The call ran from 6:31 PM to 6:57 PM IST (26 min).
Key takeaways
Q2 FY27 revenue ₹655 Cr (+31.4% YoY) and PAT ₹57 Cr (+55.8%), network-led growth; India EBITDA margin flat near 28%.
| Revenue growth | Q2 revenue +31.4% YoY, +6.7% QoQ; H1 +28.7% YoY to ₹1,269 Cr. |
|---|---|
| Margins | India EBITDA margin flat ~28%; PAT margin up ~130bps YoY. |
| Demand visibility | H1 volumes up 19%; cataract and refractive ~20%; no forward demand figures. |
| Management confidence | Over-optimistic: superlatives ('stellar', 'phenomenal') despite flat EBITDA margins. |
Growth
India revenue +28.5% YoY: volume 8%, value 9.5%, remainder from new centres (~11 pts). Q2 +6.7% QoQ.
Outlook
Capex raised to ₹500 Cr; 65 facilities in FY27 (55 surgical), 26 in H2. No revenue or PAT growth guidance given.
Risks
Startup losses from 51 new facilities; flat margins; finance cost ₹46 Cr; Delhi acquisition margin (~53%) looks like an outlier.
Last quarter's promises, checked
Delivered
- Q2 launches guided 12 → delivered 21 (19 greenfield) (= BEAT)
- H1 launches guided 30 (18+12) → delivered 39 (= BEAT)
Partly delivered
- FY27 60 facilities (40 surgical) → 39 done in H1, target now 65 (55 surgical); surgical split not disclosed (= PARTIAL)
- Delhi NCR 3-5 more facilities → 2 Delhi clinics acquired in Q2; greenfield count unclear (= PARTIAL)
Missed
- H2 launches guided 30 → now 26 (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
What management said last time
Full summary →From the call summary published .
Outlook they gave
Guidance to commission 60 new facilities in FY27; ₹380-400cr planned capex; targeting Mumbai and North regions.
Growth they described
FY26 Revenue rose 21.6% to ₹2,080cr; PAT surged 52.4% to ₹168cr with 7.9% margins.
Call details
| Company | Dr. Agarwals Health Care Ltd |
|---|---|
| NSE symbol | AGARWALEYE |
| ISIN | INE943P01029 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 6:30 PM IST |
| Length | 26 min |
| Audio | Our stream on YouTube ↗ |
Dr. Agarwals Health Care Ltd: key numbers
- Share price
- ₹511.70
- Market cap
- ₹16,222 Cr
- Revenue (annual)
- ₹2,080 Cr
- Net profit (annual)
- ₹133.2 Cr
- P/E (TTM)
- 109.3×Sector 54.5×
- Promoter holding
- 32.33%-0.01% QoQ
- FII holding
- 49.56%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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