Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — H1 FY2026 Earnings Presentation
50 slides from Dr. Agarwal's Health Care's earnings presentation, October 2025
Slide 1: Dr. Agarwal's Health Care Limited H1'FY26 Investor Presentation
Aurangabad DR. AGARWAL’S Hassan HEALTH CARE LIMITED Bhopal Sivakasi Thudiyalur H1’FY26 Investor Presentation October 2025 Palakkad 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
Slide 4: Performance Snapshot
PERFORMANCE SNAPSHOT 4
Slide 5: We are India's Largest Eye Care Services Chain
We are INDIA’S Financial Overview (H1’FY26) LARGEST Eye Care Services ₹1,007 Cr. ₹285 Cr. ₹75 Cr. Chain Total Income IndAS EBITDA(1) Profit After Tax 20.2% 24.9% 88.4% YoY Growth Rate YoY Growth Rate YoY Growth Rate Operational Overview (H1’FY26) 258 1,435,024 881 Trusted Brand Number of Eye Care Fa
Slide 6: Our Geographic Footprint
Our Geographic Footprint 89.8% 10.2% North Jammu & 5 of H1’FY26 of H1’FY26 Kashmir 22 Chandigarh Revenue from Operations Revenue from Operations Punjab 8 1 Haryana 21 Delhi Uttar Pradesh Rajasthan 1 4 Ghana Uganda Kenya Gujarat 8 Madhya Pradesh 3 West Bengal 1 1 2 4 Rwanda Tanzania West 6 East 1 31
Slide 7: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures Advanced Ophthalmic Equipment 2,616 Femto Cataracts (69.0% YoY Growth) 2,668 Lenticular Procedure (11.5% YoY Growth) Visumax 500 Lumera 300 IOL master 700 SMILE Machine Operating Microscope Optical Biometer 6,205
Slide 8: Clinical Excellence | Empowering Doctors, Driving Innovation
Clinical Excellence | Empowering Doctors, Driving Innovation Professional Development for Doctors Innovating Through Clinical Research ~80 320+ 16 4 Doctors Peer Reviewed Ongoing Clinical Closed-out Clinical Upskilling Publications Research Studies Research Studies Surgical Techniques, OPD Over the
Slide 9: Business Updates
BUSINESS UPDATES 9
Slide 10: Key Financial Highlights
Key Financial Highlights Total Income Revenue Mix(1) ₹ Cr. Growth – 20.2% 1,007 8.0% 8.4% 838 12.8% 13.2% 9.6% H1’FY25 H1’FY26 13.6% 11.9% 65.6% 66.5% Surgeries Opticals, Contact Lens and Accessories H1'FY25 H1'FY26 Diagnosis, Consultations, & Others(2) Eye Care Related Pharma Products Note: (1) Exc
Slide 11: Key Operational Highlights
Key Operational Highlights Facility Mix Surgeries Performed Patients Served Doctors (#) (#) (#) (#) 258 Growth - 14.6% 157,281 Growth - 24.4% 1,435,024 19 881 9 137,244 35,432 209 737 22 1,153,398 29,191 16 7,209 6 43 16 7,182 36 114,640 165 100,871 135 H1'FY25 H1'FY26 H1'FY25 H1'FY26 H1'FY25 H1'FY2
Slide 12: Domestic Performance by Region
Domestic Performance by Region South West North East H1’FY26 Revenue Mix(1) ₹635 Cr. ₹150 Cr. ₹72 Cr. ₹27 Cr. 22.2% YoY Growth 16.6% YoY Growth 14.2% YoY Growth 15.2% YoY Growth % Contribution(1) 64.3% 15.2% 7.3% 2.8% Facilities (#) 165 43 22 9 H1’FY26 Additions(2) 8 Secondary |8 Primary 3 Secondary
Slide 13: Performance Trends by Vintage
Performance Trends by Vintage Revenue Mix(2) Vintage Performance (H1’FY26)(2) (Revenue from Operations ₹ Cr.) (Revenue from Operations ₹ Cr.) Growth Rate % YoY 1,707 Upto FY22 341 685 13.9% 1,329 29.3% 1013 23.4% 984 13.9% FY23 121 13.7% 693 25.4% 14.2% 70.7% 76.6% 86.1% 74.6% 85.8% FY24 79 18.3% FY
Slide 14: Expansion Plans for the Upcoming Three Quarters
Expansion Plans for the Upcoming Three Quarters # of Facilities Total Regions Q1’FY26 Q2’FY26 Q3’FY26 Q4’FY26 Contri. (%) 33 South 8 8 9 8 61.1% 9 West 1 2 3 3 16.7% 6 North 2 - 1 3 11.1% 6 East 1 1 3 1 11.1% Total Facilities 12 11(1) 16 15 54 Note: Domestic only and excludes one center launched out
Slide 15: Sneak Peak into Our Newly Launched Facilities
Sneak Peak into Our Newly Launched Facilities Hassan 15
Slide 16: Sneak Peak into Our Newly Launched Facilities
Sneak Peak into Our Newly Launched Facilities Palakkad 16
Slide 17: Whitefield Facility Transformation Driven by Relocation
Transformation Driven by Relocation WHITEFIELD Pre-Relocation Secondary Facility 5,700 Sq. Ft. | 2 Floors Eight years of operations FACILITY Post-Relocation Tertiary Facility 20,000 Sq. Ft. | 3 Floors Aug 2016 – Jul 2024 Commenced in Aug 2024 Monthly Average LTM Jul 2024 Monthly Average LTM Aug 2025
Slide 18: Financial Performance Update
FINANCIAL PERFORMANCE UPDATE
Slide 19: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth 1,007 20.2% Growth 285 838 24.9% Growth 75 88.4% 228 Growth 18.2% 507 Growth 428 21.2% 144 Growth 40 119 71.0% 36 28.3% 7.4% 27.3% 21 28.4% +106 7.2% 4.7% bps +268
Slide 20: Revenue Distribution Across Markets and Payor Mix
Revenue Distribution Across Markets and Payor Mix Revenue Mix Payor Mix(1),(2) ₹ Cr. 986 10.2% 820 26.9% 29.6% 10.4% H1’FY25 H1’FY26 89.6% 89.8% 10.5% 8.5% 62.4% 61.9% H1'FY25 H1'FY26 Revenue from India Cash Government Insurance and TPA Revenue from Outside India Note: 1. Payor mix refers to the dis
Slide 21: Q2'FY26 Consolidated Statement of Profit & Loss
Q2’FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) Q2’FY25 Q2’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth Q2’FY25 Q1 FY25 Q2’FY26 Q1 FY26 Revenue from Operations 417 499 19.7% 97.2% 98.4% Other Income 12 8 (33.2%) 2.8% 1.6% Total Income 4
Slide 22: H1'FY26 Consolidated Statement of Profit & Loss
H1’FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) H1’FY25 H1’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth H1’FY25 Q1 FY25 H1’FY26 Q1 FY26 Revenue from Operations 820 986 20.2% 97.9% 97.9% Other Income 18 21 19.2% 2.1% 2.1% Total Income 83
Slide 23: Consolidated Statement of Profit & Loss – Ind AS Adjusted
Consolidated Statement of Profit & Loss – Ind AS Adjusted Common Size Reported Ind AS 116 Ind AS 116 Reported Ind AS 116 Ind AS 116 Particulars (₹ Cr.) H1’FY26 Impact Adjusted H1’FY25 Impact Adjusted Total Income 1,007 2 1,006 838 1 837 Expenses 722 (62) 784 609 (50) 659 EBITDA 285 64 222 228 51 177
Slide 24: Net Debt Overview
Net Debt Overview Particulars (₹Particulars Cr.) (₹ Cr.) Q1FY25 FY25 Q1’FY26 Q4 FY25 Q2’FY26 Q1 FY26 Gross Debt 247 175 180 LT Debt 157 152 145 ST Debt 90 23 35 Less: Cash and Cash Equivalents (522) (453) (395) Cash & Bank Balance (78) (88) (70) Investments in Fixed Deposits(1) (180) (104) (117) Oth
Slide 25: Dr. Agarwal's Health Care – At a Glance
DR. AGARWAL’S HEALTH CARE – AT A GLANCE
Slide 26: 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 27: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Spokes Hubs 86.4% of Facilities(1) 13.6% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (74)(2)(3) (149)(2) (35)(2) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehensive Des
Slide 28: Our Network Expansion and Site Selection Strategy
Our Network Expansion and Site Selection Strategy Market Expansion Playbook Organic Micro Market Selection Criteria Total 119 Organic Facilities Set Up Since FY22 52 Selecting new Existing clusters micro-market / 29 24 Market size Competitor Infra-structure Potential with 10+ years region (“Cluster”
Slide 29: 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 30: 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 31: Qualified Team of Medical Professionals
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) 831 881 Large Network ✓ Scale Effects of Large Network Helps Attract 667 Quality Me
Slide 32: Doctor-Promoter Team, Supported by an Experienced Management
Doctor-Promoter Team, Supported by an Experienced Management Promoter Family – 3 Generations of Heritage Key Management Personnel YASHWANTH VENKAT Chief Financial Officer 15+ Indian Institute of Management, Bangalore LATE DR. JAIVEER AGARWAL Founded Dr. Agarwals Group Awards: Padma Bhushan VANDANA J
Slide 33: Highly Experienced Board
Highly Experienced Board Additional Board Members 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, Infosys BPO, Ex-ICIC
Slide 34: Shareholder Composition
Shareholder Composition Shareholding Pattern Top Institutional Investors(1) As on Sept 30, 2025 Investor % Shareholding Non-Institutions DIIs 1.5% GIC(2) 6.5% 7.9% FIIs Invesco India Midcap Fund 2.5% 14.9% Promoters 32.4% Polar Capital 1.6% Motilal Oswal MF 1.5% Temasek* 20.1% TPG* Axis Max Life Ins
Slide 35: Dr. Agarwal's Eye Hospital – At a Glance
DR. AGARWAL’S EYE HOSPITAL – AT A GLANCE
Slide 36: Operational Footprint
Operational Footprint Network Overview 58 Facilities 61 Facilities(1) 4 4 27 28 H1’FY25 H1’FY26 27 29 Primary Secondary Tertiary Note: As of Sept 30, 2025 1. As of Sept 30, 2025; Excludes two primary facilities closed in Q2’FY26 – Karaikal (Puducherry) and Ariyalur (Tamil Nadu) 36
Slide 37: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth 15.2% 236 Growth 205 23.0% 79 Growth 64 37 29.4% Growth Growth 13.3% 118 28 26.7% 41 104 Growth 36.5% 19 32 33.3% 15.5% 31.2% 14 34.4% 16.3% 13.8% 30.8% 13.5% Q2'FY
Slide 38: Q2'FY26 Statement of Profit & Loss - AEHL
Q2’FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) Q2’FY25 Q2’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth Q2’FY25 Q1 FY25 Q2’FY26 Q1 FY26 Revenue from Operations 102 118 15.2% 97.8% 99.4% Other Income 2 1 (70.2%) 2.2% 0.6% Total Income 104 118
Slide 39: H1'FY26 Statement of Profit & Loss - AEHL
H1’FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) H1’FY25 H1’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth H1’FY25 Q1 FY25 H1’FY26 Q1 FY26 Revenue from operations 202 235 16.0% 98.7% 99.4% Other income 3 1 (44.8%) 1.3% 0.6% Total Income 205 236
Slide 40: Balance Sheet - AEHL
Balance Sheet - AEHL Particulars (₹ Cr.) FY25 H1’FY26 Non-Current Assets Property, plant and equipment (incl. CWIP) 288 328 Right of use assets 205 209 Goodwill 6 6 Intangible assets 22 23 Other non-current assets 36 34 Total Non-current Assets (A) 557 599 Current Assets Inventories 13 12 (i) Invest
Slide 41: Cash Flow Statement - AEHL
Cash Flow Statement - AEHL Particulars (₹ Cr.) H1’FY25 H1’FY26 Restated Profit before tax as per statement of profit and loss 38 49 Adjusted for: Depreciation and amortisation expenses 19 22 Others 5 7 Operating cash flows before working capital changes 62 78 Inventories (2) 1 Trade receivables (4)
Slide 42: Net Debt Overview - AEHL
Net Debt Overview - AEHL Particulars (₹ Cr.) Particulars (₹ Cr.) FY25 H1’FY26 Gross Debt 96 89 LT Debt 82 75 ST Debt 15 15 Less: Cash and Cash Equivalents (25) (91) Cash & Bank Balance 11 5 Investments in Fixed Deposits(2) 1 2 Other Investments 13 85(1) Net Debt / (Cash) 72 (2) Notes: (1) Following
Slide 43: Appendix
4 Appendix Supplementary Information
Slide 44: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 258 Facilities (India + Africa) (27.3% owned by public shareholders)(1) 72.7% 51.0% 100.0% 87.8%(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. Pr
Slide 45: Key Operating Metrics
Key Operating Metrics Common Size Particulars FY24 FY25 H1’FY25 H1’FY26 FY24 FY25 H1’FY25 H1’FY26 Total number of facilities 180 236 209 258 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 165 218 193 239 91.7% 92.4% 92.3% 92.6% Number of facilities – South India 113 151 135 165 62.8
Slide 46: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr.) FY24 FY25 H1’FY25 H1’FY26 Revenue from operations 1,332 1,711 821 986 Revenue from operations – India 87.2% 89.9% 89.6% 89.8% Revenue from operations – outside India 12.8% 10.1% 10.4% 10.2% Revenue from mature facilities 76.6% 70.7% 78.9% 74.6% Revenue from
Slide 47: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY24 FY25 Q1’FY26 Q2’FY25 Q2’FY26 Growth FY24 FY25 Growth Q1’FY26 Q2’FY25 Q2’FY26 Revenue from operations 1,332 1,711 28.4% 96.8% 97.4% 487 417 499 19.7% 97.2% 97.2% 98.4% Other income 44 46 3.9% 3.2
Slide 48: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ Cr.) FY25 H1’FY26 Non-Current Assets Property, plant and equipment (incl. CWIP) 852 1,000 Right of use assets 633 709 Goodwill 735 735 Intangible assets 457 441 Other non-current assets 201 245 Total Non-current Assets (A) 2,878 3,130 Current Assets Inventor
Slide 49: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (₹ Cr.) H1’FY25 H1’FY26 Restated Profit before tax as per statement of profit and loss 60 107 Adjusted for: Depreciation and amortisation expenses 113 131 Others 50 53 Operating cash flows before working capital changes 223 291 Inventories (15) 2 Trade re
Slide 50: 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 MI&A Report dated January 2025 is India’s largest eye care service chain by revenue from operations for FY2024. With long-standing operational his
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