Dr. Agarwal's Health Care Limited (AGARWALEYE)
₹465.80 -2.38% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Dr. Agarwal's' revenue was ₹614 Cr (+26.1% year on year, +8.9% on the previous quarter), and net profit ₹55.0 Cr (+44.8% year on year); the operating margin was 27.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹614 | +26.1% | +8.9% |
| Operating profit | ₹170 | +20.9% | +5.8% |
| Net profit | ₹55.0 | +44.8% | +10.0% |
| EPS (₹) | 1.43 | +50.5% | +14.4% |
| Operating margin | 27.8% | — | — |
AGARWALEYE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.9% of the AGARWALEYE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.54%. That is close to its usual level.
Delivery in the last 5 sessions: 50.3% · 57.5% · 60.5% · 66.4% · 54.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Hon'ble NCLT, Chennai Bench, has sanctioned the Scheme of Amalgamation between Dr. Agarwal's Eye Hospital Limited (AEHL) and Dr. Agarwal's Health Care Limited (AHCL). The order was pronounced on September 30, 2026, and uploaded on October 05, 2026. The scheme establishes an Appointed Date of April 01, 2026, and will become effective upon filing and completion of conditions under Clause 24. This consolidation consolidates the group's eye care footprint into a single entity, which generated Rs 2,207 Cr in TTM revenue.
- NCLT Chennai Bench formally pronounced the sanction of the Scheme on September 30, 2026
- Sanction order was uploaded to the NCLT website on October 05, 2026
- Appointed Date for the amalgamation fixed as opening of business on April 01, 2026
- Scheme involves amalgamation of Dr. Agarwal's Eye Hospital Limited into Dr. Agarwal's Health Care Limited
Dr. Agarwal's Health Care Limited announced that Orbit Healthcare Services Nigeria Ltd has officially become a wholly owned subsidiary of Orbit Healthcare Services (Mauritius) Limited as of September 29, 2026. Consequently, the Nigerian entity is now an indirect step-down wholly owned subsidiary of the company, following up on an earlier intimation dated August 4, 2026. The filing does not disclose specific capital outlay or financial metrics for this incorporation. This development marks an international administrative step within the company's broader eye care footprint.
- Orbit Healthcare Services Nigeria Ltd confirmed as a step-down wholly owned subsidiary on September 29, 2026
- Incorporated under direct wholly owned unit Orbit Healthcare Services (Mauritius) Limited
- Follows initial company disclosure dated August 04, 2026
- Capital commitment and transaction value: not disclosed
Dr. Agarwal's Health Care Limited disclosed the voting results of its 16th Annual General Meeting held on September 21, 2026. All seven proposed resolutions were passed with the requisite majority, including the adoption of FY26 financial statements and appointment of statutory auditors M/s S.R. Batliboi & Associates LLP. Executive remuneration revisions for Whole-time Directors Dr. Adil Agarwal (CEO) and Dr. Anosh Agarwal (COO) were approved with 99.98% votes in favor. The re-appointment of Non-Executive Director Mr. Ankur Nand Thadani saw 12.30% dissent (3,70,38,275 votes against), primarily from public institutions, but passed comfortably.
- All 7 resolutions passed at the 16th AGM held virtually on September 21, 2026
- Adoption of FY26 financial statements approved with 99.93% votes cast in favor
- Remuneration revisions for CEO Dr. Adil Agarwal and COO Dr. Anosh Agarwal approved with 99.98% favorable votes
- Re-appointment of Non-Executive Director Mr. Ankur Nand Thadani faced 12.30% institutional dissent but passed with 87.70% approval
- A total of 30,13,60,021 votes were polled out of 31,70,26,183 total shares (95.06% voter turnout)
Dr. Agarwal's Health Care Limited concluded its 16th Annual General Meeting on September 21, 2026, with 49 virtual members attending. Shareholders approved all 7 resolutions by requisite majority, including the adoption of FY25-26 financial statements and the appointment of M/s. S.R. Batliboi & Associates LLP as statutory auditors until the 20th AGM. Special resolutions were passed approving remuneration revisions for CEO Dr. Adil Agarwal and COO Dr. Anosh Agarwal. Detailed voting tallies and Scrutinizer results will be submitted separately under Regulation 44(3).
- Held 16th Annual General Meeting on September 21, 2026, via VC/OAVM with 49 members present
- All 7 ordinary and special resolutions transacted and approved with requisite majority
- Appointed M/s. S.R. Batliboi & Associates LLP as Statutory Auditors until the conclusion of the 20th AGM
- Approved revisions in remuneration for Whole-time Director & CEO Dr. Adil Agarwal and COO Dr. Anosh Agarwal
Dr. Agarwal's Health Care Limited has scheduled its 16th Annual General Meeting (AGM) for Monday, September 21, 2026, via Video Conferencing, along with issuing its FY26 Annual Report. The annual report highlights total income of ₹2,125 Cr (up 20.9% YoY), EBITDA of ₹614 Cr (28.9% margin), and PAT of ₹168 Cr (up 52.4% YoY) for FY26. Operationally, the company expanded its footprint to 288 facilities across 155 cities, adding 57 greenfield facilities during FY26. E-voting eligibility cut-off is set for September 15, 2026, with the voting window open from September 17 to September 20, 2026.
- FY26 total income reached ₹2,125 Cr (up 20.9% YoY) with PAT rising 52.4% YoY to ₹168 Cr.
- Network footprint expanded to 288 facilities with 57 greenfield additions during FY26.
- Surgeries grew 14.5% YoY to 3,23,245, with 30,09,301 patients served by 968 network doctors.
- 16th AGM to be held on September 21, 2026; e-voting window open from September 17 to September 20, 2026.
Dr. Agarwal's Health Care Limited's subsidiary, Dr. Agarwal's Eye Hospital Limited, launched the world's first Pinhole Pupilloplasty (PPP) Centre at its flagship facility in Alwarpet, Chennai, on August 27, 2026. The proprietary microsurgical technique, developed by Chairman Prof. Dr. Amar Agarwal, has restored vision to over 5,000 patients with complex corneal conditions without requiring donor tissue. The centre will serve as a specialized unit for diagnostics, surgeries, and training for more than 50 ophthalmologists annually. While commercially unquantified, the launch reinforces the company's clinical differentiation in high-value, complex ophthalmic treatments.
- Inaugurated dedicated PPP Centre at flagship Alwarpet, Chennai facility on August 27, 2026
- PPP microsurgical procedure has treated over 5,000 patients to date without donor corneal tissue
- Facility will train over 50 ophthalmologists every year through workshops and academic programmes
- Targeting clinical solutions for corneal disorders amid global shortage where ~12.7 million await transplants
Dr. Agarwal's Health Care Limited has informed the exchanges regarding its participation in two upcoming institutional investor conferences. Company officials will attend the Jefferies India Forum in Gurgaon on September 16, 2026, for group and one-on-one meetings. This will be followed by the Kotak Healthcare Forum in Mumbai on September 17-18, 2026. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared during these interactions.
- Participation in Jefferies India Forum on September 16, 2026, in Gurgaon
- Participation in Kotak Healthcare Forum during September 17-18, 2026, in Mumbai
- Meeting format includes both physical group and one-on-one sessions
- Company confirmed no unpublished price-sensitive information will be discussed
Dr. Agarwal's Health Care reported a strong Q1 FY27 with revenue from operations growing 26% YoY to ₹614 crore. The company achieved its highest-ever quarterly expansion by launching 16 new surgical facilities, bringing the total network to 285 centers. EBITDA margins remained robust at 28.5%, while PAT margins expanded by 127 bps to 8.9% despite losses from 23 new greenfield facilities launched in the last six months. Mature facilities (pre-FY23) demonstrated high operational efficiency with 16.3% same-store sales growth (SSSG).
- Revenue from operations increased 26% YoY to ₹614 crore, representing 29.5% of TTM revenue in a single quarter.
- Launched 16 new surgical facilities in Q1 FY27, the highest ever in a single quarter for the company.
- Mature facilities (pre-FY23) recorded 16.3% YoY same-store sales growth, contributing 75.9% of group revenue.
- High-end cataract surgeries accounted for 29.3% of the 67,000 total cataract procedures performed.
- EBITDA grew 25.2% YoY to ₹177 crore, maintaining a strong margin of 28.5%.
Dr. Agarwal's Health Care Limited has released the audio recording of its analyst and earnings conference call held on August 4, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27). This follows a period where the company reported TTM revenue of 2,080 Cr and maintained an operating profit margin of 28.5%. Investors can access the recording via the company's website to understand management's progress on its 20% expected growth rate and the stabilization of 78 newly added centers.
- Audio recording of the Q1 FY27 earnings call held on August 4, 2026, is now public.
- Company reported TTM Revenue of 2,080 Cr and TTM PAT of 168 Cr.
- Network footprint includes 258 centers as of the last major operational update, up from 180 in March 2024.
- Non-South Indian markets now comprise 31% of the total network, reflecting geographic diversification.
- Management continues to target a 20% growth rate driven by same-store sales and network expansion.
Dr. Agarwal's Health Care reported a robust Q1 FY27 with revenue growing 26% YoY to ₹614 Cr, supported by aggressive network expansion. Profit After Tax (PAT) surged 44.6% YoY to ₹55 Cr, while EBITDA margins remained healthy at 28.5%. The company added 18 new facilities during the quarter, bringing its total network to 304 centers across India and Africa. High-value surgical procedures like Femto Cataracts and Retinal surgeries saw volume growth of 33.4% and 30.0% respectively, driving the core surgical revenue segment.
- Revenue from operations increased 26.0% YoY to ₹614 Cr for the quarter ended June 30, 2026.
- Added 18 new eye care facilities in Q1 FY27, reaching a total global footprint of 304 centers.
- Profit After Tax (PAT) grew significantly by 44.6% YoY to ₹55 Cr compared to ₹38 Cr in Q1 FY26.
- Mature facilities (operational >3 years) contributed 79% of total revenue, showing strong legacy performance.
- Surgical procedures remain the dominant revenue driver, accounting for 65.9% of the total revenue mix.
Dr. Agarwal's Health Care reported a strong Q1 FY27 with revenue growing 26% YoY to ₹614 Cr and PAT increasing 44.6% to ₹55 Cr. The company achieved a record addition of 18 new facilities (16 surgical) in a single quarter, bringing its total network to 304 centers across 10 countries. EBITDA margins remained resilient at 28.5% despite the costs associated with 23 surgical facility launches in the last six months. Additionally, the board approved the incorporation of a new subsidiary in Nigeria to further its international footprint.
- Revenue from operations grew 26.0% YoY to ₹614 Cr, driven by a 25.3% growth in the India business.
- Profit After Tax (PAT) surged 44.6% YoY to ₹55 Cr, with PAT margins improving to 8.9% from 7.6%.
- Added 18 new facilities in Q1 FY27, including a record 16 greenfield surgical facilities in a single quarter.
- Total surgeries performed increased by 15.5% YoY to 91,082 procedures.
- EBITDA grew 25.2% YoY to ₹177 Cr, maintaining a steady margin of 28.5%.
Dr. Agarwal's Health Care Limited has scheduled its Board Meeting for August 04, 2026, to approve the unaudited financial results for the quarter ended June 30, 2026. An earnings conference call is also scheduled for the same day at 05:30 PM IST. This follows a fiscal year (FY26) where the company reported revenue of 2,080 Cr and a PAT of 168 Cr. Investors will be looking for performance updates on the 78 centers added since March 2024 and the progress of non-South Indian market expansion.
- Board meeting scheduled for August 04, 2026, to approve Q1 FY27 results.
- Earnings conference call set for August 04, 2026, at 05:30 PM IST.
- Company reported TTM revenue of 2,080 Cr with an operating margin of 28.5%.
- Network footprint stood at 258 centers as of September 30, 2025, a 43% increase from March 2024.
- Trading window remains closed until 48 hours after the results announcement.
Dr. Agarwal's Health Care Limited has allotted 43,155 equity shares of ₹1 face value to employees following the exercise of options under its 2022 ESOP scheme. This allotment increases the company's total paid-up share capital from ₹31.69 crore to ₹31.70 crore. The resulting equity dilution is approximately 0.014%, which is negligible for existing shareholders. This is a routine administrative action following the vesting and exercise of employee stock options.
- Allotment of 43,155 equity shares of face value ₹1 each to eligible employees.
- Paid-up equity share capital increased from ₹31,69,83,028 to ₹31,70,26,183.
- The issuance results in a marginal equity dilution of approximately 0.014%.
- Allotment approved by the Nomination and Remuneration Committee via circular resolution on July 09, 2026.
Dr. Agarwal's Health Care Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that share dematerialization and rematerialization details for the quarter ended June 30, 2026, have been reported to the stock exchanges. This is a standard administrative procedure for listed companies to ensure shareholding records are accurately maintained. There is no impact on the company's financial position or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026.
- Registrar KFin Technologies Limited confirmed processing of all demat/remat requests.
- Filing adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
- Confirmation provided to both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL).
Unsecured creditors of Dr. Agarwal’s Health Care Limited have approved the Scheme of Amalgamation with Dr. Agarwal’s Eye Hospital Limited in an NCLT-convened meeting held on July 02, 2026. This approval is a critical procedural step in the company's corporate restructuring process following the NCLT order dated May 05, 2026. The consolidation aims to streamline the group's operations, which currently include 258 centers and generated TTM revenue of Rs 2,080 Cr. The resolution was passed with the requisite majority as per the Scrutinizer's report.
- Unsecured creditors approved the amalgamation scheme in a meeting held on July 02, 2026
- The scheme involves the merger of Dr. Agarwal’s Eye Hospital Limited into Dr. Agarwal’s Health Care Limited
- The meeting was conducted following an NCLT order issued on May 05, 2026
- Company currently operates a network of 258 centers as of September 2025
- TTM revenue stands at Rs 2,080 Cr with an operating profit margin of 28.5%
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 28.5% YoY to INR 1,711 Cr in FY25. In H1 FY26, revenue reached INR 986 Cr, a 20.1% increase YoY. Mature facilities contributed 74.6% of H1 FY26 revenue, while emerging facilities (less than 3 years old) grew to represent 25.4% of revenue. Surgeries remain the dominant segment, contributing 65% of total FY25 revenues.
Geographic Revenue Split
India operations accounted for 89.8% of revenue in H1 FY26 (INR 885.4 Cr), while international operations (primarily Africa) contributed 10.2% (INR 100.6 Cr). The company has significantly expanded its non-South Indian presence, with 31% of centers located in these markets as of September 2025, up from 16% in March 2022.
Profitability Margins
Gross margins improved to 78.7% in Q2 FY26 from 78.0% in Q2 FY25. Net Profit Margin stood at 7.2% in Q2 FY26, a significant increase from 5.0% in the previous year. The listed subsidiary (AEHL) saw PBT margins move from 18.3% to 21.7% due to cost efficiencies in doctor and employee expenses.
EBITDA Margin
Consolidated EBITDA margin was 28.3% in H1 FY26 (INR 285 Cr), up from 27.3% in H1 FY25. This 100 bps improvement was driven by a 24.9% YoY growth in EBITDA and better absorption of fixed costs in emerging facilities. Operating EBITDA for the subsidiary AEHL reached 35.0% in Q2 FY26.
Capital Expenditure
The company added 24 new facilities in H1 FY26 (13 in Q1 and 11 in Q2), bringing the total center count to 258 as of September 30, 2025, compared to 180 in March 2024. While specific future INR Cr capex is not detailed, the rapid expansion from 180 to 258 centers indicates heavy investment in greenfield and brownfield sites.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with an interest coverage ratio of 6.04 times in H1 FY26. External borrowings were reduced to INR 246.9 Cr following the February 2025 IPO, down from INR 387.8 Cr in FY24. Total outside liabilities to tangible networth (TOL/TNW) stood at 0.94 times as of September 2025.
Operational Drivers
Raw Materials
Cost of Goods Sold (COGS), which includes surgical lenses, medical consumables, and pharmacy stock, represents 21.3% of total revenue as of Q2 FY26.
Import Sources
Not specifically disclosed in available documents, though the company utilizes advanced global technologies like FEMTO Cataract and SMILE for refractive surgeries.
Capacity Expansion
Current capacity stands at 258 centers as of September 30, 2025. The company expanded from 180 centers in March 2024, representing a 43% increase in facility footprint within 18 months.
Raw Material Costs
COGS grew 14.6% YoY to INR 108 Cr in Q2 FY26, which was lower than the 19.7% revenue growth, leading to gross margin expansion. Procurement strategies focus on increasing the adoption of premium lenses to improve yield per patient.
Manufacturing Efficiency
Surgical volume grew by 8% in Q2 FY26, while value growth contributed 4.8%. Revenue per surgery increased by 9% YoY, driven by a shift toward complex cataracts and premium lens adoption.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is driven by a mix of same-store sales growth (exemplified by 42% top-line growth in Telangana) and aggressive network expansion (78 centers added since March 2024). The company targets the shift from unorganized to organized eye care, leveraging its 25% market share in the organized segment and acquiring high-margin clinics like Dr. Thind (40% EBITDA).
Products & Services
Comprehensive eye care services including Cataract surgeries (largest segment), Refractive surgeries (SMILE, FEMTO), and specialized treatments for retinal and corneal diseases.
Brand Portfolio
Dr. Agarwal's Eye Hospital, Dr. Thind Eye Care, Aditya Jyot Eye Hospital.
New Products/Services
Increased adoption of premium intraocular lenses and advanced refractive technologies (SMILE/FEMTO) are expected to continue driving the 4.8% value growth component of revenue.
Market Expansion
Expansion is focused on non-South Indian markets, which now comprise 31% of the network. Recent growth includes 4 new facilities in Telangana and entry into North Indian markets.
Market Share & Ranking
Estimated 25% market share of the organized eye care segment in India.
Strategic Alliances
The group consolidates several entities including Orbit Healthcare Services (Mauritius), Elisar Life Science, and Aditya Jyot Eye Hospital.
External Factors
Industry Trends
The industry is seeing a structural shift from unorganized standalone clinics to organized chains. Consumer preference is moving toward advanced surgical techniques and premium lenses, supporting a 38% revenue CAGR for the company from FY21-25.
Competitive Landscape
Key competition arises from other corporate hospital chains and a high density of single-doctor standalone clinics which may offer lower pricing.
Competitive Moat
The moat is built on a strong brand recall, a large pool of 881 doctors, and a 25% share of the organized market. This is sustained by providing doctors with state-of-the-art technology and incentives that exceed individual practice benefits, creating high switching costs for medical talent.
Macro Economic Sensitivity
Revenue growth in Q2 FY26 was slightly tempered by unseasonal rains in core markets and festival timing, though the company still achieved 19.8% growth in India.
Consumer Behavior
Increasing demand for refractive error correction (SMILE/FEMTO) and premium cataract solutions among the aging population and urban consumers.
Geopolitical Risks
Exposure to African markets (10.2% of revenue) introduces regional economic and political risks, though Africa revenue grew 17.4% in H1 FY26.
Regulatory & Governance
Industry Regulations
The group operates in a highly regulated healthcare industry requiring multiple government approvals for facility operations and medical standards. Compliance is monitored by an Audit Committee and independent internal audits.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 31.5% (INR 17 Cr tax on INR 54 Cr PBT).
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to attract and retain skilled ophthalmologists in a supply-constrained market; failure to do so would directly impact the 65% revenue contribution from surgeries.
Geographic Concentration Risk
While diversifying, the company still has a high concentration in South India (Tamil Nadu and Telangana), making it sensitive to regional weather patterns (e.g., unseasonal rains) and local competition.
Third Party Dependencies
Dependency on insurance providers and TPAs for 29.6% of revenue, making the company sensitive to changes in reimbursement rates or approval timelines.
Technology Obsolescence Risk
High risk if the company fails to continuously invest in the latest ophthalmic equipment (like FEMTO/SMILE), as technology is a key differentiator against standalone clinics.
Credit & Counterparty Risk
Receivables quality is high with a turnover ratio of 15.53; however, government payors (8.5% of mix) typically have longer payment cycles than cash/insurance segments.
