• The company is engaged in providing specialty healthcare in India with focus on cancer, fertility, and other tertiary care.
• The company marked growth in its top lines for the reported periods, but 9M-FY26 hints at pressure on margins.
• It is operating in a highly competitive and fragmented segment.
• Based on its recent financial data and market trades, the RI appears aggressively priced.
• Well-informed investors may park moderate funds for long term.
ABOUT COMPANY:
HealthCare Global Enterprises Ltd., (HGEL) is a provider of specialty healthcare in India focused on cancer, fertility and other tertiary care. As of March 31, 2025, its HCG network consisted of 22 comprehensive cancer centres, six fertility centres, one advanced oncology diagnostics reference laboratory and four multi-specialty hospitals (includes HCG Hospital Bhavnagar) across 10 states and 19 cities in India.
Each of its comprehensive cancer centres offers, at a single location, comprehensive cancer diagnosis and treatment services (including radiation, medical oncology and surgical treatments). Each of its fertility centres provide assisted reproductive technology (ART), reproductive endocrinology, ovarian biology, reproductive immunology and genetics related services. Company’s advanced oncology diagnostics reference laboratory offers a comprehensive portfolio of laboratory services ranging from routine investigations to highly specialized molecular and genetic assays, enabling clinicians to access the entire spectrum of advanced diagnostics under one roof. Its multi-specialty hospitals offer advanced tertiary care across a wide spectrum of medical disciplines. The offer document is silent on its employees’ strength data.
ISSUE DETAILS:
The company is coming out with Rights Issue (RI) of 8294566 equity shares of Rs. 10 each at a fixed price of Rs. 512.00 per share to mobilize Rs. 424.68 cr. The RI opens for subscription on March 11, 2026, and will close on March 25, 2026. The company is offering RI in the ratio of 1 for 17 to its eligible stakeholders as of the record date of March 02, 2026. The company is asking for full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 5.07 cr. for this RI process, and from the net proceeds, it will utilize Rs. 170.00 cr. for repayment/prepayment of certain out-standings, Rs. 154.04 cr. for part payment of consideration for acquisition of 34% additional stake in equity share capital of Vizag Hospital and Cancer Research Center Pvt. Ltd. (one of the existing subsidiaries), and Rs. 95.57 cr. for general corporate purposes.
The RI is solely lead managed by the company itself., and KFin Technologies Ltd. is the registrar to the issue. Ambit Pvt. Ltd. is the advisor to the issue.
Post-RI, company’s current paid-up equity capital of Rs. 141.00 cr. will stand enhanced to Rs. 149.30 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 7644.27 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit, of Rs. 1929.06 cr. / Rs. 41.32 cr. (FY24), Rs. 2257.66 cr. / Rs. 48.83 cr. (FY25). For 9M of FY26 ended on December 31, 2025, it posted a net profit of Rs. 18.74 cr. on a total income of Rs. 1905.00 cr. Its NAV stood at Rs. 65.29 as of September 30, 2025.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will adopt a prudent dividend policy, based on its financial performance and future prospects. The offer document is silent on its dividend policy.
SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 539787 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 575.70 on February 27, 2026, and opened on an ex-right basis at Rs. 549.80 on March 02, 2026. Since then, it has marked a high/low of Rs. 574.55 / Rs. 535.05. The scrip last closed at Rs. 556.55 as of March 06, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 799.47 / Rs. 489.35.
The promoters’ holding has been around 63.77% for the last two quarters ended December 31, 2025. The counter is currently well managed by vested interests and traded above the RI price, to tempt investors.
Review By Dilip Davda on March 8, 2026
Dilip Davda is a veteran financial journalist associated with the Indian stock market since 1978. He has been contributing to print and electronic media on capital markets, insurance, and finance since 1985.
He is widely recognized for reviewing public issues and non-convertible debentures (NCDs) in the primary market. Drawing on over three decades of market experience and close interaction with merchant bankers, his reviews focus on detailed fundamental and financial analysis of companies, with a special emphasis on SME public issues.
Dilip Davda
SEBI Registered Research Analyst – Mumbai
Registration No.: INH000003127 (Perpetual)
Email: dilip_davda@rediffmail.com
Disclaimer: The information provided herein is solely for educational and informational purposes and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. Readers are advised to consult a qualified financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. The author does not intend to invest in the securities discussed.
