Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q1 FY2027 Earnings Presentation
54 slides from Dr. Agarwal's Health Care's earnings presentation, August 2026
Slide 1: Dr. Agarwal's Health Care Limited Q1'FY27 Investor Presentation
DR. AGARWAL’S Kollam Nehru Nagar Ghaziabad HEALTH CARE LIMITED Bikaner Thane Theni Q1’FY27 Investor Presentation August 2026 Ludhiana 1
Slide 2: Disclaimer
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. No representation, warranty, guarantee or undertaking, express or implied, is or will be made or any assurance given as to, and
Slide 3: Agenda
Eyes On The Future AGENDA 1 PERFORMANCE SNAPSHOT 2 BUSINESS UPDATES 3 FINANCIAL PERFORMANCE UPDATE 4 DR. AGARWAL’S HEALTH CARE – AT A GLANCE 5 DR. AGARWAL’S EYE HOSPITAL – AT A GLANCE 6 OVERVIEW OF EYE CARE INDUSTRY
Slide 4: Performance Snapshot
PERFORMANCE SNAPSHOT 4
Slide 5: India's Largest Eye Care Services Chain
We are INDIA’S Financial Overview (Q1’FY27) LARGEST Eye Care Services ₹614 Cr. ₹177 Cr. ₹55 Cr. Chain Revenue from Operations IndAS EBITDA(1) Profit After Tax 26.0% 25.2% 44.6% YoY Growth Rate YoY Growth Rate YoY Growth Rate Operational Overview (Q1’FY27) 304 882K+ 1,057 Trusted Brand Number of Eye
Slide 6: Our Geographic Footprint
Our Geographic Footprint 89.9% 10.1% North Jammu & Kashmir 5 Revenue from Operations Revenue from Operations 30 Chandigarh Punjab 8 1 Haryana 45 Delhi Uttar Pradesh Rajasthan 3 4 Ghana Uganda Kenya Gujarat 10 Madhya Pradesh 3 West Bengal 1 1 2 4 Rwanda Tanzania West 11 East 1 38 Orissa 4 52 Maharash
Slide 7: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures (Q1’FY27) Advanced Ophthalmic Equipment 1,548 Femto Cataracts (33.4% YoY Growth) 1,712 Lenticular Procedure (36.2% YoY Growth) Catalys Visumax 500 Constellation TT Femtosecond Laser Smile Laser Machine Vitrectomy
Slide 8: Clinical Innovation | Pinhole Pupilloplasty (PPP)
Clinical Innovation | Pinhole Pupilloplasty (PPP) Developed by Dr. Amar Agarwal, PPP is an innovative eye surgery PPP Training for Inhouse Clinical Talent that has redefined the treatment of complex pupil disorders Ophthalmic Conditions & Procedures: Corneal Dynamics Clinical Impact The Problem: Eye
Slide 9: Clinical Innovation | Pinhole Pupilloplasty – Global Impact
Clinical Innovation | Pinhole Pupilloplasty (PPP) – Global Impact Global Impact Patient Story 09+ Peer-reviewed 8-year-old from Vietnam suffered a penetrating right-eye injury in 2019, Scientific Publications leading to severe corneal scarring and compromised vision with no 30+ International treatme
Slide 10: Business Updates
BUSINESS UPDATES 10
Slide 11: Key Financial Highlights
Key Financial Highlights Revenue from Operations Revenue Mix by Segment(1) ₹ Cr. Growth – 26.0% 614 8.4% 8.5% 12.9% 13.6% 487 9.6% Q1’FY26 Q1’FY27 13.2% 12.0% 65.6% 65.9% Surgeries Diagnosis, Consultations, & Others(2) Opticals, Contact Lens and Accessories Eye Care Related Pharma Products Q1'FY26 Q
Slide 12: Key Operational Highlights
Key Operational Highlights Facility Mix(1) Surgeries Performed Patients Served Doctors (#) (#) (#) (#) Growth – 22.1% 304 Growth – 15.5% 91,082 19 Growth – 25.1% 8,82,234 14 78,882 1,057 249 30 19,640 19 17,331 7,05,214 8 52 857 3,998 22 3,674 41 189 67,444 159 57,877 Q1'FY26 Q1'FY27 Q1'FY26 Q1'FY27
Slide 13: Organic Growth Engine
Organic Growth Engine Greenfield Facility Additions (#) 166 Greenfield Facilities Growth – 5.7x 57 Added Since FY23 52 20 30 29 18 10 13 5 16 32 27 16 5 2 FY23 FY24 FY25 FY26 Q1'FY27 Surgical Facilities (Secondary and Tertiary) Primary Facilities Highest ever quarterly addition of surgical facilitie
Slide 14: Same Store Sales Growth (SSSG)
Same Store Sales Growth (SSSG) Vintage Performance (Q1’FY27)(1) (Revenue from Operations ₹ Cr.) Surgical Facilities(2) Contribution (%) YoY Growth (%) Upto FY23 465 341 116 75.9% 16.3% FY24 48 27 7.8% 19.6% FY25 62 26 10.1% 38.6% FY26 33 30 5.4% FY27 5 16 0.8% 16.3% SSSG for all facilities set up or
Slide 15: Revenue Mix by Network Maturity
Revenue Mix by Network Maturity Revenue Mix across Mature and Emerging Network(1) Emerging Surgical (Revenue from Operations ₹ Cr.) 2,076 Facilities 1,707 21.3% Contributing 21.0% 1,329 of Revenues 29.3% 1,013 23.4% 693 13.9% 78.7% 613 14.2% 70.7% 76.6% 21.0% 86.1% 85.8% 79.0% Significant FY22 FY23
Slide 16: Domestic Performance by Region
Domestic Performance by Region South West North East Q1’FY27 Revenue Mix(1) ₹387 Cr. ₹91 Cr. ₹57 Cr. ₹16 Cr. 22.8% YoY Growth 24.3% YoY Growth 50.4% YoY Growth 20.8% YoY Growth % Contribution(1) 63.1% 14.8% 9.4% 2.5% Facilities (#) 189 52 30(2) 14 Q1’FY 2027 Additions 6 Secondary | 1 Primary 1 Terti
Slide 17: Expansion Plans for the Upcoming Financial Year
Expansion Plans for the Upcoming Financial Year # of Facilities Total Regions FY26(1) Q1’FY27 Q2’FY27E H2’FY27E Contribution (%) 34 24 South 60.7% 7 4 13 40.0% 8 15 West 14.3% 5 3 7 25.0% 7 16 North 12.5% 6 2 8 26.7% 7 5 East 12.5% - 3 2 8.3% Total Facilities 56 18 12 30 60 Surgical Facilities 30 16
Slide 18: Sneak Peak into Our Newly Launched Facilities – Bikaner
Sneak Peak into Our Newly Launched Facilities Bikaner 19
Slide 19: Sneak Peak into Our Newly Launched Facilities – Thane
Sneak Peak into Our Newly Launched Facilities Thane 20
Slide 20: Sneak Peak into Our Newly Launched Facilities – Ahilyanagar
Sneak Peak into Our Newly Launched Facilities Ahilyanagar 21
Slide 21: Sneak Peak into Our Newly Launched Facilities – Wagholi
Sneak Peak into Our Newly Launched Facilities Wagholi 22
Slide 22: Financial Performance Update
FINANCIAL PERFORMANCE UPDATE 23
Slide 23: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth – 23.9% 620 6 Growth – 25.2% 177 Growth – 44.6% 55 501 13 141 38 614 Growth 26.0% 28.5% 8.9% 487 28.2% 7.6% +30 +127 bps bps Q1'FY26 Q1'FY27 Q1'FY26 Q1'FY27 Q1'FY26
Slide 24: Payor Mix
Payor Mix Payor Mix(1),(2) 9.2% 8.7% 29.1% Q1’FY26 27.7% Q1’FY27 61.7% 63.6% Cash Insurance and TPA Government Note: 1. Payor mix refers to the distribution of revenue from healthcare services across different sources of payments and this includes: Cash: Revenue from patients who pay out-of-pocket i
Slide 25: Consolidated Statement of Profit & Loss
Consolidated Statement of Profit & Loss YoY Common Size Particulars (₹ Cr.) FY25 FY26 Q1’FY26 Q1’FY27 Growth Q1’FY26CommonQ1’FY27 Size Revenue from operations 1,711 2,080 487 614 26.0% 97.3% 99.0% Other Income 46 44 13 6 (52.1%) 2.7% 1.0% Total Income 1,757 2,125 501 620 23.9% 100.0% 100.0% Cost of
Slide 26: Net Debt Overview
Net Debt Overview Particulars Particulars (₹ Cr.) (₹ Cr.)(1)(2) Q1’FY26 Q1 FY25 Q4’FY26 Q4 FY25 Q1’FY27 Q1 FY26 Gross Debt 175 157 152 LT Debt 152 133 120 ST Debt 23 24 33 Less: Cash and Cash Equivalents (453) (281) (214) Cash & Bank Balance (88) (91) (73) Investments in Fixed Deposits (104) (38) (1
Slide 27: Dr. Agarwal's Health Care – At a Glance
DR. AGARWAL’S HEALTH CARE – AT A GLANCE 28
Slide 28: Key Pillars of Our Business Model
Key Pillars of Our Business Model 1 2 3 4 5 Proven Track Record of Proven Clinical Qualified Team of Scalable, Doctor-Promoters Delivering Excellence Driven by a Medical Professionals Asset-light, Supported by an Organic Growth, Strong Clinical Board and with Consistent Focus on Hub and Spoke Operat
Slide 29: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Primary Facilities Surgical Facilities 29.3% of Facilities 70.7% of Facilities Primary Secondary Tertiary (including 4 Centres of Excellence) (89) (179) (36) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehe
Slide 30: Our Asset Light, Integrated Hub and Spoke Model Yields Economies of Scale
Our Asset Light, Integrated Hub and Spoke Model Yields Economies of Scale Enhances Geographic Penetration and Greater Enables Patient Flow and Sharing of Doctor and Medical Accessibility to Patients Resources Across Our Network Red Hills Thiruvottiyur Ambattur New Avadi Perambur Washermenpet Anna Na
Slide 31: Our Network Expansion Playbook
Our Network Expansion Playbook Market Expansion Playbook Facility Additions (#) Total 222 Facilities Set Up Since FY22 Organic Share Selecting new of Total 33.3% 32.2% 64.4% 88.1% 100.0% 100.0% Existing clusters Additions (%) micro-market / with 10+ years region (“Cluster”) presence: Organic 1 and s
Slide 32: Proven Clinical Excellence Driven by a Strong Clinical Board
Proven Clinical Excellence Driven by a Strong Clinical Board Key Objectives Deliver Successful Clinical Outcomes for large volume of patients across our scaled network Ensure safety and efficacy in our Standardization of clinical Continuous training of doctors, treatments protocols, products,
Slide 33: History of Surgical Innovations with Specialized Medical Infrastructure
History of Surgical Innovations with Specialized Medical Infrastructure Track Record of Surgical Innovations by Our Doctors Our Key Medical Equipment and Infrastructure Select Key Innovations(1) 2019- • Pinhole 2024 Pupilloplasty • Temporary Pupil Scaffolding VISUMAX SMILE PRO Advanced Femto Excimer
Slide 34: Qualified Team of Medical Professionals with Consistent Focus on Attracting and Retaining Talent
Qualified Team of Medical Professionals with Consistent Focus on Attracting and Retaining Talent Team of Qualified Doctors and Consistent Emphasis on Paramedical Staff Attracting and Retaining Talent # of Doctors (1) 1,057 ✓ Scale Effects of Large Network Helps 968 Large Network Attract Quality Medi
Slide 35: Doctor-Promoter Team, Supported by an Experienced Management
Doctor-Promoter Team, Supported by an Experienced Management Promoter Family – 3 Generations of Heritage KMP and SMP YASHWANTH VENKAT Chief Financial Officer 15+ Indian Institute of Management, Bangalore LATE DR. JAIVEER AGARWAL Founded Dr. Agarwals Group Awards: Padma Bhushan VANDANA JAIN Chief Str
Slide 36: Highly Experienced Board
Highly Experienced Board Non-Executive and Independent Directors DR RANJAN RAMDAS PAI VENKATRAMAN BALAKRISHNAN NACHIKET MADHUSUDAN MOR Non-Executive - Independent Director Non-Executive - Independent Director Non-Executive - Independent Director Founder & Chairman, Manipal Education and Ex-Chairman,
Slide 37: Shareholder Composition
Shareholder Composition Shareholding Pattern Top Institutional Investors(1) As on Jun 30, 2026 Investor % Shareholding Non-Institutions DIIs 2.0% GIC(1) 6.4% 7.7% Invesco India 3.0% FIIs 14.8% Promoters 32.3% Polar Capital 1.6% Motilal Oswal MF 1.5% Franklin Templeton 1.1% Temasek* 20.1% TPG* Moneta
Slide 38: Dr. Agarwal's Eye Hospital – At a Glance
DR. AGARWAL’S EYE HOSPITAL – AT A GLANCE 40
Slide 39: Financial Summary
Financial Summary EBITDA and Total Income PAT and PAT Margin EBITDA Margin(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth – 19.2% 45 Growth – 23.1% 145 Growth – 35.5% 23 118 38 17 32.2% 31.2% 14.7% 16.1% Q1'FY26 Q1'FY27 Q1'FY26 Q1'FY27 Q1'FY26 Q1'FY27 Note:. 1. EBITDA calculated as Profi
Slide 40: Statement of Profit & Loss
Statement of Profit & Loss YoY Common Size Particulars (₹ Cr.) FY25 FY26 Q1’FY26 Q1’FY27 Growth Common Size Q1’FY26 Q1’FY27 Revenue from operations 397 471 117 143 22.3% 99.3% 98.6% Other income 5 6 1 2 145.0% 0.7% 1.4% Total Income 402 477 118 145 23.1% 100.0% 100.0% Cost of goods sold(1) 90 101 26
Slide 41: Net Debt Overview - AEHL
Net Debt Overview - AEHL Particulars Particulars (₹ Cr.) as on (₹ Cr.) Q4’FY26 Q1’FY27 Gross Debt 82 78 LT Debt 67 63 ST Debt 15 15 Less: Cash and Cash Equivalents (96) (90) Cash & Bank Balance(1) (7) (5) Other Investments(2) (89) (85) Net Debt / (Cash) (14) (12) Notes: (1) Excludes unpaid dividend
Slide 42: Overview of Eye Care Industry
OVERVIEW OF EYE CARE INDUSTRY 45
Slide 43: Large Addressable Eye Care Market with Huge Untapped Potential
Large Addressable Eye Care Market with Huge Untapped Potential IndiaHealthcare India Healthcare Delivery Delivery Market Market India India Single Single SpecialtyHealthcare Specialty Healthcare India Eye Care Services Market c. ₹7.7 Lakh Cr. c. ₹2.7-3.5 Lakh Cr. c. ₹48,500 Cr. 10-12% FY26 - FY30P C
Slide 44: Eye Care is the Fastest Growing Single Specialty Sector
Eye Care is the Fastest Growing Single Specialty Sector Eye Care Market in India: Highest Growth from FY20 - FY25(1) and Highest Growth Forecast(1),(2) 14% 12-14% 12-14% 11-13% 10-12% 10-12% 9-11% 9-11% 8-10% 6-8% (3) Eye Care Dental Care Mother and Child Oncology Orthopedic FY20 – FY25 FY25 – FY30P
Slide 45: Headroom for Future Growth for Organized Eye Care Service Chain in a Fragmented Market
Headroom for Future Growth for Organized Eye Care Service Chain in a Fragmented Market Organized India Eye Care Service Market c. ₹2,200 Cr. CAGR 21.3% c. ₹7,030 Cr. CAGR 18.4% c. ₹13,800 Cr. 9% - 14% - 16% - FY20 FY26E FY30P 19% 11% 16% 89% - 91% ~19% market share of 84% - 86% 26-27% 81% - 84% mark
Slide 46: Surgical Treatments Occupy the Majority Share in Indian Eye Care Industry
Surgical Treatments Occupy the Majority Share in Indian Eye Care Industry Surgery Wise Split of Indian Eye Care Market (By Value) Surgical Others Treatment 13-16% 82% - 87% Refractive 7-9% Cornea Cataract 13% - FY26E 6-8% FY26E 38-41% 18% Non-Surgical Glaucoma Treatment 5-7% Retina 24-27% With India
Slide 47: Dr. Agarwal's is the Most Scaled and Diversified Eye Care Services Chain in India
Dr. Agarwal’s is the Most Scaled and Diversified Eye Care Services Chain in India #1 Eye Care Services Provider in India by Revenue(1) Largest Eye Care Network by Surgical Facilities(2), (3) ₹ Cr. (#) 1,711 199 168 1,113 83 573 402 378 49 268 35 28 143 134 21 7 Dr. Peer #1 Peer #2 Peer #3 Peer #4 Pe
Slide 48: Key Entry Barriers for Eye Care Service Chains
Key Entry Barriers for Eye Care Service Chains Strong Brand Equity Enables Rapid Expansion by High Quality Talent and Institutional Capabilities to Leveraging Brand Trust to Enter New Markets Continuously Upskill and Train Manpower Positive brand perception enhances patient Ophthalmologists in India
Slide 49: Appendix
4 Appendix Supplementary Information
Slide 50: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 304 Facilities (India + Africa) (27.3% owned by public shareholders)(1) 72.7% 51.0% 100.0% 100.0%(3) 93.2% Orbit Healthcare Aditya Jyot Eye Dr. Agarwal’s Eye Dr Thind Eye Care Elisar Life Sciences Services (Mauritius)Ltd. Hospital Hospital Ltd. P
Slide 51: Key Operating Metrics
Key Operating Metrics Common Size Particulars FY25 FY26 Q1’FY26 Q1’FY27 FY25 FY26 Q1’FY26 Q1’FY27 Total number of facilities 236 288 249 304 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 218 269 230 285 92.4% 93.4% 92.4% 93.7% Number of facilities – South India 151 182 159 189 64.0
Slide 52: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr.) FY25 FY26 Q1’FY26 Q1’FY27 Revenue from operations 1,711 2,080 487 614 Revenue from operations – India 89.9% 89.9% 90.4% 89.9% Revenue from operations – outside India 10.1% 10.1% 9.6% 10.1% Revenue from mature facilities 70.7% 78.7% 72.7% 79.0% Revenue from e
Slide 53: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY25 FY26 Q4’FY26 Q1’FY26 Q1’FY27 Growth FY25 FY26 Growth Q4’FY26 Q1’FY26 Q1’FY27 Revenue from operations 1,711 2,080 21.6% 97.4% 97.9% 564 487 614 26.0% 97.8% 97.3% 99.0% Other income 46 44 (3.4%) 2
Slide 54: About Dr. Agarwal's Health Care Limited
About Dr. Agarwal’s Health Care Limited: Dr. Agarwal’s Health Care Limited, a trusted brand in the eye care services industry and according to the Crisil Intelligence, is India’s largest eye care service chain by revenue from operations for FY25. With long-standing operational history, we endeavor t
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