Dr Agarwals Health Care Ltd
Incorporated in 2010,[1]Dr. Agarwal’s Health Care offers a wide array of eye care services, which include cataract and refractive surgeries, consultations, diagnoses, and non-surgical treatments. Additionally, they provide optical products, contact lenses, accessories, and pharmaceutical items related to eye care. [2]
Strengths
- +Company has delivered good profit growth of 20.9% CAGR over last 5 years
Weaknesses
- −Stock is trading at 7.13 times its book value
- −Though the company is reporting repeated profits, it is not paying out dividend
- −Company has a low return on equity of 3.29% over last 3 years.
Shareholding Pattern
| Category | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoters | 32.45% | 32.43%▼0.0 | 32.43% | 32.39%▼0.0 | 32.35%▼0.0 |
| FIIs | 60.62% | 59.26%▼1.4 | 58.13%▼1.1 | 58.06%▼0.1 | 57.94%▼0.1 |
| DIIs | 5.21% | 6.44%▲1.2 | 7.92%▲1.5 | 7.78%▼0.1 | 7.83%▲0.0 |
| Public | 1.74% | 1.87%▲0.1 | 1.52%▼0.4 | 1.78%▲0.3 | 1.87%▲0.1 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 213 | 225 | 240 | 255 | 268 | 281 | 302 | 309 | 335 |
| Expenses | 158 | 157 | 190 | 198 | 203 | 208 | 235 | 240 | 255 |
| Operating Profit | 55 | 67 | 49 | 58 | 65 | 73 | 67 | 69 | 80 |
| OPM % | 26% | 30% | 21% | 23% | 24% | 26% | 22% | 22% | 24% |
| Net Profit | 10 | 17 | -9 | -4 | 8 | 27 | 10 | 5 | 14 |
| EPS ₹ | 0 | 0 | 0 | 0 | 0.25 | 0.84 | 0.32 | 0.15 | 0.44 |
AI Insights
TTM revenue at ₹1,227Cr, up 17.5% YoY. OPM at 24%.
Borrowings at ₹589Cr. Debt-to-equity ratio: 0.31x. Healthy balance sheet.
CWIP at ₹5Cr (0% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 7.83% (+2.62pp change). FIIs: 57.94% (-2.68pp change). Promoters hold 32.35%.
ROCE improving from 0% (Mar 2019) to 6% (Mar 2025). Working capital days: -55.
PE 238x with 5.94% ROCE. Price is 615% above book value of ₹61.8. Dividend yield: 0%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report 2d - ICRA report for quarter ended March 31, 2026 shows no deviation in IPO proceeds use.
- Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 2d - GST authorities issued SCN on May 14, 2026, proposing Rs. 15.08 crore demand plus interest and penalty.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 May - Board meets May 21, 2026 to approve Q4 and FY26 audited results; analyst call at 6:30 PM IST.
- Board Meeting Intimation for Consideration And Approval Of The Audited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Year Ended March 31, 2026 14 May - Board meets May 21, 2026 to approve FY26 audited results and host analyst call.
- Receipt Of Order Passed By The Hon'Ble NCLT, In Relation To The Scheme Of Amalgamation Between Dr. Agarwal'S Eye Hospital Limited And Dr. Agarwal'S Health Care Limited 11 May - NCLT approved meetings on July 2, 2026 for AEHL-AHCL amalgamation scheme.
- Financial Year 2025 from bse
- Rating update 23 Feb from icra
- Rating update 9 Dec 2025 from crisil