HealthCare Global Enterprises (HCG) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue growth of 16.9% year-over-year in Q2FY26 and 16.8% in H1FY26, driven by both established and emerging centers.

• Adjusted EBITDA increased by 18.4% in Q2FY26 and 19.3% in H1FY26, with margin expansion.

• Profit after tax declined due to higher depreciation and interest expenses from recent growth investments and acquisitions.

• Board approved unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2025.

• Limited review reports issued with unmodified opinions for both standalone and consolidated results.

Financial highlights

• Consolidated revenue from operations for Q2 FY26: ₹64,516 lakhs, up from ₹55,247 lakhs in Q2 FY25.

• Q2FY26 revenue reached Rs 6,470 Mn, up 17.6% for HCG centers and 6.2% for Milann centers year-over-year.

• Adjusted EBITDA margin improved to 19.1% in Q2FY26 and 18.7% in H1FY26.

• PAT (post-IND AS) for Q2FY26 was Rs 163 Mn, down 9.6% year-over-year; H1FY26 PAT was Rs 210 Mn, down 30%.

• EPS (consolidated, basic): ₹1.16 for Q2 FY26, ₹1.29 for Q2 FY25.

Outlook and guidance

• Ongoing capex in North Bangalore and Whitefield expected to drive future growth, with new facilities operational in Q4 FY26 and FY27.

• Board approved investment of up to ₹700 lakhs in Cancer Care Kenya Limited, subject to regulatory approvals.

• Management recognized deferred tax credit of ₹960 lakhs in a subsidiary due to improved performance and future profit certainty.

• Continued focus on expanding capacity and improving operational metrics across centers.