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Revenue
₹487.26 Cr
verified against source
Revenue YoY
20.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dr. Agarwal's Health Care delivered a record Q1 FY26 with revenue from operations of ₹487.26 crore (+20.8% YoY) and PAT more than doubling to ₹38 crore. Growth was driven by 16% surgery volume growth, premiumization (high-end cataract yield up to ₹40k), and 13 new greenfield facilities. India EBITDA margin expanded 140bps to 28.2%. Management guided for 42 new facilities over the next three quarters and reiterated FY26 capex of ₹310 crore. The Delhi NCR expansion is gaining traction with 1,000+ patient visits in the first month. Risk: Refractive surgery growth was soft at 3% YoY due to seasonality, but management expects full-year growth to mirror overall surgery trends.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets launching 42 new facilities across India, with 23 in the south, 9 in the west, 5 in the north, and 5 in the east.
- Capex guidance for FY26 remains unchanged at ₹310 crore, supporting the expansion plan.
- Management expects ROIC to increase by about 1 to 1.5 percentage points in FY26 from ~16% in FY25.
- Management aims to complete the merger of the listed subsidiary with the parent within the next 1 to 1.5 years, with more clarity in coming weeks.
Risks flagged
- Refractive surgeries grew only 3% YoY in Q1, attributed to seasonality and lack of promotional push. Full-year growth may not match overall surgery growth if demand does not pick up in Q2/Q3.
- The new Delhi facility faced a 6-9 month delay due to floods. While now operational, scaling up in a competitive market may take time and could impact near-term profitability.
- Management provided a broad timeline of 1-1.5 years for the merger but noted it is still under evaluation. Delays could affect corporate structure and minority shareholder returns.
- Operations in northern India were briefly impacted by the Bahalgam attack and Operation Hindu, highlighting vulnerability to regional disruptions.
Key quotes
- We crossed the milestone of 500 crores in total income for the quarter and delivered over a 100% year-on-year increase in profit after tax of 38 crores.
- Our mature centers are those that have been open for more than 3 years... Revenue from these mature facilities has increased 19.4% reaching 354 crores in the quarter 1 FI26 contributing to 73% of the total group revenues.
- We don't have anything right now in the pipeline in the subsidiary. But that said, we are looking at three to four potential openings in Tamil Nadu.
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