Healthcare Global Enterprises Ltd. · NSE:HCG
Healthcare Global Enterprises — Investor Presentation (December 2025)
48 slides from Healthcare Global Enterprises's investor presentation, Dec 4, 2025
Slide 1: Cover letter to stock exchanges: Investor Presentation
December 04, 2025 National Stock Exchange of India Limited, BSE Limited, Compliance Department, Compliance Department, Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai - 400051, Dalal Street, Mumbai - 400001, Maharashtra, India Maharashtra, India Dear Sir/Madam,
Slide 2: Healthcare Global Enterprises Limited Investor Presentation
HEALTHCARE GLOBAL ENTERPRISES LIMITED INVESTOR PRESENTATION December 20251 w w w . h c g o n c o l o g y. c o m
Slide 3: A Unique Oncology Platform Redefining Comprehensive Cancer Care Treatment
A Unique Oncology Platform Redefining Comprehensive Cancer Care Treatment Largest oncology-focused hospital chain Best-in-class medical talent pool with with a pan-India network industry-leading retention Deepest network across metros and Focused approach and non-metros; leading¹ positions in Tumor
Slide 4: Largest Pan-India Oncology Focused Hospital Chain
Largest Pan-India Oncology Focused Hospital Chain Largest Geographical Reach… 10 19 Number of Number of states covered1 cities covered1 Jaipur 25 16/19 Ahmedabad No. of Leading Indore Ranchi Kolkata hospitals3 positions2 Rajkot Baroda Bhavnagar Nagpur Cuttack Nashik …With Leading Treatment Infrastru
Slide 5: Proven Profitable Expansion Track Record
Proven Profitable Expansion Track Record FY10 FY15 FY20 FY25 • Continued with high capital • Expanding footprint outside of Karnataka deployment • Consolidation phase with Largest Phase focus on operational and • Established partnership models to enter new markets • Shift from partnership model to o
Slide 6: KKR: Committed to Support HCG
KKR: Committed to Support HCG Select India Healthcare Investments KKR is a global investment firm with a culture deeply rooted in the pursuit of excellence and shared success with our clients, our companies, and our Leading multi- Leading Leading provider of Leading global specialty hospital pharmac
Slide 7: CEO's Message
CEO’s Message “ “HCG today stands at an exciting inflection point. With a strong platform, a clear vision, and a committed team, we are well-positioned to capture the opportunities ahead and to continue delivering on our promise of transforming cancer care in India. As we prepare for the next stage,
Slide 8: Cancer Care in India
Cancer Care in India 7 w w w . h c g o n c o l o g y. c o m
Slide 9: Cancer Care in India is Underpenetrated
Cancer Care in India is Underpenetrated... Under-coverage of Population Under-reporting of Incidences x% % incidents reported 91% 73% 89% 5,500 4,000 57% 3,000 38% 1,700 10% USA UK China India 2020 2030 Population coverage by national cancer registries Reported Incidences ('000s) Real Incidences ('0
Slide 10: ...and Underserved
...and Underserved Cancer Diagnosis Equipment is Significantly lower than Developed Markets Significant Demand Supply Gap in Oncology Specific Infrastructure & Workforce • Only 175 of 500+ districts covering 40% - 45% of population have CCC 1.3x 6.2 • 40% of CCC are concentrated in metros/ state cap
Slide 11: Oncology is One of the Fastest Growing Specialties in India
Oncology is One of the Fastest Growing Specialties in India India Oncology Market Growth Fueled by Increasing Patient Volumes ~9-10% 13-14% 2.3% Affordability and access Realization including 10-11%1 ~4% case mix 4.0% Risk factors and secondary cases 9-10% Volume 1.7% Demographic changes 1.8% Popula
Slide 12: A Focused Approach to Oncology for Superior Patient Outcomes
A Focused Approach to Oncology for Superior Patient Outcomes 11 w w w . h c g o n c o l o g y. c o m
Slide 13: Focused Approach is Critical for Quality of Life and Leads to Superior Patient Outcomes
Focused Approach is Critical for Quality of Life and Leads to Superior Patient Outcomes Solutions available only at Cancer has Unique Challenges that HCG’s Focused Approach for Comprehensive Cancer Care Requires a Specialist Approach Most Effective CCC (CCC) Centres Chronic, recurring, complex and E
Slide 14: Global Case Studies Reinforce the Need for Single Specialty Cancer Hospitals
Global Case Studies and Research Reinforces the Need to Create Single Specialty Hospitals for Cancer Care Objective of independently focusing Leading Global Cancer Announced collaboration with Beth Israel Terminated partnership with Brigham and on cancer care rather than operating Hospital #1
Slide 15: ~90% Doctors Prefer Referring Cancer Patients to Single-Speciality Centres
~90% Doctors Prefer Referring Cancer Patients to Single- Speciality Centres vs. Other Formats Q: Do you prefer referring to multi-specialty Centres vs oncology focused specialized Centre No. of responses - 82 89% 11% Oncology focused Multi speciality Q: Reasons for selecting oncology focused special
Slide 16: HCG: India's Leading Oncology Platform
HCG: India’s Leading Oncology Platform 15 w w w . h c g o n c o l o g y. c o m
Slide 17: HCG is at the Forefront of the Battle against Cancer
HCG is at the Forefront of the Battle against Cancer VISION MISSION Adding life to years by redefining To be an acclaimed healthcare institution healthcare through global in pursuit of medical excellence through innovation value-based medicine VALUES Quality Collaboration Innovation Integrity Leader
Slide 18: Destination for Cancer Care with Superior Clinical and Non-clinical Expertise
HCG is Positioned as the ‘Destination for Cancer Care’ with Superior Clinical and Non-clinical Expertise… Diagnostics Treatment Post Care Genomics and Digital PET Preventive Medical Oncology Radiation Oncology Surgical Molecular Imaging Psychological Preventive Molecular Oncology and Haemato- Oncolo
Slide 19: Including Cutting-edge Technology
…including Cutting-edge Technology TRACK RECORD OF BEING 1st TO LAUNCH State-of-the-art Equipment in each modality ADVANCED TECHNOLOGY IN INDIA DIAGNOSTICS Total PET CTs : 19 2026 MR-LINAC1 AI- based 2022 RIS PACS Digital PET Digital CT Automated Digital Skyra Tesla 3T Molecular / Pathology Breast V
Slide 20: Tumor Board approach
“Tumor Board approach” – Pioneer in scientific discourse-led innovation with right case selection and learning methodology Spearheaded by Dr. Ajai, who also heads IRC1 of 30+ 17+ years of nation-wide Supplemented by multiple oncologists for Investigator Initiated Research Studies Tumor Boards held w
Slide 21: Unwavering Focus on Improving Mortality and Enhancing Quality of Life
Unwavering Focus on Improving Mortality and Enhancing Quality of Life Well researched strategy to minimize disease recurrence Mortality Rate reduced from 3.4% in 2016 to 0.9% in 2025 Comprehensive Approach • Genomics Driven • Molecular Histopathologic Examination 4x 74% • PET CT Scans Increase in #
Slide 22: Better Clinical Outcomes Compared to Leading Int'l Cancer Focused Peers
HCG has Been Able to Achieve Better Clinical Outcomes Compared to Leading Int’l Cancer Focused Peers Treatment Administered And Outcomes – HCG VS. a Leading Global Cancer Hospital COVERAGE BY HARVARD Outcome: 5-year Survival GLOBALLY COMPARABLE OUTCOMES Survival Rate N=729 N=2,451 TNBC Non-TNBC 65.0
Slide 23: Select Cases of Clinical Excellence through Rare and Complex Treatments
Select cases of Clinical Excellence through Rare and Complex Treatments with Industry Leading Technology • 28-months old infant with a rare 11x10 cm Fibrosarcoma • 47-year old male with post-resection thymic squamous cell Case • Functional compromise of the right forearm and a rapidly carcinoma (SCC
Slide 24: Experienced Board of Directors Bringing Diverse Functional Expertise
Experienced Board of Directors Bringing Diverse Functional Expertise Dr. BS Ajai Kumar Geeta Mathur Founder and Non-Executive Chairman Non-Executive Independent Director Visionary and key driving force of HCG, with an aim to make advanced cancer Experienced finance professional, serving on Boards of
Slide 25: Strong Management Team Focused on Clinical Outcomes, Profitable Growth and Capital Efficiency
Strong Management Team Focused on Clinical Outcomes, Profitable Growth and Capital Efficiency Dr Manish Mattoo CEO 22+ Regional Business Heads In Process Identified S Bhattchrjee Identified CFO IR Head Group Head Head Clinical Strategy Dr. Bharat Gadhavi Exp Joining Date Medical Services Exp Joining
Slide 26: HCG is the Market Leader with Leading Cancer Care Coverage and Operational Capacity
HCG is the Market Leader with Leading Cancer Care Coverage and Operational Capacity Number of 38 13 6 16 20 12 12 6 12 4 7 LINACs # of oncologists ~400+ ~230 ~50 ~90 ~300 ~150 ~130 ~70 ~140 ~70 ~70 Oncology revenue (INR Mn – FY25) ~19,300 SS Peer 1 SS Peer 2 SS Peer 3 MS Peer 1 MS Peer 2 MS Peer 3 M
Slide 27: Proven Track Record of Successfully Delivering Profitable Growth Consistently
Proven Track Record of Successfully Delivering Profitable Growth Consistently Revenue INR Mn Expansion Phase Consolidation Phase CAGR ~15% 22,228 19,121 16,948 CAGR 16% 13,978 CAGR 27% 10,956 10,134 5,194 1,600 FY10 FY15 FY20 FY21 FY22 FY23 FY24 FY25 Adjusted EBITDA1 INR Mn Expansion Phase Consolida
Slide 28: New Business Segments and Metrics
New Business Segments and Metrics Business Segments Key Operating Metrics LINAC Established - Emerging Occupancy ARPOB Utilization Current × Most centers have moved to established category × Multiple metrics making volume, capacity and realization confusing Reporting × Diffuses regional nuances and
Slide 29: Region-wise Business Snapshot: South
Region-wise Business Snapshot: South (# of patients) Revenue Share % CAGR 11% 1,13,280 Overall 67,146 Vizag Gulburga 39% Volumes Vijaywada Hubli Ongole FY20 FY25 Shimonga Bangalore Bed share % (In INR) CAGR 2% Chennai 77,208 35% Overall ARPP 70,135 FY20 FY25 FY25 (In INR Mn) CAGR 13% 8,746 Total Ope
Slide 30: Region-wise Business Snapshot: West
Region-wise Business Snapshot: West (# of patients) Revenue Share % CAGR 10% 1,13,638 Overall 70,332 Jaipur 45% Volumes Indore Rajkot Ahmedabad FY20 FY25 Baroda Nagpur Bed share % (In INR) Bhavnagar Nashik CAGR 6% Mumbai 87,109 53% Overall 65,308 ARPP FY20 FY25 FY25 (In INR Mn) CAGR 17% Total Operat
Slide 31: Region-wise Business Snapshot: East
Region-wise Business Snapshot: East (# of patients) Revenue Share % CAGR 15% 40,518 Overall 19,901 11% Volumes Ranchi FY20 FY25 Kolkata Bed share % (In INR) Cuttack CAGR 9% 12% Overall 62,877 41,091 ARPP FY20 FY25 FY25 (In INR Mn) CAGR 26% Total Operating 2,548 # of Centres # of LINACs Beds Revenue
Slide 32: Region-wise Business Snapshot: International and Milann
Region-wise Business Snapshot: International and Milann Revenue (INR Mn) Revenue Share % CAGR 119% 433 5% International Kenya (Kenya) 91 Milann Nairobi FY23 FY25 FY25 International (Kenya) Milann CAGR -4% 701 # of LINACs # of Centres 578 1 7 Milann FY20 FY25 HCG CCK Cancer Centre Milann Milann (Nair
Slide 33: Healthy Operating Cash Flow Profile with Improving Balance Sheet Position
Healthy Operating Cash Flow Profile with Improving Balance Sheet Position HCG continues to demonstrate healthy cash flow from operations of 70%+; Balance sheet has de-levered from 6.2x Net Debt / EBITDA in FY20 to 2.3x in FY25 despite cash outflow on account of Indore and Vizag acquisitions 6.2x 2.3
Slide 34: Next 5 Years Strategy and Growth Drivers
Next 5 Years Strategy and Growth Drivers 33 w w w . h c g o n c o l o g y. c o m
Slide 35: Key Pillars to Focus on Over the Next 3-5 Years
Key Pillars to Focus on Over the Next 3-5 Years Clinical Outcomes, Growth and Profitability A B C D Optimize Existing Improve Network Enhance Patient Invest in Growth Network Efficiency Experience 1. Build best-in-class talent 1. Brownfield expansion across 1. Undertake prudent cost 1. Invest in u
Slide 36: Growth Potential in Existing Centres
Growth Potential in Existing Centres Significant runway to drive revenue growth in existing centers FY25 Operational 8,746 9,899 2,548 22,228 revenue Beds FY25 Potential Revenue1 Achieved at current ARPPs 65% 56%2 52% 48% South West East HCG Overall 35 Notes: (1) Revenue potential calculated by esti
Slide 37: Payor Mix Overview
Payor Mix Overview Infrastructure upgrade, execution excellence & local market Institutional, Payor mix 34% activation to optimize payor mix TPA & Corporates, Historically driven from COE- Bangalore, leveraging strong 1 25% clinical and brand equity International, 3% Intl’ New Leadership hire and fo
Slide 38: Expansion Plans Across Existing Centers and High Potential Locations
Expansion Plans Across Existing Centers and in Identified, High Potential Locations 1,000+ beds and 10+ LINACs to be added over the next 5 years in existing-proven and high potential markets through brownfield, greenfield and accretive acquisitions Brownfield strategy Strengthen leadership position
Slide 39: Path to Improve Profitability and Return on Capital
Path to Improve Profitability and Return on Capital • Centres with >INR 100Mn revenue demonstrate strong EBITDA margin profile of 25+% • Margin uplift to come from the INR50-100Mn monthly revenue centres which are fully built out and invested ahead of time, growing at 18%+ CAGR FY25 # of Centres4 Li
Slide 40: Looking ahead....
Looking ahead.... Infra & Technology expansion Growth Profitability Addition of ~1k beds (to reach ~3.5k beds) and ~8-10 LINACs EBITDA Growth higher than Increase COE count from 1 (KR) historical growth rate on the today to 3+ across regions back of operating leverage Revenue Growth above industry g
Slide 41: Annexure
Annexure 40 w w w . h c g o n c o l o g y. c o m
Slide 42: Q2 FY26 and H1 FY26 Operating Metrics (1/2)
Q2 FY26 and H1 FY26 Operating Metrics (1/2) South West Overall Volumes Overall Volumes (# of patients) (# of patients) 26% YoY 26% YoY 9% YoY 6% YoY 31,666 61,220 32,928 64,733 26,132 51,427 29,037 57,769 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Overall ARPP Overall ARPP (In I
Slide 43: Q2 FY26 and H1 FY26 Operating Metrics (2/2)
Q2 FY26 and H1 FY26 Operating Metrics (2/2) East Overall(1) Overall Volumes Overall Volumes (# of patients) (# of patients) 12% YoY 6% YoY 17% YoY 15% YoY 21,569 77,843 1,51,074 11,415 10,229 20,316 66,466 1,31,407 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Overall ARPP Overall
Slide 44: Safe Harbor
Safe Harbor This presentation has been prepared by HealthCare Global Enterprises Limited (the "Company"). These materials are not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the D
Slide 45: About Us: HealthCare Global Enterprises Ltd.
CIN: L15200KA1998PLC023489 About Us: HealthCare Global Enterprises Ltd. For updates and specific queries, please visit www.hcgoncology.com or contact: (HCG), headquartered in Bengaluru, is the largest provider of cancer care in India. Through its network of 25 comprehensive cancer centers across Hea
Slide 46: Thank You
THANK YOU 45 w w w . h c g o n c o l o g y. c o m
Slide 47: Investor & Analyst Meet invitation
HCG Limited cordially invites you to its virtual INVESTOR & ANALYST MEET to share updates on the Company’s business strategy and long-term growth plans Date: Thursday, 4th December 2025 Time: 04:00 PM onwards. Click here to Register R.S.V.P Mrs. Bridget Carvalho CDR India Tel: +91 99301 90340 Email:
Slide 48: About Healthcare Global Enterprises Limited (HCG)
About Healthcare Global Enterprises Limited (HCG): HealthCare Global Enterprises Ltd. (HCG), headquartered in Bengaluru, is the largest provider of cancer care in India. Through its network of 22 comprehensive cancer centers across India and Africa, HCG has brought advanced cancer care to the doorst
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