Dr. Agarwal's adds 39 facilities, surpasses FY26 surgical additions

Dr. Agarwal's Health Care Limited added 39 facilities in H1'FY27 ended September 30, 2026, exceeding the number of surgical facilities it added in all of FY26, according to management, while consolidated revenue from operations rose 28.7% year-on-year to Rs 1,269 crore. The network reached 324 facilities after the additions.

How many facilities did Dr. Agarwal's add in H1 FY27?

Dr. Agarwal's added 39 facilities in H1'FY27, comprising three tertiary, 31 secondary and five primary facilities, taking its network to 324 as of September 30, 2026. Management said surgical-facility additions in the first six months of FY27 exceeded those made in all of FY26, but the release did not state the FY26 count or separately identify how many of the 39 additions were surgical facilities.

Dr. Agarwal's added 21 centres in Q2'FY27, including one tertiary, 17 secondary and three primary facilities. The remaining 18 facilities were added in the other quarter of H1'FY27, meaning the September quarter accounted for 21 of the half-year total of 39 new centres.

Secondary facilities represented 31 of the 39 additions in H1'FY27. Dr. Agarwal's describes its operating structure as a hub-and-spoke model, which it says supports geographic penetration and efficient use of critical resources, but the November 5 release did not disclose locations, capital expenditure or expected revenue for the new centres.

What operating growth accompanied the expansion?

Dr. Agarwal's performed 186,923 surgeries in H1'FY27, up 18.8% year-on-year, and management said it served more than 18.4 lakh patients, up 28.5%. The company did not provide a prior-year patient count or disclose patient and surgery volumes by tertiary, secondary and primary facility.

Same-store sales growth, or SSSG, was 17.7% in H1'FY27 at facilities set up or acquired up to H1'FY24. This measure covers the specified mature facilities rather than centres added more recently, and management said those mature hospitals continued to lead growth during investment in new centres.

Management said high-end surgeries accounted for about 30% of cataract volumes in H1'FY27 and that the network was supported by more than 1,100 doctors. Dr. Agarwal's also opened what it described as the world's first dedicated Pinhole Pupilloplasty, or PPP, centre at its Chennai flagship facility and said it intends to extend PPP across its network and globally.

How did Dr. Agarwal's H1 FY27 results compare with last year?

Dr. Agarwal's reported H1'FY27 revenue from operations of Rs 1,269 crore, up 28.7% from Rs 986 crore in H1'FY26, while total income rose 27.6% to Rs 1,286 crore from Rs 1,007 crore. Revenue from operations in India increased 28.5% to Rs 1,138 crore, although the release did not give a comparable reported figure for operations outside India.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 27.0% to Rs 362 crore in H1'FY27 from Rs 285 crore a year earlier. EBITDA margin was 28.2%, compared with 28.3% in H1'FY26, while profit after tax increased 50.1% to Rs 112 crore from Rs 75 crore and its margin rose to 8.7% from 7.4%.

Services contributed 77.9% of H1'FY27 revenue from operations and products contributed 22.1%. Dr. Agarwal's defines services as surgeries, consultations, treatments and investigations, while products include opticals, contact lenses and accessories, and pharmaceutical products; these shares exclude other operating revenue.

What changed in the September quarter?

Dr. Agarwal's recorded revenue from operations of Rs 655 crore in Q2'FY27, which management described as its highest-ever quarter and which was 31.4% higher than Rs 499 crore in Q2'FY26. India revenue from operations was Rs 586 crore in the quarter, up 31.6% year-on-year, while total income rose 31.3% to Rs 665 crore.

Q2'FY27 EBITDA rose 28.8% to Rs 186 crore from Rs 144 crore, but EBITDA margin was 27.9% versus 28.4% in Q2'FY26. Profit after tax increased 55.8% to Rs 57 crore from Rs 36 crore, and profit-after-tax margin improved to 8.5% from 7.2%; the release did not identify individual drivers of the margin changes.

Dr. Agarwal's performed 95,841 surgeries in Q2'FY27, up 22.2% year-on-year, compared with 18.8% surgery growth for H1'FY27. Q2 same-store sales growth was 18.8%, above the 17.7% H1 figure, while services and products contributed 78.0% and 22.0%, respectively, to quarterly revenue from operations.

What was the mix of Dr. Agarwal's new facilities?

Dr. Agarwal's expansion was concentrated in secondary facilities, which made up 31 of the 39 additions in H1'FY27, compared with five primary and three tertiary facilities. The release does not say which locations were added during the half year or how many of the secondary and primary facilities provide surgical services.

The company profile in the release lists 305 facilities across India and 19 across Africa, including 103 Indian facilities in tier-I cities and 202 in other cities. The September 30, 2026 network total was 324 facilities, but Dr. Agarwal's did not provide an updated India-Africa or tier-city split after the 39 additions.

The filing does not quantify revenue, patient volumes, costs or profitability for the newly opened facilities. It does show that a larger network operated alongside 28.7% H1'FY27 revenue growth, 28.5% patient growth, 18.8% surgery growth and 17.7% same-store sales growth at eligible mature facilities.

Conclusion

Dr. Agarwal's combined rapid network expansion with higher activity and earnings in H1'FY27. The 39 additions took the network to 324 facilities, while revenue reached Rs 1,269 crore, surgeries totalled 186,923 and profit after tax rose 50.1% to Rs 112 crore; secondary facilities accounted for 31 of the new centres.

The next disclosed development is management's plan to take PPP treatment from the Chennai flagship centre across Dr. Agarwal's network and globally. Future disclosures may also show the locations and financial contribution of the 39 additions, the FY26 surgical-facility comparison base, and whether the 28.2% H1'FY27 EBITDA margin changes as the expanded network develops.