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 ₹ 15,266 Cr.
- Current Price ₹ 482
- High / Low ₹ 568 / 401
- 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.
Peer comparison
Healthcare Healthcare Healthcare Services Hospital
Part of BSE Healthcare Nifty Microcap 250 Nifty Total Market BSE 1000 BSE Hospitals
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: | 13% |
| 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 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
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| Cash Payor Mix % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
2d - Allotment of 43,155 Equity Shares pursuant to the exercise of options granted under Dr. Agarwal''s Health Care Limited - Employee Stock Option Scheme 2022.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Jul - Regulation 74(5) depository compliance certificate filed for quarter ended June 30, 2026.
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Summary Of The Proceedings Of The Hon''ble NCLT Convened Meeting Of The Secured Creditors Of Dr. Agarwal''s Health Care Limited Held On July 02, 2026
2 Jul - NCLT secured creditors meeting on July 2, 2026 approved amalgamation scheme with Dr. Agarwal's Eye Hospital.
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Voting Results And The Consolidated Scrutinizer''s Report On The NCLT Convened Meeting Of The Equity Shareholders Of Dr. Agarwal''s Health Care Limited Held On July 02, 2026.
2 Jul - Secured creditors approved Dr. Agarwal’s Eye Hospital amalgamation scheme on July 2, 2026.
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Summary Of The Proceedings Of The Hon''ble NCLT Convened Meeting Of The Unsecured Creditors Of Dr. Agarwal''s Health Care Limited Held On July 02, 2026
2 Jul - NCLT-convened unsecured creditors’ meeting on July 2, 2026 reviewed Dr. Agarwal’s Eye Hospital amalgamation scheme.
Concalls
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May 2026Transcript PPT REC
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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.