Healthcare Global Enterprises financials and balance sheet

NSE: HCGBSE: 539787Healthcare ServicesSmall Cap

₹549.65₹1.00 (0.18%)BSE ₹550.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹550.65.

52-week range of traded prices to 23 Oct 2026

₹513.30Low, 30 Mar 2026₹804.65High, 24 Oct 2025

Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹8,206 Cr593rd largest listed
P/E: 360.2
P/E without one-offs: 121.8
P/B: 6.2
Dividend yield: Nonein the last 12 months
ROE: 2.0%
ROE without one-offs: 6.0%
ROCE: 9.6%
Debt to equity: 0.65
Volume, NSE: 1,11,09752.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Healthcare Global Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹2,545 Cr, year to Mar 2026A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 12.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,545
Materials and goods−692
Employee costs−379
Other expenses−1,009
Operating profit466
Depreciation−244
Other income+25
One-off items−45
Finance costs−177
Profit before tax25
Tax−4.1
Joint ventures+1.5
Net profit23

What the company owns

Plant, investments and other assets₹2,901 Cr
Cash and bank₹541 Cr
Receivables₹421 Cr
Inventory₹60 Cr

What pays for it: net worth and liabilities

Net worth₹1,410 Cr
Other liabilities₹1,251 Cr
Borrowings₹910 Cr
Owed to suppliers₹351 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Healthcare Global Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 29 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 Aug	Mar 2024Filed 11 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 19 May
Revenue from operations	700	831	976	1,096	1,013	1,398	1,694	1,912	2,223	2,545
	595	712	853	923	887	1,160	1,396	1,583	1,836	2,080
Materials and goods bought	176	190	219	240	240	355	424	475	581	692
Employee costs	–	–	185	208	196	234	275	308	353	379
Other expenses	–	–	450	476	451	571	697	799	901	1,009
Operating profit before depreciation	105	119	123	172	127	238	299	330	387	466
Operating margin	15.0%	14.3%	12.6%	15.7%	12.5%	17.0%	17.6%	17.2%	17.4%	18.3%
Materials, % of revenue	–	–	22.4%	21.9%	23.7%	25.4%	25.0%	24.9%	26.1%	27.2%
Employee costs, % of revenue	–	–	18.9%	19.0%	19.3%	16.7%	16.2%	16.1%	15.9%	14.9%
Other expenses, % of revenue	–	–	46.1%	43.4%	44.5%	40.9%	41.1%	41.8%	40.6%	39.6%
Depreciation and amortisation	57	71	85	148	159	158	163	174	211	244
Operating profit after depreciation	48	47	37	24	−33	80	135	155	176	222
Other income	10	13	10	7	17	13	13	17	35	25
Finance costs	23	42	70	138	119	98	104	109	155	177
Profit before one-off items and tax	35	18	−22	−107	−135	−5	45	63	56	70
One-off items	0	11	0	0	−93	95	0	4	0	−45
Profit before tax	35	29	−22	−107	−228	89	45	67	56	25
	12	10	−3	6	−8	49	27	26	8	4
Current tax	3	14	−1	2	5	24	15	34	29	20
Deferred tax	9	−3	−1	4	−12	25	12	−8	−21	−16
Share of profit of joint ventures and associates	–	−1	−11	−12	0	−1	0	0	1	1
	23	17	−31	−125	−221	39	18	41	49	23
Belonging to the company's shareholders	23	–	−25	−107	−193	54	29	48	44	14
Belonging to outside owners of subsidiaries	–	–	−6	−19	−28	−15	−12	−7	4	9
Other comprehensive income	–	–	−3	0	1	−2	−1	0	2	5
Total comprehensive income	–	–	−34	−125	−221	37	16	41	51	27
Net margin	3.3%	2.0%	−3.2%	−11.4%	−21.8%	2.8%	1.0%	2.2%	2.2%	0.9%
Net margin without joint ventures and associates	–	2.2%	−2.0%	−10.3%	−21.8%	2.9%	1.0%	2.1%	2.2%	0.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 29 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 Aug	Mar 2024Filed 11 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 19 May
	592	420	714	884	869	865	990	1,410
	546	381	697	870	861	826	922	1,332
Share capital	88	89	125	139	139	139	139	149
Reserves	458	293	572	731	721	686	783	1,183
Belonging to outside owners of subsidiaries	46	39	17	13	9	39	68	78
	567	1,254	919	408	399	673	1,002	910
Repayable after a year	517	1,139	815	363	362	485	605	599
Repayable within a year	50	115	104	45	38	187	398	311
	547	576	465	470	570	744	1,046	983
Trade payables	182	154	146	194	248	281	334	351
Other financial liabilities	276	265	143	135	189	206	256	255
Other liabilities	32	30	63	79	76	48	37	39
Provisions	7	9	10	17	17	18	19	23
Tax owed	0	2	0	1	2	2	3	4
	584	1,258	856	866	876	1,099	1,507	1,495
Other financial liabilities	23	62	0	466	453	559	775	830
Other liabilities	35	42	28	26	36	33	102	38
Provisions	6	7	9	11	13	16	21	25
Deferred tax	4	7	4	1	12	6	4	2
Liabilities going with businesses held for sale	–	–	–	–	–	–	–	34
	1,723	2,253	2,036	2,220	2,316	2,708	3,543	3,923
Held for sale or for a demerger	–	–	–	–	–	–	–	67
	1,395	1,949	1,558	1,717	1,736	2,028	2,699	2,787
Plant in use, after depreciation	852	1,505	1,265	1,336	1,353	1,505	1,963	2,041
Plant being built	153	46	30	22	18	83	25	19
Intangible assets	9	32	21	30	19	30	49	33
Goodwill	109	109	96	181	181	223	430	388
Investments	11	7	6	6	7	7	7	7
Stakes in joint ventures and associates	38	27	21	3	3	3	4	7
Loans given	37	52	45	0	0	0	0	0
Other financial assets	91	22	17	55	54	49	70	190
Deferred tax	27	26	34	6	5	7	25	40
Other assets	68	123	23	79	95	120	126	64
	328	304	478	502	580	680	844	1,069
Inventories	27	23	21	30	38	43	53	60
Trade receivables	157	186	187	217	303	294	401	421
Cash and cash equivalents	21	32	30	198	175	273	236	536
Other bank balances	0	0	11	0	22	30	112	5
Loans given	14	5	9	2	2	2	3	3
Other financial assets	24	27	155	34	7	7	5	11
Tax paid in advance	55	0	43	0	0	0	–	0
Other assets	30	30	22	22	34	31	35	32
Net debt	546	1,222	878	210	203	370	655	369

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 Aug	Mar 2024Filed 11 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 19 May
	121	220	252	285	317	347
	83	244	274	332	349	379
	−43	5	−61	−5	−66	−43
Receivables	−8	−25	−94	−5	−80	−43
Inventories	2	−6	−8	−4	−10	−9
Payables	−53	44	56	10	30	2
Other working capital	16	−8	−15	−5	−6	7
Tax paid	38	−24	−23	−47	−32	−32
Capital spending	35	71	133	186	209	292
Free cash flow	85	149	118	99	108	55
	−171	125	−133	−226	−488	−177
Plant and property sold	0	1	8	2	2	4
Companies bought	0	−117	0	−49	−197	0
Interest received	7	14	7	8	9	12
	112	−155	−140	−64	−42	241
Borrowings raised	72	170	55	290	222	129
Borrowings repaid	−263	−280	−63	−151	−78	−119
Interest paid	−113	−40	−48	−66	−76	−83
Lease payments	−15	−85	0	0	−108	−131
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	519	132	1	2	2	444
Net change in cash	62	190	−22	−5	−213	410

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 29 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 Aug	Mar 2024Filed 11 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 19 May
Earnings per share	₹2.69	₹2.38	−₹2.82	−₹12.05	−₹17.02	₹4.14	₹2.11	₹3.46	₹3.19	₹0.97
Diluted earnings per share	₹2.69	₹2.38	−₹2.82	−₹12.05	−₹17.02	₹3.97	₹2.10	₹3.43	₹3.14	₹0.96
Book value per share	–	–	₹62.11	₹42.99	₹55.61	₹62.61	₹61.86	₹59.28	₹66.17	₹92.56
Shareholder yield	–	–	–	–	−21.8%	−3.5%	0.0%	0.0%	0.0%	−5.7%
Market cap at the year end (₹ crore)	1,952	2,512	1,934	657	2,388	3,751	3,650	4,706	7,557	7,841

Ratios

Consolidated, years to March.Healthcare Global Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 29 Jul	Mar 2021Filed 18 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 Aug	Mar 2024Filed 11 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 19 May
Revenue growth	20.3%	18.7%	17.5%	12.3%	−7.5%	37.9%	21.2%	12.8%	16.3%	14.5%
Operating profit growth	17.1%	13.2%	3.1%	40.5%	−26.5%	88.0%	25.5%	10.3%	17.5%	20.3%
Net profit growth	1,758.1%	−26.5%	–	–	–	–	−54.7%	134.5%	18.2%	−53.3%
Earnings per share growth	–	−11.5%	–	–	–	–	−49.0%	63.8%	−7.7%	−69.6%
	–	–	−4.5%	−23.0%	−35.9%	6.9%	3.4%	5.7%	5.1%	1.2%
	–	–	–	−18.5 pts	−12.9 pts	42.7 pts	−3.5 pts	2.3 pts	−0.6 pts	−3.9 pts
From the net margin	–	–	–	−12.9 pts	−22.1 pts	43.1 pts	−3.8 pts	1.5 pts	−1.2 pts	−3.7 pts
From asset turnover	–	–	–	0.5 pts	6.4 pts	2.8 pts	0.4 pts	0.1 pts	−0.3 pts	−0.1 pts
From borrowing	–	–	–	−6.1 pts	2.8 pts	−3.2 pts	−0.1 pts	0.7 pts	0.8 pts	−0.1 pts
Return on capital employed	–	–	3.2%	1.4%	−2.0%	6.2%	10.7%	10.1%	8.8%	9.6%
Cash conversion	–	–	–	–	–	565.6%	1,427.8%	688.7%	649.4%	1,523.7%
Interest cover	2.1	1.1	0.5	0.2	–	0.8	1.3	1.4	1.1	1.3
Debt to equity	–	–	0.96	2.99	1.29	0.46	0.46	0.78	1.01	0.65
Receivable days	–	–	59	62	67	57	65	56	66	60
Inventory days	–	–	45	35	32	31	33	33	33	32
Payable days	–	–	303	234	221	199	214	216	210	185
Cash conversion cycle, days	–	–	−200	−136	−122	−112	−116	−127	−111	−93
Working capital days	–	–	−71	−63	27	−31	−32	−34	−25	−21
Asset turnover	–	–	0.57	0.55	0.47	0.66	0.75	0.76	0.71	0.68
Assets per rupee of net worth	–	–	3.16	4.29	3.98	2.71	2.62	2.98	3.58	3.31
Sales per rupee of plant	–	–	1.15	0.73	0.80	1.05	1.25	1.27	1.13	1.25
Capital spending to depreciation	–	–	–	–	0.22	0.45	0.82	1.06	0.99	1.20
Plant being built, % of plant in use	–	–	17.9%	3.1%	2.4%	1.6%	1.3%	5.5%	1.3%	0.9%

Interest cover is left blank for the year to Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.4%
Cash from operations against operating profit: 74.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.9%	20.2%	14.5%
Profit growth, yearly rate	27.2%	–	−22.3%
Return on equity, average	–	4.5%	4.0%
Return on capital employed, average	–	9.1%	9.5%
Operating margin, average	15.8%	17.5%	17.7%
Net margin, average	−2.2%	1.8%	1.8%
Asset turnover, average	–	0.71	0.72
Cash conversion cycle, days, average	–	−112	−110
Interest cover, average	1.1	1.2	1.3
Debt to equity, average	–	0.67	0.81

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,421	949	347
Cash from investing	−899	−891	−177
Cash from financing	−161	134	241
Capital spending	891	687	292
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	581	448	444
Borrowings raised	866	641	129
Borrowings repaid	691	348	119

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	7	6	6	5	5
Altman Z-scorePublished threshold 1.81	–	–	1.90	0.78	1.81	3.07	2.90	2.78	2.84	3.14
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.32	−2.41	−2.67	−2.92	−2.51	−2.76
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.95	−14.37	−4.45	−0.70	7.02	−3.93
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	7.73	7.92	8.40
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	6.08	8.01	−21.40	17.89	−15.65	20.10	−9.57
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−22.82	−9.43	−5.71	8.27	−0.67	2.13	−6.41
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−4.76	16.02	−11.73	−0.87	−0.16	0.06	0.17
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.06	–	0.09	0.10	0.25	0.04	0.06
Effective tax ratePublished threshold 17.16 per cent	33.85	35.83	–	–	–	54.76	60.70	39.21	14.47	16.26
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	28.19	10.09	−31.13	−42.27	−108.72

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Mar 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1Review, Re-affirm		75.25
25 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]A+Review, Re-affirm	Stable	264.60
25 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]A+Review, Re-affirm	Stable	402.29
25 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]A+ /[ICRA]A1Review, Re-affirm	Stable	33.87
7 Jan 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT-Bank Guarantee	CARE A+Review, Re-affirm	Stable	34.38
7 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A+Review, Re-affirm	Stable	424.06
7 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE A+Review, Re-affirm	Stable	154.80
7 Jan 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Letter of Credit	CARE A+Review, Re-affirm	Stable	2

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.