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Dr. Agarwal's Health Care Q2 FY27 results: net profit up 55.8% to ₹56.85 crore, revenue up 31.4%
Dr. Agarwal's Health Care Limited reported consolidated Q2 FY27 revenue of ₹655.46 crore, up 31.4% from Q2 FY26, while net profit rose to ₹56.85 crore from ₹36.49 crore. EBITDA increased to ₹175.81 crore from ₹136.14 crore, with margin declining to 26.8% from 27.3%.
Key points
- Q2 FY27 consolidated revenue was ₹655.46 crore, up 31.4% from ₹498.69 crore in Q2 FY26.
- EBITDA rose to ₹175.81 crore from ₹136.14 crore, while EBITDA margin fell to 26.8% from 27.3%.
- Net profit rose to ₹56.85 crore from ₹36.49 crore and basic EPS increased to ₹1.65 from ₹0.94.
- H1 FY27 revenue was ₹1,269.48 crore, up 28.7%, and net profit was ₹111.87 crore, up 50.1%.
- The company operates 324 facilities and plans 26 additions in H2 FY27E, including 21 surgical facilities.
How did Dr. Agarwal's Health Care perform in Q2 FY27?
Dr. Agarwal's Health Care reported consolidated Q2 FY27 revenue of ₹655.46 crore, up 31.4% from ₹498.69 crore in Q2 FY26 and 6.7% from ₹614.02 crore in Q1 FY27. EBITDA was ₹175.81 crore, up 29.1% year on year and 3.2% sequentially, while the margin fell to 26.8% from 27.3% and 27.8%.
Consolidated net profit was ₹56.85 crore, compared with ₹36.49 crore in Q2 FY26 and ₹55.02 crore in Q1 FY27. Basic EPS was ₹1.65 against ₹0.94 and ₹1.43, respectively. Profit attributable to owners was ₹54.74 crore, against ₹29.69 crore a year earlier and ₹45.23 crore in the previous quarter.
On the standalone basis, Q2 FY27 revenue was ₹564.56 crore, while PAT was ₹43.52 crore before other income of ₹4.68 crore, as stated in the facts.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 655.46 | 614.02 | 498.69 | +31.4% | +6.7% |
| Other income | 9.75 | 6.41 | 7.93 | +23.0% | +52.1% |
| Total expenses | 585.32 | 545.29 | 452.96 | +29.2% | +7.3% |
| EBITDA | 175.81 | 170.41 | 136.14 | +29.1% | +3.2% |
| EBITDA margin | 26.8% | 27.8% | 27.3% | −0.5 pp | −1.0 pp |
| Profit before tax | 79.89 | 75.14 | 53.66 | +48.9% | +6.3% |
| Tax | 23.04 | 20.12 | 17.17 | +34.2% | +14.5% |
| Net profit | 56.85 | 55.02 | 36.49 | +55.8% | +3.3% |
| EPS (₹) | 1.65 | 1.43 | 0.94 | +75.5% | +15.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dr. Agarwal's Health Care's costs and profit?
Total expenses rose to ₹585.32 crore from ₹452.96 crore in Q2 FY26. Employee cost increased to ₹129.98 crore from ₹99.12 crore, depreciation to ₹82.67 crore from ₹67.86 crore, and other expenses to ₹291.16 crore from ₹217.23 crore. Finance costs rose to ₹23 crore from ₹22.55 crore, while cost of materials fell to ₹0.05 crore from ₹0.19 crore.
Other income rose to ₹9.75 crore from ₹7.93 crore, while total income increased to ₹665.21 crore from ₹506.62 crore. PBT rose to ₹79.89 crore from ₹53.66 crore and tax increased to ₹23.04 crore from ₹17.17 crore. There was no exceptional item in either quarter.
Against Q1 FY27, total expenses increased to ₹585.32 crore from ₹545.29 crore. Employee cost rose to ₹129.98 crore from ₹121.04 crore, depreciation to ₹82.67 crore from ₹78.31 crore, and other expenses to ₹291.16 crore from ₹263.40 crore; finance costs fell to ₹23 crore from ₹23.37 crore. Other income rose to ₹9.75 crore from ₹6.41 crore, and tax increased to ₹23.04 crore from ₹20.12 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.05 | 0.19 | −0.14 | −73.7% |
| Employee cost | 129.98 | 99.12 | +30.86 | +31.1% |
| Finance costs | 23 | 22.55 | +0.45 | +2.0% |
| Depreciation | 82.67 | 67.86 | +14.81 | +21.8% |
| Other expenses | 291.16 | 217.23 | +73.93 | +34.0% |
| Total expenses | 585.32 | 452.96 | +132.36 | +29.2% |
| Other income | 9.75 | 7.93 | +1.82 | +23.0% |
| Tax | 23.04 | 17.17 | +5.87 | +34.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹1,269.48 crore, up 28.7% from ₹986.11 crore in H1 FY26, while total income increased to ₹1,285.64 crore from ₹1,007.43 crore. PBT rose to ₹155.03 crore from ₹107.26 crore.
H1 FY27 net profit was ₹111.87 crore, up 50.1% from ₹74.55 crore, and basic EPS increased to ₹3.20 from ₹1.89. The company reported 324 facilities at 30 September 2026 after adding 39 during the half, and performed 186,923 surgeries, up 18.8%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,269 | 986.11 | +28.7% |
| Profit before tax | 155.03 | 107.26 | +44.5% |
| Net profit | 111.87 | 74.55 | +50.1% |
| EPS (₹) | 3.20 | 1.89 | +69.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,207.24 crore, compared with ₹3,941.75 crore at 31 March 2026. Total equity rose to ₹2,236.14 crore from ₹2,119.70 crore, while borrowings increased to ₹200.60 crore from ₹157.27 crore and cash to ₹100.54 crore from ₹90.55 crore. Inventories were ₹108.35 crore, trade receivables ₹187.03 crore and trade payables ₹172.02 crore.
H1 FY27 operating cash flow was ₹280.46 crore, compared with ₹262.16 crore in H1 FY26. Investing cash flow was negative ₹233.53 crore against negative ₹136.12 crore, financing cash flow was negative ₹36.94 crore against negative ₹131.94 crore, and capital expenditure was ₹257.12 crore against ₹212.66 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,207 | 3,942 |
| Total equity | 2,236 | 2,120 |
| Borrowings | 200.60 | 157.27 |
| Cash and equivalents | 100.54 | 90.55 |
| Inventories | 108.35 | 94.03 |
| Trade receivables | 187.03 | 160.91 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 280.46 | 262.16 |
| Cash from investing | −233.53 | −136.12 |
| Cash from financing | −36.94 | −131.94 |
| Capital expenditure | 257.12 | 212.66 |
Source: Company's results filing (XBRL).
How has Dr. Agarwal's Health Care done over the last 8 quarters?
Revenue increased in each of the last four quarters on a year-on-year basis, as did profit. Across the available series, revenue rose from ₹430.72 crore in Q3 FY25 to a peak of ₹655.46 crore in Q2 FY27, while the latest quarter remained higher than Q1 FY27.
Net profit increased from ₹28.24 crore in Q3 FY25 to a peak of ₹56.85 crore in Q2 FY27, although the sequential increase from ₹55.02 crore was smaller than the revenue increase. EBITDA margin reached its low of 26.2% in Q1 FY26 and its high of 28.6% in Q4 FY26, before declining to 26.8% in Q2 FY27.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved the appointment and re-designation of Dr. Amar Agarwal as Executive Chairman and Whole-Time Director for three years, effective 1 November 2026, following the scheme of amalgamation.
The company said the appointment and remuneration terms would remain identical to those previously drawn by Dr. Amar Agarwal at Dr. Agarwal’s Eye Hospital Limited, subject to member approval. A postal ballot notice seeking members’ consent was approved, and the company said it would update the stock exchanges on its dispatch and subsequent voting stages.
What did Dr. Agarwal's Health Care's management say?
Management said Q2 was the company’s highest-ever quarter, with H1 FY27 revenue from operations of ₹1,269 Cr, PAT of ₹112 Cr and 324 facilities across India and Africa. It highlighted same-store sales growth of 17.7%, more surgical facilities added in H1 FY27 than in all of FY26, and plans to expand Pinhole Pupilloplasty across the network and globally.
Management plans 26 facility additions in H2 FY27E, including 21 surgical facilities, taking FY27E total additions to 65 and surgical additions to 55. It also plans one facility in Zambia and entry into Ethiopia. The company identified the maturity of emerging facilities as a growth lever; they represented 53.1% of the network but contributed 21.0% of revenue.
Management identified risks from three primary-facility closures during H1 FY27 and the conversion of emerging facilities. It also reported a shift from net cash of ₹124 Cr at Q4 FY26 to net debt of ₹29 Cr at Q2 FY27. H1 operating cash flow of ₹280 Cr was nearly absorbed by ₹279 Cr of capex before ₹71 Cr of acquisition payments, while CFO/EBITDA fell to 77.3% from 91.8%.
How did other Hospital companies do?
Seventeen Hospital companies had filed results for the quarter as of 5 November 2026. Their median revenue growth was 20.3%, compared with Dr. Agarwal's Health Care’s Q2 FY27 growth of 31.4%.
Among the peer companies, 11 grew revenue more slowly than Dr. Agarwal's Health Care and 6 grew faster. Of the 15 peers for which profit was compared, 10 reported higher profit.
| Dr. Agarwal's Health Care revenue growth (YoY) | +31.4% |
|---|---|
| Median of 17 other Hospital companies | +20.3% |
| Companies with slower revenue growth than Dr. Agarwal's Health Care | 11 of 17 |
| Companies with faster revenue growth than Dr. Agarwal's Health Care | 6 of 17 |
| Companies whose net profit rose | 10 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dr. Agarwal's Health Care's revenue in Q2 FY27?
Revenue from operations was ₹655.46 crore, up 31.4% from ₹498.69 crore in Q2 FY26 (consolidated).
Did Dr. Agarwal's Health Care make a profit in Q2 FY27?
Yes. Net profit was ₹56.85 crore, against a net profit of ₹36.49 crore in Q2 FY26.
What was Dr. Agarwal's Health Care's EPS in Q2 FY27?
Basic earnings per share were ₹1.65, against ₹0.94 in Q2 FY26.
When did Dr. Agarwal's Health Care announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Consolidated And Standalone Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 And Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (BSE, 5 November 2026) · PDF
- Consolidated And Standalone Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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