NSE: AGARWALEYE · BSE: 544350
DR AGARWALS HEALTH CARE L
Operates a chain of eye-care hospitals and primary clinics across India, with FY26 revenue from operations of INR 2,080 crores. Surgical services contributed 67% of group revenue, with the balance from primary clinics and consultations. In FY26 the network performed 3,23,000+ surgeries (up 14.5% YoY), including 62,800 cataract procedures, of which 5,900+ were robotic Femto Cataract surgeries. Patient payor mix stood at 62.4% cash, 28.5% insurance/TPA and 9% government schemes. Employee costs of 19.4% of revenue are the largest named operating cost, alongside other operating expenses of 43.9% and depreciation at 13.3% of revenue. The business is in an expansion phase, having commissioned 19 greenfield facilities in Q4 FY26 and guiding to 60 more in FY27 (40 surgical centres and 20 clinics) with planned capex of INR 380-400 crores. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Surgical services (67%), Primary clinics and other (33%). Asset-heavy, expansion-driven single-speciality eye-care hospital chain
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,711 | 2,080 |
| EBITDA (ex other income) | 453 | 571 |
| margin % | 26.5 | 27.4 |
| Owners' profit | 83 | 133 |
| EPS, as reported (₹) | 2.80 | 4.21 |
| ROE % · ROCE % | 5.7 · 8.4 | 7.9 · 9.7 |
| Debt / equity (x) | 0.13 | 0.07 |
| Cash from operations | 360 | 519 |
| Capex | (309) | (448) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 431 | 460 | 487 | 499 | 530 | 564 | 614 |
| Profit before tax | 41 | 59 | 54 | 54 | 65 | 77 | 75 |
| Net profit | 28 | 43 | 38 | 36 | 44 | 50 | 55 |
| EPS (₹) | 0.73 | 1.04 | 0.95 | 0.94 | 1.07 | 1.25 | 1.43 |
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 | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L ◆ | 15,073 | 101.4 | 7.11 | 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) | 101.4 | 42.2 | 26 of 30 | 14% |
| P/B | 7.1 | 5.4 | 16 of 24 | 35% |
| ROCE | 7.1 | 10.9 | 21 of 30 | 31% |
| ROE | 7.9 | 11.8 | 19 of 24 | 22% |
| Debt / Equity | 0.1 | 0.2 | 7 of 24 | 74% |
| EBITDA margin | 28.8 | 22.0 | 5 of 24 | 83% |
| Revenue growth | 26.0 | 20.2 | 9 of 23 | 64% |
| Profit growth | 44.6 | 8.1 | 5 of 21 | 80% |
| Market cap | 15073 | 2481 | 8 of 30 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting and earnings call set for November 5, 2026 | results | low | — | — |
| 23 Oct 2026 · Board meeting set for November 5, 2026 results | results | low | — | — |
| 20 Oct 2026 · 18,200 shares allotted to employees under stock option scheme | capital market events | low | — | — |
| 20 Oct 2026 · NCLT amalgamation scheme effective Nov 1; share swap ratio 23:2; record date Nov 18 | strategic transactions | medium | — | — |
| 20 Oct 2026 · Merger effective 1 November 2026; 23 new shares for every 2 old shares | strategic transactions | high | — | — |
| 7 Oct 2026 · Routine quarterly compliance certificate for demat and remat details | compliance | minimal | — | — |
| 5 Oct 2026 · NCLT sanctions amalgamation of Dr. Agarwal's Eye Hospital with Health Care | strategic transactions | high | — | — |
| 29 Sept 2026 · Dr Agarwal's Health Care sets up step-down subsidiary in Nigeria | strategic transactions | medium | — | — |
| 29 Sept 2026 · Mr. Sanjay Anand ceases as Independent Director on tenure completion | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
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.