Dr Agarwals Health Care Ltd
AGARWALEYE NSE
Dr Agarwals Health Care Ltd
Healthcare ServicesNSE: AGARWALEYE BSE: 544350 Hospitals
Key Fundamentals
SmallcapHospitalsHealthcare ServicesMarket Cap
₹15,952 Cr
Volatility
Moderate
P/E Ratio
108.42
EBITDA
₹570 Cr
Return on Equity
5.73%
Debt to Equity
0.53
Book Value
₹63.89
52W High
₹568
52W Low
₹401
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Dr Agarwals Health Care Ltd insights
39 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Weaknesses
3- Stock is trading at 8.00 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 10h agoAI opinion · based on fundamentals
Risk high
Dr 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%.
Bull Case 8
- 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
Bear Case 8
- 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 4h ago Positives 2
- Q1FY27 PAT surges 44.6% Aug 5
Consolidated PAT rose 44.6% to ₹55.02 crore while revenue grew 26% to ₹614.02 crore in Q1FY27, with standalone PAT also improving to ₹16.67 crore.
- Record 16 surgical centers launched Aug 5
Network expanded to 304 facilities with a record 16 surgical centers launched in the quarter, plus plans initiated for a Nigerian subsidiary for international expansion.
Neutral 2
- Q4FY26 earnings call held Aug 4 Aug 4
Dr. Agarwal's held its board meeting and analyst conference call on August 4, 2026 to discuss unaudited financial results for the quarter ended June 30, 2026.
- NCLT amalgamation hearing Aug 19 Jul 20
NCLT Chennai Bench will hear the amalgamation petition with Dr Agarwal's Eye Hospital Ltd on August 19, 2026.
TL;DR: Dr Agarwal's Health Care is delivering strong growth with 44.6% PAT expansion and aggressive network buildout to 304 facilities. No visible headwinds in recent news flow. The company is pursuing both domestic scale (record center launches) and international expansion (Nigeria). Momentum appears firmly positive heading into FY27 if execution on new centers continues translating to revenue growth.
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% |
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 Services sector within the Hospitals 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 ₹15952.17 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 108.42. 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 ₹401 and a high of ₹568. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Dr Agarwals Health Care Ltd?
Dr Agarwals Health Care Ltd has a Return on Equity (ROE) of 5.73%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
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