HealthCare Global Enterprises Limited (HCG.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+54.0%

₹923.51

vs ₹599.70 price

Levered DCF

₹738.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	541.44×	165.92×	97.37×	124.38×	65.19×	-11.19×	-6.15×	-73.55×
P/B	5.59×	7.99×	5.68×	4.24×	4.02×	3.11×	1.72×	3.83×
P/S	2.93×	3.31×	2.45×	2.15×	2.5×	2.14×	0.6×	1.86×
EV / EBITDA	19.32×	23.04×	17.25×	14.64×	17.74×	24.74×	11.5×	19.73×
Gross margin	51.1%	53.6%	54.8%	54.3%	53.8%	52.0%	55.9%	58.7%
Operating margin	8.7%	49.8%	51.5%	49.8%	51.8%	50.2%	53.2%	51.7%
Net margin	0.5%	2.0%	2.5%	1.7%	3.8%	-19.1%	-9.7%	-2.5%
Current ratio	1.12×	0.81×	0.91×	1.02×	1.07×	0.93×	0.53×	0.5×
Debt / equity	1.3×	1.99×	1.54×	1.05×	1.05×	1.4×	3.53×	1.38×
Interest coverage	1.26×	7.17×	9.91×	8.65×	7.74×	4.36×	4.55×	8.78×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.0%	4.8%	5.8%	3.4%	6.2%	-27.7%	-28.0%	-5.2%
Return on invested capital	5.7%	32.2%	27.4%	18.1%	17.5%	28.4%	30.9%	37.6%
Return on assets	0.4%	1.3%	1.8%	1.3%	2.4%	-9.5%	-4.7%	-1.5%
Free cash flow yield	0.7%	1.5%	2.1%	3.2%	4.3%	3.9%	3.4%	-5.0%
Earnings yield	0.2%	0.6%	1.0%	0.8%	1.5%	-8.9%	-16.3%	-1.4%
Enterprise value	₹86.5B	₹89.7B	₹56.9B	₹43.8B	₹42.2B	₹31.1B	₹19.7B	₹24.6B
Net debt / EBITDA	2.68×	4.11×	3.04×	2.43×	3.02×	7.53×	7.67×	5.11×
Cash conversion cycle (days)	-25	-33	-44	-34	-30	-21	-31	-76