AGARWALEYE
Dr. Agarwal's Health Care share price & financials
- Price
- ₹466.65
- Market cap
- ₹17.3k Cr
- Sector
- Healthcare
- Calls analysed
- 7
Dr. Agarwal's Health Care Limited Q1 FY27
What went well
- Revenue from operations grew 26% YoY to INR614 crores, marking strongest quarter-on-quarter growth.
- Ind AS EBITDA grew 25.2% YoY to INR177 crores, with margins at 28.5%, an improvement of 30 basis points.
- PAT margin expanded by 127 basis points to 8.9% despite rising greenfield losses.
What to watch
- Greenfield losses impacted PAT margin, though overall PAT margin still expanded.
What Dr. Agarwal's Health Care Limited does
Dr. Agarwal's Health Care Limited runs an integrated, end-to-end eye care network across India and Africa, delivering cataract, refractive and other ophthalmic surgeries, doctor consultations and diagnostics, and non-surgical treatments, alongside in-house sale of opticals, contact lenses and eye-care pharmaceutical products. It operates on an asset-light, hub-and-spoke model with primary facilities as the first point of patient contact feeding into secondary and tertiary surgical centres (including Centres of Excellence) that handle complex cataract, retinal, corneal and refractive procedures. The company grows through a mix of organic greenfield facility launches and acquisitions of existing eye hospitals/clinics, which it integrates onto standardised clinical protocols and its in-house Neo hospital management system. It also trains clinical talent through an in-house medical college offering DNB and fellowship programmes.
Segments
- Surgeries
- Diagnosis, Consultations & Others
- Opticals, Contact Lenses & Accessories
- Eye Care Related Pharma Products
- Eye care facilities
- 288 (as of March 2026)
- Geographic footprint
- 155 cities across 14 states and 5 union territories in India, plus operations in 9 African countries (Ghana, Uganda, Kenya, Rwanda, Tanzania, Mozambique, Zambia, Mauritius, Madagascar)
- Doctors
- 968
- Paramedical staff
- 2,189
- Patients served (FY26)
- 3,009,000+
- Surgeries performed (FY26)
- 323,000+
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 5 delivered 3 missed 10 open- New Facilities delivered said Q3 FY25 Promised: opening about close to 45 to 50 facilities this year Q1 FY27: No new information on past promise.
- Cathedral Road Flagship Operational went quiet said Q3 FY25 Promised: sometime early FY 2026 to begin operations Q1 FY27: No specific update provided on the Chennai flagship facility timeline.
- Merger Completion on track said Q3 FY25 Promised: within a time span of 3 years and ideally sooner Q1 FY27: On track, management expects to close the merger around mid-November (Q3 FY27).
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 26.8%, net profit up 70.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 255 | 268 | 281 | 302 | 309 +21% | 335 +25% | 348 +24% | 383 +27% |
| EBITDA | 58 | 65 | 73 | 67 | 69 +19% | 80 +23% | 92 +26% | 96 +43% |
| Net profit | -4 | 8 | 27 | 10 | 5 +225% | 14 +75% | 11 −59% | 17 +70% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +19.1% 1Y
1Y: ₹426.9 on 10 Sept 2025 → ₹508.4. High ₹560.7 (10 Aug 2026), low ₹406.55 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.1%
- 4 Aug
- Q4 FY26
- +4.7%
- 21 May
- Q3 FY26
- +1.0%
- 4 Feb
- Q2 FY26
- −2.4%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 71.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to 23.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹441 Cr | ₹1.0k Cr | ₹1.3k Cr |
| Operating profit | ₹122 Cr | ₹245 Cr | ₹308 Cr |
| Operating margin | 27.6% | 23.5% | 23.8% |
| Interest | ₹44 Cr | ₹90 Cr | ₹73 Cr |
| Depreciation | ₹67 Cr | ₹156 Cr | ₹196 Cr |
| Net profit | ₹27 Cr | ₹22 Cr | ₹40 Cr |
| Net margin | 6.1% | 2.1% | 3.1% |
| Cash from operations | ₹222 Cr | ₹208 Cr | ₹321 Cr |
| Free cash flow | ₹87 Cr | ₹18 Cr | ₹6 Cr |
| ROCE | 8.0% | 6.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹7 Cr | ₹7 Cr | ₹8 Cr | ₹9 Cr | ₹32 Cr | ₹32 Cr |
| Reserves | ₹194 Cr | ₹192 Cr | ₹554 Cr | ₹1.2k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Borrowings | ₹161 Cr | ₹252 Cr | ₹590 Cr | ₹661 Cr | ₹983 Cr | ₹670 Cr |
| Other liabilities | ₹281 Cr | ₹242 Cr | ₹236 Cr | ₹298 Cr | ₹873 Cr | ₹300 Cr |
| Total liabilities | ₹643 Cr | ₹692 Cr | ₹1.4k Cr | ₹2.2k Cr | ₹3.8k Cr | ₹3.0k Cr |
| Fixed assets | ₹387 Cr | ₹367 Cr | ₹907 Cr | ₹1.3k Cr | ₹2.7k Cr | ₹1.9k Cr |
| Capital work in progress | ₹11 Cr | ₹2 Cr | ₹35 Cr | ₹9 Cr | ₹163 Cr | ₹29 Cr |
| Investments | ₹121 Cr | ₹147 Cr | ₹187 Cr | ₹629 Cr | ₹208 Cr | ₹615 Cr |
| Other assets | ₹124 Cr | ₹176 Cr | ₹258 Cr | ₹248 Cr | ₹693 Cr | ₹395 Cr |
| Total assets | ₹643 Cr | ₹692 Cr | ₹1.4k Cr | ₹2.2k Cr | ₹3.8k Cr | ₹3.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.29 pp while DIIs added +1.28 pp. The shareholder count shrank 33% to 42,492.
- Promoters
- 32.3%
- FIIs
- 58.0%
- DIIs
- 7.7%
- Public
- 2.0%
Since Jun 2025
- FIIs −1.29 pp
- DIIs +1.28 pp
- Public +0.10 pp
How it drifted, 6 quarters
Over this window FIIs fell from 60.6% to 58.0% — −2.6 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 32.5%, FIIs 60.6%, DIIs 5.2%, Public 1.7%.Jun '25: Promoters 32.4%, FIIs 59.3%, DIIs 6.4%, Public 1.9%.Sep '25: Promoters 32.4%, FIIs 58.1%, DIIs 7.9%, Public 1.5%.Dec '25: Promoters 32.4%, FIIs 58.1%, DIIs 7.8%, Public 1.8%.Mar '26: Promoters 32.4%, FIIs 57.9%, DIIs 7.8%, Public 1.9%.Jun '26: Promoters 32.3%, FIIs 58.0%, DIIs 7.7%, Public 2.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Motilal Oswal S&P BSE Healthcare ETF Mutual fund newly disclosed 1.47% held
- Invesco India Flexi Cap Fund Mutual fund +0.10 pp 3.02% held
- Monetary Authority of Singapore Sovereign +0.10 pp 1.11% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dr. Agarwal's Health Care Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hyperion Investments Pte. Ltd. FPI fund | 23.09% | unchanged |
| Claymore Investments (Mauritius) Pte. Ltd FPI fund | 10.19% | unchanged |
| Arvon Investments Pte.Ltd. FPI fund | 9.87% | unchanged |
| Government Of Singapore - E Sovereign | 6.35% | −0.07 pp |
| Dr. Ashar Agarwal | 4.45% | unchanged |
| Dr. Ashvin Agarwal | 4.45% | unchanged |
| Dr. Athiya Agarwal | 4.45% | unchanged |
| Dr. Amar Agarwal | 4.45% | unchanged |
| Dr. Adil Agarwal | 4.43% | unchanged |
| Adil Agarwal, Anosh Agarwal, Ashvin Agarwal | 4.27% | unchanged |
| Dr. Anosh Agarwal | 4.23% | unchanged |
| Invesco India Flexi Cap Fund Mutual fund | 3.02% | +0.10 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Dr. Agarwal's Health Care Limited
Guides on how to read this kind of business and the numbers that matter.