Financial Performance Highlights

Full Year FY26 (Ended March 31, 2026):

  • Total Income: ₹2,125 crores, up 20.9% year-on-year
  • Revenue from Operations: ₹2,080 crores, up 21.6% year-on-year
  • Ind AS EBITDA: ₹614 crores, up 22.2% year-on-year
  • EBITDA Margin: 28.9% (31 basis points improvement)
  • Profit After Tax (PAT): ₹168 crores, up 52.4% year-on-year
  • PAT Margin: 7.9% (164 basis points expansion)
  • Cash Flow from Operations to EBITDA: ~84%
  • Share of PAT attributable to owners: 79.2% (improved from 75.6%)

Q4 FY26 Performance:

  • Total Income: ₹577 crores, up 21.2% year-on-year
  • Revenue from Operations: ₹564 crores, up 22.6% year-on-year
  • Ind AS EBITDA: ₹174 crores, up 18.9% year-on-year
  • EBITDA Margin: 30.2% (highest quarterly margin for the year)
  • PAT: ₹50 crores, up 17.4% year-on-year
  • PAT Margin: 8.7%

Operational and Business Metrics

Network Expansion:

  • FY26 Facility Additions: 19 new greenfield facilities commissioned in Q4 (7 surgical centers, 12 primary facilities)
  • Full Year FY26 Additions: 54 net new facilities (after accounting for closures)
  • Total Network: 269 facilities in India (+19 facilities in African region)
  • Geographic Spread: 14 states, 5 union territories, 155 cities
  • Regional Revenue Contribution: South (61%, ₹1,273 crores, +22.6% YoY), West (16%, ₹341 crores, +19% YoY), North (9%, ₹191 crores, +20.7% YoY)

Patient and Surgical Volumes:

  • Patients Served: Over 30 lakh patients in FY26
  • Daily Walk-ins: ~10,000 patients (up from ~8,000 in previous year, 25% growth)
  • Surgeries Performed: 3.23 lakh surgeries (+14.5% YoY)
  • Surgical Mix: Cataract (73% of total surgeries), Refractive (~5%), Retinal (12,800 procedures, +23% YoY)
  • High-end Procedures: Femto Cataract surgeries grew 87% YoY to 5,900 procedures; High-end cataract represented 26.3% of total cataract procedures (vs. 22.5% in FY25)

Same-Store Sales Growth (SSSG):

  • Pre-FY22 Facilities: ₹1,375 crores revenue, 14% SSSG (66% of group revenues)
  • FY23 Facilities: ₹257 crores revenue, 14% growth
  • FY24 Facilities: ₹170 crores revenue, 16% growth
  • FY25 Facilities: ₹223 crores revenue, 72% growth
  • FY26 Facilities: ₹49 crores revenue

Revenue Breakdown:

  • Surgical Services: 67% of group revenue
  • Optical Products & Pharmacy: 21%
  • Diagnosis & Consultations: 12%
  • Payor Mix: Cash (62.4%), Insurance & TPA (28.5%), Government Schemes (9%)
  • Domestic Payor Mix: Cash (72%), Insurance & TPA (22%), Government Schemes (6%)

Expansion Plans and Capex

FY27 Guidance:

  • Planned New Facilities: 60 facilities (40 surgical centers, 20 clinics)
  • Regional Distribution: South (24 facilities), North (16 facilities), West (15 facilities)
  • Capex Outflow: ₹380-400 crores (includes new CMS facility)
  • Current Progress: 11 facilities already launched in FY27
  • Pipeline: 30 letters of intent ready for properties

Delhi NCR Expansion Update:

  • Entered Delhi market in May 2025 with South Ex facility
  • Subsequent openings: Gurgaon Sector 29 (Nov 2025), Preet Vihar (Dec 2025), Rajouri Garden (Jan 2026), Rohtak (Mar 2026), Faridabad (Apr 2026)
  • Plan: 7-8 additional centers in Delhi-NCR over next 12-18 months

Merger Update

  • Companies Involved: Dr. Agarwal's Healthcare Limited and Dr. Agarwal's Eye Hospital Limited
  • Current Status: Received stock exchange observation letters (Feb 2026) with no adverse objections
  • NCLT Application: Filed with NCLT Chennai bench
  • NCLRuling: Honorable NCLT Chennai bench allowed joint first motion application (May 2026)
  • Next Steps: Meetings of equity shareholders, secured and unsecured creditors scheduled for July 2, 2026
  • Expected Completion: Q3 FY27 (approximately 5-6 months from July 2026)

Subsidiary Updates (Dr. Agarwal's Eye Hospital Limited)

  • Facilities: 63 facilities (from 61 in FY25)
  • FY26 Additions: 4 facilities (2 surgical in Red Hills and Tirupatthur; 2 eye clinics in Bhavani and Thirukovilur)
  • FY26 Closures: 2 eye clinics (Karaikal and Ariyalur)
  • Rental Expenses: ~₹32 crores for FY26
  • New CMS Facility: Targeting October 1, 2026 launch (delayed due to election-related approval delays)

Financial Management

  • Debt Repayment: ₹195 crores repaid from IPO proceeds (₹128 crores in Q4 FY25, ₹67 crores in H1 FY26)
  • Acquisition Payments: FY26 - ~₹85 crores; FY27 expected - ₹60-65 crores; FY28-30 - ~₹60 crores remaining
  • New Facility Losses: FY26 cohort incurred ~₹30 crores operating loss; FY25 cohort incurred ~₹21 crores loss

Other Expenses Breakdown

  • Merger Expenses: ~₹0.8 crores (one-time)
  • Corporate Office Rent: ~₹1 crore (annual, ongoing)
  • Facebook Marketing: Increased by ₹3.3 crores for the year

Technology Initiative

  • Neo: Next-generation AI-ready hospital management system developed in-house
  • Current Capacity: Managing 20,000 patients daily across network
  • Scalability: Built to scale beyond 5,000 branches and support over 2 million patients daily

Clinical and Training Initiatives

  • Doctor Strength: Over 1,000 doctors across network
  • Publications: 360+ publications in international journals over past three decades
  • Training: 140+ doctors underwent advanced training in FY26
  • Training Infrastructure: Institutes in Chennai, Tirunelveli, Cuttack, and Vashi (Navi Mumbai)
  • Paramedical Staff: Attrition 21-25%; annual increments 9.5-10%