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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Dr. Agarwals Health Care Ltd (AGARWALEYE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544350 NSE: AGARWALEYE Hospital & Healthcare Services | Small Cap | Dr. Agarwals Health Share Price
₹508.50 -3.90 (-0.76%)
As on 01-Sep'26 16:59
Dr. Agarwals Health Care Ltd (AGARWALEYE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544350 NSE: AGARWALEYE Hospital & Healthcare Services | Small Cap | Dr. Agarwals Health Share Price
₹508.50 -3.90 (-0.76%)
As on 01-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹16,095 Cr.
Current Price
₹508.5
52-Week Low / High
₹402 / 568
TTM EPS
₹4.7
TTM Sales
₹2,207 Cr.
Book Value per Share
₹65.2
P/E Ratio
108.48
Lower than its 5-year historical median
Industry PE
101.2
Price to Book (P/B)
7.78
Higher than its 5-year historical median
Price to Sales (P/S)
7.29
In line with its 5-year historical median
EV/EBITDA
24.82
In line with its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
8.69%
Underperforms industry median
Return on Capital Employed (ROCE)
16.14%
Underperforms industry median
Return on Assets (ROA)
4.45%
Operating Profit Margin
27.5%
Net Profit Margin
8.08%
Gross Profit Margin
25.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
21.57%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.54%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
52.38%
Asset Quality
Promoter Holding
32.34%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,037 Cr.
Equity
₹31.7 Cr.
Face Value
₹1
All Time Low / High
₹327.40 / 567.80
Check Before You Invest
Quality
Very GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Dr. Agarwals Health Care Ltd a good quality company?
Dr. Agarwals Health Care Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Dr. Agarwals Health Care Ltd performance compare with that of its Peers?
Revenue growth of Dr. Agarwals Health Care Ltd vs industry peers?
Dr. Agarwals Health Care Ltd revenue CAGR is 34.58%, compared to the industry median CAGR of 3.54%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Dr. Agarwals Health Care Ltd?
Promoters hold 32.34% of the Dr. Agarwals Health Care Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Dr. Agarwals Health Care Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 17.39% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dr. Agarwals Health Care Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | 10.5% | -1.1% | 24.3% | 21.5% | 17.8% | 14.3% | 16.1% | - |
| Value Creation Index ⓘ | NA | NA | NA | -0.2 | -1.1 | 0.8 | 0.6 | 0.3 | 0.1 | 0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 | 2,207 |
| Sales YoY Gr. | - | NA | NA | NA | -11.2% | 47.7% | 46.2% | 30.9% | 28.4% | 21.6% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | -1.2 | -2.8 | 1.6 | 3.9 | 2.3 | 2.4 | 3.7 | 4.7 |
| YoY Gr. | - | NA | NA | NA | NA | NA | 148.7% | -41.2% | 4.4% | 56.7% | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 12.1 | 9 | 10.3 | 26.4 | 47.6 | 58.8 | 63.6 | 65.2 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | -23.6 | -57.6 | 32.1 | 92.2 | 63.9 | 75.3 | 118 | 148 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | 103 | 99.2 | 164 | 233 | 346 | 357 | 519 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 1.6 | 1.9 | 1.8 | 1.5 | 1.1 | 0.7 | 0.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 34.6% | 26.9% | 21.6% | ||||
| Adj EPS ⓘ | NA | NA | -1.3% | 56.7% | ||||
| BVPSⓘ | NA | 48% | 34% | 8.1% | ||||
| Share Price | - | - | - | 17.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | -9.5 | -26.6 | 16.2 | 21.9 | 6.5 | 4.7 | 6.1 | 7.3 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 23.3 | 16.6 | 26.1 | 26.7 | 27.2 | 26.6 | 27.5 | 27.7 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | -4.3 | -12.8 | 5.4 | 10 | 5.7 | 6 | 7.4 | 6.7 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.7 | 1 | 1.4 | 0.6 | 0.3 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 100 | 76 | 65 | 62 | 75 | 85 | 52 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 1 | -16 | -12 | -7 | 1 | 8 | 13 |
Valuation of Dr. Agarwals Health - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 531 | 471 | 696 | 1,018 | 1,332 | 1,711 | 2,080 |
| Operating Expenses ⓘ + | 407 | 394 | 514 | 748 | 970 | 1,260 | 1,509 |
| Operating Profit ⓘ | 124 | 77 | 182 | 270 | 362 | 451 | 571 |
| Operating Profit Margin (%) | 23.3% | 16.3% | 26.1% | 26.5% | 27.2% | 26.4% | 27.5% |
| Other Income ⓘ + | 13 | 14 | 22 | 18 | 49 | 57 | 50 |
| Interest ⓘ | 54 | 44 | 49 | 76 | 101 | 115 | 98 |
| Depreciation ⓘ | 93 | 95 | 98 | 128 | 170 | 231 | 276 |
| Profit Before Tax ⓘ | -11 | -48 | 57 | 84 | 141 | 160 | 249 |
| Tax ⓘ | 9 | 10 | 14 | -20 | 46 | 50 | 81 |
| Profit After Tax | -20 | -58 | 43 | 103 | 95 | 110 | 168 |
| PAT Margin (%) | -3.7% | -12.4% | 6.2% | 10.1% | 7.1% | 6.5% | 8.1% |
| Adjusted EPS (₹) | -1.0 | -2.7 | 1.8 | 4.0 | 3.0 | 2.6 | 4.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 249 | 184 | 212 | 628 | 1,333 | 1,857 | 2,013 | ||||
| Debt + | 157 | 178 | 264 | 310 | 325 | 157 | 133 | ||||
| Minority Interest | 18 | 14 | 21 | 30 | 40 | 60 | 94 | ||||
| Trade Payables | 64 | 75 | 89 | 101 | 133 | 127 | 149 | ||||
| Others Liabilities ⓘ | 252 | 323 | 425 | 701 | 885 | 1,439 | 1,525 | ||||
| Total Liabilities ⓘ | 740 | 774 | 1,012 | 1,770 | 2,716 | 3,640 | 3,915 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 551 | 575 | 701 | 1,293 | 1,746 | 2,526 | 2,873 | ||||
| CWIP ⓘ | 8 | 11 | 28 | 99 | 118 | 153 | 244 | ||||
| Investments ⓘ | 1 | 0 | 0 | 34 | 471 | 264 | 152 | ||||
| Inventories | 33 | 28 | 33 | 36 | 52 | 80 | 94 | ||||
| Trade Receivables | 52 | 47 | 57 | 76 | 97 | 124 | 161 | ||||
| Cash Equivalents | 44 | 65 | 117 | 149 | 125 | 251 | 129 | ||||
| Others Assets ⓘ | 50 | 48 | 76 | 83 | 108 | 242 | 262 | ||||
| Total Assets ⓘ | 740 | 774 | 1,012 | 1,770 | 2,716 | 3,640 | 3,915 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 103 | 99 | 164 | 233 | 346 | 357 | 519 |
| Cash Flow From Investing Activity ⓘ + | -80 | -37 | -155 | -509 | -914 | -750 | -308 |
| Cash Flow From Financing Activity ⓘ + | -73 | -37 | 35 | 303 | 553 | 382 | -220 |
| Net Cash Flow ⓘ | -50 | 25 | 44 | 27 | -15 | -11 | -10 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -7.89 | -26.95 | 21.77 | 24.58 | 9.69 | 6.92 | 8.69 | |||
| ROCE (%) | 10.53 | -1.09 | 24.26 | 21.51 | 17.77 | 14.32 | 16.14 | |||
| Asset Turnover Ratio | 0.72 | 0.62 | 0.78 | 0.73 | 0.59 | 0.54 | 0.55 | |||
| PAT to CFO Conversion(x) | N/A | N/A | 3.81 | 2.26 | 3.64 | 3.25 | 3.09 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 36.10 | 38.40 | 27.10 | 23.90 | 23.70 | 23.50 | 25 | |||
| Inventory Days | 23 | 23.80 | 15.90 | 12.40 | 12.10 | 14.10 | 15.30 | |||
| Payable Days | 340 | 419.60 | 356.80 | 306.20 | 312.40 | 292.60 | 261.50 | |||
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Dr. Agarwals Health Care Ltd FAQs
The current trading price of Dr. Agarwals Health on 01-Sep-2026 16:59 is ₹508.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Aug-2026 the market cap of Dr. Agarwals Health stood at ₹16,095.4 Cr
The latest P/E ratio of Dr. Agarwals Health as of 31-Aug-2026 is 349.8.
The latest P/B ratio of Dr. Agarwals Health as of 31-Aug-2026 is 8.06.
The 52-week high of Dr. Agarwals Health is ₹567.8 and the 52-week low is ₹402.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dr. Agarwals Health is ₹1,374 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Dr. Agarwals Health Care Ltd is a good quality company.
The key valuation ratios of Dr. Agarwals Health Care Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dr. Agarwals Health Care Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Dr. Agarwals Health Care Ltd
Dr. Agarwal's Health Care Limited was incorporated at Chennai, Tamil Nadu as a public limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated April 19, 2010, issued by the RoC and commenced operations pursuant to the certificate for commencement of business dated May 29, 2010, issued by the RoC.
Dr. Agarwal's Health Care provides a comprehensive range of eye care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and sell opticals, contact lenses and accessories, and eye care related pharmaceutical products. The company had a market share of around 25% of the total eye care service chain market in India during the Financial Year 2024. The company categorizes its Facilities as Primary Facilities [which are non-surgical eye care facilities); Secondary Facilities (which are surgical Facilities); and Tertiary Facilities (which are super-specialty surgical Facilities and include three centres of excellence (COEs)], depending upon the nature of services provided. The company’s business operations are structured as a “hub and spoke” model, which enables it to build a scalable and accessible platform for the continued growth of its business.
The company’s Primary Facilities provide initial eye care diagnosis and clinical investigation services. The Secondary Facilities at its spokes provide select services including cataract surgeries and clinical investigations while its Tertiary Facilities have super-specialty surgical capabilities including retinal, corneal, and refractive surgeries. The company’s COEs, in addition to being Tertiary Facilities, also offer academic programs in ophthalmology and provide continuous training for its doctors, optometrists, and counsellors, among others. Its integrated hub and spoke model enable deeper geographic penetration, allowing greater accessibility to patients while driving efficiency of critical resources across the network.
Business area of the company
The company and its subsidiaries/associate are primarily engaged in running, owning and managing eye care hospitals, opticals, pharmacies, etc.
Awards and accreditation
- 2023: AHCL was awarded as ‘One of the Best Healthcare Brands - 2023’ at The Economic Times Best Healthcare Brands 2023.
- 2024: ‘Best Employer 2024-2025 - Tamil Nadu’ at the 19th Employer Branding Awards.
- 2022: AHCL was awarded ‘E4M Pride of India Brands’ at the Best of Bharat Awards 2022.
- 2022: AHCL was awarded the ‘Best Eye Hospital’ at the Pulse Healthcare Awards, Tamil Nadu.
- 2023: AHCL was ranked as ‘India’s Most Trusted Eye Hospitals category’ in the Trust Research Advisory’s Brand Trust Report, India Study 2023.
- 2024: AHCL was awarded the Bronze award for ‘Digital Initiative for Patient Education’ award at the Smart Hospitals and Diagnostic Awards, 2024.
- 2024: AHCL was awarded the ‘Best Use of TV in Healthcare - Gold’ and ‘Best Use of Print in Healthcare - Silver’ awards at the annual e4m Indian Marketing Awards, 2024 - South.
History and milestones
- 2010: Incorporation of the company.
- 2010: Entry into the Telangana (formerly a part of Andhra Pradesh) and Karnataka markets by entering into lease agreements for setting up eye clinics.
- 2011: Investment by EILSF SPV 3 in the company.
- 2012: Entry into the Africa market by entering into an agreement with Dr, Amelia Buque to jointly promote eye hospitals and other health care related services in Mozambique.
- 2017: Entry into the Maharashtra market through the acquisition of hospital facilities in Maharashtra.
- 2019: Investment by Claymore Investments (Mauritius), an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited and Value Growth Investment Holdings Pte. Ltd in the company through subscription of equity shares.
- 2019: Subscription of NCDs by British International Investment (formerly known as CDC Group PLC) in the company.
- 2021: The Company launched its 100th eye care facility.
- 2022: Investment by TPG Capital’s Hyperion Investments Pte. Ltd. and Arvon Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited in the Company through subscription of equity shares.
- 2022: Entry into the Jammu market through the acquisition of Dr. Sood eye care practices from Dr. Rohan and Raj Deep Sood.
- 2022: Strengthened presence in the Gujarat market through acquisition of the eye care business from Prizma Eyecare LLP, Dr. Sanjay Vallabhai Savani and Dr. Ashish P. Gusani
- 2023: Strengthened presence in the Punjab market through the acquisition of Punjab Eye Hospital from Dr. Gurpal Singh.
- 2024: Entry in the Uttar Pradesh market through the acquisition of an eye care business in Varanasi. Expanded its` presence in Punjab market by acquisition of Dr Thind Eye Care Private Limited.
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