Prabhudas Lilladher Recommends 'BUY' for HCG, Sets Target at Rs 850

• Prabhudas Lilladher recommends a 'BUY' rating for HealthCare Global Enterprises (HCG).
• The target price is set at Rs 850 per share, valuing it at 22x on FY28E EV/EBITDA.
• HCG's Q3 consolidated adjusted EBITDA grew 20% year-on-year, with management guiding for higher future growth.
• KKR's strategic investment is expected to drive growth through brownfield bed expansion, better payor mix, and margin scaling.
• The stock currently trades at attractive valuations of 16x EV/EBITDA adjusted for rentals and minority.