Dr. Agarwal's Health Care Ltd Q4 FY2025-26 Earnings Conference Call

Why It Matters

The results show scalable, profitable growth driven by rapid greenfield expansion and a shift toward higher-margin, complex ophthalmic procedures, positioning the company to capture larger market share across India’s underserved regions. Strong unit economics and rising clinician capabilities de-risk future rollouts and underpin sustained margin expansion.

Summary

Dr. Agarwal’s Healthcare reported a strong FY26 with total income of INR 2,125 crore (up 20.9% YoY) and revenue from operations of INR 2,080 crore (up 21.6%). India EBITDA rose 22.2% to INR 614 crore with margins improving to 28.9%, while PAT jumped 52.4% to INR 168 crore and PAT margin expanded to 7.9%. The company expanded aggressively—commissioning 19 facilities in Q4 and adding 148 greenfield facilities since FY23—bringing its network to 269 facilities in India and 19 in Africa, and served over 30 lakh patients with 3.23 lakh surgeries in the year. Clinical mix shifted toward higher-end procedures (26.3% of cataracts high-end; robotic cataract surgeries up 87% YoY) and mature stores delivered healthy same-store sales growth (~14%).

Original Description

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