Dr Agarwals Eye Hospital Ltd.

•

dragarwal.comBSE: 526783NSE: DRAGARWQ

Market Cap₹ 2,617 Cr.

Current Price

High / Low₹ 6,060 / 4,600

Stock P/E34.3

Book Value₹ 765

Price to Book6.55

Dividend Yield0.13 %

ROCE29.2 %

ROE25.2 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Medical Services: 80.3% • Trading Activities: 19.1% • Others: 0.6%

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

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PROS

Company has a healthy return on capital (ROCE) of 33.7%
Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%
Company has delivered good sales growth of 27.5% CAGR over last 5 years
Latest quarter profit grew 35.5% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.92x)

CONS

Receivables are growing faster than sales - a possible quality concern
Working capital days have increased from -30 to 29 days
Stock is trading at 6.6x its book value
Though reporting repeated profits, the company pays out little dividend (4.8%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcareHospital & Healthcare Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	APOLLOHOSP	8715.00	59.97	125308.33	0.23	610.40	38.41	7043.50	20.56	21.73	15.70
2.	MAXHEALTH	994.00	66.40	96743.68	0.20	322.96	4.87	2366.17	16.70	14.97	25.29
3.	MANIPALHOS	709.15	104.54	93279.97	0.00	2434.30	—	30906.30	—	13.93	23.83
4.	FORTIS	913.85	65.84	68991.85	0.11	272.80	2.26	2545.03	17.46	14.07	21.28
5.	ASTERDM	762.10	208.45	66430.16	0.00	29.28	-68.70	1310.68	21.60	11.46	19.53
6.	NH	1922.95	48.15	39297.56	0.23	207.27	5.37	2683.63	78.05	16.20	17.43
7.	MEDANTA	1445.50	69.88	38865.42	0.03	157.25	-1.09	1304.05	26.50	19.38	21.99
8.	LALPATHLAB	1913.55	59.27	32118.71	1.07	1705.00	1172.39	7977.00	1090.95	29.56	31.03
9.	KIMS	753.40	154.89	31643.29	0.00	37.40	-56.00	1179.50	35.33	11.51	19.03
10.	AGARWALEYE	513.40	109.70	16276.12	0.00	55.02	44.56	614.02	25.97	16.14	27.75
11.	VIJAYA	1480.70	81.34	15250.87	0.14	53.10	37.61	230.98	22.83	30.28	42.66
12.	DRAGARWQ	5414.40	34.33	2616.69	0.13	23.38	35.46	142.97	22.28	29.21	30.26

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	79	84	76	81	100	102	95	100	117	118	116	120	143
	56	61	55	56	69	72	69	68	80	78	82	86	114
Operating Profit	23	23	21	24	31	30	26	32	37	40	34	34	43
OPM %	28.84%	27.60%	27.35%	30.28%	31.40%	29.24%	26.94%	31.64%	31.76%	34.05%	29.57%	28.11%	30.26%
Other Income	0	1	1	2	0	2	2	0	1	1	3	2	2
Interest	2	2	2	2	3	4	4	3	4	4	2	2	3
Depreciation	6	6	7	8	10	9	10	10	11	11	12	12	11
	16	17	13	17	19	19	14	19	23	26	23	21	31
Tax %	25.74%	24.38%	25.79%	26.24%	25.38%	26.03%	26.03%	14.03%	25.57%	24.88%	26.31%	23.58%	24.48%
Net Profit	12	13	9	13	14	14	10	16	17	19	17	16	23
	25	27	20	27	30	30	22	34	37	41	36	34	5
Equity Capital	5	5	5	5	5	5	5	5	5	5	5	5	5
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	149	153	170	176	140	201	268	319	397	471	497
	126	129	140	129	110	143	192	227	278	325	360
Operating Profit	24	27	32	50	32	60	78	97	125	153	—
OPM %	16	17	19	28	23	30	29	30	31	32	—
Other Income	2	2	2	3	2	1	2	5	6	6	7
Interest	4	3	4	9	7	7	8	8	15	14	10
Depreciation	9	10	11	21	19	20	20	27	39	46	47
	11	13	17	20	6	32	49	62	71	94	101
Tax %	33	49	32	31	125	25	25	26	23	25	25
Net Profit	7	7	12	14	-1	24	37	46	55	70	76
EPS	16	14	25	29	-3	51	79	99	116	145	—
Dividend Payout %	10	8	6	0	0	6	4	5	5	5	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	16	14	25	29	-3	51	79	99	116	145	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 27%
3 Years:: 21%

COMPOUNDED PROFIT GROWTH

10 Years:: 113%
5 Years:: —
3 Years:: 24%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 27%
5 Years:: 33%
3 Years:: 30%
Last Year:: 25%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	5	5	5	5	5	5	5	5	5	5
	25	30	41	51	50	73	109	152	205	341
	10	13	11	9	12	11	8	0	0	0
Trade Payables	14	18	15	14	18	26	27	32	25	27
	28	31	49	87	83	218	273	352	442	468
Total Liabilities	81	96	120	166	167	333	422	541	677	841
ASSETS	-	-	-	-	-	-	-	-	-	-
	33	36	55	94	96	214	260	316	393	403
Capital Work in Progress	1	3	0	0	0	26	62	97	128	197
	0	0	0	0	0	0	0	0	13	89
	6	7	6	8	5	6	6	10	13	14
	0	0	0	0	0	0	0	13	14	19
Cash & Bank	3	2	5	7	22	29	28	34	10	7
	38	47	54	58	44	58	65	72	105	113
Total Assets	81	96	120	166	167	333	422	541	677	841
Total Debt	23	18	24	18	22	32	44	51	96	82
Net Working Capital	-7	-14	-5	-10	-5	-32	-9	-21	-32	37
Contingent Liabilities	7	8	7	7	2	2	2	2	23	17
Book Value per Share	62.56	74.59	97.00	119.36	116.30	166.32	241.15	334.36	445.98	716.98
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20	19	25	39	34	57	70	90	94	145
Cash from Investing	-8	-11	-25	-17	-11	-46	-71	-70	-133	-174
Cash from Financing	-12	-8	2	-20	-8	-4	0	-14	17	25
	0	-0	2	2	15	7	-1	6	-23	-4
Free Cash Flow	20	4	-0	-21	14	-107	-36	-27	16	22
OCF / Net Profit	2.74	2.74	2.10	2.82	-23.55	2.35	1.89	1.94	1.71	2.07
Cumulative 5-Year FCF	0	0	0	0	17	-111	-150	-177	-140	-131

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	15.61	14.42	25.35	29.11	-3.06	51.28	78.55	98.64	116.28	145.13
Book Value (₹)	62.56	74.59	97.00	119.36	116.30	166.32	241.15	334.36	445.98	716.98
Dividend per Share (₹)	1.50	1.20	1.50	0.00	0.00	3.00	3.00	5.00	6.00	7.00
Cash EPS (₹)	34.21	35.23	48.57	74.29	37.58	94.66	121.49	155.26	200.21	239.63
PROFITABILITY
Operating Margin %	16.07%	17.32%	18.79%	28.28%	22.74%	29.77%	28.95%	28.81%	30.01%	31.08%
Net Margin %	4.94%	4.42%	7.01%	7.78%	-1.03%	11.98%	13.77%	14.52%	13.76%	14.89%
ROE %	27.78%	21.02%	29.55%	26.91%	-2.60%	36.29%	38.56%	34.28%	29.80%	25.22%
ROCE %	28.26%	31.70%	34.30%	39.87%	16.92%	42.40%	42.98%	38.59%	33.26%	29.21%
	8.87%	7.65%	11.01%	9.55%	-0.86%	9.63%	9.78%	9.63%	8.97%	9.23%
EFFICIENCY
Debtor Days	19	16	17	16	20	16	13	13	12	13
Inventory Days	20	16	15	15	17	10	8	9	11	11
Payable Days	167	171	159	131	176	170	157	151	115	93
	-128	-138	-128	-100	-138	-144	-136	-129	-92	-70
FINANCIAL HEALTH
Debt to Equity (x)	0.78x	0.52x	0.52x	0.31x	0.40x	0.41x	0.39x	0.33x	0.46x	0.24x
Interest Coverage (x)	3.64x	4.92x	5.82x	3.32x	1.82x	5.48x	7.14x	8.50x	5.76x	7.89x
	0.73x	0.62x	0.84x	0.75x	0.94x	0.61x	0.84x	0.85x	0.63x	1.38x
GROWTH
Revenue Growth %	8.77%	3.22%	10.91%	3.47%	-20.54%	43.92%	33.24%	19.10%	24.38%	18.56%
Operating Profit Growth %	89.69%	11.20%	20.36%	55.74%	-36.12%	88.44%	29.56%	25.17%	28.64%	22.28%
Net Profit Growth %	0.00%	-7.67%	75.87%	14.84%	-110.51%	1775.24%	53.20%	25.57%	17.88%	28.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	25.57%	17.88%	24.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	31.46x	34.85x	32.38x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.28x	9.09x	6.55x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.16%	0.15%	0.15%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	15.19x	15.93x	15.34x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.90	71.90	71.90	71.90	71.90	72.67	72.67	72.67	72.67
	0.65	0.83	0.84	1.33	1.49	1.74	1.82	2.20	2.24
	0.00	0.96	1.04	1.95	2.31	2.36	2.36	2.12	2.05
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	27.46	26.31	26.23	24.83	24.29	23.23	23.15	23.00	23.04

Documents

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