HCG Q4 FY26 Guidance vs Delivery (HCG Management Mirror)

Revenue & Volume Growth

Management maintained its medium-term revenue growth guidance of ~15% in the Mar'26 Qtr, despite temporary dilution in per-patient realization from paring down low-margin business. The Mar'26 Qtr guidance aligns with the Dec'25 Qtr, where management specified this growth would be driven by ~10% volume and ~5% ARPP improvements. Management consistently stated (from Sep'25 Qtr through Mar'26 Qtr) that existing hospitals and brownfield expansions will drive the majority of growth (75-80% per Mar'26 Qtr). [Status: Reaffirmed]