Dr. Agarwal's Health Care FY26 PAT up 52.4%

FY26 audited results: profit growth outpaces revenue

Dr. Agarwal's Health Care reported a sharp improvement in profitability for the year ended March 31, 2026. Profit After Tax (PAT) rose 52.4% year-on-year to ₹168 Cr. Revenue from Operations increased 21.6% to ₹2,080 Cr, taking the company past the ₹2,000 Cr mark for the first time. EBITDA grew 22.2% to ₹614 Cr, supported by a modest expansion in margins.

The audited consolidated numbers also show Total Income of ₹2,125 Cr, up 20.9% compared with the previous year. The company indicated net profit margin for FY26 at 7.9%. Alongside the financial update, the company also referenced continued capacity addition through new centres during the year.

Key FY26 vs FY25 financial metrics

The company’s FY26 performance shows growth across revenue and operating profitability lines, with PAT rising faster than revenue. EBITDA margin improved to 28.9% in FY26 from 28.6% in FY25, as disclosed. The result suggests operating leverage while maintaining broadly similar margin levels year-on-year.

A key datapoint for investors is that the PAT increase to ₹168 Cr came on Total Income of ₹2,125 Cr, implying an improved conversion of earnings after tax. Revenue from Operations at ₹2,080 Cr remains the base metric the company highlights as the core scale indicator. While the company referenced “audited consolidated financial results”, it did not provide additional line-item detail in the shared summary beyond these metrics.

Margin picture: steady EBITDA margin, better net margin

EBITDA margin stood at 28.9% in FY26, slightly higher than 28.6% in FY25, according to the company’s statement. For Q4 FY26, EBITDA margin was reported at 30.2%, indicating a stronger quarter on operating profitability. The company also reported net profit margins of 7.9% for FY26, reflecting improved profitability at the bottom line.

The disclosures point to a year where operating profitability improved broadly in line with revenue growth, while the larger jump in PAT suggests better outcomes below the operating line as well. However, the company’s shared highlights do not break out detailed cost movements or one-off items for the full year. Investors typically track whether higher Q4 margins are sustainable across subsequent quarters, especially as the company continues adding centres.

Q4 FY26 snapshot: revenue, EBITDA and net profit

For the quarter ended March 31, 2026, Revenue from Operations was ₹564 Cr, up 22.6% year-on-year. Net profit for the quarter was ₹50 Cr, growing 17.4% YoY. EBITDA for Q4 FY26 came in at ₹174 Cr with an EBITDA margin of 30.2%.

The company also reported network expansion during the quarter, adding 19 new centres. These additions included 7 secondary and 12 primary facilities, as per the performance highlight. The quarter-level numbers provide a useful view of the run-rate heading into FY27, though the company’s update does not specify the contribution from new centres versus mature facilities for Q4.

Quarterly financial trend (Dec 2024 to Dec 2025)

A separate quarterly result table (figures in ₹ Cr) shows a sequential rise in net sales from Dec 2024 to Dec 2025, along with fluctuations in profit and finance costs. Net sales increased from ₹267.93 Cr in Dec 2024 to ₹334.84 Cr in Dec 2025. Operating profit moved from ₹64.71 Cr in Dec 2024 to ₹80.04 Cr in Dec 2025.

PAT in this table rose from ₹7.62 Cr in Dec 2024 to ₹14.06 Cr in Dec 2025, with adjusted EPS increasing from ₹0.25 to ₹0.44 over the same period. Interest expense declined from ₹23.38 Cr in Dec 2024 to ₹17.77 Cr in Dec 2025, while depreciation increased from ₹39.00 Cr to ₹48.27 Cr.

Operations and network expansion: facilities and surgeries

Operational updates shared alongside quarterly commentary point to ongoing expansion in the company’s footprint. As of September 30, 2025, the network stood at 258 facilities, with 11 new centres added during the quarter, comprising 6 secondary and 5 primary facilities. During Q2 FY26, the company reported performing 78,399 surgeries, a 13.3% YoY increase.

For Q2 FY26, the company also reported Total Income of ₹507 Cr (up 18.2% YoY) and Revenue from Operations of ₹499 Cr (up 19.7% YoY). EBITDA for Q2 FY26 was ₹144 Cr (up 21.2% YoY) with EBITDA margin at 28.4%. PAT for Q2 FY26 was ₹36 Cr (up 71.0% YoY) with PAT margin at 7.2%. The company also indicated Sale of Services contributed 78.1% and Sale of Products 21.7% to revenue from operations.

Nine-month and Q3 FY26 trajectory: income and PAT momentum

For the nine months ended December 31, 2025, the company reported Total Income of ₹1,548 Cr, up 20.8% year-on-year, while Revenue from Operations increased 21.2% to ₹1,516 Cr. PAT for this period was reported at ₹118 Cr, reflecting 74.3% YoY growth.

In another quarterly note, the company highlighted that consolidated net profit jumped 51% to ₹33.7 Cr in Q3 FY26, while revenue reached ₹530 Cr versus ₹430 Cr year-on-year. These datapoints align directionally with the full-year picture of revenue growth with faster profit growth, although the release does not provide a complete reconciliation across all the quarterly datasets presented.

Board meeting and results timeline

The company also referenced that a board meeting was scheduled for May 21, 2026 to approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. This aligns with standard disclosure practice where boards approve audited results before formal filings.

Separately, the text includes historical consolidated numbers for FY23 to FY24, where consolidated revenue was ₹150.2 Cr and consolidated PAT was ₹12.5 Cr. For Q4 FY24, consolidated revenue was ₹38.1 Cr and consolidated PAT was ₹3.0 Cr. These older datapoints provide context on how the reported scale in FY26 compares with earlier periods mentioned in the provided material.

Market impact: what investors can track from these disclosures

No stock price move or market reaction was included in the provided information. Based on the disclosed metrics, investors will likely track three immediate themes: revenue scale above ₹2,000 Cr, EBITDA margin stability around the 28% to 30% band, and whether PAT growth remains materially ahead of revenue growth.

Operationally, centre additions remain a key indicator of growth strategy, with 19 new centres added in Q4 FY26 alone. The company’s disclosures also provide useful demand-side indicators like surgery volumes and patient throughput in earlier quarters, which can be tracked against future quarterly updates.

Conclusion

Dr. Agarwal's Health Care closed FY26 with Revenue from Operations of ₹2,080 Cr and PAT of ₹168 Cr, alongside EBITDA of ₹614 Cr and a reported EBITDA margin of 28.9%. Q4 FY26 showed Revenue from Operations of ₹564 Cr, EBITDA of ₹174 Cr and net profit of ₹50 Cr, with continued network expansion through new centre additions. The next formal step referenced is the board meeting scheduled for May 21, 2026 to approve the audited results for the quarter and year ended March 31, 2026.