Dr Agarwals Health Care
Dr Agarwals Health Care
Healthcare ServicesKey Fundamentals
SmallcapHospitalsHealthcare ServicesTapetide Score
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Key Insights
Weaknesses
3- Stock is trading at 7.61 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 5.62% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Dr Agarwals Health Care Ltd is an eye-care hospital chain with a market capitalisation of about ₹15,718 Cr. Sales have compounded at 35% over 5 years and 27% over 3 years, and TTM profit is up 43%. The stock trades at 85.9x earnings and 7.86x book value, while return on equity has stayed around 6% (5.62% 3-year average), no dividend is paid, and the stock has returned 2% over the past year.
- Revenue growth is high and has lasted several years: sales have compounded at 35% over 5 years, 27% over 3 years and 23% on a TTM basis, which points to strong demand and network expansion in specialised eye care.
- Profit growth is picking up: TTM profit grew 43% against 23% sales growth, so profit is rising almost twice as fast as revenue. That suggests operating leverage from newer centres as they mature.
- Over the longer term, profit has compounded at 33% over 5 years, roughly in line with 35% sales CAGR. The business has shown it can turn scale into earnings.
- Implied TTM earnings of about ₹183 Cr (₹15,718 Cr market cap / 85.9 P/E) against implied book equity of about ₹2,000 Cr (market cap / 7.86 P/B) work out to a return of about 9%. That is above the 6% last-year ROE, which may mean capital efficiency is improving.
- Scale matters in a fragmented market: at a ₹15,718 Cr market cap, the company is one of the few listed, pure-play eye-care chains in India, which could help it win share from unorganised clinics.
- Paying no dividend (0% yield) means all earnings are reinvested. With 27% 3-year sales CAGR, that capital is funding a network that is still growing fast.
- With the stock up only 2% over 1 year while TTM profit grew 43%, the valuation has partly caught up with earnings over the period.
- The valuation is demanding: a P/E of 85.9 gives an earnings yield of about 1.2%, so sustained high growth is already priced in and a growth slowdown could hurt the stock.
- Return on equity is low for the valuation: ROE was 6% last year, 5.62% averaged over 3 years and 7% over 5 years. That is probably below the company's cost of equity, and it sits badly with a 7.86x price-to-book multiple.
- Profit has lagged revenue over the medium term: 3-year profit CAGR is only 9% against 27% sales CAGR, which implies margin pressure from expansion, acquisitions or rising costs.
- At 7.86x book, investors pay nearly ₹8 for every ₹1 of net assets. That leaves little margin of safety if expansion returns disappoint.
- Shareholders get no cash return: the dividend yield is 0% despite repeated profits, so returns depend entirely on the stock price going up.
- The stock has returned just 2% over 1 year and has no 3- or 5-year listed track record. Price history is limited and investors have had little time to test the valuation.
- The data needed for a full risk assessment is missing: debt-to-equity, ROCE and EPS are not available, which makes it hard to judge balance-sheet leverage and lease obligations in a capital-heavy hospital model.
- The TTM profit jump of 43% follows a 9% 3-year CAGR. The recent rise may be partly cyclical or come from a low base, so it might not continue.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Nigeria step-down subsidiary confirmed Sep 29
Orbit Healthcare Services Nigeria Ltd is now a step-down wholly owned subsidiary of Dr. Agarwal's Health Care, held through Orbit Mauritius. This extends the company's African footprint, though the disclosure gives no investment amount or revenue figures.
- Independent director Sanjay Anand exits Sep 29
Sanjay Anand stepped down as Independent Director on September 29, 2026, when his second five-year term ended. This is a routine, tenure-driven exit and not a resignation, so it raises no governance concern.
- 16th AGM clears all resolutions Sep 21
At the 16th AGM on September 21, 2026, shareholders approved the audited FY26 financials, reappointed directors and authorized pay revisions for top management. No resolution was reported as rejected, which suggests steady shareholder support.
TL;DR: This news flow is procedural and does not move the stock either way: an AGM where every resolution passed, a scheduled director exit, and a new Nigerian subsidiary held through Mauritius. The Nigeria entity points to continued overseas expansion, but its size and financial impact weren't disclosed. The main things to watch are the higher management pay just approved and who replaces Sanjay Anand on the board. Without operating numbers in these articles, the stock's direction will depend on upcoming quarterly results, particularly new centre additions and margins.
Quarterly Results
| Particulars | 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
| Particulars | 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 | 1,503 | 1,595 |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 463 | 577 | 612 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% | 28% | 28% |
| Other Income | 13 | 6 | 17 | 14 | 44 | 43 | 46 | 39 |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 98 | 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
| Particulars | 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 | 849 |
| Total Liabilities | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,941 |
| Fixed Assets | 551 | 575 | 701 | 1,293 | 1,746 | 2,523 | 2,870 |
| CWIP | 8 | 11 | 28 | 99 | 118 | 153 | 244 |
| Investments | 1 | 0 | 0 | 34 | 471 | 264 | 152 |
| Other Assets | 192 | 201 | 295 | 397 | 416 | 724 | 675 |
| Total Assets | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,941 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 103 | 99 | 164 | 233 | 346 | 357 | 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 | -11 | -10 |
| Free Cash Flow | -98 | 66 | 95 | 76 | 118 | 37 | 59 |
| CFO/OP | 97 | 126 | 97 | 98 | 103 | 85 | 99 |
Ratios
| Particulars | 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 | 286 | 283 |
| Cash Conversion Cycle | -126 | -247 | -215 | -183 | -190 | -79 | -76 |
| Working Capital Days | -31 | -47 | -50 | -62 | -65 | -43 | -30 |
| ROCE % | — | -1% | 17% | 13% | 11% | 10% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY20–FY27.
Documents
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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]
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