NewsEarningsDr. Agarwal's Health Care Reports Strong H1 FY2026 Performance, Grants Stock Options, and Efficiently Utilizes IPO ProceedsDr. Agarwal's Health Care Reports Strong H1 FY2026 Performance, Grants Stock Options, and Efficiently Utilizes IPO Proceeds
Dr. Agarwal's Health Care Limited reported robust financial results for H1 FY2026. Total Income increased by 20.2% to INR 1,007.00 crores, EBITDA grew 24.9% to INR 285.00 crores, and PAT soared 88.4% to INR 75.00 crores. The company expanded its network to 258 facilities, adding 24 new centers. It efficiently utilized IPO proceeds, with INR 257.00 crores out of INR 300.00 crores used. The company also approved new stock option grants and allotted shares under its Employee Stock Option Scheme.
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Dr. Agarwal's Health Care Limited , India's largest eye care service chain by revenue from operations, has reported robust financial results for the first half of fiscal year 2026, along with efficient utilization of its Initial Public Offer (IPO) proceeds. The company has also approved new stock option grants and allotted shares under its Employee Stock Option Scheme.
Financial Highlights
The company has achieved significant growth in the first half of FY2026:
- Total Income surged by 20.2% year-over-year to INR 1,007.00 crores
- EBITDA grew by 24.9% to INR 285.00 crores, with margins expanding to 28.3%
- Profit After Tax (PAT) soared by 88.4% to INR 75.00 crores
For the quarter ended September 30, 2025 (Q2 FY2026), the company reported:
- Total Income of INR 507.00 crores, up 18.2% year-over-year
- Revenue from Operations of INR 499.00 crores, a 19.7% increase
- EBITDA of INR 144.00 crores, growing 21.2% with margins of 28.4%
- PAT of INR 36.00 crores, a substantial 71.0% rise
Operational Performance
Dr. Agarwal's Health Care has continued its expansion strategy:
- Network grew to 258 facilities as of September 30, 2025
- Added 24 new centers during H1 FY2026, including 1 tertiary, 13 secondary, and 10 primary facilities
- Performed 157,281 surgeries in H1 FY2026, a 14.6% increase year-over-year
- Served over 14 lakh patients, supported by a team of 880+ doctors
IPO Proceeds Utilization
The company has efficiently utilized the proceeds from its IPO held from January 29-31, 2025:
| Particulars | Amount Allocated (INR Crores) | Amount Utilized (INR Crores) | Unutilized Amount (INR Crores) |
|---|---|---|---|
| Repayment of borrowings | 195.00 | 195.00 | 0.00 |
| General Corporate Purposes | 77.47 | 49.66 | 27.81 |
| IPO Expenses | 27.53 | 12.34 | 15.19 |
| Total | 300.00 | 257.00 | 43.00 |
The unutilized amount of INR 43.00 crores has been invested in fixed deposits.
Employee Stock Option Scheme
The company's Nomination and Remuneration Committee has approved the grant of 265,000 stock options under its Employee Stock Option Scheme 2022 to eligible employees of the company and its subsidiaries. Additionally, the company has allotted 12,523 equity shares of face value INR 1 each to employees who exercised their vested options.
Key features of the ESOP scheme include:
- A three-year vesting schedule with 50% of options vesting after one year, 25% after two years, and 25% after three years
- Exercise price based on fair market value with a potential discount of up to 20%
- Aims to reward employee performance, motivate contribution to company growth and profitability, and retain talent
Following this allotment, the company's paid-up equity share capital has increased from INR 31,61,58,357 to INR 31,61,70,880.
Management Commentary
Dr. Adil Agarwal, CEO of Dr. Agarwal's Health Care Limited, commented on the performance: "The company delivered a steady performance in the first half of FY2026, crossing the INR 1,000 Cr Total Income milestone for the first time — marking a significant achievement in our growth journey. While topline growth moderated compared to the previous quarter due to festivities and heavy rainfall, margins strengthened, demonstrating continued focus on profitability and operational excellence."
He added, "Our recent entry into the Delhi market has seen encouraging traction, and we plan to further accelerate our expansion across North India. We remain confident of meeting our annual guidance, driven by resilient demand and the momentum in our expansion plans."
Future Outlook
The company expects the momentum to build further through FY2026, as the second half of the year typically delivers stronger performance. With its expanding network, focus on operational efficiency, and initiatives to motivate and retain talent through the ESOP scheme, Dr. Agarwal's Health Care Limited appears well-positioned to capitalize on the growing demand for quality eye care services in India and Africa.
Investors and stakeholders can look forward to the company's continued growth trajectory, efficient capital utilization, and employee-centric approach as it expands its presence in both existing and new markets.
