Hospital & Healthcare Services · Founded 1997 · www.lotuseye.org · BSE 532998 · NSE LOTUSEYE · ISIN INE947I01017
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Business
Lotus Eye Hospital And Institute Ltd. is an Indian healthcare services provider specializing in comprehensive ophthalmic care. The company operates a chain of eye hospitals, offering a wide range of services including consultations, diagnostic procedures, and surgical treatments for various eye conditions. Its core business model revolves around providing medical expertise and advanced technology for eye care. The company generates revenue primarily through fees charged for patient consultations, diagnostic tests, surgical procedures (such as cataract, LASIK, glaucoma, and retinal surgeries), optical services, and pharmacy sales.
Revenue Mix
While specific segmental revenue breakdown is not provided, the company's revenue is derived entirely from its ophthalmic healthcare services. This typically includes:
Surgical Procedures: A significant portion, especially from high-volume surgeries like cataract and refractive error corrections (LASIK).
Outpatient Consultations & Diagnostics: Fees from doctor visits, eye examinations, and advanced diagnostic tests.
Optical & Pharmacy Sales: Revenue from dispensing spectacles, contact lenses, and eye-related medications.
Given the nature of an "Eye Hospital And Institute," surgical and advanced medical treatments are likely the dominant revenue drivers.
Industry
The Indian hospital and healthcare services industry is highly fragmented but growing rapidly, driven by an aging population, rising lifestyle diseases, increasing health awareness, and growing insurance penetration. The eye care segment specifically benefits from a high prevalence of vision impairment and blindess, particularly cataracts, alongside a growing demand for refractive surgeries. Lotus Eye Hospital And Institute operates within this competitive landscape, positioning itself as a provider of specialized eye care. Its standing versus peers would depend on its geographical footprint, reputation for specific specialties, technology adoption, and pricing strategy within its operational regions. It likely competes with both large corporate hospital chains (which may have eye care departments) and other dedicated standalone eye care chains and smaller independent clinics.
MOAT
Lotus Eye Hospital And Institute Ltd. may possess the following competitive advantages:
Brand Reputation & Trust: In healthcare, patient trust built over years of quality service and successful outcomes is a significant advantage, leading to repeat business and referrals.
Specialized Medical Expertise: A strong team of experienced ophthalmologists and support staff can be a differentiator, particularly for complex procedures.
Established Patient Base: A long-standing presence in its operating regions can lead to a loyal patient base.
Moderate Switching Costs: Patients often prefer to continue treatment with doctors or hospitals they are familiar with, especially for chronic conditions or follow-up care.
Localized Scale: If it has a network of hospitals in specific regions, it can benefit from localized brand recall and operational efficiencies.
Growth Drivers
Aging Population: India's increasing elderly population drives demand for age-related eye conditions like cataracts, glaucoma, and diabetic retinopathy.
Lifestyle Changes & Awareness: Increased screen time contributes to eye strain and dry eyes, while rising health awareness encourages early detection and treatment.
Increasing Disposable Income & Health Insurance: Growing middle-class income and penetration of health insurance make advanced eye care more accessible and affordable.
Technological Advancements: Adoption of new diagnostic tools and surgical techniques (e.g., advanced phacoemulsification, femtosecond laser for LASIK) can attract more patients and improve outcomes.
Expansion: Opening new centers or increasing capacity at existing hospitals in underserved or high-demand areas.
Medical Tourism: Potential to attract patients from neighboring countries for specialized treatments.
Risks
Intense Competition: The eye care segment is competitive, with numerous standalone hospitals, corporate chains, and unorganized players vying for patients.
Reliance on Key Personnel: High dependence on skilled ophthalmologists; attrition of key doctors could impact service quality and patient flow.
Regulatory Changes: Healthcare regulations, pricing controls for medical procedures or devices, and quality standards can impact profitability and operations.
Technology Obsolescence & Capital Expenditure: Continuous need to invest in advanced and expensive medical equipment to remain competitive.
Reputational Risk: Medical errors, service quality issues, or patient dissatisfaction can severely damage reputation and patient trust.
Economic Downturns: Elective procedures might be postponed by patients during economic slowdowns, impacting revenue.
Management & Ownership
As a publicly listed company in India, Lotus Eye Hospital And Institute Ltd. typically has a promoter group (often the founding family or individuals) holding a significant stake, along with institutional investors and public shareholders. The quality of management would involve their strategic vision for growth, ability to attract and retain medical talent, operational efficiency, and adherence to ethical practices. Without specific details, it is difficult to assess individual management quality, but their ability to navigate the competitive healthcare landscape and maintain quality standards is crucial.
Outlook
Lotus Eye Hospital And Institute operates in a sector with significant underlying demand tailwinds driven by India's demographics, increasing health awareness, and improving affordability of healthcare. The long-term growth trajectory for eye care services appears robust. However, the company faces inherent challenges including intense competition, the need for continuous technological upgrades, and the critical reliance on skilled medical professionals. The ability to maintain high service quality, manage operational costs efficiently, expand strategically, and navigate potential regulatory shifts will be key determinants of its continued success and market positioning. While the demand for eye care offers a strong foundation, sustained competitive advantage and prudent management are essential for long-term value creation in this dynamic industry.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 11 | 13 | 13 | 12 | 12 | 14 | 13 | 14 | 14 | 17 |
| Other Income | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 11 | 13 | 13 | 12 | 12 | 14 | 13 | 14 | 14 | 17 |
| Total Expenditure | 10 | 11 | 12 | 11 | 12 | 12 | 12 | 13 | 13 | 14 |
| Operating Profit | 1 | 2 | 1 | 1 | 0 | 2 | 1 | 1 | 1 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | -1 | 1 | 1 | 1 | 1 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | -0 |
| Profit Before Tax | 0 | 1 | 0 | -0 | 1 | 1 | 0 | -0 | -0 | 1 |
| Provision for Tax | -0 | 0 | 0 | -0 | 1 | 0 | -0 | -0 | -0 | 0 |
| Profit After Tax | 0 | 1 | 0 | -0 | 0 | 1 | 0 | -0 | -0 | 1 |
| Adjustments | -0 | -0 | 0 | -0 | 0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | 1 | 0 | -0 | 0 | 1 | 0 | -0 | -0 | 1 |
| Adjusted Earnings Per Share | 0 | 0.3 | 0 | -0.1 | 0.1 | 0.3 | 0.1 | -0.1 | -0.2 | 0.3 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 31 | 34 | 38 | 38 | 41 | 32 | 39 | 47 | 48 | 50 | 54 | 58 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 32 | 35 | 39 | 39 | 41 | 33 | 40 | 48 | 50 | 51 | 55 | 58 |
| Total Expenditure | 28 | 31 | 34 | 35 | 37 | 29 | 33 | 39 | 42 | 46 | 50 | 52 |
| Operating Profit | 4 | 4 | 5 | 4 | 5 | 4 | 7 | 9 | 8 | 5 | 5 | 6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 4 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 4 | 3 | 4 | 5 |
| Exceptional Income / Expenses | 0 | -0 | 0 | -0 | -1 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | -0 | 0 | 2 | 1 | 1 | 2 | 4 | 6 | 4 | 1 | -0 | 1 |
| Provision for Tax | -0 | -0 | -0 | -0 | 0 | 0 | 1 | 2 | 1 | 1 | -0 | 0 |
| Profit After Tax | 0 | 0 | 2 | 1 | 1 | 2 | 3 | 4 | 3 | 1 | 0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 2 | 1 | 1 | 2 | 3 | 4 | 3 | 1 | 0 | 1 |
| Adjusted Earnings Per Share | 0 | 0.2 | 0.8 | 0.3 | 0.5 | 0.8 | 1.4 | 2 | 1.4 | 0.4 | 0 | 0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 8% | 5% | 11% | 6% |
| Operating Profit CAGR | 0% | -18% | 5% | 2% |
| PAT CAGR | -100% | -100% | -100% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -6% | 12% | 19% | 20% |
| ROE Average | 0% | 2% | 4% | 3% |
| ROCE Average | 1% | 4% | 6% | 4% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 49 | 50 | 51 | 50 | 51 | 53 | 55 | 58 | 59 | 60 | 60 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Other Non-Current Liabilities | 0 | -0 | -0 | -0 | 0 | -0 | 1 | 0 | 1 | 2 | 3 |
| Total Current Liabilities | 5 | 4 | 7 | 6 | 6 | 6 | 6 | 5 | 6 | 7 | 9 |
| Total Liabilities | 55 | 55 | 57 | 56 | 57 | 58 | 61 | 63 | 66 | 69 | 82 |
| Fixed Assets | 44 | 41 | 43 | 44 | 43 | 41 | 44 | 44 | 49 | 54 | 66 |
| Other Non-Current Assets | 5 | 6 | 7 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 5 |
| Total Current Assets | 6 | 7 | 8 | 7 | 11 | 14 | 13 | 15 | 14 | 12 | 11 |
| Total Assets | 55 | 55 | 57 | 56 | 57 | 58 | 61 | 63 | 66 | 69 | 82 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 2 | 3 | 4 | 3 | 7 | 10 | 9 | 4 | 5 | 2 |
| Cash Flow from Operating Activities | 3 | 3 | 6 | 4 | 5 | 3 | 4 | 4 | 6 | 3 | 3 |
| Cash Flow from Investing Activities | -1 | -1 | -4 | -4 | -1 | 0 | -4 | -2 | -4 | -4 | -12 |
| Cash Flow from Financing Activities | -1 | -0 | -2 | -1 | 0 | -0 | -2 | -2 | -3 | -2 | 9 |
| Net Cash Inflow / Outflow | 2 | 2 | 0 | -1 | 4 | 3 | -1 | 0 | -1 | -3 | -0 |
| Closing Cash & Cash Equivalent | 2 | 3 | 4 | 3 | 7 | 10 | 9 | 9 | 3 | 2 | 2 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.05 | 0.21 | 0.84 | 0.34 | 0.51 | 0.75 | 1.44 | 1.96 | 1.4 | 0.36 | 0.04 |
| CEPS(Rs) | 1.79 | 1.87 | 2.46 | 1.81 | 1.71 | 1.87 | 2.64 | 3.39 | 3.19 | 1.8 | 1.84 |
| DPS(Rs) | 0 | 0.5 | 0.5 | 0 | 0 | 0.5 | 0.5 | 0.5 | 0.5 | 0 | 0 |
| Book NAV/Share(Rs) | 23.8 | 24.07 | 24.35 | 24.1 | 24.65 | 25.34 | 26.26 | 27.69 | 28.57 | 28.85 | 28.92 |
| Core EBITDA Margin(%) | 10.21 | 9.8 | 11.44 | 8.39 | 9.82 | 11.23 | 15.25 | 16.35 | 13.76 | 7.18 | 6.62 |
| EBIT Margin(%) | 0.43 | 1.67 | 4.95 | 2.19 | 4.17 | 6.58 | 11.07 | 12.45 | 8.74 | 3.76 | 1.82 |
| Pre Tax Margin(%) | -0.07 | 1.23 | 4.48 | 1.63 | 3.59 | 6.15 | 10.52 | 12.01 | 8.33 | 2.79 | -0.1 |
| PAT Margin (%) | 0.32 | 1.31 | 4.59 | 1.84 | 2.63 | 4.84 | 7.67 | 8.67 | 6.05 | 1.49 | 0.15 |
| Cash Profit Margin (%) | 11.97 | 11.44 | 13.46 | 9.8 | 8.78 | 12.04 | 14.1 | 15 | 13.78 | 7.56 | 7.13 |
| ROA(%) | 0.18 | 0.81 | 3.12 | 1.25 | 1.89 | 2.71 | 4.99 | 6.58 | 4.51 | 1.09 | 0.11 |
| ROE(%) | 0.2 | 0.89 | 3.47 | 1.41 | 2.1 | 3.02 | 5.56 | 7.27 | 4.98 | 1.24 | 0.13 |
| ROCE(%) | 0.27 | 1.13 | 3.71 | 1.66 | 3.32 | 4.07 | 8 | 10.43 | 7.19 | 3.1 | 1.47 |
| Receivable days | 5.06 | 6.41 | 8.74 | 9.03 | 6.41 | 7.9 | 6.4 | 6.97 | 9.2 | 9.5 | 8.6 |
| Inventory Days | 34.39 | 24.61 | 20.1 | 21.58 | 19.21 | 21.95 | 19.16 | 19.77 | 22.72 | 25.93 | 26.04 |
| Payable days | 117.66 | 86.95 | 108.13 | 110.55 | 87.95 | 106.98 | 96.13 | 81.76 | 78.7 | 80.52 | 72.5 |
| PER(x) | 329.07 | 173.07 | 33.28 | 65.07 | 45.52 | 55.57 | 37.18 | 29.62 | 40.31 | 196.62 | 2618.86 |
| Price/Book(x) | 0.67 | 1.54 | 1.15 | 0.92 | 0.95 | 1.65 | 2.03 | 2.1 | 1.98 | 2.42 | 3.5 |
| Dividend Yield(%) | 0 | 1.35 | 1.79 | 0 | 0 | 1.19 | 0.94 | 0.86 | 0.89 | 0 | 0 |
| EV/Net Sales(x) | 1.01 | 2.18 | 1.44 | 1.14 | 1.03 | 2.39 | 2.63 | 2.39 | 2.3 | 2.86 | 4.08 |
| EV/Core EBITDA(x) | 8.36 | 18.29 | 10.48 | 11.2 | 8.55 | 17.7 | 14.99 | 12.71 | 13.95 | 29.18 | 46.31 |
| Net Sales Growth(%) | 4.13 | 9.1 | 11.95 | 1.06 | 5.54 | -20.18 | 20.21 | 20.9 | 2.48 | 2.81 | 8.38 |
| EBIT Growth(%) | 106.43 | 319.87 | 231.35 | -55.3 | 101.06 | 25.78 | 102.31 | 35.94 | -28.03 | -55.79 | -47.6 |
| PAT Growth(%) | 105.09 | 340.48 | 293.4 | -59.47 | 50.37 | 47.29 | 90.33 | 36.63 | -28.52 | -74.63 | -89.12 |
| EPS Growth(%) | 105.09 | 340.48 | 293.4 | -59.47 | 50.38 | 47.29 | 90.33 | 36.62 | -28.52 | -74.63 | -89.11 |
| Debt/Equity(x) | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 | 0 | 0 | 0 | 0.01 | 0.2 |
| Current Ratio(x) | 1.38 | 1.61 | 1.16 | 1.17 | 1.79 | 2.34 | 2.24 | 2.83 | 2.21 | 1.56 | 1.22 |
| Quick Ratio(x) | 0.77 | 1.18 | 0.82 | 0.79 | 1.43 | 2.03 | 1.83 | 2.3 | 1.71 | 1.04 | 0.81 |
| Interest Cover(x) | 0.87 | 3.78 | 10.39 | 3.93 | 7.13 | 15.52 | 20.09 | 28.69 | 20.98 | 3.88 | 0.95 |
| Total Debt/Mcap(x) | 0.02 | 0.01 | 0.01 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.06 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.4 | 40.24 | 40.03 | 40.14 | 40.22 | 40.39 | 40.64 | 40.67 | 40.14 | 40.14 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 58.6 | 59.76 | 59.97 | 59.86 | 59.78 | 59.6 | 59.36 | 59.33 | 59.86 | 59.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.86 | 0.84 | 0.83 | 0.83 | 0.84 | 0.84 | 0.85 | 0.85 | 0.83 | 0.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.22 | 1.24 | 1.25 | 1.24 | 1.24 | 1.24 | 1.23 | 1.23 | 1.24 | 1.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +8% | +5% | +11% | +6% |
| Operating Profit CAGR | 0% | -18% | +5% | +2% |
| PAT CAGR | -100% | -100% | -100% | — |
| Share Price CAGR | -6% | +12% | +19% | +20% |
| ROE Average | 0% | +2% | +4% | +3% |
| ROCE Average | +1% | +4% | +6% | +4% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.4 | 40.24 | 40.03 | 40.14 | 40.22 | 40.39 | 40.64 | 40.67 | 40.14 | 40.14 |
| FII | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 58.6 | 59.76 | 59.97 | 59.86 | 59.78 | 59.6 | 59.36 | 59.33 | 59.86 | 59.86 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.86 | 0.84 | 0.83 | 0.83 | 0.84 | 0.84 | 0.85 | 0.85 | 0.83 | 0.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.22 | 1.24 | 1.25 | 1.24 | 1.24 | 1.24 | 1.23 | 1.23 | 1.24 | 1.24 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 | 2.08 |
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