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Swing Capital

Dr Agarwals Eye Hospital Ltd

NSE: DRAGARWQ BSE: 526783Healthcare

Dr Agarwal's Eye Hospital Ltd is a leading chain of eye hospitals with predominant presence in Tamil Nadu.[1]

₹5,093
52W: ₹4090 — ₹6392
PE 35.2 · Book ₹651 · +682% vs book
Market Cap₹2,461 Cr
Stock P/E35.2Price to Earnings
ROCE17.5%Return on Capital
ROE29.5%Return on Equity
Div. Yield0.13%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 32.0% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 33.2%

Weaknesses

  • −Stock is trading at 7.70 times its book value
  • −Company might be capitalizing the interest cost
  • −Promoters have pledged 29.3% of their holding.

Shareholding Pattern

Promoters72.67%
FIIs2.2%
DIIs2.12%
Public22.99%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters71.9%71.9%71.9%71.9%71.9%72.67%▲0.872.67%72.67%
FIIs0.65%0.83%▲0.20.84%▲0.01.33%▲0.51.49%▲0.21.74%▲0.31.82%▲0.12.2%▲0.4
DIIs0%0.96%▲1.01.04%▲0.11.95%▲0.92.31%▲0.42.36%▲0.02.36%2.12%▼0.2
Public27.46%26.32%▼1.126.22%▼0.124.82%▼1.424.29%▼0.523.22%▼1.123.15%▼0.122.99%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales84768110010295100117118116
Expenses61555669726968807882
Operating Profit23212431302632374034
OPM %28%27%30%31%29%27%32%32%34%30%
Net Profit1391314141016171917
EPS ₹26.7920.0927.2130.0230.1122.1334.0236.7239.9835.76

AI Insights

Revenue Trend

TTM revenue at ₹451Cr, up 13.6% YoY. OPM at 32%.

Debt Position

Borrowings at ₹335Cr. Debt-to-equity ratio: 1.08x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹157Cr (38% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 2.12% (+2.12pp change). FIIs: 2.2% (+2.20pp change). Promoters hold 72.67%.

Margin & Efficiency

ROCE improving from 17% (Mar 2014) to 18% (Mar 2025). Working capital days: -51.

Valuation

PE 35.2x with 17.5% ROCE. Price is 682% above book value of ₹651. Dividend yield: 0.13%.

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