Dr Agarwals Health Care Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,136 Cr
- P/E
- 109.26
- ROE
- 5.99%
- PEG
- 12.58
- Price to sales
- 7.31
- Debt to equity
- 0.53
- 52W high / low
- ₹561 / ₹407
- Sales growth (5Y)
- 34.58%
- EBITDA margin
- 27.74%
- Net profit margin
- 7.08%
- Promoter holding
- 32.33%
- Sales (last year)
- ₹2,207 Cr
Incorporated in 2010,[1]Dr. Agarwal’s Health Care offers a wide array of eye care services, which include cataract and refractive surgeries, consultations, diagnoses, and non-surgical treatments. Additionally, they provide optical products, contact lenses, accessories, and pharmaceutical items related to eye care. [2]
Guidance scorecard · Q1 FY27 call
What Dr Agarwals Health Care Ltd's management guided
and where it ranks in Healthcare Services
Healthcare Services
RevenueQ1 FY27 call
20–40%- Q1 FY27 revenue from operations grew 26% year-on-year to INR614 crores, driven by both volume and value growth (~16% each).
- Same-store sales growth (SSSG) for mature facilities (pre-FY23) was strong at 16.3%, with new centers showing even higher growth.
- Patient volume growth expected to continue, supported by technology upgrades and insurance expansion.
- Premiumization and price hikes contributed ~8% to value growth.
- Expansion of network with 60 new facilities planned for FY27 (40 surgical centers), maintaining aggressive greenfield growth.
- Increasing adoption of advanced, higher-margin surgical procedures like Femto cataract and robotic surgeries expected to boost average realization per surgery.
- Focus on deeper market penetration, especially in mature South region; North and West regions showing significant growth opportunities.
2 more points from Dr Agarwals Health Care Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Dr Agarwals Health Care Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Dr. Agarwal's Healthcare continues a strong expansion strategy with a large capital investment in greenfield facilities.
- In Q1 FY27 alone, 18 new greenfield facilities were commissioned, including 1 large tertiary and 15 secondary facilities across various states.
- The company plans to add 60 new facilities in FY27, including 40 surgical centers, with 12 facilities targeted for Q2 and 30 in the latter half of the year.
- There is a strong pipeline with 30+ signed Letters of Intent (LOIs) for upcoming greenfield projects.
2 more points from Dr Agarwals Health Care Ltd's call on capex
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FundraisingQ1 FY27 call
See what Dr Agarwals Health Care Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- It states a strong pipeline of greenfield projects with "30-plus signed Letters of Intent (LOIs)" already in place.
- The company plans to add 60 new facilities in FY27, including 40 surgical centers.
- Expansion plans include adding 12 facilities in Q2 and 30 in the second half of the year.
- The greenfield execution engine is described as "firing" with strong pipeline and signed agreements, indicating robust upcoming projects and orders.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Healthcare Services
on management's own guidance
- Strong growth2
- Strong growth1
- Aster DM Quality Care LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Healthcare Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹903 Cr | — | |
| 2 | 40%+ | Flat | ₹583 Cr | 22.2 | |
| 3 | Aster DM Quality Care Ltd | 20–40% | Up 2%+ | ₹58,782 Cr | 162.9 |
| 4 | 20–40% | Up 0–2% | ₹1,730 Cr | 17.5 | |
| 5 | 20–40% | Up 0–2% | ₹580 Cr | 11.9 | |
| 6 | 20–40% | Flat | ₹1.13L Cr | 53.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services rankingDr Agarwals Health Care Ltd announcements
All announcements →- Acquisition / mergerNotableDr. Agarwal's Health Care board notes amalgamation scheme effective Nov 1, 2026
- Acquisition / mergerNotableNCLT sanctions merger of Dr. Agarwal's Eye Hospital into Dr. Agarwal's Health Care
Financials of Dr Agarwals Health Care Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Dr Agarwals Health Care Ltd
Shareholding breakup across reporting periods.
| Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Promoters + | 32.45% | 32.43% | 32.43% | 32.39% | 32.35% | 32.34% | 32.33% |
| FIIs + | 60.62% | 59.26% | 58.13% | 58.06% | 57.94% | 57.97% | 49.56% |
| DIIs + | 5.21% | 6.44% | 7.92% | 7.78% | 7.83% | 7.72% | 15.86% |
| Public + | 1.74% | 1.87% | 1.52% | 1.78% | 1.87% | 1.97% | 2.23% |
| No. of Shareholders | 68,696 | 63,021 | 48,168 | 46,554 | 43,538 | 42,492 | 42,055 |
Pros & Cons
Dr Agarwals Health Care Ltd
Key positives and risks surfaced from the company insights section.
- Stock is trading at 7.33 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.62% over last 3 years.
- Stock is trading at 7.33 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.62% over last 3 years.
Financials of Dr Agarwals Health Care Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 333 | 349 | 403 | 417 | 431 | 460 | 487 | 499 | 530 | 564 | 614 |
| Expenses + | 244 | 241 | 300 | 310 | 316 | 329 | 360 | 363 | 386 | 403 | 444 |
| Operating Profit | 89 | 108 | 104 | 107 | 115 | 131 | 128 | 136 | 144 | 161 | 170 |
| OPM % | 27% | 31% | 26% | 26% | 27% | 28% | 26% | 27% | 27% | 29% | 28% |
| Other Income + | 12 | 20 | 6 | 12 | 13 | 13 | 13 | 8 | 11 | 14 | 6 |
| Interest | 22 | 27 | 27 | 28 | 28 | 25 | 25 | 23 | 21 | 22 | 23 |
| Depreciation | 43 | 47 | 56 | 57 | 58 | 60 | 63 | 68 | 69 | 77 | 78 |
| Profit before tax | 36 | 54 | 27 | 33 | 41 | 59 | 54 | 54 | 65 | 77 | 75 |
| Tax % | 37% | 24% | 33% | 36% | 31% | 27% | 29% | 32% | 33% | 35% | 27% |
| Net Profit + | 23 | 41 | 18 | 21 | 28 | 43 | 38 | 36 | 44 | 50 | 55 |
| EPS in Rs | 0.72 | 1.03 | 0.95 | 0.94 | 1.07 | 1.25 | 1.43 |
Financials of Dr Agarwals Health Care Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 | 2,207 |
| Expenses + | 407 | 387 | 510 | 743 | 965 | 1,248 | 1,503 | 1,595 |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 463 | 577 | 612 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% | 28% | 28% |
| Other Income + | 13 | 6 | 17 | 14 | 44 | 43 | 46 | 39 |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 98 | 89 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 | 276 | 292 |
| Profit before tax | -11 | -48 | 57 | 84 | 141 | 160 | 249 | 270 |
| Tax % | 82% | 21% | 24% | -24% | 32% | 31% | 32% | |
| Net Profit + | -21 | -59 | 43 | 103 | 95 | 110 | 168 | 185 |
| EPS in Rs | 2.64 | 4.20 | 4.69 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Dr Agarwals Health Care Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 8 | 9 | 32 | 32 |
| Reserves | 242 | 177 | 206 | 622 | 1,330 | 1,835 | 1,994 |
| Borrowings + | 162 | 185 | 633 | 857 | 966 | 961 | 1,066 |
| Other Liabilities + | 339 | 417 | 179 | 336 | 445 | 837 | 849 |
| Total Liabilities | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,941 |
| Fixed Assets + | 551 | 575 | 701 | 1,293 | 1,746 | 2,523 | 2,870 |
| CWIP | 8 | 11 | 28 | 99 | 118 | 153 | 244 |
| Investments | 1 | 0 | 0 | 34 | 471 | 264 | 152 |
| Other Assets + | 192 | 201 | 295 | 397 | 416 | 724 | 675 |
| Total Assets | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,941 |
Financials of Dr Agarwals Health Care Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 103 | 99 | 164 | 233 | 346 | 357 | 519 |
| Cash from Investing Activity + | -85 | -46 | -155 | -509 | -914 | -750 | -308 |
| Cash from Financing Activity + | -73 | -37 | 35 | 303 | 553 | 382 | -220 |
| Net Cash Flow | -56 | 17 | 44 | 27 | -15 | -11 | -10 |
| Free Cash Flow | -98 | 66 | 95 | 76 | 118 | 37 | 59 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 97% | 126% | 97% | 98% | 103% | 85% | 99% |
Financials of Dr Agarwals Health Care Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 36 | 30 | 27 | 27 | 26 | 28 |
| Inventory Days | 178 | 169 | 144 | 116 | 138 | 181 | 178 |
| Days Payable | 340 | 452 | 389 | 326 | 355 | 286 | 283 |
| Cash Conversion Cycle | -126 | -247 | -215 | -183 | -190 | -79 | -76 |
| Working Capital Days | -31 | -47 | -50 | -62 | -65 | -43 | -30 |
| ROCE % | -1% | 17% | 13% | 11% | 10% | 11% |
Guidance history
How Dr Agarwals Health Care Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
68 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −1.9% | 60% |
| Last 6 months | +14.4% | 72% |
| Last 3 months | +6.5% | 78% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Dr Agarwals Health Care Ltd: 0.4 × 60 + 0.4 × 72 + 0.2 × 78 = 68.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Dr Agarwals Health Care Ltd's management said in earlier quarters
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