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 ₹ 11,891 Cr.
- Current Price ₹ 375
- High / Low ₹ 464 / 327
- Stock P/E 140
- Book Value ₹ 59.1
- Dividend Yield 0.00 %
- ROCE 10.4 %
- ROE 5.30 %
- Face Value ₹ 1.00
Pros
- Company has delivered good profit growth of 43.8% CAGR over last 5 years
Cons
- Stock is trading at 6.35 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -5.38%
- Company has a low return on equity of 8.12% over last 3 years.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | |
| 407 | 387 | 510 | 743 | 965 | 1,255 | |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 456 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% |
| 13 | 6 | 17 | 14 | 44 | 43 | |
| Interest | 54 | 44 | 49 | 76 | 101 | 109 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 |
| Profit before tax | -11 | -48 | 57 | 84 | 141 | 160 |
| Tax % | 82% | 21% | 24% | -24% | 32% | 31% |
| -21 | -59 | 43 | 103 | 95 | 110 | |
| EPS in Rs | 2.64 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 26% |
| 3 Years: | 35% |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | 31% |
| TTM: | 24% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 8% |
| Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 8 | 9 | 32 |
| Reserves | 242 | 177 | 206 | 622 | 1,330 | 1,835 |
| 162 | 185 | 633 | 857 | 966 | 961 | |
| 339 | 417 | 179 | 336 | 445 | 844 | |
| Total Liabilities | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,672 |
| 551 | 575 | 701 | 1,293 | 1,746 | 2,533 | |
| CWIP | 8 | 11 | 28 | 99 | 118 | 144 |
| Investments | 1 | 0 | 0 | 34 | 471 | 264 |
| 192 | 201 | 295 | 397 | 416 | 731 | |
| Total Assets | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,672 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 103 | 99 | 164 | 233 | 346 | 360 | |
| -85 | -46 | -155 | -509 | -914 | -750 | |
| -73 | -37 | 35 | 303 | 553 | 382 | |
| Net Cash Flow | -56 | 17 | 44 | 27 | -15 | -8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 36 | 36 | 30 | 27 | 27 | 26 |
| Inventory Days | 178 | 169 | 144 | 116 | 138 | 181 |
| Days Payable | 340 | 452 | 389 | 326 | 355 | 345 |
| Cash Conversion Cycle | -126 | -247 | -215 | -183 | -190 | -138 |
| Working Capital Days | -23 | -36 | -17 | -28 | -29 | 45 |
| ROCE % | -1% | 17% | 13% | 11% | 10% |
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.