Dr Agarwals Health Care Ltd
AGARWALEYE NSE
Dr Agarwals Health Care Ltd
HealthcareNSE: AGARWALEYE BSE: 544350 Healthcare Services
Incorporated in 2010,[1]Dr. Agarwal’s Health Care offers a wide array of eye care services, which include cataract and refractive surgeries, consultations, diagnoses, and non-surgical treatments. Additionally, they provide optical products, contact lenses, accessories, and pharmaceutical items related to eye care. [2]
AI Verdict: HOLD Confidence: 5%
Dr Agarwals Health Care shows strong revenue momentum with 22% TTM sales growth and 74% TTM profit growth, supported by 80% buy ratings from analysts. However, the stock trades at an expensive 83.9x PE and 7.0x book value with a low 3-year ROE of just 6%, making the risk-reward less compelling at current levels.
Key Fundamentals
SmallcapHospitalsHealthcare ServicesMarket Cap
₹15,454 Cr
Volatility
Moderate
P/E Ratio
115.12
EBITDA
₹570 Cr
Debt to Equity
0.6
Book Value
₹63.9
52W High
₹568
52W Low
₹385.7
Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 7.57 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 6.11% over last 3 years.
Growth Rate
Revenue Growth
18.39% ↗
Net Income Growth
52.03% ↗
Cash Flow Change
4.14% ↗
ROE
-16.84% ↘
ROCE
-16.24% ↘
EBITDA Margin (Avg.)
-6.30% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk high
Dr Agarwals Health Care shows strong revenue momentum with 22% TTM sales growth and 74% TTM profit growth, supported by 80% buy ratings from analysts. However, the stock trades at an expensive 83.9x PE and 7.0x book value with a low 3-year ROE of just 6%, making the risk-reward less compelling at current levels.
Bull Case 7
- TTM profit growth of 74% indicates sharp earnings acceleration and potential for PE re-rating as profits scale
- Compounded sales growth of 27% over 3 years and 35% over 5 years demonstrates consistent top-line expansion in a secular healthcare growth market
- 80% of analysts (4 out of 5) have a buy rating with zero sell ratings, reflecting strong institutional conviction
- TTM sales growth of 22% suggests continued demand momentum even on a larger revenue base
- 5-year compounded profit CAGR of 34% shows the company has been on a sustained earnings trajectory
- Market cap of Rs 14,255 crore positions the company as a credible mid-cap healthcare platform with room for institutional ownership expansion
- Stock has delivered 16% returns over the past 1 year, outperforming broader market indices in a volatile environment
Bear Case 7
- PE ratio of 83.9x is significantly elevated compared to healthcare sector median of 35-45x, leaving little margin of safety
- 3-year ROE of only 6% is poor for a company trading at 7.0x price-to-book, indicating inefficient capital deployment relative to valuation
- Zero dividend yield despite repeated profitability suggests shareholders are not being rewarded and capital allocation priorities are unclear
- Price-to-book of 6.96x implies the market is pricing in aggressive future growth that may not materialize given low single-digit ROE
- Last year ROE of 7% shows no meaningful improvement from the 3-year average of 6%, raising questions about margin expansion sustainability
- Absence of 52-week high/low data and limited 3-year or 5-year stock CAGR history suggests the stock may have limited trading track record post-listing
- Debt-to-equity data unavailable, creating uncertainty around balance sheet leverage especially in an acquisition-driven eye care chain model
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago Neutral 3
- Trading window closed for Q1FY27 Jun 20
Trading window closed from June 30, 2026, ahead of Q1FY27 results. Reopens 48 hours after the results announcement.
- Merger meeting set July 2 Jun 1
Shareholder and creditor meetings scheduled for July 2, 2026, to approve amalgamation with Dr. Agarwal's Eye Hospital Limited. E-voting begins June 7.
- USD 200,000 subsidiary investment May 26
Orbit Healthcare Services (Mauritius) invested USD 2,00,000 in Orbit Health Care ETH PLC, making it a wholly owned subsidiary.
TL;DR: A quiet period for Dr. Agarwal's Health Care with no material headwinds or positive catalysts. The company is progressing on corporate restructuring via the proposed amalgamation with its eye hospital arm, and making small overseas investments. Watch for Q1FY27 results and the July 2 merger vote outcome for directional cues.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 333 | 349 | 403 | 417 | 431 | 460 | 487 | 499 | 530 | 564 |
| Expenses | 244 | 241 | 300 | 310 | 316 | 329 | 360 | 363 | 386 | 403 |
| Operating Profit | 89 | 108 | 104 | 107 | 115 | 131 | 128 | 136 | 144 | 161 |
| OPM % | 27% | 31% | 26% | 26% | 27% | 28% | 26% | 27% | 27% | 29% |
| Other Income | 12 | 20 | 6 | 12 | 13 | 13 | 13 | 8 | 11 | 14 |
| Interest | 22 | 27 | 27 | 28 | 28 | 25 | 25 | 23 | 21 | 22 |
| Depreciation | 43 | 47 | 56 | 57 | 58 | 60 | 63 | 68 | 69 | 77 |
| PBT | 36 | 54 | 27 | 33 | 41 | 59 | 54 | 54 | 65 | 77 |
| Tax % | 37% | 24% | 33% | 36% | 31% | 27% | 29% | 32% | 33% | 35% |
| Net Profit | 23 | 41 | 18 | 21 | 28 | 43 | 38 | 36 | 44 | 50 |
| EPS in Rs | — | — | — | — | 0.72 | 1.03 | 0.95 | 0.94 | 1.07 | 1.25 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 |
| Expenses | 407 | 387 | 510 | 743 | 965 | 1,248 | 1,511 |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 463 | 570 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% | 27% |
| Other Income | 13 | 6 | 17 | 14 | 44 | 43 | 46 |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 90 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 | 276 |
| PBT | -11 | -48 | 57 | 84 | 141 | 160 | 249 |
| Tax % | 82% | 21% | 24% | -24% | 32% | 31% | 32% |
| Net Profit | -21 | -59 | 43 | 103 | 95 | 110 | 168 |
| EPS in Rs | — | — | — | — | — | 2.64 | 4.2 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 8 | 9 | 32 | 32 |
| Reserves | 242 | 177 | 206 | 622 | 1,330 | 1,835 | 1,994 |
| Borrowings | 162 | 185 | 633 | 857 | 966 | 961 | 1,066 |
| Other Liabilities | 339 | 417 | 179 | 336 | 445 | 837 | 850 |
| Total Liabilities | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,942 |
| Fixed Assets | 551 | 575 | 701 | 1,293 | 1,746 | 2,523 | 2,879 |
| CWIP | 8 | 11 | 28 | 99 | 118 | 153 | 234 |
| Investments | 1 | 0 | 0 | 34 | 471 | 264 | 152 |
| Other Assets | 192 | 201 | 295 | 397 | 416 | 724 | 676 |
| Total Assets | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,942 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 103 | 99 | 164 | 233 | 346 | 360 | 519 |
| Investing | -85 | -46 | -155 | -509 | -914 | -750 | -308 |
| Financing | -73 | -37 | 35 | 303 | 553 | 382 | -220 |
| Net Cash Flow | -56 | 17 | 44 | 27 | -15 | -8 | -10 |
| Free Cash Flow | -98 | 66 | 95 | 76 | 118 | 40 | 59 |
| CFO/OP | 97 | 126 | 97 | 98 | 103 | 86 | 101 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 36 | 30 | 27 | 27 | 26 | 28 |
| Inventory Days | 178 | 169 | 144 | 116 | 138 | 181 | 178 |
| Days Payable | 340 | 452 | 389 | 326 | 355 | 345 | 283 |
| Cash Conversion Cycle | -126 | -247 | -215 | -183 | -190 | -138 | -76 |
| Working Capital Days | -31 | -47 | -50 | -62 | -65 | -44 | -3 |
| ROCE % | — | -1% | 17% | 13% | 11% | 10% | 11% |
Documents
1
Receipt Of Order Passed By The Hon'Ble NCLT, In Relation To The Scheme Of Amalgamation Between Dr. Agarwal'S Eye Hospital Limited And Dr. Agarwal'S Health Care Limited
9h - NCLT approved meetings on July 2, 2026 for AEHL-AHCL amalgamation scheme. 9h - NCLT approved meetings on July 2, 2026 for AEHL-AHCL amalgamation scheme.
2
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
8 Apr - Allotment of 1,50,282 Equity Shares pursuant to the exercise of options granted under Dr. Agarwal''s Health Care Limited - Employees Stock Option Scheme 2022 8 Apr - Allotment of 1,50,282 Equity Shares pursuant to the exercise of options granted under Dr. Agarwal''s Health Care Limited - Employees Stock Option Scheme 2022
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026, is enclosed. 6 Apr - Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026, is enclosed.
4
Update On Announcement Under Regulation 30 (LODR) Dated February 03, 2026
30 Mar - Idearx ceased as associate effective March 30, 2026; company retains 14.54% equity. 30 Mar - Idearx ceased as associate effective March 30, 2026; company retains 14.54% equity.
Frequently Asked Questions about Dr Agarwals Health Care Ltd
What does Dr Agarwals Health Care Ltd do?
Incorporated in 2010,[1]Dr. Agarwal’s Health Care offers a wide array of eye care services, which include cataract and refractive surgeries, consultations, diagnoses, and non-surgical treatments. Additionally, they provide optical products, contact lenses, accessories, and pharmaceutical items re...
Where is Dr Agarwals Health Care Ltd (AGARWALEYE) listed?
Dr Agarwals Health Care Ltd is listed on the Indian stock exchanges. It is listed on NSE: AGARWALEYE and BSE: 544350. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Dr Agarwals Health Care Ltd belong to?
Dr Agarwals Health Care Ltd operates in the Healthcare sector within the Healthcare Services industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Dr Agarwals Health Care Ltd?
Dr Agarwals Health Care Ltd has a market capitalisation of approximately ₹15453.87 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Dr Agarwals Health Care Ltd?
The Price-to-Earnings (PE) ratio of Dr Agarwals Health Care Ltd is 115.12. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Dr Agarwals Health Care Ltd?
Over the past 52 weeks, Dr Agarwals Health Care Ltd has traded between a low of ₹385.7 and a high of ₹568. This range helps investors understand the stock's price volatility and recent trading levels.
How can I research Dr Agarwals Health Care Ltd on Tapetide?
On Tapetide, you can view Dr Agarwals Health Care Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2010,[1]Dr. Agarwal’s Health Care offers a wide array of eye care services, which include cataract and refractive surgeries, consultations, diagnoses, and non-surgical treatments. Additionally, they provide optical products, contact lenses, accessories, and pharmaceutical items related to eye care. [2]
Website dragarwals.co.in
CEO Dr. Adil Agarwal M.B.B.S, M.S, MBA
Listed 2025-02-04
Face Value ₹ 1
Issued Size 31,64,70,002