NSE: DRAGARWQ · BSE: 526783
DR. AGARWAL'S EYE HOSP L
Operates a chain of 63+ eye care hospitals across India, supported by 250+ doctors, offering ophthalmology services such as consultations, diagnostics, laser treatments and eye surgeries to patients. In FY26, revenue reached ₹470.87 cr (up 18.6% YoY from ₹397.15 cr) with net profit of ₹70.10 cr and EBITDA margin of 32.1%. Other operating expenses form the largest cost line at 39.7% of revenue, followed by employee costs at 19.5%, consistent with a labour-intensive hospital model. Capex runs at 20.9% of revenue, supporting the addition of new centres and equipment. The Board declared total dividends of ₹7 per share for FY26 (interim ₹3 plus final ₹4) and raised ₹70 cr via a preferential issue to its holding company. A scheme to merge the listed company into its parent Dr. Agarwal's Health Care Limited, which runs 288 Indian facilities across 14 states and 5 UTs plus 19 facilities in Africa and already owns 72.67%, was approved by shareholders and creditors in July 2026, pending NCLT sanction. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Eye care hospital services. Asset-heavy, labour-intensive hospital chain with high capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 201 | 268 | 319 | 397 | 471 |
| EBITDA (ex other income) | 58 | 75 | 91 | 119 | 145 |
| margin % | 28.7 | 27.9 | 28.5 | 29.8 | 30.9 |
| Owners' profit | 24 | 37 | 46 | 55 | 70 |
| EPS, as reported (₹) | 51.29 | 78.55 | 98.64 | 116.28 | 147.02 |
| ROE % · ROCE % | 30.8 · 14.8 | 32.6 · 16.8 | 29.5 · 16.7 | 26.1 · 16.0 | 20.2 · 16.1 |
| Debt / equity (x) | 0.41 | 0.39 | 0.33 | 0.46 | 0.24 |
| Cash from operations | 57 | 70 | 90 | 94 | 145 |
| Capex | (47) | (71) | (71) | (101) | (98) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 100 | 102 | 95 | 100 | 117 | 118 | 116 | 120 |
| Profit before tax | 19 | 19 | 14 | 19 | 23 | 26 | 23 | 21 |
| Net profit | 14 | 14 | 10 | 16 | 17 | 19 | 17 | 16 |
| EPS (₹) | 30.02 | 30.11 | 22.13 | 34.02 | 36.72 | 41.04 | 35.76 | 33.60 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,17,168 | 56.1 | 11.75 | 31.0 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,871 | 56.8 | 7.71 | 36.4 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 57,339 | 54.7 | 5.64 | 28.3 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 34,899 | 42.5 | 7.69 | 23.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,691 | 108.3 | 7.18 | 35.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 34,481 | 62.0 | 8.65 | 35.0 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,610 | 138.2 | 11.57 | 40.1 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,103 | 101.6 | 7.13 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.8 | 42.0 | 12 of 30 | 62% |
| P/B | 7.1 | 5.5 | 15 of 24 | 35% |
| ROCE | 14.3 | 10.9 | 6 of 30 | 83% |
| ROE | 20.2 | 11.8 | 3 of 24 | 91% |
| Debt / Equity | 0.2 | 0.2 | 12 of 24 | 52% |
| EBITDA margin | 29.4 | 22.0 | 4 of 24 | 87% |
| Revenue growth | 20.2 | 20.2 | 12 of 23 | 50% |
| Profit growth | 1.6 | 8.1 | 15 of 21 | 30% |
| Market cap | 2471 | 2462 | 15 of 30 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Record date fixed for amalgamation with Dr. Agarwal's Health Care | compliance | minimal | — | — |
| 20 Oct 2026 · Merger approved; share exchange record date fixed for November 18 | strategic transactions | medium | — | — |
| 20 Oct 2026 · Amalgamation with Dr. Agarwal's Health Care effective Nov 1, 2026; 23:2 share swap ratio fixed | strategic transactions | high | — | — |
| 8 Oct 2026 · Routine compliance filing for share dematerialisation, Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · NCLT sanctions amalgamation of Dr. Agarwals Eye Hospital into Health Care | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · AGM 2026: All 6 resolutions pass with 99.95% approval, dividend of Rs 4 declared | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 32nd AGM proceedings: dividend, reappointment and director remuneration revisions approved | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Launch of world's first Pinhole Pupilloplasty Centre in Chennai | compliance | low | — | — |
| 14 Aug 2026 · Invesco Mutual Fund crosses 5% in Dr. Agarwal's Health Care via open market | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.