Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — H1 FY2027 Earnings Presentation
53 slides from Dr. Agarwal's Health Care's earnings presentation, Nov 5, 2026
Slide 1: Stock exchange cover letter for earnings call presentation
Ref: AHCL/2026-27/C051 November 05, 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, S
Slide 2: H1'FY27 Investor Presentation
DR. AGARWAL’S Indirapuram Najafgarh HEALTH CARE LIMITED Sarjapura Kazakoottam Indiranagar H1’FY27 Investor Presentation November 2026 Nikol 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 ABOUT THE COMPANY 5 OVERVIEW OF EYE CARE INDUSTRY
Slide 5: Performance Snapshot
PERFORMANCE SNAPSHOT 4
Slide 6: Financial and Operational Overview
We are INDIA’S Financial Overview LARGEST Eye Revenue from Operations IndAS EBITDA(1) Profit After Tax Care Services ₹655 Cr. ₹186 Cr. ₹57 Cr. Q2’FY27 Chain 31.4% YoY Growth 28.8% YoY Growth 55.8% YoY Growth ₹1,269 Cr. ₹362 Cr. ₹112 Cr. H1’FY27 28.7% YoY Growth 27.0% YoY Growth 50.1% YoY Growth Oper
Slide 7: Our Geographic Footprint
Our Geographic Footprint 89.6% 10.4% North Jammu & Kashmir 5 Revenue from Operations Revenue from Operations 36 Chandigarh Punjab 7 1 Haryana 48 Delhi Uttar Pradesh Rajasthan 3 8 Ghana Uganda Kenya Gujarat 11 Madhya Pradesh 3 West Bengal 1 1 2 4 Rwanda Tanzania West 11 East 1 40 Orissa 4 55 Maharash
Slide 8: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures (H1’FY27) Advanced Ophthalmic Equipment 3,284 Femto Cataracts (25.5% YoY Growth) 3,785 Lenticular Procedure (41.9% YoY Growth) Alcon Unity VCS Clarus 700 Stellaris PC Elite 7,849 Vitrectomy Machine Chennai Main H
Slide 9: 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 10: Landmark Milestone in Clinical Excellence
Landmark Milestone in Clinical Excellence World’s First PPP Centre UNVEILING U N VWEAI L KI N THGR O U G H Hon'ble CM of Tamil Nadu Thiru. C. Joseph Vijay inaugurates PPP Centre at our Chennai flagship facility 9
Slide 11: Business Updates
BUSINESS UPDATES 10
Slide 12: Key Financial Highlights
Key Financial Highlights Revenue from Operations Revenue Mix by Segment(1) ₹ Cr. Growth – 28.7% 1,269 8.4% 8.2% 13.2% 13.8% 986 9.6% H1’FY26 H1’FY27 11.9% 12.1% 66.5% 65.9% Surgeries Diagnosis, Consultations and Others(2) Opticals, Contact Lens and Accessories Eye Care Related Pharma Products H1'FY2
Slide 13: Key Operational Highlights
Key Operational Highlights Facility Mix(1) Surgeries Performed Patients Served Doctors (#) (#) (#) (#) Growth – 25.6% 324 18,43,809 Growth – 18.8% 1,86,923 Growth – 28.5% 1,111 19 14 1,57,281 258 40,964 36 14,35,024 881 19 35,432 9 55 8,789 22 7,209 43 200 1,37,170 165 1,14,640 H1'FY26 H1'FY27 H1'FY
Slide 14: Organic Growth Engine
Organic Growth Engine Greenfield Facility Additions (#) 185 Greenfield Facilities Growth – 5.7x 57 Added Since FY23 52 37 20 30 29 32 10 13 5 32 27 16 5 5 FY23 FY24 FY25 FY26 H1'FY27 Surgical Facilities (Secondary and Tertiary) Primary Facilities In just the first half of FY27, we have added more su
Slide 15: Same Store Sales Growth (SSSG)
Same Store Sales Growth (SSSG) Vintage Performance (H1’FY27)(1) (Revenue from Operations ₹ Cr.) Surgical Facilities(2) Contribution (%) YoY Growth (%) Upto FY23 948 341 118 74.8% 17.2% FY24 96 27 7.6% 20.9% FY25 127 25 10.0% 67.8% FY26 71 30 5.6% FY27 25 34 2.0% 17.7% SSSG for all facilities set up
Slide 16: Revenue Mix by Network Maturity
Revenue Mix by Network Maturity Revenue Mix across Mature and Emerging Network(1) Emerging Facilities (Revenue from Operations ₹ Cr.) 2,076 Contributing 1,707 21.3% 21.0% of 1,329 29.3% 1,268 Revenues 1,013 23.4% 21.0% 693 13.9% 78.7% 14.2% 70.7% 76.6% 79.0% 85.8% 86.1% Significant FY22 FY23 FY24 FY
Slide 17: Domestic Performance by Region
Domestic Performance by Region South West North East H1’FY27 Revenue Mix(1) ₹791 Cr. ₹195 Cr. ₹115 Cr. ₹35 Cr. 24.6% YoY Growth 29.6% YoY Growth 59.9% YoY Growth 29.6% YoY Growth % Contribution(1) 62.4% 15.4% 9.0% 2.8% Facilities (#) 200 55 36(2) 14 H1’FY27 Additions 14 Secondary | 4 Primary 1 Terti
Slide 18: Expansion Plans for the Upcoming Financial Year
Expansion Plans for the Upcoming Financial Year # of Facilities FY27E Total Regions FY26(1) Q1’FY27(2) Q2’FY27(2) H2’FY27E Contribution (%) 34 25 South 60.7% 7 11 7 38.5% 8 15 West 14.3% 5 3 7 23.1% 7 20 North 6 5+2(3) 7 12.5% 30.8% 7 5 East 12.5% - - 5 7.7% Total Facilities 56 18 21 26(4) 65(4) Sur
Slide 19: Sneak Peek into Our Newly Launched Facilities
Sneak Peek into Our Newly Launched Facilities Nikol, Ahmedabad 18
Slide 20: Sneak Peek into Our Newly Launched Facilities
Sneak Peek into Our Newly Launched Facilities Palghar, Mumbai 19
Slide 21: Sneak Peek into Our Newly Launched Facilities
Sneak Peek into Our Newly Launched Facilities Rajendra Nagar, Delhi NCR 20
Slide 22: Financial Performance Update
FINANCIAL PERFORMANCE UPDATE 21
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 1,286 27.6% Growth 27.0% 362 Growth 50.1% 112 1,007 285 Growth 75 665 31.3% Growth 186 Growth 28.8% 55.8% 57 507 144 28.2% 8.7% 36 28.3% 27.9% 8.5% 7.4% +130 28.4%
Slide 24: Q2'FY27 Consolidated Statement of Profit & Loss
Q2’FY27 Consolidated Statement of Profit & Loss Common Size Particulars (₹ Cr.) Q2’FY26 Q2’FY27 YoY Growth Q2’FY26Common SizeQ2’FY27 Revenue from operations 499 655 31.4% 98.4% 98.5% Other Income 8 10 23.0% 1.6% 1.5% Total Income 507 665 31.3% 100.0% 100.0% Cost of goods sold(1) 108 141 31.0% 21.3%
Slide 25: H1'FY27 Consolidated Statement of Profit & Loss
H1’FY27 Consolidated Statement of Profit & Loss Common Size Particulars (₹ Cr.) FY25 FY26 H1’FY26 H1’FY27 YoY Growth Common Size H1’FY26 H1’FY27 Revenue from operations 1,711 2,080 986 1,269 28.7% 97.9% 98.7% Other Income 46 44 21 16 (24.2%) 2.1% 1.3% Total Income 1,757 2,125 1,007 1,286 27.6% 100.0
Slide 26: Net Debt Overview
Net Debt Overview Particulars Particulars (₹ Cr.) (₹ Cr.)(1)(2) Q2’FY26 Q1 FY25 Q4’FY26 Q4 FY25 Q2’FY27 Q1 FY26 Gross Debt 180 157 201 LT Debt 145 133 156 ST Debt 35 24 45 Less: Cash and Cash Equivalents (395) (281) (171) Cash & Bank Balance (70) (91) (101) Investments in Fixed Deposits (117) (38) (
Slide 27: Payor Mix
Payor Mix Payor Mix(1),(2) 8.5% 8.9% 29.6% H1’FY26 27.9% H1’FY27 61.9% 63.2% 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
Slide 28: About the Company
ABOUT THE COMPANY 27
Slide 29: 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 30: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Primary Facilities Surgical Facilities 27.8% of Facilities 72.2% of Facilities Primary Secondary Tertiary (including 4 Centres of Excellence) (90) (192) (42) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehe
Slide 31: 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 32: Our Network Expansion Playbook
Our Network Expansion Playbook Market Expansion Playbook Facility Additions (#) Total 243 Facilities Set Up Since FY22 Organic Share Selecting new of Total 33.3% 32.2% 64.4% 88.1% 100.0% 94.9% Existing clusters Additions (%) micro-market / with 10+ years region (“Cluster”) presence: Organic 1 and sc
Slide 33: 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 34: 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 35: 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) 1,111 ✓ Scale Effects of Large Network Helps 968 Large Network Attract Quality Medi
Slide 36: Doctor-Promoter Team, Supported by an Experienced Management
Doctor-Promoter Team, Supported by an Experienced Management Promoter Family – Three Generations of Heritage KMP and SMP YASHWANTH VENKAT Chief Financial Officer Indian Institute of Management, Bangalore LATE DR. JAIVEER AGARWAL Founded Dr. Agarwals Group Awards: Padma Bhushan VANDANA JAIN Chief Str
Slide 37: 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 38: Shareholder Composition
Shareholder Composition Shareholding Pattern Top Institutional Investors(1) As on Sep 30, 2026 Investor % Shareholding Non-Institutions 2.2% GIC(2) 6.1% DIIs 15.9% Invesco India 5.5% Promoters ICICI Pru 5.0% 32.3% Polar Capital 2.7% FIIs 19.1% Motilal Oswal MF 1.6% Franklin Templeton 1.4% TPG* Monet
Slide 39: Overview of Eye Care Industry
OVERVIEW OF EYE CARE INDUSTRY 38
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: Appendix
4 Appendix Supplementary Information
Slide 47: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 324 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.(5
Slide 48: Key Operating Metrics
Key Operating Metrics Common Size Particulars FY25 FY26 H1’FY26 H1’FY27 FY25 FY26 H1’FY26 H1’FY27 Total number of facilities 236 288 258 324 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 218 269 239 305 92.4% 93.4% 92.6% 94.1% Number of facilities – South India 151 182 165 200 64.0
Slide 49: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr.) FY25 FY26 H1’FY26 H1’FY27 Revenue from operations 1,711 2,080 986 1,269 Revenue from operations – India 89.9% 89.9% 89.8% 89.6% Revenue from operations – outside India 10.1% 10.1% 10.2% 10.4% Revenue from mature facilities 70.7% 78.7% 74.6% 79.0% Revenue fro
Slide 50: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY25 FY26 Q1’FY27 Q2’FY26 Q2’FY27 Growth FY25 FY26 Growth Q1’FY27 Q2’FY26 Q2’FY27 Revenue from operations 1,711 2,080 21.6% 97.4% 97.9% 614 499 655 31.4% 99.0% 98.4% 98.5% Other income 46 44 (3.4%) 2
Slide 51: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (₹ Cr.) FY26 H1’FY27 Non-Current Assets Property, plant and equipment (incl. CWIP) 1,161 1,346 Right of use assets 800 861 Goodwill 736 768 Intangible assets 417 438 Other non-current assets 255 272 Total Non-current Assets (A) 3,369 3,685 Current Assets Invent
Slide 52: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (₹ Cr.) H1’FY26 H1’FY27 Restated Profit before tax as per statement of profit and loss 107 155 Adjusted for: Depreciation and amortisation expenses 131 161 Others 53 52 Operating cash flows before working capital changes 291 368 Inventories 2 (14) Trade r
Slide 53: 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 Crisil Intelligence, is India’s largest eye care service chain by revenue from operations for FY25. With a long- standing operational history, we endeavor to
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