1. At a Glance
India’s largest cancer care network with 22+ centers and counting. Healthcare Global (HCG) is serious about oncology, but investors are wondering — with a P/E of 181 and return ratios flirting with mediocrity, is this life-saving business also wealth-creating?
2. Introduction with Hook
If cancer had a nemesis in India, it would wear a white coat with “HCG” stitched on it. Picture this: a ₹2,200 crore annual revenue, 222 beds added in FY25, and a razor-sharp focus on oncology and fertility. Now imagine all of that… with barely a 5% ROE.
- CAGR Sales (3 yrs): 17%
- Net Profit (FY25): ₹49 Cr (flat-lining?)
This is a business where saving lives is easier than saving balance sheets.
3. Business Model (WTF Do They Even Do?)
HCG is a specialty hospital chain with two core verticals:
- Cancer Care (90%+ Revenue): Operates 22+ hospitals under the “HCG” brand across India, with highly specialized oncology infrastructure.
- Fertility (Milann): A chain of fertility clinics, contributing <10% to revenue but >50% of marketing buzz.
They offer radiation, surgical, and medical oncology — with some of the country’s most advanced LINAC and PET-CT technologies. But unlike
