Dr Agarwals Health Care Ltd

₹ 462 -0.63%

22 Oct 3:50 p.m.

dragarwals.co.in BSE: 544350 NSE: AGARWALEYE

About

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]

Key Points

Largest Eyecare Service Provider:^[1]^[2]
Dr. Agarwal is India's largest eye care
service chain with a 26-27% market share.
It is the largest company by revenue in FY25, witnessed faster growth than other organized eye care service market.

Website BSE NSE

Market Cap ₹ 14,647 Cr.
Current Price ₹ 462
High / Low ₹ 568 / 401
Stock P/E 99.1
Book Value ₹ 63.9
Dividend Yield 0.00 %
ROCE 10.9 %
ROE 5.99 %
Face Value ₹ 1.00

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Pros

Cons

Stock is trading at 7.17 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 5.62% 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 BSE 1000 BSE Hospitals Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	333	349	403	417	431	460	487	499	530	564	614
	244	241	300	310	316	329	360	363	386	403	444
Operating Profit	89	108	104	107	115	131	128	136	144	161	170
OPM %	27%	31%	26%	26%	27%	28%	26%	27%	27%	29%	28%
	12	20	6	12	13	13	13	8	11	14	6
Interest	22	27	27	28	28	25	25	23	21	22	23
Depreciation	43	47	56	57	58	60	63	68	69	77	78
Profit before tax	36	54	27	33	41	59	54	54	65	77	75
Tax %	37%	24%	33%	36%	31%	27%	29%	32%	33%	35%	27%
	23	41	18	21	28	43	38	36	44	50	55
EPS in Rs					0.72	1.03	0.95	0.94	1.07	1.25	1.43
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	531	471	696	1,018	1,332	1,711	2,080	2,207
	407	387	510	743	965	1,248	1,503	1,595
Operating Profit	124	85	186	275	367	463	577	612
OPM %	23%	18%	27%	27%	28%	27%	28%	28%
	13	6	17	14	44	43	46	39
Interest	54	44	49	76	101	115	98	89
Depreciation	93	95	98	128	170	231	276	292
Profit before tax	-11	-48	57	84	141	160	249	270
Tax %	82%	21%	24%	-24%	32%	31%	32%
	-21	-59	43	103	95	110	168	185
EPS in Rs						2.64	4.20	4.69
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	35%
3 Years:	27%
TTM:	23%

Compounded Profit Growth
10 Years:	%
5 Years:	33%
3 Years:	9%
TTM:	43%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-14%

Return on Equity
10 Years:	%
5 Years:	7%
3 Years:	6%
Last Year:	6%

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	849
Total Liabilities	751	787	1,025	1,823	2,751	3,665	3,941
	551	575	701	1,293	1,746	2,523	2,870
CWIP	8	11	28	99	118	153	244
Investments	1	0	0	34	471	264	152
	192	201	295	397	416	724	675
Total Assets	751	787	1,025	1,823	2,751	3,665	3,941

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	357	519
	-85	-46	-155	-509	-914	-750	-308
	-73	-37	35	303	553	382	-220
Net Cash Flow	-56	17	44	27	-15	-11	-10
Free Cash Flow	-98	66	95	76	118	37	59
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	97%	126%	97%	98%	103%	85%	99%

Ratios

Consolidated / 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	286	283
Cash Conversion Cycle	-126	-247	-215	-183	-190	-79	-76
Working Capital Days	-31	-47	-50	-62	-65	-43	-30
ROCE %		-1%	17%	13%	11%	10%	11%

Insights

In beta

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Cash Payor Mix
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Cataract Surgeries Performed
#

Number of Doctors
#

Number of Emerging Facilities
#

Number of International Facilities
#

Number of Patients Served
#

Total Number of Facilities
#

Total Surgeries Performed
#

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

15 Recently

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	32.45%	32.43%	32.43%	32.39%	32.35%	32.34%	32.33%
	60.62%	59.26%	58.13%	58.06%	57.94%	57.97%	49.56%
	5.21%	6.44%	7.92%	7.78%	7.83%	7.72%	15.86%
	1.74%	1.87%	1.52%	1.78%	1.87%	1.97%	2.23%
No. of Shareholders	68,696	63,021	48,168	46,554	43,538	42,492	42,055

	Mar 2025	Mar 2026	Sep 2026
	32.45%	32.35%	32.33%
	60.62%	57.94%	49.56%
	5.21%	7.83%	15.86%
	1.74%	1.87%	2.23%
No. of Shareholders	68,696	43,538	42,055

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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