerging centers achieved 18.3% revenue growth. The overall average revenue per operating bed (ARPOB) grew 0.5% year-over-year to INR 44,355 in Q2 FY26.

Milann, HCG's fertility brand, experienced a 3.8% decline in new registrations and a 28.4% drop in IVF cycles in Q2 FY26, resulting in a 6.2% decrease in revenues to INR 148 Mn. HCG's net debt (including leases) stood at INR 15,460 Mn as of September 30, 2025.