Dr Agarwals Health Care Ltd(AGARWALEYE)

NSE: AGARWALEYEBSE: 544350

₹ 475.25+1.47%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 15,067 crNext results: 5 Nov 2026Website: www.dragarwals.co.inUpdated: 24 Oct 2026

About

Dr. Agarwal's Health Care Limited is India's largest organised eye care chain by revenues and surgical facilities, operating a network of 304 facilities across 165 cities in India and internationally as of Q1 FY27. In FY26 the company reported revenue from operations of ₹2,080 Cr, its first crossing of the ₹2,000 Cr milestone, with services (consultations, cataract, refractive and other surgeries) contributing 78.6% of revenue and products (opticals, lenses, pharma) 21.4%. It held approximately 19% market share of the organised Indian eye care market in FY26.^[1][2][3][4]

Business segments

Services (cataract, refractive and other surgeries, consultations, diagnostics, non-surgical treatments) contributed 78.6% of revenue from operations in FY26.^[4]
Products (opticals, contact lenses, pharma and accessories) contributed 21.4% of revenue from operations in FY26.^[4]
Surgical services were the primary revenue driver within services, contributing 67% of group revenue in FY26; other (non-cataract) surgeries grew 19.2% YoY and cataract volumes grew 14.3% YoY in FY26.^[2]

Network and operations

As of Q1 FY27, the network comprised 304 total facilities (285 in India) across 165 cities, following 18 greenfield commissionings in Q1 FY27 - the highest ever in a single quarter (16 surgical, 2 primary).^[1]
India facilities span 14 states and 5 union territories: 87 in tier-I cities, 182 in other cities, and 19 international locations, as of FY26.^[4]
Dr. Agarwal's had 199 surgical eye care facilities in India - the highest in the country - and 60 NABH-accredited facilities as of FY26.^[4]
The hub-and-spoke model is the core operating framework, with 4 Centres of Excellence in Chennai, Tirunelveli, Vashi and Jalandhar serving as tertiary hubs.^[4]
Nearly all facilities are on leased premises; only one facility is owned, reflecting an asset-light strategy.^[5]

Key operating numbers

In Q1 FY27: 91,082 total surgeries (+15.5% YoY), 67,444 cataract surgeries (+16.5% YoY), and 8,82,234 patients served (+25.1% YoY).^[1]
In FY26: 3,23,245 total surgeries (+14.5% YoY), 2,35,980 cataract surgeries (+14.3% YoY), and 30,09,301 patients served (+23.7% YoY).^[2]
Same-store sales growth (pre-FY23 cohort) was 16.3% in Q1 FY27; the pre-FY22 cohort delivered 14% SSSG in FY26, driven by ~7% volume and ~7% value.^[1][2]
Average cataract realisation was ~₹42,000 per eye in Q1 FY27; ₹41,000 in FY26.^[1][2]
Payor mix in Q1 FY27: cash 63.6%, insurance/TPA 27.7%. Insurance/TPA share expanded from 26.0% in FY25 to 28.2% in FY26.^[1][2]
Ind AS EBITDA margin was 28.5% in Q1 FY27 (+30 bps YoY), despite ~₹20 Cr greenfield EBITDA losses from FY26 and FY27 vintage centres.^[1]

Case mix and premiumisation

High-end cataract surgeries (premium intraocular lenses, femto and SMILE) accounted for 29.3% of 67,000 total cataract surgeries in Q1 FY27, up from 26.3% in FY26 and 22.5% in FY25.^[1][2]
Femto (robotic) cataract surgeries reached 1,548 in Q1 FY27 (+33.4% YoY); 5,918 were performed in full-year FY26 (+87% YoY).^[1][2]
SMILE lenticular refractive procedures totalled 6,755 in FY26 (+18.9% YoY); retinal surgeries reached 12,816 in FY26 (+23.0% YoY).^[2]
Corneal transplants reached 589 procedures in Q1 FY27, the highest ever in a single quarter.^[1]
Premiumisation contributed ~7.5% and price hikes ~0.5% (total ~8%) of like-for-like value growth in Q1 FY27.^[1]

Mature vs. emerging facility split

Pre-FY23 mature facilities contributed ₹465 Cr in Q1 FY27 at 16.3% SSSG; 158 emerging facilities collectively contributed 21% of revenues in Q1 FY27.^[1]
FY25-vintage centres grew 38.6% YoY to ₹62 Cr in Q1 FY27; FY26-vintage centres already generated ₹33 Cr in Q1 FY27.^[1]
Only 65% of southern surgical facilities are fully mature, indicating substantial ramp-up headroom remaining in the network.^[1]

Workforce and clinical innovation

Total workforce as of March 31, 2026 was 7,176 employees, comprising 968 doctors and 2,189 paramedical staff; doctor count reached 1,057 by Q1 FY27 (+23% YoY).^[4][1]
Pinhole Pupilloplasty (PPP), developed by Chairman Dr. Amar Agarwal, treats complex corneal disorders as an alternative to corneal transplantation; ~500 procedures were performed in FY26 with 94% of patients showing significant vision improvement.^[1][4]
The in-house AI-ready hospital management system Neo currently powers all network facilities and is built to scale to 5,000+ branches and 2 million+ patients per day.^[4]

Expansion and capex

FY27 facility addition plan is 60 total (40 surgical, 20 clinics), with 18 completed in Q1 FY27, 12 targeted for Q2, and 30 in H2; 30+ signed LOIs are in place.^[1]
FY27 total capex outflow is guided at ₹380 - 400 Cr, including the new CMS Cathedral Road flagship facility.^[2]
Per-facility capex norms: secondary surgical ₹5.5 - 6 Cr, tertiary ₹11 - 12 Cr, primary ₹35 lakhs; annual split approximately 75% surgical / 25% primary.^[6]
Delhi NCR cluster reached 8 facilities by Q1 FY27, with 3 - 5 more planned in the remainder of FY27 across Noida, Ghaziabad and Haryana.^[1]
A new subsidiary in Ethiopia is set to commence operations, funded entirely by the Orbit Healthcare (Mauritius) entity with no cash outflow from India.^[4][6]

Recent developments

On September 30, 2026, the NCLT sanctioned the amalgamation of Dr. Agarwal's Eye Hospital Limited (AEHL) into Dr. Agarwal's Health Care Limited (AHCL), with an effective date of April 1, 2026; AHCL is the surviving entity.^[7]
Management indicated as of Q1 FY27 earnings call that the AEHL - AHCL merger is expected to close around mid-November 2026.^[1]
Mr. Sanjay Anand ceased to be an Independent Director of AHCL on September 29, 2026, upon completing his second consecutive five-year term.^[8]
In Q1 FY27, the North region delivered ₹57 Cr revenue (+50.5% YoY), contributing 9% of group revenues, with Delhi NCR growing from 1 to 8 facilities year-on-year.^[1]

Market Cap

₹15,067 Cr

High / Low

₹567 / 402

Stock P/E

101.3

Price / Book

7.4

Book Value

₹64

EPS

₹4.2

No. of Shares

31.68 Cr

ROCE

10.0%

ROE

6.8%

OPM

15.9%

Debt / Equity

0.08

Sales

₹2,080 Cr

Net Profit

₹168 Cr

Promoter holding

32.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials