Dr Agarwals Health Care Ltd
Dr Agarwals Health Care Ltd
Healthcare ServicesKey Fundamentals
SmallcapHospitalsHealthcare ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 7.85 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
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoDr Agarwals Health Care Ltd is India's largest eye care chain with approximately 25% market share, operating over 310 facilities. The company trades at a P/E of 87.5x and 8x book value on a market cap of ~Rs 15,952 crore, reflecting premium growth expectations against a 3-year ROE of only 6%.
- Dominant market position with ~25% share of India's organized eye care services chain market as of FY2024, the largest player in the segment
- Strong revenue growth trajectory with TTM sales growth of 23%, 3-year compounded sales CAGR of 27%, and 5-year CAGR of 35%
- Accelerating profit growth with TTM compounded profit growth of 43%, significantly ahead of the 3-year CAGR of 13%
- Aggressive expansion with 42 new facilities added during April-December 2024 alone, taking total network from 209 (Sep 2024) to 310+ centres currently, with plans to reach 800 over 5 years
- FY25 consolidated revenue reached Rs 1,711 crore vs Rs 1,332 crore in FY24, a 28.4% YoY growth demonstrating consistent scaling
- Hub-and-spoke model with tertiary centres of excellence anchoring secondary and primary centres enables efficient patient capture across geographies in 14 Indian states and 9 African countries
- India revenue surged 31.7% YoY to Rs 1,124 crore in the 9 months ending Dec 2024, while mature facilities grew 15% YoY indicating healthy same-store growth
- Backed by global institutional investors TPG and Temasek, and raised Rs 3,027 crore via IPO in January 2025 providing capital for expansion
- Elevated valuation at P/E of 87.5x leaves little margin of safety if growth slows or execution falters
- Low return on equity of 6.11% over the last 3 years, well below the cost of equity implied by current valuations
- Stock trades at 8x price-to-book value, demanding sustained high growth to justify the premium
- Zero dividend payout despite reporting repeated profits, offering no income return to shareholders
- Net profit of Rs 110 crore in FY25 on a market cap of Rs 15,952 crore implies the market is pricing in many years of flawless execution
- TPG and Temasek recently sold ~13% stake for Rs 2,008 crore via open market transactions, creating near-term supply overhang and triggering a ~6% share price decline
- Rapid expansion adding 40+ centres per year carries execution risk including doctor recruitment, facility ramp-up delays, and integration challenges in new geographies
- 5-year compounded profit CAGR of 34% is strong but includes an 8% profit decline in FY2024 following a 139% surge in FY2023, indicating earnings volatility
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20h ago- Major PE stake sales Aug 14
Hyperion Investments sold 24.16M shares on Aug 12, reducing stake from 23.09% to 15.47%, while Claymore sold 1.59 crore shares reducing holding to 5.17%. Large block sales by institutional investors may create near-term supply pressure.
- Strong Q1FY27 earnings growth Aug 5
Consolidated PAT surged 44.6% to ₹55.02 crore and revenue grew 26% to ₹614.02 crore in Q1FY27. Company expanded network to 304 facilities and launched a record 16 surgical centers.
- Pledge released on 31.7M shares Aug 14
Catalyst Trusteeship released encumbrance over 31,698,303 equity shares, reducing total pledged stake to 13.09%. Pledge reduction signals improved balance sheet health and reduced promoter risk.
- International expansion into Nigeria Aug 5
Company initiated plans for a Nigerian subsidiary during Q1FY27, signaling geographic diversification beyond India.
- NCLT amalgamation hearing scheduled Jul 20
NCLT Chennai Bench will hear Dr Agarwal's amalgamation petition with Dr Agarwal's Eye Hospital Ltd on August 19, 2026. Corporate restructuring outcome remains pending.
- Q4FY26 earnings call held Aug 4
Board meeting and analyst conference call held on August 4, 2026 to discuss unaudited results for quarter ended June 30, 2026.
TL;DR: Dr Agarwal's is delivering strong operational performance with 44.6% PAT growth, rapid network expansion to 304 facilities, and aggressive surgical center rollouts. Key risk is significant stake reduction by PE investors Hyperion and Claymore, which may weigh on stock price near-term. The pledge release is a positive governance signal. Growth trajectory is improving with domestic expansion and international entry into Nigeria, though large block overhangs from institutional exits remain a watch item.
Quarterly Results
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 333 | 349 | 403 | 417 | 431 | 460 | 487 | 499 | 530 | 564 | 614 |
| Expenses | 244 | 241 | 300 | 310 | 316 | 329 | 360 | 363 | 386 | 403 | 444 |
| Operating Profit | 89 | 108 | 104 | 107 | 115 | 131 | 128 | 136 | 144 | 161 | 170 |
| OPM % | 27% | 31% | 26% | 26% | 27% | 28% | 26% | 27% | 27% | 29% | 28% |
| Other Income | 12 | 20 | 6 | 12 | 13 | 13 | 13 | 8 | 11 | 14 | 6 |
| Interest | 22 | 27 | 27 | 28 | 28 | 25 | 25 | 23 | 21 | 22 | 23 |
| Depreciation | 43 | 47 | 56 | 57 | 58 | 60 | 63 | 68 | 69 | 77 | 78 |
| PBT | 36 | 54 | 27 | 33 | 41 | 59 | 54 | 54 | 65 | 77 | 75 |
| Tax % | 37% | 24% | 33% | 36% | 31% | 27% | 29% | 32% | 33% | 35% | 27% |
| Net Profit | 23 | 41 | 18 | 21 | 28 | 43 | 38 | 36 | 44 | 50 | 55 |
| EPS in Rs | — | — | — | — | 0.72 | 1.03 | 0.95 | 0.94 | 1.07 | 1.25 | 1.43 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 | 2,207 |
| Expenses | 407 | 387 | 510 | 743 | 965 | 1,248 | 1,511 | 1,595 |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 463 | 570 | 612 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% | 27% | 28% |
| Other Income | 13 | 6 | 17 | 14 | 44 | 43 | 46 | 39 |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 90 | 89 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 | 276 | 292 |
| PBT | -11 | -48 | 57 | 84 | 141 | 160 | 249 | 270 |
| Tax % | 82% | 21% | 24% | -24% | 32% | 31% | 32% | — |
| Net Profit | -21 | -59 | 43 | 103 | 95 | 110 | 168 | 185 |
| EPS in Rs | — | — | — | — | — | 2.64 | 4.2 | 4.69 |
| 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% |
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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]