Dr. Agarwal's Health Care Limited H1 profit rises 50.1%

Dr. Agarwal's Health Care Limited reported consolidated profit after tax of Rs 111.87 crore for H1'FY27, up 50.1% year on year, as revenue from operations increased 28.7% to Rs 1,269.48 crore for the half year ended September 30, 2026. PAT margin rose to 8.7% from 7.4%, while EBITDA margin was 28.2%.

How did Dr. Agarwal's perform in H1'FY27?

Dr. Agarwal's increased revenue, EBITDA and profit in H1'FY27, with profit after tax growing faster than revenue. Revenue from operations rose by Rs 283.37 crore from Rs 986.11 crore in H1'FY26 to Rs 1,269.48 crore, while total income increased 27.6% to Rs 1,285.64 crore. EBITDA, or earnings before finance costs, depreciation, amortisation, exceptional items and tax, rose 27.0% to Rs 362.38 crore.

Dr. Agarwal's EBITDA margin was 28.2% in H1'FY27, compared with 28.3% a year earlier, a change of 0.1 percentage point. PAT margin increased by 1.3 percentage points to 8.7% from 7.4%. The reported profit after tax increased by Rs 37.32 crore from Rs 74.55 crore in H1'FY26.

What drove Dr. Agarwal's H1'FY27 revenue growth?

Dr. Agarwal's reported same-store sales growth of 17.7% in H1'FY27 across facilities established or acquired up to H1'FY24, while India revenue rose 28.5% to Rs 1,138 crore. Management said mature hospitals led growth. The network served more than 18.4 lakh patients, up 28.5% year on year, and performed 186,923 surgeries, up 18.8%.

Dr. Agarwal's derived 77.9% of H1'FY27 revenue from operations from services and 22.1% from products. Services include surgeries, consultations, treatments and investigations, while products include opticals, contact lenses, accessories and pharmaceutical products; the stated revenue mix excludes other operating revenue. Management said high-end surgeries accounted for about 30% of cataract volumes during the half year.

Dr. Agarwal's Q2'FY27 revenue growth of 31.4% exceeded its H1 rate of 28.7%. Revenue from operations reached Rs 655.46 crore in the quarter ended September 30, 2026, while quarterly profit after tax rose 55.8% to Rs 56.35 crore and EBITDA increased 28.8% to Rs 185.56 crore. Management described Q2 as its highest-ever quarter by revenue from operations.

Did Dr. Agarwal's maintain margins during network expansion?

Dr. Agarwal's reported an H1'FY27 EBITDA margin of 28.2% after adding 39 facilities, versus 28.3% in H1'FY26. Q2'FY27 EBITDA margin was 27.9%, compared with 28.4% in Q2'FY26. Management said H1 EBITDA increased 27.0% despite investment in new centres.

Dr. Agarwal's PAT margin increased to 8.5% in Q2'FY27 from 7.2% in Q2'FY26, alongside a rise in quarterly profit after tax to Rs 56.35 crore from Rs 36.49 crore. For H1'FY27, finance costs declined to Rs 46.37 crore from Rs 47.25 crore in the corresponding prior-year period, even as revenue from operations rose by 28.7%.

Dr. Agarwal's employee benefits expense increased to Rs 251.02 crore in H1'FY27 from Rs 194.64 crore in H1'FY26. Consultancy charges for doctors rose to Rs 184.11 crore from Rs 140.55 crore, and consumption of surgical lenses and other consumables increased to Rs 153.80 crore from Rs 124.02 crore. These cost movements occurred alongside the 18.8% rise in surgeries during the half year.

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

Dr. Agarwal's added 39 facilities during H1'FY27, comprising three tertiary, 31 secondary and five primary facilities, taking its network to 324 facilities as of September 30, 2026. It added 21 centres in Q2'FY27 alone, including one tertiary, 17 secondary and three primary facilities. Management said first-half additions of surgical facilities exceeded those made in all of FY26.

Dr. Agarwal's network consisted of 305 facilities in India and 19 in Africa as of September 30, 2026. Its India footprint covered 14 states and five union territories, including 103 facilities in tier-I cities and 202 in other cities. The company operates through a hub-and-spoke model, which it says supports geographic access and the sharing of critical resources across the network.

Dr. Agarwal's said more than 1,100 doctors supported H1'FY27 activity and announced a dedicated Pinhole Pupilloplasty centre at its Chennai flagship facility. Management said it intends to take Pinhole Pupilloplasty across the network and globally. The November 5, 2026 release did not disclose revenue, margin or patient-volume figures for this centre.

What did Dr. Agarwal's report for Q2'FY27?

Dr. Agarwal's reported Q2'FY27 revenue from operations of Rs 655.46 crore, up 31.4% from Rs 498.89 crore in Q2'FY26. Total income rose 31.3% to Rs 665.11 crore, EBITDA rose 28.8% to Rs 185.56 crore, and profit after tax increased 55.8% to Rs 56.35 crore for the quarter ended September 30, 2026.

Dr. Agarwal's India revenue was Rs 586 crore in Q2'FY27, up 31.6% year on year, while same-store sales growth was 18.8% across facilities set up or acquired up to H1'FY24. The company performed 95,841 surgeries during the quarter, a 22.2% increase. Services accounted for 78.0% of quarterly revenue from operations and products made up 22.0%.

Conclusion

Dr. Agarwal's H1'FY27 results combined 28.7% revenue growth with a 50.1% increase in profit after tax, while EBITDA margin moved by 0.1 percentage point to 28.2%. Same-store sales growth of 17.7%, 186,923 surgeries and 39 new facilities show that mature hospitals and network expansion both contributed to the half-year performance.

The next disclosed execution points are the 324-facility network following the 39 H1'FY27 additions and management's plan to extend Pinhole Pupilloplasty across the network and globally. The November 5, 2026 filing gives no timetable, financial target or forecast for that plan.