AGARWALEYE
Micro CapDr. Agarwal's Health Care Limited
Pharma
Dr. Agarwal’s Health Care Limited is India’s largest eye care service chain by revenue (FY25), with 269 facilities across 14 states/5 UTs in India and 19 facilities in 9 African countries. It offers comprehensive eye care services including surgeries, consultations, and sales of opticals/pharma products, operating on a scalable hub-and-spoke model.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 75/100Rev +23% YoY · PAT +16% YoY · margin expansion · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹564 Cr | +22.6% | +6.4% |
| EBITDA | ₹161 Cr | +22.9% | +11.8% |
| Operating margin | 29.0% | +100 bps | +200 bps |
| PAT | ₹50 Cr | +16.3% | +13.6% |
| PAT margin | 8.9% | -48 bps | +57 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 Total Income grew 20.9% YoY to ₹2,125 Cr, with EBITDA up 22.2% YoY to ₹614 Cr, and PAT surging 52.4% YoY to ₹168 Cr. The company added 57 facilities, reaching 288 eye care facilities, and served over 3 million patients.
The company demonstrates robust financial performance with strong top-line and bottom-line growth, driven by aggressive network expansion and increasing patient volumes. The asset-light hub-and-spoke model appears effective in scaling operations and capturing the growing eye care market, supporting the long-term investment thesis.
Revenue Mix by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Network Expansion
Added 57 facilities in FY26, expanding into 26 new cities, with 148 greenfield facilities added in the last 4 years.
Organic Growth
Achieved 14.1% Same Store Sales Growth (SSSG) for all facilities set up or acquired up to FY23.
Specialized Surgical Procedures
Femto Cataracts grew 87.1% YoY, Retinal Surgeries grew 23.0% YoY, and Corneal Transplants grew 16.1% YoY in FY26.
Emerging Facilities Scaling
Emerging Surgical Facilities contributed 21.3% of revenues in FY26, with significant headroom to scale these assets.
FY26 Facility Additions
57 facilities added in FY26 (19 Primary, 32 Secondary, 6 Tertiary), bringing the total to 288 eye care facilities.
FY27 Expansion Plans
Planned addition of 56 new facilities for FY27 (30 Surgical, 26 Primary), with 34 in South, 8 in West, 7 in North, and 7 in East.
Large Addressable Market
India Eye Care Services Market is estimated at c. ₹48,500 Cr. with a projected 12-14% FY26E - FY30P CAGR.
Fastest Growing Specialty
Eye Care is the fastest growing single specialty sector with the highest growth forecast (12-14% FY25-FY30P CAGR) among considered specialties.
Organized Market Growth
The Organized India Eye Care Service Market is projected to grow at an 18.4% CAGR (FY26E-FY30P), indicating significant headroom for growth.
Surgical Treatment Dominance
Surgical Treatments occupy 82-87% share in the Indian Eye Care Industry by value, with Cataract accounting for 38-41%.
Technology Upgrade Costs
Need to upgrade technology in line with evolving industry trends, which may lead to higher Capex.
Ophthalmologist Shortage
India has ~1.5 Ophthalmologists per 100k people against a requirement of c.8.7 eye care professionals for every 100k people.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation primarily focuses on annual (FY26 vs FY25) and Q4 (Q4'FY26 vs Q4'FY25) comparisons, which are standard for assessing growth and profitability trends in a service business over time.
Domestic Revenue Growth
Domestic Performance by Region (FY26 Revenue Mix): South 61.2% (+22.6% YoY), West 16.4% (+19.0% YoY), North 9.2% (+20.7% YoY), East 2.9% (+18.5% YoY).
Export Revenue Contribution
Revenue from Operations (Outside India) contributed 10.1% of total revenue in FY26.
R&D Initiatives
13 ongoing clinical research studies at various phases; 10 closed-out clinical research studies in FY26.
EBITDA Margin
FY26 EBITDA Margin: 28.9% (vs 28.6% in FY25); Q4'FY26 EBITDA Margin: 30.2% (vs 30.8% in Q4'FY25).
Network Expansion Strategy
Network expansion playbook includes selecting new micro-markets, scaling presence in target clusters, and selective relocation of mature facilities.
Asset-Light Model
The company leases all (except one) facilities, limiting upfront capital for new facilities to medical equipment and ancillary infrastructure.
Digital Transformation
The AI-ready Inhouse Hospital Management System | Neo currently powers all network facilities and is built to scale to 5,000+ branches.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Facility Additions | 57 facilities added in FY26, total 288. | Execution of the FY27 plan to add 56 new facilities, particularly greenfield expansion in new clusters. |
| Same Store Sales Growth (SSSG) | 14.1% SSSG for facilities operational up to FY23. | Sustained SSSG in mature facilities and accelerated ramp-up in revenue contribution from emerging facilities. |
| EBITDA Margin | 28.9% in FY26. | Improvement in operating leverage as emerging facilities scale and cost efficiencies from the Neo HMS platform. |
| Net Debt / EBITDA | 1.5x in FY26. | Prudent capital allocation for expansion while maintaining healthy debt levels and cash flow generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -1.7% / mo
Technical chart
AGARWALEYEweekly · 6M-11.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 40.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -152.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 74th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: ROE is low at 6.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 74th pctile, median 70 · Micro: 72nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸4 years of positive FCF.
- ▸6/6 recent quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 6.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 108.00
- P/B
- 7.07
- EV/EBITDA
- 18.20
- Market Cap
- 14334.00Cr
Profitability
- ROE
- 6.81%
- ROCE
- 11.10%
- ROA
- 4.26%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 6.33×
- Altman Z
- 5.88
- Book Value
- 63.90
Cash Flow
- FCF Yield
- 1.47%
- FCF Positive Y
- 4/5
- OCF
- 519.00 Cr
- EPS TTM
- 4.20
Shareholding
- Promoter Hold
- 32.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.