Dr. Agarwal's Health Care Limited — Investor Meet, 04-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Dr. Agarwal's Health Care reports a strong H1 FY26, with total income crossing ₹1,000 Cr for the first time (+20.2% YoY) and PAT hitting a record ₹75 Cr (+88.4% YoY). Q2 also saw robust growth: revenue up 19.7% to ₹499 Cr, EBITDA up 21.2% to ₹144 Cr (28.4% margin), and PAT up 71% to ₹36 Cr (7.2% margin). Margin expansion was driven by cost efficiencies and lower finance costs from IPO proceeds repayment.

Operational highlights include serving over 1.4M patients and 157K surgeries in H1. The company added 24 new Greenfield facilities, expanding its 258-facility network. High-end cataract surgeries soared 41.7%, with Femto Cataract up 69% YoY, showcasing increasing premiumization. Revenue per surgery grew 4-5% due to this mix shift.

Management noted H2 is seasonally stronger but expects overall margins to remain similar to H1 due to new facility expansion. Southern region led growth, while Delhi market entry is performing well, with rapid expansion planned. Mature facilities' same-store sales grew 13.4% in H1, though Q2 was slightly impacted by unseasonal rains. Greenfield secondary centers aim for 30-32% store-level margins by year five. The company continues investing in advanced technology and clinical excellence, reinforcing its growth strategy in core and underserved markets. Sentiment is confident in sustained growth via premiumization and strategic footprint expansion.