Dr. Agarwal's Health Care Ltd. · NSE:AGARWALEYE
Dr. Agarwal's Health Care — Merger or Acquisition (August 2025)
25 slides from Dr. Agarwal's Health Care's merger presentation, Aug 27, 2025
Slide 1: Exchange filing cover letter: Investor Presentation
Ref: AHCL/2025-26/C030 August 27, 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: Proposed Merger: Dr. Agarwal's Eye Hospital into Dr. Agarwal's Health Care
Proposed Merger Dr. Agarwal’s Eye Hospital into Dr. Agarwal’s Health Care August 2025 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 OVERVIEW OF AHCL & AEHL 2 TRANSACTION OVERVIEW & STRUCTURE 3 FINANCIAL PEFORMANCE SNAPSHOT
Slide 5: Overview of AHCL & AEHL
OVERVIEW OF AHCL & AEHL 4
Slide 6: AHCL is India's Largest Eye Care Services Chain
AHCL is INDIA’S LARGEST Eye Operational Overview (FY25) Care Services 230 2,430K+ 830+ Chain Facilities in India(1) Patients Served Doctors 19 282K+ 1,845+ Facilities in Africa(1) Surgeries Performed Paramedics Financial Overview (FY25) ₹1,711 Cr. ₹502 Cr. ₹110 Cr. Revenue from Operations IndAS EBIT
Slide 7: Revenue Distribution Across Markets and Payor Mix
Revenue Distribution Across Markets and Payor Mix Facility Mix Revenue Mix Payor Mix(2),(3) 29 10.0% 14.0% 71 Q1’FY26 20.8% FY25 26.0% FY25 65.3% 63.8% 149 Surgeries Cash Insurance and TPA Primary Secondary Opticals, Contact Lens and Accessories & Government Tertiary Pharmaceutical Products Diagnosi
Slide 8: AEHL is a Leading Eye Care Services Chain
AEHL is a Leading Eye Care Operational Overview (FY25) Services Chain 63 588K+ 230+ Primarily Across Total Facilities(1) Patients Served Doctors Tamil Nadu 2.4x 62K+ 475+ Facility Growth Since FY22 Surgeries Performed Paramedics Financial Overview (FY25) ₹402 Cr. ₹124 Cr. ₹55 Cr. Total Income IndAS
Slide 9: Revenue Distribution Across Markets and Payor Mix
Revenue Distribution Across Markets and Payor Mix Facility Mix Revenue Mix Payor Mix(2) 4.0% 2 12.8% 23.1% Q1’FY26 29 23.2% FY25 FY25 32 63.9% 72.9% Primary Secondary Surgeries Cash Insurance and TPA Tertiary Opticals, Contact Lens and Accessories & Government Pharmaceutical Products Diagnosis, Cons
Slide 10: 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 11: 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 12: Transaction Overview & Structure
TRANSACTION OVERVIEW & STRUCTURE 11
Slide 13: Key Objectives for the Merger
Key Objectives for the Merger Key Objectives of the Merger Enhanced Value for Shareholders Simplification of the 01 Group Structure Alignment of the interests 02 of all stakeholders Creation of unified 03 platform for growth 12
Slide 14: Transaction Summary
Transaction Summary Transaction Overview ▪ The board of directors of AHCL & AEHL have approved the merger of AEHL with AHCL, creating a single listed entity housing the entirety of Dr. Agarwal’s operations ▪ As consideration for the proposed merger, shareholders of AEHL (other than AHCL) will be iss
Slide 15: Transaction Structure
Transaction Structure Proposed Transaction Resultant Structure(3) Public AHCL Public AEHL Public Promoters Promoters Shareholding Shareholding Shareholding 32.4%(1) 67.6%(1) 30.9% 64.5% 4.6% Issue of Shares Public AHCL Shareholding 71.9%(2) 28.1%(2) Infusion via preferential issue AEHL AHCL + AEHL M
Slide 16: Rationale for the Proposed Merger
Rationale for the Proposed Merger Seamless allocation of combined Unification of entities to reduce capital base to drive expansion and complexity, duplication and compliance growth; larger capital base to costs, with simplification of corporate & enhance financing & fund-raising governance structur
Slide 17: Indicative Transaction Timeline and Key Steps
Indicative Transaction Timeline and Key Steps NCLT Procedures Q2’FY26 Q3’FY26 Q4’FY26 Q2’FY27 Stock exchange approval Shareholders’/ Creditors’ Board and completion of meeting to consider NCLT Order Approval preferential issue scheme approval Shareholders’ meeting Receipt of no-objection Listing and
Slide 18: Transaction Advisors
Transaction Advisors Transaction Advisor Valuation Advisor Legal Counsel Fairness Opinion Provider 17
Slide 19: Financial Performance Snapshot
FINANCIAL PERFORMANCE SNAPSHOT 18
Slide 20: AHCL – Financial Summary
AHCL – Financial Summary EBITDA and EBITDA Total Income PAT and PAT Margins Margins(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth - 27.6% 1,757 Growth - 23.6% 502 Growth - 16.1% 110 1,376 407 95 29.5% 28.6% 6.9% 6.3% FY24 FY25 FY24 FY25 FY24 FY25 Note: 1. EBITDA calculated as Profit Bef
Slide 21: AHCL – Consolidated Statement of Profit & Loss
AHCL – Consolidated Statement of Profit & Loss Common Size Particulars (₹ Cr.) FY24 FY25 YoY Growth Q1’FY25 Q1’FY26 Particulars (₹ Cr.) FY24 FY25 FY24 FY25 Q1 FY25 Q1 FY26 Revenue from operations 1,332 1,711 96.8% 97.4% 28.4% 403 487 Other Income 44 46 3.2% 2.6% 3.7% 6 13 Total Income 1,376 1,757 10
Slide 22: AHCL – Net Debt Overview
AHCL – Net Debt Overview Particulars (₹ Cr.) Particulars (₹ Cr.) Q4FY25 FY25 Q1 FY26 Q1’FY26 Gross Debt 247 175 LT Debt 157 152 ST Debt 90 23 Less: Cash and Cash Equivalents (522) (453) Cash & Bank Balance 78 88 Investments in Fixed Deposits 180 104 Other Investments 264 262 Net Debt / (Cash) (275)
Slide 23: AEHL – Financial Summary
AEHL – Financial Summary EBITDA and Total Income PAT and PAT Margin EBITDA Margin(1) ₹ Cr. ₹ Cr. EBITDA Margins % ₹ Cr. PAT Margins % Growth - 24.0% 402 Growth - 28.7% 124 Growth - 17.9% 55 324 96 46 29.6% 30.7% 14.3% 13.6% FY24 FY25 FY24 FY25 Note:. 1. EBITDA calculated as Profit Before Tax + Depre
Slide 24: AEHL – Statement of Profit & Loss
AEHL – Statement of Profit & Loss Common Size Common Size Particulars (₹ Cr.) FY24 FY25 YoY Growth Q1’FY25 Q1’FY26 Particulars (₹ Cr.) FY24 FY25 FY24 FY25 Y-o-Y Growth Q1 FY25 Q1 FY26 Revenue from operations 319 397 98.5% 98.7% 24.4% 100 117 Other income 5 5 1.5% 1.3% 2.4% 0 1 Total Income 324 402 1
Slide 25: About Dr. Agarwal's Health Care Limited
About Dr. Agarwal’s Health Care Limited: Dr. Agarwal’s Health Care Limited, incorporated in 2010, is India’s largest eye care service chain by revenue from operations. With a strong operational legacy, AHCL serve’s patients across 230 facilities in 14 states and 5 UTs in India, and 19 facilities in
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