Dr Agarwals Eye Hospital Ltd

DRAGARWQ

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Market Cap

₹ 2,637 Cr

P/E

41.87

Turned 1 L into 20.89 L in last 5 Years

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Dr. Agarwal's Health Care Limited is India's largest eye care service chain by revenue, providing comprehensive services like surgeries, consultations, and optical sales.

The company is undergoing a merger with Dr. Agarwal's Eye Hospital Limited, consolidating operations to enhance service delivery and market presence across India and Africa.

The proposed merger will involve a preferential allotment to finance significant capex, highlighting an aggressive expansion strategy over the next few years.

AHCL has demonstrated significant financial growth in FY25 with a 28.4% increase in revenue from operations, showcasing strong market demand and operational success.

Sector

Healthcare

Industry

Hospitals / Medical Services

Market Cap

2,637 Cr

Volatility

Moderate Risk

P/E Ratio

41.9

Industry P/E

62.6

PEG Ratio

1.3

P/B Ratio

8.4

52W High

7,300.00

52W Low

3,500.00

Sales CAGR

24.38%

25.44%

17.68%

10Y

12.59%

Profit CAGR

17.88%

31.38%

31.91%

10Y

125.19%

ROE

TTM

20.02%

28.73%

26.20%

10Y

24.96%

ROCE

TTM

14.77%

16.44%

15.85%

10Y

17.60%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDRAMEDCO	488.45	4,478 Cr	25.63	6.80	0.92	26.54	34.84	18.31
ARTEMISMED	280.95	4,453 Cr	46.91	3.89	0.14	10.76	13.34	6.64
DRAGARWQ	5470.00	2,637 Cr	41.87	8.38	0.11	20.02	14.77	8.64
SHALBY	195.50	2,107 Cr	475.85	2.10	0.00	0.45	6.06	-0.01
KMCSHIL	75.44	1,230 Cr	40.56	6.75	0.00	16.69	19.54	10.15
GPTHEALTH	141.00	1,060 Cr	25.42	5.35	2.71	26.36	23.95	0.00
UNIHEALTH	322.45	500 Cr	33.00	4.76	0.00	19.24	34.76	21.01

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	79	84	76	81	100	102	95	100	117	118
Expenses	56	61	55	56	69	72	69	68	80	78
Operating Profit	23	23	21	24	31	30	26	32	37	40
OPM %	28.84	27.60	27.35	30.28	31.40	29.24	26.94	31.64	31.76	34.05
Other Income	0.36	1.47	0.67	2.46	0.40	2.28	2.31	0.10	0.80	0.68
Interest	1.62	1.69	1.83	2.03	3.03	3.67	3.85	2.89	4.16	3.73
Depreciation	5.85	6.34	6.89	7.53	9.87	9.36	10	10	11	11
Profit Before Tax	16	17	13	17	19	19	14	19	23	26
Tax %	25.74	24.38	25.79	26.24	25.38	26.03	26.03	14.03	25.57	24.88
Net Profit	12	13	9.44	13	14	14	10	16	17	19
EPS in Rs	23.88	26.05	19.54	26.46	29.19	29.28	21.52	33.08	35.71	41.04

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	149	153	170	176	140	201	268	319	397	414
Expenses	127	130	141	130	109	144	193	228	279	290
Operating Profit	21	23	29	46	30	58	75	91	118	124
OPM %	14.40	15.28	17.02	26.27	21.72	28.66	27.94	28.52	29.84	30.00
Other Income	1.65	2.30	1.98	2.65	0.81	1.26	1.55	4.97	5.09	5.49
Interest	3.33	2.59	2.58	7.70	6.35	6.23	6.87	7.17	13	15
Depreciation	8.74	9.78	11	21	19	20	20	27	39	40
Profit Before Tax	11	13	17	20	5.73	32	49	62	71	75
Tax %	33.14	49.29	31.62	31.38	125.09	25.41	25.26	25.53	22.70	22.91
Net Profit	7.34	6.78	12	14	-1.44	24	37	46	55	58
EPS in Rs	15.23	14.01	24.65	28.31	-2.98	49.86	76.40	95.93	113.08	131.36
Dividend Payout %	9.61	8.32	5.92	0.00	0.00	5.85	3.82	2.53	5.16	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70
Reserves	19	25	30	41	51	50	73	109	152	205
Borrowings	24	16	10	18	56	68	193	232	268	333
Other Liabilities	31	27	36	36	29	33	42	44	71	71
Total Liabilities	79	72	81	100	141	155	314	390	496	613
Fixed Assets	34	33	36	55	94	96	214	260	316	393
CWIP	0.76	1.22	3.43	0.25	0.02	0.00	26	62	97	128
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13
Other Assets	44	38	42	45	47	60	73	67	83	80
Total Assets	79	72	81	100	141	155	314	390	496	613

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	20	19	25	39	34	57	70	90	94
Cash from Investing Activity	-17	-7.97	-11	-25	-17	-11	-46	-71	-70	-133
Cash from Financing Activity	-0.24	-12	-8.28	2.12	-20	-7.60	-3.81	0.26	-14	17
Net Cash Flow	0.41	0.42	-0.46	2.38	2.01	15	6.59	-0.73	5.50	-22

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	71.90%	72.67%
FIIs	0.00%	0.00%	0.00%	0.28%	0.63%	0.64%	0.65%	0.83%	0.84%	1.33%	1.50%	1.74%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.96%	1.03%	1.95%	2.31%	2.36%
Public	28.10%	28.10%	28.10%	27.82%	27.47%	27.46%	27.46%	26.31%	26.23%	24.83%	24.29%	23.23%
Total Shareholders	3,006	3,110	3,169	3,471	3,423	3,572	3,808	4,510	15,115	41,704	35,976	30,528

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 03, 2025	Kiftar in llc	Bulk	Sell	3,707.00	15.66 Cr	42,247	0.89
Mar 03, 2025	Malabar india fund limited	Bulk	Buy	3,707.00	20.02 Cr	54,000	1.14

Projection

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Last 7 days

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Presentations

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Presentations

Investor Presentation

Q1 FY26

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Financial Statements

AI Powered Summary

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AI Mode

Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	79	84	76	81	100	102	95	100	117	118
Expenses	56	61	55	56	69	72	69	68	80	78
Operating Profit	23	23	21	24	31	30	26	32	37	40
OPM %	28.84	27.60	27.35	30.28	31.40	29.24	26.94	31.64	31.76	34.05
Other Income	0.36	1.47	0.67	2.46	0.40	2.28	2.31	0.10	0.80	0.68
Interest	1.62	1.69	1.83	2.03	3.03	3.67	3.85	2.89	4.16	3.73
Depreciation	5.85	6.34	6.89	7.53	9.87	9.36	10	10	11	11
Profit Before Tax	16	17	13	17	19	19	14	19	23	26
Tax %	25.74	24.38	25.79	26.24	25.38	26.03	26.03	14.03	25.57	24.88
Net Profit	12	13	9.44	13	14	14	10	16	17	19
EPS in Rs	23.88	26.05	19.54	26.46	29.19	29.28	21.52	33.08	35.71	41.04

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	149	153	170	176	140	201	268	319	397	414
Expenses	127	130	141	130	109	144	193	228	279	290
Operating Profit	21	23	29	46	30	58	75	91	118	124
OPM %	14.40	15.28	17.02	26.27	21.72	28.66	27.94	28.52	29.84	30.00
Other Income	1.65	2.30	1.98	2.65	0.81	1.26	1.55	4.97	5.09	5.49
Interest	3.33	2.59	2.58	7.70	6.35	6.23	6.87	7.17	13	15
Depreciation	8.74	9.78	11	21	19	20	20	27	39	40
Profit Before Tax	11	13	17	20	5.73	32	49	62	71	75
Tax %	33.14	49.29	31.62	31.38	125.09	25.41	25.26	25.53	22.70	22.91
Net Profit	7.34	6.78	12	14	-1.44	24	37	46	55	58
EPS in Rs	15.23	14.01	24.65	28.31	-2.98	49.86	76.40	95.93	113.08	131.36
Dividend Payout %	9.61	8.32	5.92	0.00	0.00	5.85	3.82	2.53	5.16	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70	4.70
Reserves	19	25	30	41	51	50	73	109	152	205
Borrowings	24	16	10	18	56	68	193	232	268	333
Other Liabilities	31	27	36	36	29	33	42	44	71	71
Total Liabilities	79	72	81	100	141	155	314	390	496	613
Fixed Assets	34	33	36	55	94	96	214	260	316	393
CWIP	0.76	1.22	3.43	0.25	0.02	0.00	26	62	97	128
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13
Other Assets	44	38	42	45	47	60	73	67	83	80
Total Assets	79	72	81	100	141	155	314	390	496	613

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	20	19	25	39	34	57	70	90	94
Cash from Investing Activity	-17	-7.97	-11	-25	-17	-11	-46	-71	-70	-133
Cash from Financing Activity	-0.24	-12	-8.28	2.12	-20	-7.60	-3.81	0.26	-14	17
Net Cash Flow	0.41	0.42	-0.46	2.38	2.01	15	6.59	-0.73	5.50	-22

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INDRAMEDCO	488.45	4,478 Cr	25.63	6.80	0.92	26.54	34.84	18.31
ARTEMISMED	280.95	4,453 Cr	46.91	3.89	0.14	10.76	13.34	6.64
DRAGARWQ	5470.00	2,637 Cr	41.87	8.38	0.11	20.02	14.77	8.64
SHALBY	195.50	2,107 Cr	475.85	2.10	0.00	0.45	6.06	-0.01
KMCSHIL	75.44	1,230 Cr	40.56	6.75	0.00	16.69	19.54	10.15
GPTHEALTH	141.00	1,060 Cr	25.42	5.35	2.71	26.36	23.95	0.00
UNIHEALTH	322.45	500 Cr	33.00	4.76	0.00	19.24	34.76	21.01

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Dr. Agarwal's Health Care Limited is India's largest eye care service chain by revenue, providing comprehensive services like surgeries, consultations, and optical sales.

The company is undergoing a merger with Dr. Agarwal's Eye Hospital Limited, consolidating operations to enhance service delivery and market presence across India and Africa.

The proposed merger will involve a preferential allotment to finance significant capex, highlighting an aggressive expansion strategy over the next few years.

AHCL has demonstrated significant financial growth in FY25 with a 28.4% increase in revenue from operations, showcasing strong market demand and operational success.

Sector

Healthcare

Industry

Hospitals / Medical Services

Market Cap

2,637 Cr

Volatility

Moderate Risk

P/E Ratio

41.9

Industry P/E

62.6

PEG Ratio

1.3

P/B Ratio

8.4

52W High

7,300.00

52W Low

3,500.00

Sales CAGR

24.38%

25.44%

17.68%

10Y

12.59%

Profit CAGR

17.88%

31.38%

31.91%

10Y

125.19%

ROE

TTM

20.02%

28.73%

26.20%

10Y

24.96%

ROCE

TTM

14.77%

16.44%

15.85%

10Y

17.60%