Financial Performance Highlights

H1 FY27 (April-September 2026) Performance:

  • Revenue from operations: ₹1,269 crores, up 28.7% YoY (from ₹986 crores in H1 FY26)
  • Total income: ₹1,286 crores, up 27.6% YoY
  • Ind AS EBITDA: ₹362 crores, up 27% YoY
  • EBITDA margin: 28.2% (broadly stable)
  • PAT: ₹112 crores, up 50.1% YoY
  • PAT margin: 8.7% (expanded by ~130 bps)

Q2 FY27 (July-September 2026) Performance:

  • Revenue from operations: ₹655 crores, up 31.4% YoY
  • Total income: ₹665 crores, up 31.3% YoY
  • Ind AS EBITDA: ₹186 crores, up 28.8% YoY
  • EBITDA margin: ~28%
  • PAT: ₹57 crores, up 55.8% YoY
  • PAT margin: 8.5% (expanded by 134 bps)

Operational Metrics

Network Expansion:

  • Q2 FY27: Added 21 facilities (19 Greenfield + 2 acquired)
  • H1 FY27: Total additions of 39 facilities (34 surgical centers)
  • Current network: 305 facilities in India across 14 states and 5 UTs, covering 172 cities
  • Total global network: 324 facilities
  • Geographic distribution: 32% Tier 1, 62% other markets, 6% international

Patient and Surgical Volumes (H1 FY27):

  • Patients served: ~18.5 lakh
  • Surgeries performed: >1.86 lakh
  • Daily average: ~12,300 patient footfalls, ~1,250 surgeries

Clinical Excellence (H1 FY27):

  • Cataract surgeries: 1,37,170 procedures
  • High-end cataract surgeries: 30% of total cataract procedures
  • Femto cataract (robotic) surgeries: 3,284 procedures, up 25.5% YoY
  • Lenticular (SMILE) procedures: up 41.9% YoY
  • Retinal surgeries: 7,849 procedures, up 26.5% YoY
  • Corneal transplants: 579 procedures
  • Pinhole Pupilloplasty (PPP): Over 540 surgeries in FY27 (already surpassing FY26 full year volume of 500)

Revenue Breakdown (H1 FY27):

  • Surgical services: 66% of group revenue
  • Diagnosis consultations and non-surgical treatments: 12%
  • Optical products and pharmacy: 22%

Payer Mix (H1 FY27):

  • Cash: 63%
  • Insurance and TPA: 28%
  • Government schemes: 9%

Regional Performance (H1 FY27)

Southern Region:

  • Contribution: 62% of group revenues
  • Revenue: ₹790 crores, up 24.6% YoY
  • Growth drivers: Expansion beyond cataract into Refractive, Retina, Cornea specialties; Pharmacy and Optical business

Western Region:

  • Contribution: 15% of group revenues
  • Revenue: ₹195 crores, up 30% YoY
  • Facilities: 55 centers including 8 new surgical Greenfield additions in H1
  • Locations: Thane, Ulhasnagar, Palghar (Mumbai); Wagholi, Moshi, Kondhwa (Pune); Nikol (Gujarat); Ahilyanagar

Northern Region:

  • Contribution: 9% of group revenues
  • Revenue: ₹115 crores, up 60% YoY
  • Facilities: 36 centers including 13 new facilities added in H1
  • Delhi NCR expansion: 5 new Greenfield centers in Q2 across Noida, Ghaziabad, and Delhi

Eastern Region:

  • Contribution: Smaller portion of group revenues
  • Revenue: ₹35 crores, up 30% YoY
  • Facilities: 14 centers

Same-Store Sales Growth (SSSG)

  • Q2 FY27 SSSG: 18.8%
  • H1 FY27 SSSG: 17.7%
  • Components: ~8% volume growth (7.5% OPD growth + 0.5% conversion), ~9.5% value growth (8% premiumization + 1.5% price)

Vintage Performance (H1 FY27 Revenue)

  • Pre-FY23 facilities: ₹948 crores, 17.2% YoY growth (75% of group revenues)
  • FY24 facilities: ₹96 crores, 20.9% YoY growth
  • FY25 facilities: ₹127 crores, 67.8% YoY growth (includes Thind acquisition contributing ₹42 crores)
  • FY26 facilities: ₹71 crores (ramp-up phase)
  • Emerging facilities (FY24-FY26): 21% of revenues

Acquisition Details

  • Acquired 2 facilities in Delhi NCR from Dr. Anchal Gupta
  • Locations: Greater Kailash (South Delhi) and Loni (Ghaziabad)
  • LTM revenue: ₹13.5 crores
  • LTM EBITDA: ₹7.16 crores
  • Acquisition cost: ₹55 crores (structured payment)
  • Upfront payment: ₹33 crores
  • Balance: Paid over 4 years linked to milestones

Revised Guidance

  • Facility additions: Increased to 65 for FY27 (from previous guidance of 60)
  • Surgical centers: Increased to 55 (from previous guidance of 40)
  • Regional breakdown: South (25), North (20), West (15), East (5)
  • Capex: Revised upward from ₹400 crores to ₹500 crores

Financial Details

  • Gross margin: 78.9% (improved 50 bps YoY)
  • Gross profit: ₹1,014 crores (up 28.4%)
  • Doctor and employee costs: 33.8% of total income (broadly stable)
  • Other expenses: 16.8% of total income (stable)
  • Finance costs: ₹46 crores (3.6% of total income, down from 4.7%)
  • Profit before tax: ₹155 crores (up 44.5% YoY)
  • PBT margin: 12.1% (expanded from 10.6%)
  • Pre-Ind AS EBITDA (Q2 FY27): ₹143.2 crores at 21.5% margin (vs. ₹111.2 crores in Q2 FY26)

Start-up Losses

  • Total losses from new facilities (51 surgical facilities launched in last 12 months): ₹42 crores for H1 FY27
  • FY27 cohort: ₹18.2 crores
  • FY26 cohort: ₹20.12 crores

Merger Update

  • Merger with subsidiary effective November 1, 2026
  • Subsidiary to stop trading by November 17, 2026
  • From November 18, 2026, only Agarwal Health Care Limited will be traded
  • Shareholders of subsidiary will receive shares in holding company

Management Participants

  • Dr. Adil Agarwal, Chief Executive Officer and Whole Time Director
  • Dr. Ashar Agarwal, Chief Business Officer
  • Mr. Rahul Agarwal, Chief Operating Officer
  • Mr. Yashwanth Venkat, Chief Financial Officer
  • Ms. Aashna Dharia, Head of Investor Relations