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 ₹ 15,267 Cr.
- Current Price ₹ 481
- High / Low ₹ 568 / 329
- Stock P/E 115
- Book Value ₹ 63.9
- Dividend Yield 0.00 %
- ROCE 11.1 %
- ROE 6.81 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 7.53 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 6.11% 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 | |
| 407 | 387 | 510 | 743 | 965 | 1,248 | 1,511 | |
| Operating Profit | 124 | 85 | 186 | 275 | 367 | 463 | 570 |
| OPM % | 23% | 18% | 27% | 27% | 28% | 27% | 27% |
| 13 | 6 | 17 | 14 | 44 | 43 | 46 | |
| Interest | 54 | 44 | 49 | 76 | 101 | 115 | 90 |
| Depreciation | 93 | 95 | 98 | 128 | 170 | 231 | 276 |
| Profit before tax | -11 | -48 | 57 | 84 | 141 | 160 | 249 |
| Tax % | 82% | 21% | 24% | -24% | 32% | 31% | 32% |
| -21 | -59 | 43 | 103 | 95 | 110 | 168 | |
| EPS in Rs | 2.64 | 4.20 | |||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 35% |
| 3 Years: | 27% |
| TTM: | 22% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 13% |
| TTM: | 74% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 42% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 6% |
| Last Year: | 7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 162 | 185 | 633 | 857 | 966 | 961 | 1,066 | |
| 339 | 417 | 179 | 336 | 445 | 837 | 850 | |
| Total Liabilities | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,942 |
| 551 | 575 | 701 | 1,293 | 1,746 | 2,523 | 2,879 | |
| CWIP | 8 | 11 | 28 | 99 | 118 | 153 | 234 |
| Investments | 1 | 0 | 0 | 34 | 471 | 264 | 152 |
| 192 | 201 | 295 | 397 | 416 | 724 | 676 | |
| Total Assets | 751 | 787 | 1,025 | 1,823 | 2,751 | 3,665 | 3,942 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 103 | 99 | 164 | 233 | 346 | 360 | 519 | |
| -85 | -46 | -155 | -509 | -914 | -750 | -308 | |
| -73 | -37 | 35 | 303 | 553 | 382 | -220 | |
| Net Cash Flow | -56 | 17 | 44 | 27 | -15 | -8 | -10 |
| Free Cash Flow | -98 | 66 | 95 | 76 | 118 | 40 | 59 |
| CFO/OP | 97% | 126% | 97% | 98% | 103% | 86% | 101% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 345 | 283 |
| Cash Conversion Cycle | -126 | -247 | -215 | -183 | -190 | -138 | -76 |
| Working Capital Days | -31 | -47 | -50 | -62 | -65 | -44 | -3 |
| ROCE % | -1% | 17% | 13% | 11% | 10% | 11% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Total Eye Care Facilities Number |
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| Cataract Surgeries Number |
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| Number of Doctors Number |
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| Patients Served Number |
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| Surgeries Performed Number |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
15m - Joint Newspaper Advertisement of the NCLT convened meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the Company, is attached
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Letter To Equity Shareholders And Creditors
51m - Letters dispatched for July 2, 2026 shareholder and creditor meetings on proposed amalgamation.
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
7h - AHCL convenes unsecured creditors’ meeting on July 2, 2026 for AEHL amalgamation, with remote e-voting June 7–July 1.
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
7h - NCLT-convened secured creditors meeting for AHCL-AEHL merger on July 2, 2026; e-voting June 7-July 1.
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Notice Convening Meeting Of The Equity Shareholders Of The Company Pursuant To The Order Of Hon''ble NCLT, Chennai Bench
7h - NCLT-convened AHCL shareholder meeting on July 2, 2026 to approve AEHL amalgamation; remote e-voting June 7-July 1.
Concalls
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May 2026Transcript PPT
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT
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Sep 2025Transcript PPT
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Aug 2025Transcript PPT REC
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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.