AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 29 Sep - Orbit Healthcare Services Nigeria Ltd became indirect wholly owned subsidiary on September 29, 2026.
Source: Bse
Dr. Agarwal's Health Care Limited (AGARWALEYE)
Micro CapPharma stocks · Micro cap · NSE
Dr. Agarwal’s Health Care Limited is India’s largest eye care service chain by revenue (FY25), with 269 facilities across 14 states/5 UTs in India and 19 facilities in 9 African countries. It offers comprehensive eye care services including surgeries, consultations, and sales of opticals/pharma products, operating on a scalable hub-and-spoke model.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result04 Aug, 07:33 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 -4.8% / mo · MACD − · sector +4.4pp vs Nifty 500 (3M)
Stock trend: 29
Sector RS: 93
Sector 3M: -1.5% vs Nifty 500 -5.9%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AGARWALEYED candles · FIT view+5.0%Latest close ₹464.50 on 2026-10-21
Bar
-0.8%
RSI
37
MACD hist
-1.33
52W pos
38%
2026-10-21O ₹468.25H ₹468.25L ₹454.20C ₹464.50Vol 1.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AGARWALEYENifty PharmaNifty 500
- AGARWALEYE
- -4.4%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +2.1 pp
Chart stats
21 Oct 2026- From 52W high
- -18.2%
- 52W range position
- 38%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹12.6 Cr
- 20D price channel
- ₹454.2 - ₹506.5
₹568
₹401 - ₹568
₹15.4
Latest completed session
20-session average
22.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +26.1% · PAT +44.7% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model-120.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +26% YoY · PAT +45% YoY · margin expansion · +9% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹614 Cr | +26.1% | +8.9% |
| EBITDA | ₹170 Cr | +32.8% | +5.6% |
| Operating margin | 28.0% | +200 bps | -100 bps |
| PAT | ₹55 Cr | +44.7% | +10.0% |
| PAT margin | 9.0% | +116 bps | +9 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 99.30
- P/B
- 7.29
- EV/EBITDA
- 17.40
- Market Cap
- 14661.00Cr
Profitability
- ROE
- 5.99%
- ROCE
- 10.90%
- ROA
- 4.69%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.57
- Interest Coverage
- 6.88×
- Altman Z
- 6.14
- Book Value
- 63.90
Cash Flow
- FCF Yield
- 1.44%
- FCF Positive Y
- 4/5
- OCF
- 519.00 Cr
- EPS TTM
- 4.69
Shareholding
- Promoter Hold
- 32.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 2,207+29.0% vs prev
Net Profit
₹ CrLatest: 168+52.7% vs prev
Return on Equity
%Latest: 525+8813.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 37.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.0% over last month) — short-term momentum negative.
- RSI(14) at 37 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
59
RS percentile
Stage 1 Base / Transition
1M return
-5.3%
3M return
-4.4%
6M return
+0.9%
1Y return
-9.2%
RS 1D
+3
RS 20D
+2
Sector rank
#1
Industry rank
#14
Stage evidence
- Price is within 1.9% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 96.98+0.11%
RS vs Nifty 50097
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth14/25
Quality0/20
Balance Sheet6/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -120.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
99.3
PB
7.3
EV/EBITDA
17.4
ROE
6.0%
ROCE
10.9%
FCF Yield
1.4%
Debt/Equity
0.6
MoS
-120.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-120.1%
Previous: -120.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹82.12
-465.7% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹211.05
-120.1% MoS
PEG
4.24
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HCG
Micro
Healthcare Global Enterprises Limited
Healthcare Services
match 164
28
182.0
2.5%
-699%
OVERVALUED
PARKHOSPS
Micro
Park Medi World Limited
Healthcare Services
match 163
44
34.6
16.8%
+24%
WATCHLIST
JLHL
Micro
Jupiter Life Line Hospitals Limited
Healthcare Services
match 162
43
42.3
13.1%
+4%
WATCHLIST
ARTEMISMED
Small
Artemis Medicare Services Limited
Healthcare Services
match 155
37
44.2
12.0%
+10%
WATCHLIST
SHALBY
Small
Shalby Limited
Healthcare Services
match 153
28
36.7
2.5%
-813%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T03:38:11.051Z
Management commentary snapshot
FY26 Total Income grew 20.9% YoY to ₹2,125 Cr, with EBITDA up 22.2% YoY to ₹614 Cr, and PAT surging 52.4% YoY to ₹168 Cr. The company added 57 facilities, reaching 288 eye care facilities, and served over 3 million patients.
The company demonstrates robust financial performance with strong top-line and bottom-line growth, driven by aggressive network expansion and increasing patient volumes. The asset-light hub-and-spoke model appears effective in scaling operations and capturing the growing eye care market, supporting the long-term investment thesis.
Current business mix
Revenue Mix by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Surgeries66.7%
Opticals, Contact Lens and Accessories11.9%
Diagnosis, Consultations, & Others13.0%
Eye Care Related Pharma Products8.4%
Growth engines
Network Expansion
Added 57 facilities in FY26, expanding into 26 new cities, with 148 greenfield facilities added in the last 4 years.
Organic Growth
Achieved 14.1% Same Store Sales Growth (SSSG) for all facilities set up or acquired up to FY23.
Specialized Surgical Procedures
Femto Cataracts grew 87.1% YoY, Retinal Surgeries grew 23.0% YoY, and Corneal Transplants grew 16.1% YoY in FY26.
Emerging Facilities Scaling
Emerging Surgical Facilities contributed 21.3% of revenues in FY26, with significant headroom to scale these assets.
Capacity and execution
FY26 Facility Additions
57 facilities added in FY26 (19 Primary, 32 Secondary, 6 Tertiary), bringing the total to 288 eye care facilities.
FY27 Expansion Plans
Planned addition of 56 new facilities for FY27 (30 Surgical, 26 Primary), with 34 in South, 8 in West, 7 in North, and 7 in East.
Tailwinds
Large Addressable Market
India Eye Care Services Market is estimated at c. ₹48,500 Cr. with a projected 12-14% FY26E - FY30P CAGR.
Fastest Growing Specialty
Eye Care is the fastest growing single specialty sector with the highest growth forecast (12-14% FY25-FY30P CAGR) among considered specialties.
Organized Market Growth
The Organized India Eye Care Service Market is projected to grow at an 18.4% CAGR (FY26E-FY30P), indicating significant headroom for growth.
Surgical Treatment Dominance
Surgical Treatments occupy 82-87% share in the Indian Eye Care Industry by value, with Cataract accounting for 38-41%.
Risk radar
Technology Upgrade Costs
Need to upgrade technology in line with evolving industry trends, which may lead to higher Capex.
Ophthalmologist Shortage
India has ~1.5 Ophthalmologists per 100k people against a requirement of c.8.7 eye care professionals for every 100k people.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation primarily focuses on annual (FY26 vs FY25) and Q4 (Q4'FY26 vs Q4'FY25) comparisons, which are standard for assessing growth and profitability trends in a service business over time.
Sector KPIs management disclosed
Domestic Revenue Growth
Domestic Performance by Region (FY26 Revenue Mix): South 61.2% (+22.6% YoY), West 16.4% (+19.0% YoY), North 9.2% (+20.7% YoY), East 2.9% (+18.5% YoY).
Export Revenue Contribution
Revenue from Operations (Outside India) contributed 10.1% of total revenue in FY26.
R&D Initiatives
13 ongoing clinical research studies at various phases; 10 closed-out clinical research studies in FY26.
EBITDA Margin
FY26 EBITDA Margin: 28.9% (vs 28.6% in FY25); Q4'FY26 EBITDA Margin: 30.2% (vs 30.8% in Q4'FY25).
Management forward view
Network Expansion Strategy
Network expansion playbook includes selecting new micro-markets, scaling presence in target clusters, and selective relocation of mature facilities.
Asset-Light Model
The company leases all (except one) facilities, limiting upfront capital for new facilities to medical equipment and ancillary infrastructure.
Digital Transformation
The AI-ready Inhouse Hospital Management System | Neo currently powers all network facilities and is built to scale to 5,000+ branches.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Facility Additions | 57 facilities added in FY26, total 288. | Execution of the FY27 plan to add 56 new facilities, particularly greenfield expansion in new clusters. |
| Same Store Sales Growth (SSSG) | 14.1% SSSG for facilities operational up to FY23. | Sustained SSSG in mature facilities and accelerated ramp-up in revenue contribution from emerging facilities. |
| EBITDA Margin | 28.9% in FY26. | Improvement in operating leverage as emerging facilities scale and cost efficiencies from the Neo HMS platform. |
| Net Debt / EBITDA | 1.5x in FY26. | Prudent capital allocation for expansion while maintaining healthy debt levels and cash flow generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 83rd percentile of the scored universe and 76th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
36 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Pharma: 76th pctile, median 70 · Micro: 70th pctile, median 73
Evidence depth
Financial-only
36 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.3%.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 6.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dr. Agarwal's Health Care Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Cessation 29 Sep - Mr. Sanjay Anand ceases as Independent Director on September 29, 2026; board committees revised.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Aug - Company officials to attend Jefferies India Forum on September 16, 2026 and Kotak Healthcare Forum on September 17-18, 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 27 Aug - World’s first Pinhole Pupilloplasty Centre launched in Chennai on August 27, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Aug - Newspaper Advertisement - Sixteenth Annual General Meeting of Dr. Agarwals Health Care Limited, Instructions for e-Voting and Other Related Information, is submitted.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 28 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 1 Jun - AHCL convenes unsecured creditors’ meeting on July 2, 2026 for AEHL amalgamation, with remote e-voting June 7–July 1.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 1 Jun - NCLT-convened secured creditors meeting for AHCL-AEHL merger on July 2, 2026; e-voting June 7-July 1.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul - Newspaper Advertisement of Notice of Hearing of the Company''s Petition in relation to the Scheme of Amalgamation between Dr. Agarwal''s Eye Hospital Limited and Dr. …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jul - Allotment of 43,155 Equity Shares pursuant to the exercise of options granted under Dr. Agarwal''s Health Care Limited - Employee Stock Option Scheme 2022.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.