Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q4 FY26 Earnings Presentation
62 slides from Dr. Agarwal's Health Care's earnings presentation, May 21, 2026
Slide 1: Exchange cover letter: Analyst / Earnings Conference Call Presentation
Ref: AHCL/2026-27/C007 May 21, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai – 400 051 Scrip Code – 544350 Symbol : AGARWALEYE Dear Sir / Madam, Sub: A
Slide 2: Q4 and FY26 Investor Presentation
DR. AGARWAL’S Rajouri Garden Vaishali Nagar HEALTH CARE LIMITED Kannur Vasai Mahabubnagar Q4 and FY26 Investor Presentation May 2026 Faridabad 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 6 OVERVIEW OF EYE CARE INDUSTRY
Slide 5: Performance Snapshot
PERFORMANCE SNAPSHOT 4
Slide 6: India's Largest Eye Care Services Chain
We are INDIA’S Financial Overview (FY26) LARGEST Eye Care Services ₹2,125 Cr. ₹614 Cr. ₹168 Cr. Chain Total Income IndAS EBITDA(1) Profit After Tax 20.9% 22.2% 52.4% YoY Growth Rate YoY Growth Rate YoY Growth Rate Operational Overview (FY26) 288 3,009K+ 968 Trusted Brand Number of Eye Care Facilitie
Slide 7: Our Geographic Footprint
Our Geographic Footprint 89.9% 10.1% North Jammu & Kashmir 5 Revenue from Operations Revenue from Operations 26 Chandigarh Punjab 8 1 Haryana 43 Delhi Uttar Pradesh Rajasthan 2 3 Ghana Uganda Kenya Gujarat 10 Madhya Pradesh 3 West Bengal 1 1 2 4 Rwanda Tanzania West 11 East 1 33 Orissa 4 47 Maharash
Slide 8: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures (FY26) Advanced Ophthalmic Equipment 5,918 Femto Cataracts (87.1% YoY Growth) 6,755 Lenticular Procedure (18.9% YoY Growth) Constellation TT Lumera 300 IOL master 500 Vitrectomy Machine Operating Microscope Optic
Slide 9: Clinical Excellence | Empowering Doctors, Driving Innovation
Clinical Excellence | Empowering Doctors, Driving Innovation Professional Development for Doctors Innovating Through Clinical Research ~140+ 360+ 13 10 Doctors Peer Reviewed Ongoing Clinical Closed-out Clinical Upskilling Publications Research Studies Research Studies (FY26) At various phases of exe
Slide 10: Business Updates
BUSINESS UPDATES 9
Slide 11: Key Financial Highlights
Key Financial Highlights Total Income Revenue Mix by Segment(1) ₹ Cr. Growth – 20.9% 2,125 8.1% 8.4% 12.6% 13.0% 1,757 9.6% FY25 FY26 14.0% 11.9% 65.3% 66.7% Surgeries Diagnosis, Consultations, & Others(2) Opticals, Contact Lens and Accessories Eye Care Related Pharma Products FY25 FY26 Note: (1) Ex
Slide 12: Key Operational Highlights
Key Operational Highlights Facility Mix(1) Surgeries Performed Patients Served Doctors (#) (#) (#) (#) Growth – 22.0% 288 Growth – 23.7% 30,09,301 Growth – 14.5% 3,23,245 19 14 2,82,326 968 236 71,284 24,33,173 26 18 59,792 831 15,981 7 47 20 15,989 40 2,35,980 182 2,06,545 151 FY25 FY26 FY25 FY26 F
Slide 13: Organic Growth Engine
Organic Growth Engine Greenfield Facility Additions (#) 148 Greenfield Facilities Growth – 5.7x 57 Added in Last 4 Years 52 20 30 29 10 13 5 32 27 16 5 FY23 FY24 FY25 FY26 Surgical Facilities (Secondary and Tertiary) Primary Facilities One new facility per week launched in FY26, expanding into 26 ne
Slide 14: Same Store Sales Growth (SSSG)
Same Store Sales Growth (SSSG) Vintage Performance (FY26)(1) (Revenue from Operations ₹ Cr.) Contribution (%) YoY Growth (%) Upto FY22 1,375 341 66.3% 14.0% FY23 257 12.4% 14.2% FY24 170 8.2% 16.1% FY25 224 10.8% 71.6% FY26 50 2.4% 14.1% SSSG for all facilities set up or acquired up to FY23 Note: 1.
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.) Facilities 2,076 Contributing 21.3% 1,707 1,329 21.3% of Revenues 1,013 29.3% 693 23.4% 13.9% 14.2% 78.7% 70.7% 85.8% 86.1% 76.6% Significant FY22 FY23 FY24 FY25 FY26 H
Slide 16: Domestic Performance by Region
Domestic Performance by Region South West North East FY26 Revenue Mix(1) ₹1,273 Cr. ₹341 Cr. ₹191 Cr. ₹61 Cr. 22.6% YoY Growth 19.0% YoY Growth 20.7% YoY Growth 18.5% YoY Growth % Contribution(1) 61.2% 16.4% 9.2% 2.9% Facilities (#) 182 47 26 14 FY 2026 Additions(2) 15 Secondary |19 Primary 7 Second
Slide 17: Expansion Plans for the Upcoming Financial Year
Expansion Plans for the Upcoming Financial Year # of Facilities Total Regions FY26(1) H1’FY27E H2’FY27E Contribution (%) 34 24 South 11 13 60.7% 40.0% 8 15 West 8 7 14.3% 25.0% 7 16 North 8 8 12.5% 26.7% 7 5 East 3 2 12.5% 8.3% Total Facilities 56 30 30 60 Surgical Facilities 30 21 19 40 Note: (1) D
Slide 18: Our AI-ready Inhouse Hospital Management System | Neo
Our AI-ready Inhouse Hospital Management System | Neo Key Capabilities Currently powers all our network facilities Built to scale to 5,000+ branches and 2 million+ patients per day Patient lifecycle management Insurance (TPA) Customer Relationship Electronic Medical Records Management Outpatient / I
Slide 19: Sneak Peek into Our Newly Launched Facilities: Faridabad
Sneak Peak into Our Newly Launched Facilities Faridabad 18
Slide 20: Sneak Peek into Our Newly Launched Facilities: Kannur
Sneak Peak into Our Newly Launched Facilities Kannur 19
Slide 21: Sneak Peek into Our Newly Launched Facilities: Vasai
Sneak Peak into Our Newly Launched Facilities Vasai 20
Slide 22: Sneak Peek into Our Newly Launched Facilities: Vaishali Nagar
Sneak Peak into Our Newly Launched Facilities Vaishali Nagar 21
Slide 23: Financial Performance Update
FINANCIAL PERFORMANCE UPDATE 22
Slide 24: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth 20.9% 2,125 Growth 614 1,757 22.2% Growth 168 52.4% 502 110 Growth Growth 28.9% Growth 7.9% 21.2% 577 18.9% 174 17.4% 50 476 28.6% 146 +31 43 6.3% bps +164 30.8% 30
Slide 25: Payor Mix
Payor Mix Payor Mix(1),(2) 10.2% 9.1% 26.0% FY25 28.2% FY26 63.8% 62.7% 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 in cas
Slide 26: Q4'FY26 Consolidated Statement of Profit & Loss
Q4’FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) Particulars (₹ Cr.) Q4’FY25 Q1 FY25 Q4’FY26 Q1 FY26 YoY Y-o-YGrowth Growth Q1 FY25 Q1 FY26 Q4’FY25 Q4’FY26 Revenue from Operations 460 564 22.6% 96.8% 97.8% Other Income 15 13 (18.5%) 3.2% 2.2% Total Income 4
Slide 27: FY26 Consolidated Statement of Profit & Loss
FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) FY25 FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth FY25 Q1 FY25 FY26 Q1 FY26 Revenue from Operations 1,711 2,080 21.6% 97.4% 97.9% Other Income 46 44 (3.4%) 2.6% 2.1% Total Income 1,757 2,125
Slide 28: Net Debt Overview
Net Debt Overview Particulars Particulars (₹ Cr.) - as on (₹ Cr.) Mar-25 Q1 FY25 Mar-26 Q4 FY25 Gross Debt 247 157 LT Debt 157 133 ST Debt 90 24 Less: Cash and Cash Equivalents (514) (1) (281) Cash & Bank Balance (100) (91) Investments in Fixed Deposits(2) (150) (38) Other Investments (264) (152) Ne
Slide 29: Dr. Agarwal's Health Care – At a Glance
DR. AGARWAL’S HEALTH CARE – AT A GLANCE 28
Slide 30: 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 31: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Primary Facilities Surgical Facilities 30.9% of Facilities(1) 69.1% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (89)(2)(3) (164)(2) (35)(2) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facili
Slide 32: 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 33: Our Network Expansion Playbook
Our Network Expansion Playbook Market Expansion Playbook Facility Additions (#) Total 204 Facilities Set Up Since FY22 Organic Share Selecting new of Total 33.3% 32.2% 64.4% 88.1% 100.0% Existing clusters Additions (%) micro-market / with 10+ years region (“Cluster”) presence: Organic 1 and scaling
Slide 34: 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 35: 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 36: 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) ✓ Scale Effects of Large Network Helps 968 Large Network Attract Quality Medical Ta
Slide 37: 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, LATE DR. JAIVEER AGARWAL Bangalore Founded Dr. Agarwals Group Awards: Padma Bhushan 41+ 48+ V
Slide 38: 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 39: Shareholder Composition
Shareholder Composition Shareholding Pattern Top Institutional Investors(1) As on Mar 31, 2026 Investor % Shareholding Non-Institutions DIIs GIC(1) 6.4% 1.9% 7.8% Invesco India 2.9% FIIs 14.8% Promoters 32.4% Polar Capital 1.6% Motilal Oswal MF 1.4% Temasek* Axis Max Life Insurance 1.3% 20.1% TPG* 2
Slide 40: Dr. Agarwal's Eye Hospital – At a Glance
DR. AGARWAL’S EYE HOSPITAL – AT A GLANCE 39
Slide 41: Operational Footprint
Operational Footprint Network Overview 61 Facilities 63 Facilities 4 4 29 29 FY25 FY26 28 30 Primary Secondary Tertiary Note: (1) During FY26, 4 facilities were added. Two Secondary – (1) Red Hills, (1) Tirupatthur and Two Eye clinic – (1) Bhavani and (1) Thirukovilur (2) Facilities closed in Neyvel
Slide 42: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth 18.5% 477 Growth 402 22.3% 151 Growth 124 28.3% 70 55 Growth 31.7% 14.7% Growth 21.7% 122 Growth 11.4% 30.7% 100 35 1.6% 13.6% 32 16 16 31.7% 29.0% 16.0% 13.4% Q4'F
Slide 43: Q4'FY26 Statement of Profit & Loss - AEHL
Q4’FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) Q4’FY25 Q4’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth Q4’FY25 Q1 FY25 Q4’FY26 Q1 FY26 Revenue From Operations 100 120 20.2% 99.9% 98.7% Other Income 0.1 2 NM 0.1% 1.3% Total Income 100 122 21.
Slide 44: FY26 Statement of Profit & Loss - AEHL
FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) Particulars (₹ Cr.) FY25 Q1 FY25 FY26 Q1 FY26 YoY Growth Y-o-Y Growth Q1 FY25 Q1 FY26 FY25 FY26 Revenue From Operations 397 471 18.5% 98.7% 98.8% Other Income 5 6 14.3% 1.3% 1.2% Total Income 402 477 18.5% 100.0% 100.
Slide 45: Balance Sheet - AEHL
Balance Sheet - AEHL Particulars (₹ Cr.) FY25 FY26 Non-Current Assets Property, plant and equipment (incl. CWIP) 288 370 Right of use assets 205 202 Goodwill 6 6 Intangible assets 22 22 Other non-current assets 37 30 Total Non-current Assets (A) 559 630 Current Assets Inventories 13 14 (i) Investmen
Slide 46: Cash Flow Statement - AEHL
Cash Flow Statement - AEHL Particulars (₹ Cr.) FY25 FY26 Restated Profit before tax as per statement of profit and loss 71 94 Adjusted for: Depreciation and amortisation expenses 39 46 Others 11 9 Operating cash flows before working capital changes 121 148 Inventories (4) (1) Trade receivables (1) (
Slide 47: Net Debt Overview - AEHL
Net Debt Overview - AEHL Particulars Particulars (₹ Cr.) as on (₹ Cr.) Mar-25 Mar-26 Gross Debt 96 82 LT Debt 82 67 ST Debt 15 15 Less: Cash and Cash Equivalents (23) (96) Cash & Bank Balance (10) (7)(1) Other Investments (13) (89)(2) Net Debt / (Cash) 73 (14) Notes: (1) Excludes unpaid dividend to
Slide 48: Overview of Eye Care Industry
OVERVIEW OF EYE CARE INDUSTRY 47
Slide 49: 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 50: 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 51: Headroom for Future Growth for Organized Eye Care Service Chain
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 52: 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 53: 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 54: 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 55: Appendix
4 Appendix Supplementary Information
Slide 56: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 288 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 57: Key Operating Metrics
Key Operating Metrics Common Size Particulars FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Total number of facilities 136 180 236 288 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 121 165 218 269 89.0% 91.7% 92.4% 93.4% Number of facilities – South India 86 113 151 182 63.2% 62.8% 64.0%
Slide 58: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr.) FY23 FY24 FY25 FY26 Revenue from operations 1,018 1,332 1,711 2,080 Revenue from operations – India 85.8% 87.2% 89.9% 89.9% Revenue from operations – outside India 14.2% 12.8% 10.1% 10.1% Revenue from mature facilities 86.1% 76.6% 70.7% 78.7% Revenue from em
Slide 59: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY25 FY26 Q3’FY26 Q4’FY25 Q4’FY26 Growth FY25 FY26 Growth Q3’FY26 Q4’FY25 Q4’FY26 Revenue from operations 1,711 2,080 21.6% 97.4% 97.9% 530 460 564 22.6% 98.0% 96.8% 97.8% Other income 46 44 (3.4%) 2
Slide 60: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ Cr.) FY25 FY26 Non-Current Assets Property, plant and equipment (incl. CWIP) 852 1,161 Right of use assets 633 800 Goodwill 735 736 Intangible assets 457 417 Other non-current assets 207 255 Total Non-current Assets (A) 2,883 3,369 Current Assets Inventories
Slide 61: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (₹ Cr.) FY25 FY26 Restated Profit before tax as per statement of profit and loss 160 249 Adjusted for: Depreciation and amortisation expenses 231 276 Others 101 97 Operating cash flows before working capital changes 491 622 Inventories (26) (14) Trade rec
Slide 62: 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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