Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q1 FY2026 Earnings Presentation
42 slides from Dr. Agarwal's Health Care's earnings presentation, Aug 12, 2025
Slide 1: Exchange cover letter: Investor Presentation
Ref: AHCL/2025-26/C022 August 12, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai – 400 001 Bandra (E), Mumbai – 400 051 SCRIP Code: 544350 Symbol: AGARWALEYE Subject: Investor Presen
Slide 2: Q1'FY2026 Investor Presentation
Mangalore DR. AGARWAL’S Redhills HEALTH CARE LIMITED Sambhalpur Lucknow Hennur Q1’FY2026 Investor Presentation August 2025 Gajuwaka 1
Slide 3: 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 4: 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 5: Performance Snapshot
PERFORMANCE SNAPSHOT 4
Slide 6: We are India's Largest Eye Care Services Chain
We are INDIA’S Financial Overview LARGEST Eye Care Services ₹501 Cr. ₹141 Cr. ₹38 Cr. Chain Total Income IndAS EBITDA(1) Profit After Tax 22.3% 28.9% 108.9% YoY Growth Rate YoY Growth Rate YoY Growth Rate Operational Overview 249 705,214 857 Trusted Brand Number of Eye Care Facilities Patients Serve
Slide 7: Our Geographic Footprint
Our Geographic Footprint 90.4% 9.6% NORTH Jammu & 5 of Q1’FY26 of Q1’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 3 Rwanda Tanzania West 5 East 1 30 O
Slide 8: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures Advanced Ophthalmic Equipment 1,160 Femto Cataracts (72.1% YoY Growth) 1,257 Lenticular Procedure (7.1% YoY Growth) Zeiss Artevo 800 Visumax 800 Ziemer Femto LDV Z8 Operating Microscope SMILE Machine Femto Laser
Slide 9: Clinical Excellence | Empowering Doctors, Driving Innovation
Clinical Excellence | Empowering Doctors, Driving Innovation Professional Development for Doctors Innovating Through Clinical Research Industry ~90 300+ 20 Collaboration Doctors Upskilling Peer Reviewed Ongoing Clinical Publications Research Studies Surgical Techniques, OPD Over the past three Close
Slide 10: Business Updates
BUSINESS UPDATES 9
Slide 11: Key Financial Highlights
Key Financial Highlights Total Income Revenue Mix(1) ₹ Cr. Growth - 22.3% 501 7.8% 8.4% 12.5% 12.9% 409 9.6% Q1’FY25 Q1’FY26 14.0% 13.2% 65.7% 65.6% Surgeries Opticals, Contact Lens and Accessories Q1'FY25 Q1'FY26 Diagnosis, Consultations, & Others(2) Eye Care Related Pharma Products Note: (1) Exclu
Slide 12: Key Operational Highlights
Key Operational Highlights Facility Mix Surgeries Performed Patients Served Doctors (#) (#) (#) (#) 249 Growth - 16.0% 78,882 Growth - 18.6% 705,214 19 857 8 68,028 17,331 197 22 738 14,115 594,248 16 3,674 6 41 15 3,568 35 57,877 159 50,345 125 Q1'FY25 Q1'FY26 Q1'FY25 Q1'FY26 Q1'FY25 Q1'FY26 Q1'FY2
Slide 13: Domestic Performance by Region
Domestic Performance by Region South West North East ₹315 Cr. ₹73 Cr. ₹38 Cr. ₹13 Cr. Revenue Mix(1) 23.9% YoY Growth 18.5% YoY Growth 13.4% YoY Growth 14.9% YoY Growth % Contribution(1) 64.7% 15.0% 7.8% 2.6% Facilities (#) 159 41 22 8 Q1’FY26 Additions 4 Primary | 4 Secondary 1 Secondary 1 Secondar
Slide 14: Performance Trends by Vintage
Performance Trends by Vintage Revenue Mix (2) Vintage Performance (2) (Revenue from Operations ₹ Cr.) (Revenue from Operations ₹ Cr.) Growth Rate % YoY 1,707 Upto FY22 341 341 15.0% 1,329 29.3% 1013 23.4% 13.9% FY23 60 13.7% 693 14.2% 70.7% 486 76.6% 86.1% 27.3% 85.8% 72.7% 23.3% FY24 40 FY22 FY23 F
Slide 15: Telangana: A Growth Story
Telangana: A Growth Story PHASE III Aggressive Scaling and Rapid Growth FY2024 Onwards PHASE II Gradual Expansion 18 ₹130+ Cr Facilities* Revenue FY2016-FY2023 PHASE I Market leadership across Telangana; expanded Initial Entry into Hyderabad 8 Facilities* ₹70+ Cr Revenue patient access; strong entry
Slide 16: 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. (%) 31 South 8 10 7 6 57.4% 10 West 1 2 3 4 18.5% 7 North 2 - 1 4 13.0% 6 East 1 1 3 1 11.1% Total Facilities 12 13 14 15 54 Note: Domestic only and excludes one center launched outs
Slide 17: Sneak Peak into Our Newly Launched Centres: Mangalore
Sneak Peak into Our Newly Launched Centres Mangalore 16
Slide 18: Sneak Peak into Our Newly Launched Centres: Lucknow
Sneak Peak into Our Newly Launched Centres Lucknow 17
Slide 19: Financial Performance Update
FINANCIAL PERFORMANCE UPDATE
Slide 20: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth - 22.3% 501 Growth - 28.9% 141 Growth - 108.9% 38 409 110 18 26.8% 28.2% 4.4% 7.6% Q1'FY25 Q1'FY26 Q1'FY25 Q1'FY26 Q1'FY25 Q1'FY26 Note: 1. EBITDA calculated as Pro
Slide 21: Revenue Distribution Across Markets and Payor Mix
Revenue Distribution Across Markets and Payor Mix Revenue Mix Payor Mix(1),(2) ₹ Cr. 487 25.8% 29.1% 9.6% 403 9.6% 10.1% Q1’FY25 Q1’FY26 89.9% 90.4% 10.4% 63.6% 61.7% 9.0% Q1'FY25 Q1'FY26 Revenue from India Cash Government Insurance and TPA Revenue from Outside India Note: 1. Payor mix refers to the
Slide 22: Consolidated Statement of Profit & Loss
Consolidated Statement of Profit & Loss CommonSize Common Size Particulars (₹ Cr.) FY24 FY25 Q1’FY25 Q1’FY26 YoY Growth Particulars (₹ Cr.) FY24 FY25 Q1 FY25 Q1 FY26 Y-o-Y Growth Q1’FY25 Q1 FY25 Q1’FY26 Q1 FY26 Revenue from operations 1,332 1,711 403 487 20.8% 98.5% 97.3% Other Income 44 46 6 13 123
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.) Q1’FY26 Impact Adjusted Q1’FY25 Impact Adjusted Total Income 501 1 500 409 1 409 Expenses 360 (29) 389 300 (24) 323 EBITDA 141 30 111 110 24 85 EBIT
Slide 24: Net Debt Overview
Net Debt Overview Particulars (₹ Particulars Cr.) (₹ Cr.) Q1 FY25 Q1’FY25 Q4 FY25 Q4’FY25 Q1 FY26 Q1’FY26 Gross Debt 393 247 175 LT Debt 310 157 152 ST Debt 84 90 23 Less: Cash and Cash Equivalents (163) (522) (453) Cash & Bank Balance 53 78 88 Investments in Fixed Deposits 48 180 104 Other Investme
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 88.4% of Facilities(1) 11.6% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (71) (149) (29) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehensive Description off
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 108 Organic Facilities Set Up Since FY22 52 Selecting new Existing clusters micro-market / 29 Market size Competitor Infra-structure Potential with 10+ years region (“Cluster”) 1
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) 831 857 ✓ Scale Effects of Large Network Helps Attract 667 Large Network 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 June 30, 2025 Investor % Shareholding Non-Institutions DIIs 1.9% GIC 6.5% 6.4% FIIs 16.0% Promoters Polar Capital 2.5% 32.4% Motilal Oswal MF 1.8% Temasek* Invesco India Midcap Fund 1.4% 20.1% TPG* 23.2% Monetary Autho
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 55 Facilities 63 Facilities 2 2 25 29 Q1’FY25 Q1’FY26 28 32 Primary Secondary Tertiary Note: As of June 30, 2025 35
Slide 37: Financial Summary
Financial Summary EBITDA and Total Income PAT and PAT Margin EBITDA Margin(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth - 17.2% 118 Growth - 19.2% 38 Growth - 22.3% 17 100 32 14 31.7% 32.2% 14.1% 14.7% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Note:. 1. EBITDA calculated as Profi
Slide 38: Statement of Profit & Loss
Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) FY24 FY25 Q1’FY25 Q1’FY26 YoY Growth Particulars (₹ Cr.) FY24 FY25 Q1 FY25 Q1 FY26 Y-o-Y Growth Q1’FY25 Q1 FY25 Q1’FY26 Q1 FY26 Revenue from operations 319 397 100 117 16.9% 99.6% 99.3% Other income 5 5 0 1 100.0% 0.4% 0.7% Total
Slide 39: Appendix
4 Appendix Supplementary Information
Slide 40: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY24 FY25 Q1’FY25 Q4’FY25 Q1’FY26 Growth FY24 FY25 Growth Q1’FY25 Q4’FY25 Q1’FY26 Revenue from operations 1,332 1,711 28.4% 96.8% 97.4% 403 460 487 20.8% 98.5% 96.8% 97.3% Other income 44 46 3.9% 3.2
Slide 41: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 249 Facilities (India + Africa) (28.1% owned by public shareholders)(1) 71.9% 51.0% 100.0% 87.8% 93.2% Orbit Healthcare Aditya Jyot Eye Dr. Agarwal’s Eye Dr Thind Eye Care Elisar Life Sciences Services (Mauritius)Ltd. Hospital Hospital Ltd. Priva
Slide 42: 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
Dr. Agarwal's Health Care — Q1 FY2026 Earnings Presentation on 6ix