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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,27,062 | 60.8 | 12.74 | 33.5 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 1,00,993 | 69.2 | 9.40 | 44.0 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 67,025 | 64.0 | 6.59 | 32.9 | 10.5 | 9.7 | 17.8 | 22.0 |
| ASTER DM QUALITY CARE LTD | 39,689 | 124.0 | 8.21 | 40.4 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 38,972 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Aug 2026 · Newspaper ad published for 16th AGM notice and e-voting details | compliance | minimal | — | — |
| 28 Aug 2026 · Annual Report FY2025-26 and 16th AGM Notice submitted | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · 16th AGM notice on September 21, 2026 with FY26 Annual Report | board shareholder meetings | medium | — | — |
| 27 Aug 2026 · Subsidiary launches world's first Pinhole Pupilloplasty Centre in Chennai | business updates | medium | — | — |
| 27 Aug 2026 · Dr Agarwal's Eye Hospital launches world's first PPP Centre in Chennai | compliance | low | — | — |
| 25 Aug 2026 · Dr Agarwal's Health Care to attend Jefferies and Kotak investor forums in Sep 2026 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · New pledge created on 75.4 lakh shares of Dr Agarwal's Health Care | ownership changes | high | — | — |
| 14 Aug 2026 · FII Hyperion Investments cuts stake by 7.62% via open market sale | ownership changes | high | — | — |
| 14 Aug 2026 · Invesco MF raises stake in Dr Agarwal's Health Care to 5.21% | ownership changes | medium | — | — |
| 14 Aug 2026 · Partial release of pledge on 3.17 crore shares (10% of capital) | ownership changes | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 70.0 |
| 9.78 |
| 39.4 |
| 13.9 |
| 13.5 |
| — |
| 23.7 |
| NARAYANA HRUDAYALAYA LTD. | 38,213 | 46.5 | 8.42 | 25.4 | 17.8 | 9.2 | 25.0 | 18.8 |
| KRISHNA INST OF MED SCI L | 32,235 | 150.5 | 12.60 | 43.4 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L ◆ | 16,043 | 107.9 | 7.57 | 26.2 | 7.9 | 7.1 | — | 28.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 107.9 | 47.3 | 26 of 30 | 14% |
| P/B | 7.6 | 6.2 | 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 | 16043 | 2415 | 8 of 30 | 76% |
| 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 |
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