Dr. Agarwal's Health Care Limited was incorporated as Dr. Agarwals Health Care Limited pursuant to Certificate of Incorporation dated April 19, 2010, issued by the Registrar of Companies Tamil Nadu at Chennai and commenced operations pursuant to Certificate for Commencement of Business dated May 29, 2010, issued by the RoC. The company was incorporated in 2010 and is based in Chennai, India.
The Company provides eye care services and products covering cataract surgeries, refractive treatments, and other surgeries and services such as consultations, clinical investigations and diagnoses, and nonsurgical treatments, and sells opticals, contact lenses and accessories, and eye care related pharmaceutical products. It offers surgeries for multiple eye ailments including cataract, corneal, retinal, and refractive and other surgeries. It provides other treatments including glaucoma treatments, squint treatments, and oculoplasty surgeries among others.
Dr. Agarwal is India's largest eye care service chain with a 25% market share. It is the largest company by revenue in FY23, with more than two times the revenue from operations of the second-largest eye care service chain in the country. According to the CRISIL MI&A Report, Dr Agarwal's Health Care held a market share of approximately 25% of the total eye care service chain market in India during the financial year 2024.
As of September 30, 2024, the company has a presence in India across 117 metro and non-metro cities spanning 14 states and four union territories through 193 Facilities. During this quarter, the company added 17 new facilities, bringing the total facility count to 236 as of March 31, 2025.
In addition to operations in India, the Company commenced international operations in 2012, which presently operate 15 Facilities in Africa, where it provides a range of eye care services, including treatments for cataract, glaucoma, diabetic retinopathy, retinal detachment, and dry eye, along with refractive surgeries, and paediatric and neuro ophthalmological.
It offers cataract surgeries, such as small incision cataract surgery, phacoemulsification, robotic cataract surgery, and glued intraocular lens treatments; and refractive surgeries, including surgical procedures to correct the refractive error of the eye to get rid of or reduce dependence on glasses and contact lens. The company also provides surgical retinal treatments, corneal transplantation and pinhole pupilloplasty, oculoplasty, and surgeries for the treatment of glaucoma and pterygium; doctor consultation services; and diagnostic services for eye disorders along with non-surgical treatments. It also sells glasses, lenses, contact lenses, and frames; and eye care-related pharmaceutical products.
#### Latest Financial Results (FY 2025)
For the full financial year ended March 31, 2025 (12M FY2025), Dr. Agarwal's Health Care posted revenue from operations of ₹1,711 Crore, registering a 28.4% YoY growth. For the full year, net profit rose 0.48% to ₹83.46 Crore in the year ended March 2025, as against ₹83.06 Crore during the previous year ended March 2024. Sales rose 28.44% to ₹1,711.00 Crore in the year ended March 2025, as against ₹1,332.15 Crore during the previous year ended March 2024.
#### Quarterly Performance (Q4 FY 2025)
The company achieved revenue from operations of ₹460 Crore, marking a 31.9% year-on-year (YoY) growth. Revenue from Indian operations contributed ₹413 Crore, growing 34.2% YoY, while mature facilities accounted for ₹332 Crore, up 28.9% YoY. The EBITDA stood at ₹146 Crore, rising 15.1% YoY, with an EBITDA margin of 30.8%. Profit After Tax (PAT) for the quarter came in at ₹43 Crore, reflecting a 3.0% YoY growth and a PAT margin of 8.9%.
#### Q3 FY 2025 Performance
Dr Agarwal's Health Care Ltd has logged a consolidated profit after tax of ₹28.24 Crore for the October-December 2024 quarter, the company said. The city-headquartered eye care provider had registered a profit after tax of ₹22.59 Crore during the corresponding quarter of last financial year. The total income on a consolidated basis for the October-December 2024 quarter surged to ₹443.43 Crore, from ₹344.69 Crore registered in the corresponding quarter of last financial year.
Today's market capitalization of Dr Agarwals Health Care Ltd is ₹13,017.82 Crore. Market Cap: ₹13,018 Crore · Revenue: ₹1,711 Crore · Profit: ₹110 Crore.
Dr Agarwals Health Care Ltd's 52-week high is ₹464 and 52-week low is ₹327. The stock symbol for Dr. Agarwal's Health Care Ltd is "DRAA." Dr. Agarwal's Health Care Ltd is listed and trades on the NSE stock exchange.
Dr Agarwal's Health Care's IPO listing: Shares of healthcare services provider Dr Agarwal's Health Care made a negative debut on D-Street on Tuesday, February 4, 2025, following the completion of its initial public offering (IPO). Dr Agarwal's Health Care shares listed at ₹396.90 apiece on the BSE, a discount of ₹5.10 or 1.27% against its allotment price of ₹402. On the National Stock Exchange (NSE), the company's shares listed flat at ₹402, the same as the IPO allotment price.
Dr Agarwal's Health Care launched a book-built issue worth ₹3,027.26 Crore, comprising a fresh issue of 74,62,686 equity shares and an offer for sale (OFS), with promoters and shareholders divesting up to 6,78,42,284 equity shares with a face value of Re. 1 apiece. The IPO was available at a price band of ₹382-402 per share with a lot size of 35 equity shares.
Further, the Company acquired hospitals in Maharashtra in 2017. It launched the 100th eye care facility in 2021; further it strengthened the Gujarat market by acquiring the eye care business in 2022; acquired Punjab Eye Hospital in 2023; acquired an eye care business in Varanasi, Uttar Pradesh, and acquired Dr Thind Eye Care Private Limited in Punjab in 2024.
The company had added 42 new facilities during the April-December 2024 period, of which 35 new facilities were set up while seven facilities were acquired.
- Revenue Growth: 28.4% YoY growth in FY 2025.
- Profit Margins: EBITDA margin of 30.8% in Q4 FY 2025.
- Market Share: 25% of India's eye care service chain market.
- Network Size: 236 facilities as of March 31, 2025.
- Promoter Holding: 32.4%.
Stock is trading at 7.03 times its book value. Though the company is reporting repeated profits, it is not paying out dividend. 75% of analysts recommend a 'BUY' rating for Dr Agarwals Health Care Ltd. Average target price of ₹436.
The company represents India's largest eye care chain with strong market positioning, consistent revenue growth, and aggressive expansion strategy. While the stock trades at premium valuations, its market leadership and growth trajectory make it an attractive investment proposition in the healthcare sector.
