Dr. Agarwal's Health Care Limited (AGARWALEYE) share price

₹514.10 on NSE as of 2026-09-04. +0.52% on the day. market cap ₹16,296 Cr. P/E 109.6. 52-week range ₹406.55 to ₹560.70. Healthcare.

Dr Agarwal's Health Care Q1 FY27: Revenue ₹614 Cr, 18 New Facilities, and a 117x Multiple

At a glance

Ninety-one thousand surgeries in ninety-one days. That is roughly one eye every ninety seconds, assuming the operating theatres never sleep, which — given this company opened eighteen new facilities in the same quarter — they possibly don't.

Revenue from operations came in at ₹614 crore for the quarter ended June 2026, up 26.0% on the year-ago ₹487 crore and up 8.8% on the March quarter's ₹564 crore. Operating Profit was ₹170 crore against ₹128 crore a year earlier. Net profit was ₹55 crore versus ₹38 crore, with EPS of ₹1.43 against ₹0.95. Management called it a record-breaking start and flagged the sequential revenue growth as the strongest the company has posted.

The facility count moved to 304 across ten countries, with 18 added in the quarter — 1 tertiary in Thane, 15 secondary, 2 primary — of which 16 were surgical, described by the company as the highest ever in a single quarter. Doctor headcount crossed 1,057, up from 857 a year ago. Patients served: 8.82 lakh, against 7.05 lakh.

Management also quantified the cost of all this enthusiasm: roughly ₹20 crore of greenfield drag at corporate EBITDA level, covering FY26 and FY27 launches plus pre-operating losses. Opening hospitals, it turns out, is not free.

There is also a merger, a Nigerian subsidiary, and a GST notice. All in good time.

Introduction

Incorporated in 2010, Dr. Agarwal's Health Care runs eye care services — cataract and refractive surgeries, consultations, diagnoses, non-surgical treatments — and sells optical products, contact lenses, accessories and eye care pharmaceuticals alongside them. Per CRISIL Intelligence, it is India's largest eye care service chain by revenue, with a 26–27% share of the organised market.

The corporate structure is a small federation. Dr. Agarwal's Eye Hospital Ltd is 72.7% owned; Dr Thind Eye Care 51%; Orbit Healthcare Services (Mauritius), which houses the Africa business, 100%; Aditya Jyot Eye Hospital 100% after the October 2025 purchase of the residual 12.25% stake for ₹6.25 crore; Elisar Life Sciences 93.2%.

That federation is being simplified. The boards of the parent and Dr. Agarwal's Eye Hospital approved an amalgamation on 27 August 2025 — 23 AHCL shares for every 2 AEHL shares. Exchange no-objections arrived in February 2026, the NCLT ordered meetings in May, and on 2 July 2026 equity shareholders, secured creditors and unsecured creditors all approved. The scheme remains subject to final NCLT sanction. Management said in August they expect completion around mid-November.

The February 2025 IPO comprised an offer for sale of ₹2,727 crore and a fresh issue of ₹300 crore. Of the fresh issue, ₹232.31 crore had been deployed as at 30 June 2026: ₹195 crore to repay borrowings and ₹74.66 crore to general corporate purposes, with ₹17.69 crore unutilised. ICRA's monitoring report dated 30 June 2026 found proceeds used as disclosed, with no material deviation.

Crisil reaffirmed its long-term rating at AA-/Stable on 15 June 2026 and then withdrew it at the company's request, on receipt of a bankers' no-objection.

Business model

Hub and spoke, but for corneas.

At the bottom sit 89 primary facilities: the closest patient touchpoint, basic investigative equipment, teleconsultation with doctors sitting elsewhere. Above them, 179 secondary facilities that do cataract surgeries and clinical investigations. At the top, 36 tertiary centres — including four Centres of Excellence — handling vitreo-retinal, corneal and refractive work. Patients flow up; doctors and equipment flow across. Total facilities as of 30 June 2026: 304, of which 285 are in India across 14 states, 5 union territories and 165 cities, and 19 sit across nine African countries.

Every facility except one is leased. Upfront capital is limited to medical equipment and ancillary infrastructure — an asset-light claim that is, unusually, literally true rather than aspirational.

Revenue mix for the quarter: surgeries 65.9%, diagnosis/consultations and others 13.6%, opticals, contact lens and accessories 12.0%, eye care pharma products 8.5%. So roughly a fifth of a hospital chain's revenue comes from selling spectacles and eye drops to people already sitting in the waiting room. Vertical integration, or the world's most captive retail footfall.

Within surgeries, cataract is 74.0% of volume — 67,444 procedures in the quarter — refractive 4.4%, everything else 21.6%. Management quantified the like-for-like value uplift at about 8%: roughly 7.5% from premiumisation and 0.5% from price. Which is to say the company grew realisation mostly by selling fancier lenses, not by charging more for the same one.

The premium tier is measurable. High-end cataracts were 29.3% of cataract surgeries. Femto (robotic) cataract procedures numbered 1,548, up 33.4%. SMILE lenticular procedures rose 36.2%. Retina surgeries were 3,861, up 30%. On femto economics, management stated the additional patient charge runs around ₹35,000 against a click fee of ₹10,500–11,000, concluding rupee gross margin goes up.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Dr. Agarwal's Health Care Limited.

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