Dr Agarwals Eye Hospital Ltd.
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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 GENERATEDHealthcare
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSP | 8715.00 | 59.97 | 125308.33 | 0.23 | 610.40 | 38.41 | 7043.50 | 20.56 | 21.73 | 15.70 |
| MAXHEALTH | 994.00 | 66.40 | 96743.68 | 0.20 | 322.96 | 4.87 | 2366.17 | 16.70 | 14.97 | 25.29 |
| MANIPALHOS | 709.15 | 104.54 | 93279.97 | 0.00 | 2434.30 | — | 30906.30 | — | 13.93 | 23.83 |
| FORTIS | 913.85 | 65.84 | 68991.85 | 0.11 | 272.80 | 2.26 | 2545.03 | 17.46 | 14.07 | 21.28 |
| ASTERDM | 762.10 | 208.45 | 66430.16 | 0.00 | 29.28 | -68.70 | 1310.68 | 21.60 | 11.46 | 19.53 |
| NH | 1922.95 | 48.15 | 39297.56 | 0.23 | 207.27 | 5.37 | 2683.63 | 78.05 | 16.20 | 17.43 |
| MEDANTA | 1445.50 | 69.88 | 38865.42 | 0.03 | 157.25 | -1.09 | 1304.05 | 26.50 | 19.38 | 21.99 |
| LALPATHLAB | 1913.55 | 59.27 | 32118.71 | 1.07 | 1705.00 | 1172.39 | 7977.00 | 1090.95 | 29.56 | 31.03 |
| KIMS | 753.40 | 154.89 | 31643.29 | 0.00 | 37.40 | -56.00 | 1179.50 | 35.33 | 11.51 | 19.03 |
| AGARWALEYE | 513.40 | 109.70 | 16276.12 | 0.00 | 55.02 | 44.56 | 614.02 | 25.97 | 16.14 | 27.75 |
| VIJAYA | 1480.70 | 81.34 | 15250.87 | 0.14 | 53.10 | 37.61 | 230.98 | 22.83 | 30.28 | 42.66 |
| DRAGARWQ | 5414.40 | 34.33 | 2616.69 | 0.13 | 23.38 | 35.46 | 142.97 | 22.28 | 29.21 | 30.26 |
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 |
Documents
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