Dr. Agarwal's Health Care FY26 Results: PAT surges 52.4% to ₹168 crore
- Consolidated PAT rose 52.4% YoY to ₹168.14 crore in FY26; total income up 20.9% to ₹2,124.52 crore
- EBITDA grew 22.2% to ₹614 crore with margin at 28.9%; same-store sales growth at 14.1%
- Network expanded to 288 facilities; 30,09,301 patients served and 3,23,245 surgeries performed in FY26
- Sixteenth AGM scheduled for September 21, 2026 via VC/OAVM; remote e-voting opens September 17, 2026
- No dividend recommended for FY26; merger of Dr. Agarwal's Eye Hospital Limited with the company received shareholder approval
*this image is generated using AI for illustrative purposes only.
Dr. Agarwal's Health Care has scheduled its Sixteenth Annual General Meeting for Monday, September 21, 2026, at 10:00 am via Video Conferencing/Other Audio Visual Means, alongside reporting consolidated total income of ₹2,125 crore for FY26, up 20.9% year-on-year.
The company's consolidated profit after tax rose 52.4% to ₹168.14 crore in FY26 from ₹110.34 crore in FY25, driven by higher surgical volumes, network expansion and improved operating leverage. Consolidated revenue from operations grew 21.57% to ₹2,080.08 crore from ₹1,711.00 crore in the previous year. EBITDA stood at ₹614 crore, up 22.2% year-on-year, with an EBITDA margin of 28.9%.
Key Financial Performance
The table below summarises consolidated and standalone financial results for FY26 versus FY25.
| Particulars | Consolidated FY26 (₹ Cr) | Consolidated FY25 (₹ Cr) | Standalone FY26 (₹ Cr) | Standalone FY25 (₹ Cr) |
|---|---|---|---|---|
| Revenue from Operations | 2,080.08 | 1,711.00 | 1,293.39 | 1,043.89 |
| Other Income | 44.44 | 46.02 | 33.16 | 53.81 |
| Total Income | 2,124.52 | 1,757.02 | 1,326.55 | 1,097.70 |
| Total Expenses | 1,877.21 | 1,594.15 | 1,255.54 | 1,045.10 |
| Profit Before Tax | 248.64 | 159.85 | 63.96 | 38.60 |
| Profit After Tax | 168.14 | 110.34 | 39.45 | 21.93 |
| Total Comprehensive Income | 185.74 | 109.83 | 38.85 | 21.60 |
At the standalone level, the company reported revenue from operations of ₹1,293.39 crore in FY26 against ₹1,043.89 crore in FY25, while standalone PAT rose to ₹39.45 crore from ₹21.93 crore.
Operational Highlights
The company operated 288 eye care facilities across India and Africa as of March 31, 2026, serving 30,09,301 patients — a 23.7% increase — and performing 3,23,245 surgeries, up 14.5% year-on-year. The network employed 968 doctors across its facilities, reflecting 16.5% growth. Same-store sales growth stood at 14.1% for all facilities set up or acquired up to FY23.
| Operational Metric | FY26 | Growth (YoY) |
|---|---|---|
| Eye Care Facilities | 288 | 22.0% |
| Patients Served | 30,09,301 | 23.7% |
| Surgeries Performed | 3,23,245 | 14.5% |
| Doctors Across Network | 968 | 16.5% |
| Total Income | ₹2,125 Cr | 20.9% |
| EBITDA | ₹614 Cr | 22.2% |
| Profit After Tax | ₹168 Cr | 52.4% |
During FY26, the company opened 30 new surgical centres and 27 new primary centres across multiple states. The domestic facility count reached 269 spanning 14 states and 5 union territories, while 19 facilities operate across 9 African countries.
AGM Agenda and E-Voting Schedule
The Sixteenth AGM will transact ordinary business including adoption of audited standalone and consolidated financial statements for FY26, re-appointment of Dr. Anosh Agarwal and Mr. Ankur Nand Thadani as directors retiring by rotation, and appointment of M/s. S.R. Batliboi & Associates LLP as statutory auditors to hold office until the conclusion of the 20th AGM. Special business includes approval of revised remuneration for Whole-time Director and CEO Dr. Adil Agarwal and Whole-time Director and COO Dr. Anosh Agarwal, effective April 01, 2026 until April 30, 2028, as well as ratification of cost auditor remuneration of ₹90,000 for FY2025-26.
The remote e-voting facility will be available as follows:
| Event | Date/Time |
|---|---|
| Cut-off date for e-voting eligibility | Tuesday, September 15, 2026 |
| Commencement of e-voting | Thursday, September 17, 2026 at 9:00 am IST |
| Conclusion of e-voting | Sunday, September 20, 2026 at 5:00 pm IST |
National Securities Depository Limited (NSDL) has been engaged to host the AGM through VC/OAVM and facilitate the e-voting process. The Board has not recommended any dividend on equity shares for FY26, citing the company's growth-stage capital requirements.
Key Financial Ratios
The company's consolidated key financial ratios for FY26 versus FY25 are presented below.
| Ratio | FY26 | FY25 | Variance |
|---|---|---|---|
| Current Ratio | 1.24 | 1.66 | -25% |
| Debt-Equity Ratio | 0.50 | 0.50 | 1% |
| Operating Profit Margin | 16.24% | 15.88% | 2.28% |
| Net Profit Margin | 7.85% | 6.45% | 22% |
| Return on Net Worth | 6.58% | 4.50% | 47.06% |
| Interest Coverage Ratio | 3.73 | 2.50 | 49.52% |
| Return on Capital Employed | 16.6% | 16.0% | 4% |
The current ratio declined due to a decrease in mutual fund investments during the year, while the interest coverage ratio improved following pre-closure of loans using IPO proceeds. Return on net worth expanded as a result of margin improvement and revenue growth.
Historical Stock Returns for Dr. Agarwal's Health Care
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.03% | -3.56% | -2.45% | +12.99% | +10.42% | +22.07% |
How will the decision to forgo a dividend in favor of growth-stage capital requirements impact shareholder sentiment and stock valuation multiples compared to peers?
What is the strategic roadmap for sustaining the 22% facility expansion rate, and how will this affect operating leverage and EBITDA margins in FY27?
Given the 25% decline in the current ratio due to reduced mutual fund investments, what are the company's plans to optimize working capital management without compromising liquidity?
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