Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Q3 FY2026 Earnings Presentation
47 slides from Dr. Agarwal's Health Care's earnings presentation, Feb 3, 2026
Slide 1: Stock exchange cover letter for earnings call presentation
Ref: AHCL/2025-26/C067 February 03, 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: Q3 and 9M'FY2026 Investor Presentation
DR. AGARWAL’S Chandkheda Preet Vihar HEALTH CARE LIMITED Kanakpura Vadodara Kolhapur Q3 and 9M’FY2026 Investor Presentation February 2026 Raichur 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: India's Largest Eye Care Services Chain
We are INDIA’S Financial Overview (YTD Dec-25) LARGEST Eye Care Services ₹1,548 Cr. ₹440 Cr. ₹118 Cr. Chain Total Income IndAS EBITDA(1) Profit After Tax 20.8% 23.6% 74.3% YoY Growth Rate YoY Growth Rate YoY Growth Rate Operational Overview (YTD Dec-25) 272 2,201K+ 908 Trusted Brand Number of Eye Ca
Slide 7: Our Geographic Footprint
Our Geographic Footprint 90.1% 9.9% North Jammu & 5 of YTD Dec-25 of YTD Dec-25 Kashmir 24 Chandigarh Revenue from Operations Revenue from Operations Punjab 8 1 Haryana 32 Delhi Uttar Pradesh Rajasthan 1 4 Ghana Uganda Kenya Gujarat 10 Madhya Pradesh 3 West Bengal 1 1 2 4 Rwanda Tanzania West 8 East
Slide 8: Clinical Excellence | Technology-Enabled Precision Care
Clinical Excellence | Technology-Enabled Precision Care Specialized Surgical Procedures Advanced Ophthalmic Equipment 4,400 Femto Cataracts (82.6% YoY Growth) 4,970 Lenticular Procedure (17.7% YoY Growth) Leica M822 Oertli Faros AP IOL master 700 Operating Microscope Vitrectomy Machine Optical Biome
Slide 9: Clinical Excellence | Empowering Doctors, Driving Innovation
Clinical Excellence | Empowering Doctors, Driving Innovation Professional Development for Doctors Innovating Through Clinical Research ~50 340+ 18 Doctors Peer Reviewed Ongoing Clinical Research Upskilling Publications Studies Surgical Techniques, OPD Over the past three At various phases of executi
Slide 10: Business Updates
BUSINESS UPDATES 9
Slide 11: Key Financial Highlights
Key Financial Highlights Total Income Revenue Mix(1) ₹ Cr. Growth – 20.8% 1,548 7.7% 8.4% 1,281 12.9% 13.1% 9.6% YTD Dec-24 YTD Dec-25 14.3% 11.6% 65.1% 67.0% Surgeries Opticals, Contact Lens and Accessories YTD Dec-24 YTD Dec-25 Diagnosis, Consultations, & Others(2) Eye Care Related Pharma Products
Slide 12: Key Operational Highlights
Key Operational Highlights Facility Mix Surgeries Performed Patients Served Doctors (#) (#) (#) (#) 272 Growth – 11.6% 238,283 Growth – 24.2% 2,201,937 19 213,602 908 11 221 53,126 24 1,772,853 781 44,699 16 11,990 6 46 17 11,194 36 172 173,167 157,709 146 YTD Dec-24 YTD Dec-25 YTD Dec-24 YTD Dec-25
Slide 13: Domestic Performance by Region
Domestic Performance by Region South West North East YTD Dec-25 Revenue ₹950 Cr. ₹244 Cr. ₹126 Cr. ₹44 Cr. 22.4% YoY Growth 18.4% YoY Growth 19.7% YoY Growth 18.8% YoY Growth Mix(1) % Contribution(1) 62.6% 16.1% 8.3% 2.9% Facilities (#) 172 46 24 11 YTD Dec-25 Additions(2) 12 Secondary |11 Primary 6
Slide 14: Performance Trends by Vintage
Performance Trends by Vintage Revenue Mix(2) Vintage Performance (YTD Dec-25)(2) (Revenue from Operations ₹ Cr.) (Revenue from Operations ₹ Cr.) Growth Rate % YoY 1,707 Upto FY22 341 1,025 14.2% 1,513 1,329 29.3% 1,248 19.9% 1013 23.4% 29.1% 13.9% FY23 187 14.3% 693 14.2% 70.7% 80.1% 76.6% 86.1% 70.
Slide 15: Expansion Plans for the Upcoming Quarter
Expansion Plans for the Upcoming Quarter # of Facilities Total Regions Q1’FY26 Q2’FY26 Q3’FY26 Q4’FY26E Contri. (%) 28 South 8 8 7 5 52.8% 11 West 1 2 3 5 20.8% 10 North 2 - 2 6 18.9% 4 East 1 1 2 - 7.5% Total Facilities 12 11 14 16 53 Surgical Facilities 8 6 9 11 34 Note: Domestic only and excludes
Slide 16: Sneak Peek into Our Newly Launched Facilities: Chandkheda
Sneak Peak into Our Newly Launched Facilities Chandkheda 15
Slide 17: Sneak Peek into Our Newly Launched Facilities: Kolhapur
Sneak Peak into Our Newly Launched Facilities Kolhapur 16
Slide 18: Sneak Peek into Our Redesigned Facility
Sneak Peak into Our Redesigned Facility Coles Road Previous Redesigned Facility 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 20.8% 1,548 1,281 Growth Growth 440 118 23.6% 74.3% 356 Growth 68 21.9% 540 Growth Growth 21.3% 155 28.4% 44 7.6% 443 54.5% 128 27.8% +64 28 8.1% 5.3% 28.6% bps +23
Slide 21: Revenue Distribution Across Markets and Payor Mix
Revenue Distribution Across Markets and Payor Mix Revenue Mix Payor Mix(1),(2) ₹ Cr. 1,516 1,251 9.9% 26.5% 28.5% 10.1% YTD Dec-24 YTD Dec-25 89.9% 11.7% 9.1% 90.1% 61.5% 62.4% YTD Dec-24 YTD Dec-25 Revenue from India Cash Government Insurance and TPA Revenue from Outside India Note: 1. Payor mix re
Slide 22: Q3'FY26 Consolidated Statement of Profit & Loss
Q3’FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) Q3’FY25 Q3’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth Q3’FY25 Q1 FY25 Q3’FY26 Q1 FY26 Revenue from Operations 431 530 23.0% 97.1% 98.0% Other Income 13 11 (17.1%) 2.9% 2.0% Total Income
Slide 23: 9M'FY26 Consolidated Statement of Profit & Loss
9M’FY26 Consolidated Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) Particulars (₹ Cr.) YTDQ1Dec-24 YTDQ1Dec-25 YoY Growth FY25 FY26 Y-o-Y Growth YTDQ1Dec-24 FY25 YTDQ1Dec-25 FY26 Revenue from Operations 1,251 1,516 21.2% 97.6% 97.9% Other Income 31 32 4.2% 2.4% 2.1% Total In
Slide 24: 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.) YTD Dec-25 Impact Adjusted YTD Dec-24 Impact Adjusted Total Income 1,548 3 1,544 1,281 1 1,280 Expenses 1,108 (96) 1,204 925 (75) 1,001 EBITDA 440 9
Slide 25: Net Debt Overview
Net Debt Overview ParticularsParticulars (₹ Cr.) as on (₹ Cr.) Mar-25 Q1 FY25 Sept-25 Q4 FY25 Dec-25 Q1 FY26 Gross Debt 247 180 163 LT Debt 157 145 142 ST Debt 90 35 22 Less: Cash and Cash Equivalents (522) (395) (340) Cash & Bank Balance (78) (70) (63) Investments in Fixed Deposits(1) (180) (117) (
Slide 26: Dr. Agarwal's Health Care – At a Glance
DR. AGARWAL’S HEALTH CARE – AT A GLANCE
Slide 27: 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 28: Our Hub and Spoke Network Model
Our Hub and Spoke Network Model Spokes Hubs 87.1% of Facilities(1) 12.9% of Facilities(1) Primary Secondary Tertiary (including 3 Centres of Excellence) (79)(2)(3) (158)(2) (35)(2) Number of Facilities(1) (#) Closest patient touch point Surgical facilities providing Facilities with comprehensive Des
Slide 29: Our Network Expansion and Site Selection Strategy
Our Network Expansion and Site Selection Strategy Market Expansion Playbook Organic Micro Market Selection Criteria Total 133 Organic Facilities Set Up Since FY22 52 Selecting new Existing clusters 38 micro-market / 29 Market size Competitor Infra-structure Potential with 10+ years region (“Cluster”
Slide 30: 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 31: 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 32: 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) 908 831 Large Network ✓ Scale Effects of Large Network Helps Attract 667 Quality Me
Slide 33: 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 34: 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 35: Shareholder Composition
Shareholder Composition Shareholding Pattern Top Institutional Investors(1) As on December 31, 2025 Investor % Shareholding Non-Institutions DIIs 1.8% GIC(2) 6.5% 7.8% FIIs Invesco India 2.5% 14.8% Promoters 32.4% Polar Capital 1.6% Motilal Oswal MF 1.6% Temasek* 20.1% TPG* Axis Max Life Insurance 1
Slide 36: Dr. Agarwal's Eye Hospital – At a Glance
DR. AGARWAL’S EYE HOSPITAL – AT A GLANCE
Slide 37: Operational Footprint
Operational Footprint Network Overview 57 Facilities(1) 62 Facilities 4 4 25 28 Dec-24 Dec-25 28 30 Primary Secondary Tertiary Note: (1) Net of four facilities closures during 2025. 36
Slide 38: Financial Summary
Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth 17.5% 355 302 Growth 26.0% 116 Growth 54 39.3% 92 39 Growth 22.1% 119 Growth 32.6% 15.2% Growth 97 33.0% 37 66.2% 30.4% 17 12.8% 28 10 14.5% 28.7% 31.2% 10.7% Q3'FY
Slide 39: Q3'FY26 Statement of Profit & Loss - AEHL
Q3’FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) Q3’FY25 Q3’FY26 YoY Growth Particulars (₹ Cr.) Q1 FY25 Q1 FY26 Y-o-Y Growth Q3’FY25 Q1 FY25 Q3’FY26 Q1 FY26 Revenue from Operations 95 116 22.2% 97.6% 97.7% Other Income 2 3 19.9% 2.4% 2.3% Total Income 97 119 22.1
Slide 40: 9M'FY26 Statement of Profit & Loss - AEHL
9M’FY26 Statement of Profit & Loss - AEHL Common Size Common Size Particulars (₹ Cr.) Particulars (₹ Cr.) YTDQ1Dec-24 FY25 YTDQ1Dec-25 FY26 YoY Growth Y-o-Y Growth YTDQ1Dec-24 FY25 YTDQ1 FY26 Dec-25 Revenue From Operations 297 351 18.0% 98.3% 98.8% Other Income 5 4 (14.8%) 1.7% 1.2% Total Income 302
Slide 41: Net Debt Overview - AEHL
Net Debt Overview - AEHL Particulars Particulars (₹ Cr.) as on (₹ Cr.) Mar-25 Sept-25 Dec-25 Gross Debt 96 89 85 LT Debt 82 75 71 ST Debt 15 15 15 Less: Cash and Cash Equivalents (25) (91) (85) Cash & Bank Balance (11) (5) (5) Investments in Fixed Deposits(2) (1) (2) (1) Other Investments (13) (85)(
Slide 42: Appendix
4 Appendix Supplementary Information
Slide 43: Corporate Structure
Corporate Structure(1) Dr. Agarwal’s Health Care Ltd. 272 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 44: Key Operating Metrics
Key Operating Metrics Common Size Particulars FY24 FY25 YTD Dec-24 YTD Dec-25 FY24 FY25 YTD Dec-24 YTD Dec-25 Total number of facilities 180 236 221 272 100.0% 100.0% 100.0% 100.0% Total number of facilities in India 165 218 205 253 91.7% 92.4% 92.8% 93.0% Number of facilities – South India 113 151
Slide 45: Key Financial Metrics
Key Financial Metrics Particulars (₹ Cr.) FY24 FY25 YTD Dec-24 YTD Dec-25 Revenue from operations 1,332 1,711 1,251 1,516 Revenue from operations – India 87.2% 89.9% 89.9% 90.1% Revenue from operations – outside India 12.8% 10.1% 10.1% 9.9% Revenue from mature facilities 76.6% 70.7% 70.1% 80.1% Reve
Slide 46: Detailed Consolidated Statement of Profit & Loss
Detailed Consolidated Statement of Profit & Loss YoY Common Size YoY Common Size Particulars (₹ Cr.) FY24 FY25 Q2’FY26 Q3’FY25 Q3’FY26 Growth FY24 FY25 Growth Q2’FY26 Q3’FY25 Q3’FY26 Revenue from operations 1,332 1,711 28.4% 96.8% 97.4% 499 431 530 23.0% 98.4% 97.1% 98.0% Other income 44 46 3.9% 3.2
Slide 47: 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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