Revenue and Operating Performance
Health.Global’s net sales have shown consistent growth, rising from ₹978.67 crores in March 2019 to ₹2,222.85 crores in March 2025. This represents a compound annual growth rate (CAGR) of approximately 15.5%, reflecting the company’s expanding market presence and operational scale. Total operating income mirrors this trend, as other operating income remained nil throughout the period.
The company’s operating profit before depreciation and interest (PBDIT) excluding other income increased from ₹125.19 crores in 2019 to ₹387.28 crores in 2025, with operating profit margins stabilising around 17.4% in recent years. This improvement underscores enhanced operational efficiency and cost management, despite rising expenditure on purchases of finished goods and manufacturing expenses.
Interest costs have risen in line with increased borrowings, reaching ₹154.56 crores in 2025 from ₹69.91 crores in 2019, reflecting the company’s leveraged capital structure. Despite this, Health.Global managed to report a positive profit before tax of ₹56.19 crores in 2025, a significant turnaround from losses recorded in 2019 and 2020.
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Profitability and Earnings
After enduring substantial net losses in fiscal years 2020 and 2021, with consolidated net profits of negative ₹106.69 crores and negative ₹193.46 crores respectively, Health.Global returned to profitability in 2022 with a net profit of ₹53.73 crores. Although net profit dipped slightly to ₹44.41 crores in 2025, the company has maintained positive earnings per share (EPS), improving from negative ₹2.82 in 2019 to ₹3.19 in 2025.
Profit after tax margins have recovered from deeply negative levels in 2020 and 2021 to a positive 2.2% in 2025, signalling a stabilisation of the company’s bottom line. This recovery is supported by consistent operating profit margins and controlled tax expenses, despite rising interest and depreciation charges.
Balance Sheet and Financial Position
Health.Global’s total assets have expanded from ₹2,001.30 crores in 2021 to ₹3,518.24 crores in 2025, driven by growth in net block assets and current assets. The net block increased steadily to ₹1,747.78 crores in 2025, reflecting ongoing capital investments. Meanwhile, current assets rose to ₹843.80 crores, supported by higher inventories, sundry debtors, and cash balances.
The company’s total liabilities have also increased, with total debt rising to ₹1,002.23 crores in 2025 from ₹471.63 crores in 2021. Long-term borrowings constitute the majority of this debt, indicating a leveraged but structured capital base. Shareholders’ funds have strengthened to ₹922.44 crores in 2025, up from ₹697.18 crores in 2021, supported by accumulated reserves and equity capital growth.
Despite the increase in borrowings, the company’s book value per share has improved from ₹52.11 in 2021 to ₹66.16 in 2025, reflecting enhanced net worth and shareholder value.
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Cash Flow Trends
Operating cash flow has shown a positive trend, increasing from ₹130 crores in 2020 to ₹317 crores in 2025. This improvement indicates stronger cash generation from core business activities. However, cash flow from investing activities has been negative in recent years, reaching ₹-487 crores in 2025, reflecting significant capital expenditure and investments.
Financing activities have generally seen outflows, with ₹-42 crores in 2025, consistent with debt repayments or dividend payments. The net cash inflow/outflow has been negative in 2025 at ₹-213 crores, contributing to a closing cash and cash equivalent position of negative ₹47 crores, a reversal from positive balances in prior years.
Summary
Overall, Health.Global’s historical performance reveals a company that has successfully navigated through challenging periods marked by losses and high leverage to achieve steady revenue growth and a return to profitability. The firm’s improving operating margins, expanding asset base, and strengthening shareholder equity suggest a stabilising financial position. Investors should weigh the company’s growth prospects against its elevated debt levels and recent cash flow pressures when considering its stock for portfolio inclusion.
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