Dr Agarwals Health Care logo

Dr Agarwals Health Care

AGARWALEYE NSE

Key Fundamentals

SmallcapHospitalsHealthcare Services
Market Cap
₹15,821 Cr
Volatility
Moderate
P/E Ratio
108.4
EBITDA
₹570 Cr
Return on Equity
5.73%
Debt to Equity
0.53
Book Value
₹63.89
52W High
₹568
52W Low
₹401

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

3
  • Stock is trading at 7.95 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.

Growth Rate

Revenue Growth
18.39% lower than 3Y
Net Income Growth
52.03% higher than 3Y
Cash Flow Change
4.14% lower than 3Y
ROE
-16.84% lower than 3Y
ROCE
-16.24% higher than 3Y
EBITDA Margin (Avg.)
-6.3% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Dr Agarwals Health Care Ltd is a mid-cap healthcare services company with a market cap of ₹15,821 Cr, trading at a PE of 86.5x and PB of 7.9x. The company has delivered strong revenue growth of 27% CAGR over 3 years and 35% over 5 years, but return on equity remains subdued at 6-8% across timeframes and no dividends have been paid despite consistent profitability.

Bull Case 7
  • Strong revenue growth with 3-year compounded sales CAGR of 27% and 5-year CAGR of 35%, indicating robust demand for its eye care services
  • TTM sales growth of 23% shows continued top-line momentum even on a larger base
  • Profit growth accelerating with TTM compounded profit growth of 43%, significantly outpacing revenue growth and suggesting operating leverage
  • 5-year compounded profit CAGR of 34% demonstrates sustained earnings expansion over a meaningful period
  • Stock has delivered 19% return over 1 year, reflecting positive market sentiment toward the business
  • Operating in the specialty eye care hospital segment, which benefits from India's aging demographics and rising awareness of preventive eye health
  • Market cap of ₹15,821 Cr positions the company in the mid-cap space with room for further institutional interest as the business scales
Bear Case 7
  • PE ratio of 86.5x is extremely elevated, pricing in significant future growth and leaving little margin of safety
  • 3-year average return on equity of just 6% is very low for a company trading at 7.9x book value, implying poor capital efficiency relative to valuation
  • Zero dividend yield despite repeated profitability suggests shareholders receive no income return, with all value dependent on capital appreciation
  • PB ratio of 7.95x is steep, meaning investors are paying nearly 8 times the company's net asset value per share
  • Last year ROE of 7% and 5-year average of 8% remain well below the 15%+ threshold typically expected for premium-valued healthcare companies
  • 3-year compounded profit CAGR of only 13% contrasts sharply with the TTM figure of 43%, raising questions about whether recent profit acceleration is sustainable
  • Lack of available debt-to-equity, EPS, and 52-week high/low data limits transparency into the company's balance sheet leverage and price history

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Large promoter share pledge Aug 25

    Pledge created over 7.54 million shares (2.38%) in favour of Catalyst Trusteeship Ltd for Hyperion Investments. Total encumbered promoter shares now stand at 49.03 million, signaling leveraged promoter holdings.

Positives 2
  • Strong FY26 profit growth Aug 28

    FY26 consolidated PAT rose 52.4% to ₹168 Cr while total income grew 20.9% to ₹2,125 Cr. 16th AGM scheduled for September 21, 2026.

  • Aggressive Delhi NCR expansion Aug 31

    Company plans aggressive expansion into Delhi NCR over the next 2-3 years, targeting a leadership position in the eye care market through metropolitan consolidation.

Neutral 1
  • Investor meets in September Aug 25

    Analyst and investor meetings scheduled for September 16-18, 2026 across Gurgaon and Mumbai.

TL;DR: Dr Agarwal's Health Care delivered strong FY26 results with PAT up 52.4% and revenue growing over 20%. The Delhi NCR expansion plan signals confidence in scaling the eye care platform. The key risk is elevated promoter pledge levels at 49.03 million encumbered shares. Overall momentum is positive, and upcoming investor meets and AGM should provide further clarity on growth strategy execution.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
333
349
403
417
431
460
487
499
530
564
614
Expenses
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%
Other Income
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
PBT
36
54
27
33
41
59
54
54
65
77
75
Tax %
37%
24%
33%
36%
31%
27%
29%
32%
33%
35%
27%
Net Profit
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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
531
471
696
1,018
1,332
1,711
2,080
2,207
Expenses
407
387
510
743
965
1,248
1,511
1,595
Operating Profit
124
85
186
275
367
463
570
612
OPM %
23%
18%
27%
27%
28%
27%
27%
28%
Other Income
13
6
17
14
44
43
46
39
Interest
54
44
49
76
101
115
90
89
Depreciation
93
95
98
128
170
231
276
292
PBT
-11
-48
57
84
141
160
249
270
Tax %
82%
21%
24%
-24%
32%
31%
32%
—
Net Profit
-21
-59
43
103
95
110
168
185
EPS in Rs
—
—
—
—
—
2.64
4.2
4.69
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
7
7
7
8
9
32
32
Reserves
242
177
206
622
1,330
1,835
1,994
Borrowings
162
185
633
857
966
961
1,066
Other Liabilities
339
417
179
336
445
837
850
Total Liabilities
751
787
1,025
1,823
2,751
3,665
3,942
Fixed Assets
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
Other Assets
192
201
295
397
416
724
676
Total Assets
751
787
1,025
1,823
2,751
3,665
3,942
Figures in ₹ Crores

Cash Flow

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
103
99
164
233
346
360
519
Investing
-85
-46
-155
-509
-914
-750
-308
Financing
-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
Figures in ₹ Crores

Ratios

Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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61 extracted metrics + investor summaries across FY20–FY27.

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Shareholding Pattern

Others0.17%FIIs57.96%Public1.81%DIIs7.72%Promot.32.34%As ofJun 2026

Documents

Frequently Asked Questions about Dr Agarwals Health Care

What does Dr Agarwals Health Care Ltd do?
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 re...
Where is Dr Agarwals Health Care Ltd (AGARWALEYE) listed?
Dr Agarwals Health Care Ltd trades as AGARWALEYE on the NSE and under code 544350 on the BSE.
Which sector does Dr Agarwals Health Care Ltd belong to?
Dr Agarwals Health Care Ltd is classified under the Healthcare Services sector, in the Hospitals industry.
What is the market capitalisation of Dr Agarwals Health Care Ltd?
Dr Agarwals Health Care Ltd has a market capitalisation of ₹15,821 Cr, which places it in the Mid Cap band.
What is the PE ratio of Dr Agarwals Health Care Ltd?
Dr Agarwals Health Care Ltd trades at a PE ratio of 108.40, against a book value of ₹63.89 per share.
What is the 52-week high and low of Dr Agarwals Health Care Ltd?
Over the last 52 weeks Dr Agarwals Health Care Ltd has traded between ₹401 and ₹568.
What is the Return on Equity (ROE) of Dr Agarwals Health Care Ltd?
Dr Agarwals Health Care Ltd reported a return on equity of 5.73%. Its debt-to-equity ratio is 0.53.

Company Information

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]

Website dragarwals.co.in
CEO Dr. Adil Agarwal M.B.B.S, M.S, MBA
Listed 2025-02-04
Face Value ₹ 1
Issued Size 31,64,70,002

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