Dr. Agarwal's Eye Hospital Limited has scheduled meetings for its equity shareholders and unsecured creditors on July 02, 2026, to consider and approve the Scheme of Amalgamation with Dr. Agarwal’s Health Care Limited. The meetings, convened by the National Company Law Tribunal (NCLT), Chennai Bench, will be held at The Music Academy in Chennai. The proposed merger aims to consolidate the businesses of both entities to create operational and financial efficiencies, with the transaction expected to be earnings per share (EPS) accretive from the first year of implementation.

The amalgamation scheme details a share exchange ratio where shareholders of Dr. Agarwal's Eye Hospital Limited will receive 23 equity shares of Dr. Agarwal’s Health Care Limited for every 2 shares held. This ratio is based on valuation reports from registered valuers M/s. PwC Business Consulting Services LLP and M/s. Bansi S. Mehta Valuers LLP, and fairness opinions from M/s. Kotak Mahindra Capital Company Limited and M/s. Motilal Oswal Investment Advisors Limited. The scheme is subject to approval by a majority of shareholders representing three-fourths in value, as well as a majority of public shareholders.

Meeting and Voting Details

The NCLT has appointed Shri Kanwal Jeet Arora as the Chairperson and Shri. Sriram Ananth V as the Scrutinizer for the meeting. The facility for remote e-voting will be available from June 07, 2026, at 09:00 A.M. IST, and will conclude on July 01, 2026, at 05:00 P.M. IST. Shareholders whose names appear on the Register of Members or Register of Beneficial Owners as on the cut-off date of June 03, 2026, are eligible to vote. The meeting for unsecured creditors is scheduled for the same day at 11:30 A.M. IST, with a cut-off date of December 31, 2025, for eligibility.

Financial and Operational Rationale

The merger is intended to streamline functions and unify the capital allocation of the combined entity. Dr. Agarwal’s Health Care Limited, the transferee company, currently holds a 72.67% stake in Dr. Agarwal's Eye Hospital Limited. The transaction will result in the transferor company being dissolved without winding up upon the effective date. The authorized share capital of Dr. Agarwal's Eye Hospital Limited will be reclassified from 2,00,00,000 equity shares of INR 10 each to 20,00,00,000 equity shares of INR 1 each as part of the scheme.

Financial statements indicate that Dr. Agarwal’s Health Care Limited reported a revenue from operations of ₹1,043.89 crore and a Profit After Tax of ₹21.93 crore for FY 2025, while Dr. Agarwal's Eye Hospital Limited reported a revenue of ₹397.15 crore and a Profit After Tax of ₹54.65 crore for the same period. The companies believe the amalgamation will drive value creation through synergies and a stronger balance sheet.

Dr. Agarwal's Eye Hospital Limited has announced its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors, meeting on May 20, 2026, approved the results and recommended a final dividend for the financial year.

Financial Performance for FY26

For the full year ended March 31, 2026, the company reported a 28% increase in net profit to INR 70.10 Cr, compared to INR 54.65 Cr in the previous year. Revenue from operations for the year rose to INR 470.87 Cr from INR 397.15 Cr in FY25. Earnings Per Share (EPS) for the year stood at INR 147.02, up from INR 116.28 in the prior year.

Q4 Performance

In the quarter ended March 31, 2026, revenue from operations grew to INR 120.01 Cr from INR 99.83 Cr in the corresponding quarter of the previous year. Net profit for the quarter increased to INR 16.24 Cr from INR 15.99 Cr. EBITDA for the quarter stood at INR 35.30 Cr.

Dividend Declaration

The Board has recommended a final dividend of INR 4 per equity share of INR 10 each fully paid-up for the financial year ended March 31, 2026. This is in addition to the interim dividend of INR 3 per share declared earlier, bringing the total dividend for the year to INR 7 per share. The dividend is subject to approval by shareholders at the ensuing Annual General Meeting.