Refractive surgery growth slowdown
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.
AGARWALEYE / Q1-FY26 / risks
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Dr. Agarwal's Health Care · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Delhi NCR expansion execution risk
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.
Subsidiary merger timeline uncertainty
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.
Geopolitical disruption impact
Operations in northern India were briefly impacted by the Bahalgam attack and Operation Hindu, highlighting vulnerability to regional disruptions.