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Refractive surgery growth slowdown
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bullish
high
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2-Minute Summary
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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.
डॉ. अग्रवाल हेल्थ केयर ने पहली तिमाही (Q1 FY26) में शानदार प्रदर्शन किया। कंपनी की कमाई ₹487.26 करोड़ रही, जो पिछले साल से 20.8% ज्यादा है। मुनाफा (PAT) दोगुना से भी ज्यादा बढ़कर ₹38 करोड़ हो गया। यह वृद्धि 16% ज्यादा ऑपरेशन, महंगे मोतियाबिंद इलाज (₹40,000 तक) और 13 नए अस्पताल खोलने से हुई। भारत में EBITDA मार्जिन 28.2% हो गया। कंपनी अगले 9 महीनों में 42 नए अस्पताल खोलने की योजना बना रही है और इस साल ₹310 करोड़ निवेश करेगी। दिल्ली-NCR में नए अस्पताल को पहले महीने 1,000 से ज्यादा मरीज मिले। जोखिम: लेजर आंखों के ऑपरेशन की वृद्धि सिर्फ 3% रही, लेकिन कंपनी को उम्मीद है कि पूरे साल यह सामान्य हो जाएगी।
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Total surgeries
78,882
+16% YoY
Total surgeries performed in Q1 FY26, driven by cataract and other surgeries.
High-end cataract surgeries (femtocat)
1,160
+72% YoY
Robotic cataract surgeries grew sharply, contributing to premiumization.
Mature facility revenue growth (India)
₹309 crore
+21.1% YoY
Same-store sales growth for mature Indian facilities, indicating strong organic momentum.
Patients served
7,05,000
+18.6% YoY
Total patient footfall in Q1 FY26, reflecting broad-based demand.
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Guidance and risk preview
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.
Refractive surgeries grew only 3% YoY in Q1, attributed to seasonality and lack of promotional push.
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