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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹14580 Cr.
Stock P/E
132.1
P/B
7.2
Current Price
₹460
Book Value
₹ 63.9
Face Value
1
52W High
₹567.8
52W Low
₹ 354.5
Dividend Yield
0%

Dr. Agarwal's Health Overview

Business

Dr. Agarwal's Health Care Ltd. is a leading provider of comprehensive ophthalmic (eye care) services. The company operates a chain of eye hospitals, offering a wide range of treatments including cataract surgery, refractive surgery (LASIK, SMILE), retina and glaucoma management, corneal treatments, pediatric ophthalmology, and ocular oncology. Its core business model revolves around providing high-quality, accessible, and technologically advanced eye care services through its network of hospitals. The company generates revenue primarily through consultation fees, surgical procedures, diagnostic services, optical retail, and pharmacy sales.

Revenue Mix

The company's primary business segment is Ophthalmic Healthcare Services. Within this, surgical procedures, particularly cataract surgeries, are significant revenue drivers due to their high volume and procedure value. Other key service lines include retina services, refractive surgeries, glaucoma treatments, and general eye consultations. The company also derives revenue from ancillary services suchibilities like diagnostics, optical retail, and pharmacy. Specific percentage breakdowns for each service line are not publicly provided in the initial company details, but surgical services typically form the largest portion of revenue for such hospital chains.

Industry

Dr. Agarwal's operates in the rapidly growing Indian healthcare sector, specifically the organized ophthalmology segment. The industry is characterized by a mix of large corporate hospital chains, regional multi-specialty hospitals, and numerous standalone clinics. The trend is towards corporatization, with patients increasingly preferring organized players for quality assurance and advanced technology. Dr. Agarwal's is positioned as one of the oldest and largest organized players in Indian ophthalmology, with a strong presence in South India and a growing international footprint (e.g., Africa and parts of Asia). It is known for its clinical expertise, technological adoption, and patient-centric approach, placing it among the top tier of dedicated eye care providers.

MOAT

Dr. Agarwal's possesses several competitive advantages:

Brand Reputation & Trust: A long-standing legacy (founded 1957) has built significant brand equity and patient trust, especially in South India, which is crucial in healthcare.

Clinical Expertise & Technology: A reputation for pioneering surgical techniques and adopting advanced diagnostic and treatment technologies attracts both patients and skilled ophthalmologists.

Scale & Network: A growing pan-India and international network of hospitals provides economies of scale in procurement, marketing, and allows for wider patient reach and referral systems.

Doctor Talent Pool: Ability to attract and retain experienced ophthalmologists and surgeons due to its established brand and infrastructure.

Growth Drivers

Demographic Trends: An aging population in India and globally increases the incidence of age-related eye diseases (e.g., cataracts, glaucoma).

Lifestyle Changes: Increasing screen time and prevalence of chronic diseases like diabetes contribute to rising eye conditions.

Increasing Awareness & Affordability: Growing health awareness and rising disposable incomes are leading to greater demand for quality eye care.

Organized Sector Shift: Patients are increasingly moving from fragmented, unorganized clinics to corporate hospital chains seeking better quality, technology, and standardized care.

Geographic Expansion: Both domestic expansion (into tier 2/3 cities) and international expansion (Africa, Southeast Asia) through greenfield projects and strategic acquisitions.

Medical Tourism: Potential to attract international patients seeking high-quality, cost-effective eye care.

Risks

Intense Competition: Significant competition from other organized eye care chains (e.g., ASG Eye Hospitals, Vasan Eye Care), multi-specialty hospitals, and local players, potentially leading to pricing pressure.

Doctor Dependence & Retention: High reliance on a limited pool of highly skilled ophthalmologists; retaining top talent and recruiting new specialists can be challenging and costly.

Regulatory & Pricing Risks: Potential for government intervention in healthcare pricing (e.g., price caps on procedures, medical devices) which could impact profitability.

Technological Obsolescence: Rapid advancements in ophthalmology require continuous significant capital expenditure for upgrading equipment and adopting new techniques.

Reputational Damage: Any instance of medical negligence, poor patient outcomes, or negative publicity could severely erode patient trust and brand value.

Integration Risks: Challenges associated with integrating new acquisitions (cultural, operational, financial) could dilute efficiency and profitability.

Management & Ownership

Dr. Agarwal's Health Care Ltd. is a promoter-led company with a strong professional management team. It was founded by Dr. J. Agarwal in 1957. The current leadership includes Dr. Amar Agarwal (Chairman) and Dr. Ashvin Agarwal (Managing Director), both acclaimed ophthalmologists. The management combines deep clinical expertise with experience in scaling a large healthcare enterprise. The ownership structure includes significant stakes held by private equity investors (such as Temasek and TPG Growth), indicating institutional backing and a focus on corporate governance and strategic growth.

Outlook

Dr. Agarwal's Health Care is well-positioned to capitalize on the growing demand for quality eye care driven by favorable demographics and increasing health awareness. Its established brand, clinical expertise, and expanding network provide a solid foundation for continued growth, particularly in the organized sector. The company's strategy of both organic and inorganic expansion, including international markets, presents significant growth avenues. However, it faces intense competition, the need for continuous technological investment, and the critical challenge of attracting and retaining highly skilled medical professionals. Regulatory risks and the successful integration of acquired assets will also be key factors in its future performance.

Dr. Agarwal's Health Share Price

Live · BSE / NSE · Inception: 2010
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Dr. Agarwal's Health Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 333 349 403 417 431 460 487 499 530 564
Other Income 12 20 6 12 13 15 13 8 11 13
Total Income 345 369 409 428 443 476 501 507 540 577
Total Expenditure 244 242 300 310 316 329 360 363 386 403
Operating Profit 101 127 110 119 128 146 141 144 155 174
Interest 22 27 27 28 28 25 25 23 21 22
Depreciation 43 46 56 57 58 60 63 68 69 77
Exceptional Income / Expenses 0 0 0 0 0 -3 0 0 0 1
Profit Before Tax 36 54 27 33 41 59 54 54 65 77
Provision for Tax 13 13 9 12 13 16 16 17 21 27
Profit After Tax 23 41 18 21 28 43 38 36 44 50
Adjustments -3 -3 -6 -5 -6 -10 -8 -7 -10 -10
Profit After Adjustments 20 39 12 17 22 33 30 30 34 40
Adjusted Earnings Per Share 0.7 1.4 0 0.5 0.7 1 1 0.9 1.1 1.3

Dr. Agarwal's Health Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 531 471 696 1018 1332 1711 2080
Other Income 13 14 22 18 49 57 45
Total Income 544 485 718 1036 1382 1768 2125
Total Expenditure 407 394 514 748 970 1260 1512
Operating Profit 136 90 203 288 411 509 614
Interest 54 44 49 76 101 115 91
Depreciation 93 95 98 128 170 231 277
Exceptional Income / Expenses 0 0 0 0 0 -3 1
Profit Before Tax -11 -48 57 84 141 160 250
Provision for Tax 9 10 14 -20 46 50 81
Profit After Tax -20 -58 43 103 95 110 168
Adjustments -1 3 -5 -9 -12 -27 -35
Profit After Adjustments -21 -55 38 94 83 83 134
Adjusted Earnings Per Share -1 -2.7 1.8 4 3 2.6 4.3

Dr. Agarwal's Health Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 249 184 212 630 1339 1867
Minority's Interest 18 14 21 30 40 60
Borrowings 145 168 254 306 310 157
Other Non-Current Liabilities 181 257 318 504 627 1078
Total Current Liabilities 146 150 206 301 400 478
Total Liabilities 740 774 1012 1770 2716 3640
Fixed Assets 551 575 701 1293 1746 2523
Other Non-Current Assets 44 44 83 167 211 322
Total Current Assets 146 154 227 310 759 794
Total Assets 740 774 1012 1770 2716 3640

Dr. Agarwal's Health Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 94 39 55 100 127 112
Cash Flow from Operating Activities 103 99 164 233 346 360
Cash Flow from Investing Activities -80 -37 -155 -509 -914 -750
Cash Flow from Financing Activities -73 -37 35 303 553 382
Net Cash Inflow / Outflow -50 25 44 27 -15 -8
Closing Cash & Cash Equivalent 39 55 100 127 112 104

Dr. Agarwal's Health Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -1 -2.7 1.83 3.96 2.97 2.64
CEPS(Rs) 3.57 1.77 6.84 9.74 9.48 10.8
DPS(Rs) 0 0 0 0 0 0
Book NAV/Share(Rs) 12.1 8.95 10.32 26.4 47.63 58.77
Core EBITDA Margin(%) 23.27 16.29 26.1 26.51 27.18 26.39
EBIT Margin(%) 8.16 -0.9 15.19 15.73 18.1 16.07
Pre Tax Margin(%) -2.04 -10.26 8.15 8.21 10.55 9.34
PAT Margin (%) -3.7 -12.39 6.2 10.14 7.14 6.45
Cash Profit Margin (%) 13.84 7.72 20.23 22.74 19.92 19.93
ROA(%) -2.66 -7.72 4.83 7.42 4.24 3.47
ROE(%) -7.89 -26.95 21.77 24.58 9.69 6.92
ROCE(%) 10.53 -1.09 24.26 21.51 17.77 14.32
Receivable days 36.06 38.4 27.12 23.85 23.72 23.51
Inventory Days 22.99 23.75 15.94 12.36 12.05 14.1
Payable days 340.04 419.56 356.83 306.23 312.42 322
PER(x) 0 0 0 0 0 169.15
Price/Book(x) 0 0 0 0 0 7.6
Dividend Yield(%) 0 0 0 0 0 0
EV/Net Sales(x) 0.23 0.27 0.26 0.21 0.2 8.24
EV/Core EBITDA(x) 0.91 1.4 0.89 0.75 0.66 27.73
Net Sales Growth(%) 0 -11.23 47.73 46.25 30.86 28.44
EBIT Growth(%) 0 -109.84 2580.75 51.37 50.61 14.07
PAT Growth(%) 0 -197.11 173.94 139.16 -7.92 16.09
EPS Growth(%) 0 -170.22 167.94 116.06 -25.01 -10.97
Debt/Equity(x) 0.65 1.01 1.37 0.57 0.29 0.13
Current Ratio(x) 1 1.03 1.1 1.03 1.9 1.66
Quick Ratio(x) 0.77 0.84 0.94 0.91 1.77 1.49
Interest Cover(x) 0.8 -0.1 2.16 2.09 2.4 2.39
Total Debt/Mcap(x) 0 0 0 0 0 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +28% +35% +26%
Operating Profit CAGR +24% +36% +30%
PAT CAGR +16% +37%
Share Price CAGR +30%
ROE Average +7% +14% +7% +5%
ROCE Average +14% +18% +15% +15%

Dr. Agarwal's Health Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 32.36 %
FII 37.88 %
DII (MF + Insurance) 27.9 %
Public (retail) 67.64 %
# Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 32.4532.4232.4232.3932.36
FII 40.4939.1638.0337.9737.88
DII 25.3426.5428.0327.8727.9
Public 67.5567.5867.5867.6167.64
Others 00000
Total 100100100100100

Dr. Agarwal's Health Peer Comparison

Hospital & Healthcare Services Edit Columns

Dr. Agarwal's Health Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Dr. Agarwal's Health Pros & Cons

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 32.36%.
  • Company has a low return on equity of 14% over the last 3 years.
  • Debtor days have increased from 312.42 to 322days.
  • Stock is trading at 7.2 times its book value.
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