WEBSITE BSE:544350 NSE : AGARWALEYE 11 Nov, 13:19
Market Cap ₹15764 Cr.
Stock P/E 142.9
P/B 8.2
Current Price ₹498.6
Book Value ₹ 61.1
Face Value 1
52W High ₹567.8
Dividend Yield 0%
52W Low ₹ 327.4
Dr. Agarwal’s Health Care Ltd (DAHCL), established in 2010 and headquartered in Chennai, is India’s largest eye care service provider.The company offers a comprehensive range of eye care services, including cataract and refractive surgeries, consultations, diagnoses, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceuticals. The company employs a scalable, asset-light hub-and-spoke model, with 28 tertiary hubs (including three Centers of Excellence) and 165 primary and secondary spokes across 14 states and four union territories in India. Internationally, DAHCL has expanded its presence with 16 facilities across nine African countries. The company is recognized for its clinical excellence, driven by a strong clinical board and a history of surgical innovations. Doctor-promoters lead a team of qualified medical professionals supported by experienced management.
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₹ | |
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 333 | 349 | 403 | 417 | 431 | 460 | 487 | 499 |
| Other Income | 12 | 20 | 6 | 12 | 13 | 15 | 13 | 8 |
| Total Income | 345 | 369 | 409 | 428 | 443 | 476 | 501 | 507 |
| Total Expenditure | 244 | 242 | 300 | 310 | 316 | 329 | 360 | 363 |
| Operating Profit | 101 | 127 | 110 | 119 | 128 | 146 | 141 | 144 |
| Interest | 22 | 27 | 27 | 28 | 28 | 25 | 25 | 23 |
| Depreciation | 43 | 46 | 56 | 57 | 58 | 60 | 63 | 68 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -3 | 0 | 0 |
| Profit Before Tax | 36 | 54 | 27 | 33 | 41 | 59 | 54 | 54 |
| Provision for Tax | 13 | 13 | 9 | 12 | 13 | 16 | 16 | 17 |
| Profit After Tax | 23 | 41 | 18 | 21 | 28 | 43 | 38 | 36 |
| Adjustments | -3 | -3 | -6 | -5 | -6 | -10 | -8 | -7 |
| Profit After Adjustments | 20 | 39 | 12 | 17 | 22 | 33 | 30 | 30 |
| Adjusted Earnings Per Share | 0.7 | 1.4 | 0 | 0.5 | 0.7 | 1 | 1 | 0.9 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 531 | 471 | 696 | 1018 | 1332 | 1711 | 1877 |
| Other Income | 13 | 14 | 22 | 18 | 49 | 57 | 49 |
| Total Income | 544 | 485 | 718 | 1036 | 1382 | 1768 | 1927 |
| Total Expenditure | 407 | 394 | 514 | 748 | 970 | 1260 | 1368 |
| Operating Profit | 136 | 90 | 203 | 288 | 411 | 509 | 559 |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 101 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 | 249 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -3 | -3 |
| Profit Before Tax | -11 | -48 | 57 | 84 | 141 | 160 | 208 |
| Provision for Tax | 9 | 10 | 14 | -20 | 46 | 50 | 62 |
| Profit After Tax | -20 | -58 | 43 | 103 | 95 | 110 | 145 |
| Adjustments | -1 | 3 | -5 | -9 | -12 | -27 | -31 |
| Profit After Adjustments | -21 | -55 | 38 | 94 | 83 | 83 | 115 |
| Adjusted Earnings Per Share | -1 | -2.7 | 1.8 | 4 | 3 | 2.6 | 3.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 28% | 35% | 26% | 0% |
| Operating Profit CAGR | 24% | 36% | 30% | 0% |
| PAT CAGR | 16% | 37% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 7% | 14% | 7% | 5% |
| ROCE Average | 14% | 18% | 15% | 15% |
| #(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 |
| #(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 |
| # | 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 |
| # | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|
| Promoter | 32.45 | 32.42 | 32.42 |
| FII | 40.49 | 39.16 | 38.03 |
| DII | 25.34 | 26.54 | 28.03 |
| Public | 1.72 | 1.88 | 1.52 |
| Others | 0 | 0 | 0 |
| Total | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|
| Promoter | 10.25 | 10.25 | 10.25 |
| FII | 12.79 | 12.38 | 12.02 |
| DII | 8 | 8.39 | 8.86 |
| Public | 0.54 | 0.59 | 0.48 |
| Others | 0 | 0 | 0 |
| Total | 31.59 | 31.62 | 31.62 |
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