Dr. Agarwal's Health Care Limited — Investor Meet, 02-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dr. Agarwal's Health Care posted FY’25 revenue growth of 28.4% to INR1,711 Cr and EBITDA of INR502 Cr at 28.6% margin; PAT rose 16% to INR110 Cr with 6.3% margin. Q4 revenue grew 31.9% YoY to INR460 Cr, EBITDA up 13.9% to INR145 Cr, and PAT at INR43 Cr (+3%). Growth driven by 59 new facilities added in FY’25, premium surgeries, and rising surgical volumes; cataract surgeries accounted for ~71% of Q4 volumes. Network now spans 236 centers across India and Africa, with plans for 55-60 new facilities in FY’26. Capex guidance around INR310 Cr for new centers plus INR70-80 Cr on a flagship subsidiary facility. Management targets stable EBITDA margins and >35% PAT growth in FY’26, focusing on clinical excellence, advanced technology adoption, and expanding refractive surgeries (+44% YoY). Cash payers form 64-70% of mix; subsidiary mainly in Tamil Nadu, with a planned group merger in ~3 years. Africa faces currency challenges; mature Indian centers deliver steady ~14-15% growth. Operating cash flow at ~80% of EBITDA after working capital adjustment. Confident outlook on network and profitability expansion.