Dr Agarwals Health Care Ltd
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]
- Market Cap ₹ 11,512 Cr.
- Current Price ₹ 364
- High / Low ₹ 464 / 327
- Stock P/E 385
- Book Value ₹ 61.2
- Dividend Yield 0.00 %
- ROCE 6.51 %
- ROE 1.89 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 23.2% CAGR over last 5 years
Cons
- Stock is trading at 5.95 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -5.38%
- Company has a low return on equity of 3.61% over last 3 years.
- Working capital days have increased from -1.32 days to 74.6 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 202 | 248 | 232 | 362 | 598 | 835 | 1,044 | |
| 186 | 202 | 199 | 275 | 436 | 611 | 799 | |
| Operating Profit | 16 | 46 | 33 | 86 | 162 | 224 | 245 |
| OPM % | 8% | 19% | 14% | 24% | 27% | 27% | 23% |
| 5 | 9 | 4 | 10 | -12 | 38 | 40 | |
| Interest | 20 | 42 | 34 | 38 | 64 | 88 | 90 |
| Depreciation | 21 | 49 | 55 | 59 | 92 | 129 | 156 |
| Profit before tax | -20 | -36 | -52 | -1 | -6 | 45 | 39 |
| Tax % | 0% | 0% | 4% | 55% | -641% | 47% | 43% |
| -20 | -36 | -54 | -1 | 32 | 24 | 22 | |
| EPS in Rs | 0.69 | ||||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 42% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 182% |
| TTM: | 92% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 1% |
| 3 Years: | 4% |
| Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 8 | 9 | 32 |
| Reserves | 290 | 248 | 194 | 192 | 554 | 1,218 | 1,902 |
| 135 | 142 | 161 | 252 | 590 | 661 | 568 | |
| 60 | 200 | 281 | 242 | 236 | 298 | 335 | |
| Total Liabilities | 492 | 596 | 643 | 692 | 1,388 | 2,187 | 2,837 |
| 99 | 322 | 387 | 367 | 907 | 1,302 | 1,593 | |
| CWIP | 1 | 3 | 11 | 2 | 35 | 9 | 16 |
| Investments | 238 | 146 | 121 | 147 | 187 | 629 | 729 |
| 154 | 124 | 124 | 176 | 258 | 248 | 498 | |
| Total Assets | 492 | 596 | 643 | 692 | 1,388 | 2,187 | 2,837 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 40 | 46 | 78 | 153 | 222 | 208 | ||
| -37 | -26 | -98 | -436 | -818 | -577 | ||
| -60 | -21 | 40 | 316 | 570 | 374 | ||
| Net Cash Flow | -56 | -1 | 20 | 33 | -26 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 46 | 46 | 39 | 31 | 24 | 22 | 25 |
| Inventory Days | 138 | 159 | 147 | 149 | 119 | 135 | 69 |
| Days Payable | 330 | 427 | 608 | 456 | 354 | 383 | 148 |
| Cash Conversion Cycle | -147 | -222 | -422 | -276 | -210 | -226 | -54 |
| Working Capital Days | 14 | -30 | -39 | -30 | -45 | -33 | 75 |
| ROCE % | 1% | -5% | 9% | 10% | 8% | 7% |
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 2 Jun
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
29 May - Earnings call audio for Q4 FY25 results available on company website.
- Announcement under Regulation 30 (LODR)-Investor Presentation 29 May
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Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended March 31 2025
28 May - Dr. Agarwal's Health Care approved audited FY25 financial results; IPO proceeds and ESOP details disclosed.
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Board Meeting Outcome for Approval Of Audited Financial Results (Standalone And Consolidated) For The Quarter And Year Ended March 31, 2025
28 May - Dr. Agarwal's Health Care approved audited FY25 consolidated and standalone financial results with unmodified audit opinion.
Concalls
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT REC
Largest Eyecare Service Provider[1]
Dr. Agarwal is India's largest eye care service chain with a 25% market share. It is the largest company by revenue in FY23, with more than two times the revenue from operations of the second-largest eye care service chain in the country.