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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹530 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
₹155 Cr
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 strong Q3 FY26 with revenue from operations growing 23% YoY to ₹530 crore, driven by volume and value growth. EBITDA grew 21.3% YoY to ₹155 crore with margins stable at 28.4%, while PAT surged 55% YoY to ₹44 crore aided by lower finance costs. Surgical volumes grew 11.6% YoY, with high-end cataract procedures rising to 28% of cataract revenue and robotic cataract surgeries up 83% YoY. The company added 38 new facilities in 9M FY26 and plans 16 more in Q4, targeting 55-60 annual additions. Management reiterated confidence in meeting full-year guidance. Key risk: slower-than-expected ramp-up in newer geographies like Delhi and Ethiopia could pressure near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided to add 55-60 new facilities every year, increasing network size by ~20% annually.
- Plan to launch 16 new centers in Q4 FY26, including 11 surgical centers across south, west, and north regions.
- Management committed ₹310 crore capex for FY26; ₹275 crore already spent in 9M FY26.
- The merger process with subsidiaries is expected to be completed by Q3 or Q4 of FY27, pending regulatory approvals.
Risks flagged
- New facilities in non-core markets like Delhi and Ethiopia may take 15-18 months to break even, potentially pressuring near-term margins.
- Refractive surgery volumes were slower this year due to industry-wide softness, which could persist and impact growth.
- Analyst noted a drop in revenue per facility in the east region; management attributed it to early-stage facilities, but sustained underperformance could signal competitive pressure.
- New labor codes could increase employee costs; management assessed impact as not material currently but continues to monitor.
Key quotes
- Despite us being able to scale up this many new centers, we've been able to maintain our margins which basically means that we are ramping up our new centers a lot faster to break even.
- Our same store sales growth is north of about 13.5% which is again a very very healthy sign.
- Ethiopia is one of the growing markets in entire Africa. So the potential opportunity that exists today with the lack of services with the number of people coming into Addis Ababa is lucrative according to us right now.
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