DAHCL merger takes effect; 1.52 crore shares await allotment

Dr. Agarwal’s Health Care Limited said its amalgamation with Dr. Agarwal’s Eye Hospital Limited became effective on November 1, 2026, and 1.52 crore DAHCL equity shares await allotment to eligible DAEHL shareholders under a 23-for-two share exchange. The shares have a face value of Rs 1 each and are recorded as equity share capital pending issuance.

When did the DAHCL-DAEHL merger become effective?

The DAHCL-DAEHL merger became effective on November 1, 2026, after certified copies of the National Company Law Tribunal, Chennai Bench order were filed with the Registrar of Companies on October 14 and October 15, 2026, respectively. The tribunal approved the Scheme of Amalgamation on September 30, 2026, under Sections 230 to 232 of the Companies Act, 2013.

DAHCL stated that DAEHL was amalgamated with DAHCL and dissolved without being wound up when the Scheme took effect. The filing identifies DAEHL as the transferor company and DAHCL as the transferee company, completing the legal combination of the two entities.

The supplied announcement contains differing appointed-date references. The detailed note states April 1, 2026 as the appointed date, while the financial-results note states April 1, 2025; both notes identify November 1, 2026 as the effective date. DAHCL did not explain this difference in the announcement dated November 5, 2026.

What will DAEHL shareholders receive from DAHCL?

Eligible DAEHL shareholders will receive 23 fully paid DAHCL equity shares of face value Rs 1 each for every two fully paid DAEHL equity shares of face value Rs 10 each held. DAHCL’s board fixed November 18, 2026 as the record date to determine the DAEHL shareholders entitled to receive the new shares.

The Scheme also provides for cancellation of the DAEHL shares held by DAHCL. This treatment applies to DAHCL’s existing holding in DAEHL and is separate from the shares due to other eligible DAEHL shareholders under the exchange ratio.

Upon issue, DAHCL’s share capital will increase by 1,51,90,373 fully paid equity shares of face value Rs 1 each. The consolidated balance sheet at September 30, 2026 records Rs 1.52 crore as equity share capital pending issuance, while issued equity share capital stood at Rs 31.70 crore.

How has DAHCL accounted for the completed amalgamation?

DAHCL has accounted for the amalgamation through the pooling of interests method under Appendix C to Indian Accounting Standard 103, Business Combinations. The accounting treatment was applied in the current quarter and six-month period ended September 30, 2026, although the Scheme became effective on November 1, 2026.

Under the Scheme and Appendix C requirements, DAHCL restated comparative financial information as if the business combination had occurred from the beginning of each respective preceding period. Comparisons with earlier periods therefore use the restated consolidated figures rather than figures based on the former corporate structure.

The restated half-year comparison shows revenue from operations of Rs 1,269.48 crore for the half year ended September 30, 2026, compared with Rs 986.11 crore for the corresponding 2025 period. Net profit after tax was Rs 111.87 crore, compared with Rs 74.55 crore in the restated year-earlier period.

What do DAHCL’s restated financial results show?

DAHCL reported consolidated revenue of Rs 655.46 crore for the quarter ended September 30, 2026, compared with Rs 498.69 crore in the restated September 2025 quarter and Rs 614.02 crore in the June 2026 quarter. Quarterly net profit after tax was Rs 56.85 crore, compared with Rs 36.49 crore in the restated year-earlier quarter.

For the six months ended September 30, 2026, profit before tax rose to Rs 155.03 crore from Rs 107.26 crore in the restated corresponding period. Basic earnings per share, which DAHCL stated are not annualised for the half year, were Rs 3.20 compared with Rs 2.11 a year earlier.

The consolidated balance sheet reported total assets of Rs 4,207.24 crore at September 30, 2026, compared with Rs 3,941.75 crore at March 31, 2026, with both balances presented on a restated basis. Total equity increased to Rs 2,236.14 crore from Rs 2,119.70 crore, while total liabilities rose to Rs 1,971.10 crore from Rs 1,822.05 crore.

Can DAEHL’s individual financial contribution be identified?

DAEHL’s individual revenue, profit and assets cannot be identified from this announcement because DAHCL reported one consolidated operating segment: eye-care-related sales and services. The filing does not provide a separate DAEHL financial contribution within the consolidated revenue of Rs 1,269.48 crore for the half year ended September 30, 2026.

The restatement means the comparative September 2025 financial information was prepared as though the combination had occurred at the beginning of the respective preceding periods. As a result, the reported increase from Rs 986.11 crore to Rs 1,269.48 crore in half-year revenue is a comparison of restated consolidated periods, not a separately disclosed measure of DAEHL’s contribution.

Conclusion

The amalgamation has moved from tribunal approval to legal effectiveness: DAEHL has been amalgamated with DAHCL and dissolved without being wound up, while eligible DAEHL shareholders are due 23 DAHCL shares for every two shares held. DAHCL has recorded Rs 1.52 crore of equity share capital pending issuance and restated comparative financial information using the pooling of interests method.

The next disclosed event is November 18, 2026, the record date for identifying eligible DAEHL shareholders for the DAHCL allotment. The announcement also leaves an unresolved difference between the April 1, 2025 and April 1, 2026 appointed dates stated in separate notes, while the actual share allotment remains to follow the record-date process.