Dr Agarwal reports 94% vision improvement in PPP cases H1 FY27

Dr Agarwal reported vision improvement across 94.0% of more than 540 Pinhole Pupilloplasty, or PPP, cases in H1 FY27, the six months ended September 30, 2026, and inaugurated a PPP Centre at its Chennai flagship facility. The company presents PPP as a donor-eye-free procedure for complex pupil disorders.

What outcome did Dr Agarwal report for PPP cases?

Dr Agarwal reported vision improvement in 94.0% of more than 540 PPP cases in H1 FY27. The presentation does not define the vision-improvement measure, disclose patient-level results, specify follow-up duration or provide complication data. The percentage is therefore the company's aggregate reported clinical outcome for the six-month period ended September 30, 2026.

The presentation showed 500 PPP cases for FY26 and more than 540 cases for H1 FY27. These are not like-for-like periods because FY26 covers a full year while H1 FY27 covers six months. Even so, the disclosed H1 FY27 volume exceeded the FY26 figure shown in the presentation.

How does Dr Agarwal position PPP versus corneal transplants?

Dr Agarwal positions PPP for complex pupil disorders involving large central corneal opacity, illustrating it alongside full-thickness corneal transplant and large opacity plus PPP. The company identifies limited donor-eye availability and unpredictable visual outcomes as issues in transplants for corneal injury, while stating that PPP requires no donor eyes.

Dr Agarwal gives a suitable age range of 1 to 89 years for PPP and describes its visual outcomes as predictable. It does not disclose patient-selection criteria, contraindications, comparative data against full-thickness corneal transplant or adverse-event rates. The 94.0% H1 FY27 outcome is the specific clinical figure presented for PPP.

What does the Chennai PPP Centre add for Dr Agarwal?

Dr Agarwal inaugurated what it calls the world's first PPP Centre at its Chennai flagship facility, with Tamil Nadu Chief Minister Thiru. C. Joseph Vijay named as the inaugurator. The presentation does not state the opening date, capital expenditure, staffing, procedure capacity or annual case target for the centre.

The Chennai centre is within a 324-facility network as of September 30, 2026, including 305 facilities in India and 19 internationally. Tamil Nadu had 88 facilities, the largest state count disclosed, while the South region had 200 facilities. Dr Agarwal also cites PPP training for in-house clinical talent, but gives no number of clinicians trained or rollout timetable.

How does PPP fit within Dr Agarwal's surgical activity?

Dr Agarwal performed 1,281 anterior segment reconstruction procedures in H1 FY27, up 15.5% year on year, and this category includes PPP, Glued Intraocular Lens and Pre-Descemet's Endothelial Keratoplasty. The company does not provide an exact PPP count within the 1,281 procedures or confirm whether that category uses the same reporting basis as the 540-plus PPP cases.

Corneal transplants totalled 579 in H1 FY27, up 0.2% year on year, compared with 15.5% growth in anterior segment reconstruction. The reconstruction category expanded faster, but the presentation does not establish that PPP caused the difference because it includes two other procedures. Total surgeries rose 18.8% to 186,923 from 157,281 in H1 FY26.

What wider growth accompanied Dr Agarwal's PPP disclosure?

Dr Agarwal reported revenue from operations of Rs 1,269 crore in H1 FY27, up 28.7% from Rs 986 crore in H1 FY26. Profit after tax rose 50.1% to Rs 112 crore, while IndAS EBITDA increased 27.0% to Rs 362 crore. The company defines its EBITDA calculation as profit before tax plus depreciation, amortisation and impairment expense, finance costs and other income.

Patients served rose 28.5% to 18,43,809 in H1 FY27 from 14,35,024 a year earlier, while facilities increased 25.6% to 324 from 258. Surgeries remained the largest revenue segment at 65.9%, down from 66.5% in H1 FY26. Dr Agarwal does not separately disclose PPP revenue, pricing, margins or its contribution to surgical revenue.

Conclusion

Dr Agarwal's central disclosure is a 94.0% reported vision-improvement rate across more than 540 PPP cases in H1 FY27, supported by the opening of a dedicated Chennai centre. The case figure surpassed the 500 shown for FY26, while anterior segment reconstruction grew 15.5% and corneal transplants changed by 0.2% in the six-month period.

The next disclosed operational point is PPP training for in-house clinical talent alongside the Chennai PPP Centre. Dr Agarwal has not stated a further-centre rollout schedule, PPP case target, capacity plan or timetable for additional clinical-outcome disclosures across its 324-facility network.