Financial Performance Highlights

Consolidated Financials (₹ in lakhs)

  • Revenue from Operations: ₹5,947.76 (FY25: ₹2,246.83) - 165% increase
  • Total Income: ₹6,295.51 (FY25: ₹2,475.14) - 154% increase
  • Total Expenses: ₹6,417.56 (FY25: ₹1,995.58) - 222% increase
  • Loss Before Tax: ₹(122.05) (FY25: Profit ₹479.56)
  • Net Loss: ₹(305.39) (FY25: Profit ₹421.71)
  • Basic EPS: ₹(2.42) (FY25: ₹3.35)

Standalone Financials (₹ in lakhs)

  • Revenue from Operations: ₹5,675.74 (FY25: ₹2,246.83) - 153% increase
  • Total Income: ₹6,021.80 (FY25: ₹2,475.14) - 143% increase
  • Profit Before Tax: ₹744.89 (FY25: ₹479.63) - 55% increase
  • Net Profit: ₹562.17 (FY25: ₹422.39) - 33% increase
  • Basic EPS: ₹4.46

Strategic Acquisition - Aideo Technologies LLC

On September 1, 2025, through wholly-owned subsidiary Healthcare Capital Holdings LLC, the company acquired 100% stake in Aideo Technologies LLC, an AI-powered autonomous medical coding platform:

  • Acquisition Consideration: Issue of 890,928 Class B Preferred Stock valued at ₹545.84 lakhs
  • Assumed Net Liabilities: ₹1,151.22 lakhs
  • Goodwill Recognized: ₹180.91 crore (including ₹11.24 crore foreign exchange impact)
  • Additional Funding: Issued 1,449,275 Class B Preferred Stock for ₹887.92 lakhs for business expansion
  • Classification: Class B Preferred Stock classified as debt under non-current financial liabilities per Ind AS 32

Capital Structure and Investments

  • Paid-up Share Capital: ₹125,949,720 (12,594,972 equity shares of ₹10 each)
  • Promoter Holding: 50.42% (6,349,829 shares)
  • Public Holding: 49.58%
  • Investment in HOVS LLC: ₹660.77 lakhs, fully provided for diminution
  • Loan to HOV Environment Solutions: ₹78.39 lakhs, fully provided as credit impaired

Significant Corporate Developments

Director Changes and AGM Resolutions

  • Resignations: Mrs. Lakshmi Kumar (Independent Director) and Mr. Vikram Negi (Executive Director)
  • Appointments: Mrs. Bhavana Sharma and Mr. Kesavan Nair Padmanabhan (Independent Directors)
  • Re-appointment: Mr. Sunil Vasant Rajyadhyaksha (Executive Director) for 5 years from April 1, 2026
  • Proposed Re-appointment: Mr. Ajay Puri (Independent Director) for second term from September 22, 2026

Promoter Reclassification

Board approved reclassification requests from Stern Capital Partners LLC (5.51%), Surinder Rametra (0.95%), and Sun Investment Partners LLC totaling 814,246 shares (6.46%) from 'Promoter' to 'Public' category, subject to shareholder approval.

Key Financial Position Items

Property, Plant and Equipment: ₹12.56 lakhs (₹2.37 lakhs in FY25)

Right to Use Assets: ₹77.93 lakhs (₹12.40 lakhs in FY25)

Trade Receivables: ₹301.78 lakhs (₹153.35 lakhs in FY25)

Cash and Cash Equivalents: ₹26.95 lakhs (₹39.94 lakhs in FY25)

Lease Liabilities: ₹82.15 lakhs total (₹14.05 lakhs in FY25)

Related Party Transactions

Major transactions approved by shareholders:

  • With HealthAxis Group LLC: USD 8.70 million (₹78.30 crore) for services
  • With XBP Europe Limited: USD 6 million (₹54 crore) for services
  • With SourceHOV LLC: USD 1 million (₹9 crore) for services
  • Managerial Remuneration: Mr. Parvinder S Chadha: ₹84 lakhs, Mr. Sunil Vasant Rajyadhyaksha: ₹48 lakhs

Employee Stock Option Plan

  • HGM Stock Option Plan 2007: 1,100,000 options (400,000 for company employees, 700,000 for subsidiary employees)
  • Granted in FY26: 60,000 options to eligible employees at exercise price ₹61.00
  • Black-Scholes Valuation: Call option value ₹30.00 per option

Auditor Details and Compliance

  • Statutory Auditors: Lodha & Co LLP (appointed until 39th AGM in 2027)
  • Audit Fees: ₹9.73 lakhs for FY26
  • Company Secretary: Mr. Bhuvanesh Sharma
  • Compliance: No material complaints under Sexual Harassment Act or Whistle Blower Policy

Forward-Looking Strategy

The company aims to build intelligent platforms for healthcare workflows and expand into factory automation using AI agents, digital workers, and collaborative robots, focusing on North American markets and technology-enabled businesses with recurring revenues.