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Large eye-care hospital chain performing cataract surgery, LASIK and other ophthalmic procedures across India and Africa.
Large eye-care hospital chain performing cataract surgery, LASIK and other ophthalmic procedures across India and Africa.
Earns a fee per procedure from patients, who mostly pay themselves or through private insurance, with cataract surgery the largest line, and it runs centres across several tiers of Indian cities and in Africa. It has bought smaller eye hospitals to extend its network.
In one line: India's dedicated eye-care hospital chain, akin to a focused LASIK/cataract specialist net.
Moat: narrow (brand, scale, process know-how). Large-scale, standardized eye-care delivery model with a recognized brand built over decades.
Headquarters: Chennai, India · Founded: 1957 · Employees: 7,176
Size Dr. Agarwal's Health Care (AGARWALEYE.NS) is an India Health Care company (Medical/Nursing Services) with a market value of $1.74B, the 409th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹516.35 on 6 Nov 2026.
Performance Over six months the shares gained 14.9%, against +24.4% for the median peer and 0.0% for the India market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 21.6% over the last twelve months (peer median +2.8%); the operating margin is 14.5% (peer median 3.2%).
Valuation It trades at 89.1× forward earnings against a peer median of 40.1× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points below its cost of capital (12.4% WACC).
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹22.1B | ₹20.8B | ₹17.1B | ₹13.3B | ₹10.2B |
| Revenue growth | — | +22% | +28% | +31% | — |
| Gross profit | ₹6.95B | ₹6.05B | ₹4.80B | ₹3.85B | ₹2.96B |
| EBITDA | ₹6.12B | ₹5.80B | ₹4.69B | ₹3.68B | ₹2.77B |
| Net income | ₹1.48B | ₹1.33B | ₹835M | ₹831M | ₹941M |
| Free cash flow | n/a | ₹684M | ₹196M | ₹876M | ₹497M |
| Capital expenditure | n/a | ₹4.61B | ₹3.21B | ₹2.32B | ₹1.58B |
| Total debt | n/a | ₹10.7B | ₹9.61B | ₹9.66B | ₹8.57B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dr. Agarwal's Health Care AGARWALEYE.NS | $1.74B | +15% | +22% | 15% | 89.1× | 41.9% |
| Global Health MEDANTA.NS | $3.95B | +15% | +26% | 17% | 51.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AGARWALEYE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.8% | +8.0% | 9th lowest of 21 |
| 6-month return | +14.9% | +24.4% | 8th lowest of 21 |
| Distance from 52-week high | -9.1% | -16.0% | 8th highest of 21 |
| Revenue growth (TTM) | +21.6% | +2.8% | 4th highest of 21 |
| Operating margin | 14.5% | 3.2% | 2nd highest of 21 |
| Forward P/E | 89.1× | 40.1× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 41.9% | 8.5% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +26.9% | +8.7% | highest of 15 |
| Hurdle (Req g minus delivered) | +15.0 pp | +6.9 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -1.1 pp | -4.1 pp | 7th highest of 20 |
| EV / EBITDA | 26.8× | 12.2× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.3× | 2.4× | 7th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dr. Agarwal's Health Care AGARWALEYE.NS | India | $1.74B | +15% | +22% | 15% | 89.1× | 41.9% | +26.9% |
| Azenta AZTA | United States | $1.72B | +104% | +1% | -3% | 103.7× | 56.0% | +8.9% |
| Personalis PSNL | United States | $1.71B | +164% | -13% | -164% | n/a | n/a | n/a |
| Ping An Healthcare and Technology 1833.HK | Hong Kong | $1.63B | -47% | +8% | 3% | 40.1× | 15.0% | -5.1% |
| Ambea AMBEA.ST | Sweden | $1.63B | +30% | +13% | 8% | 15.8× | 1.7% | +7.7% |
| GeneDx WGS | United States | $1.86B | +53% | +25% | -12% | 98.7× | n/a | n/a |
| Vijaya Diagnostic Centre VIJAYA.NS | India | $1.60B | +22% | +24% | 32% | 64.3× | 39.3% | +16.7% |
| Teladoc Health TDOC | United States | $1.60B | +21% | -2% | -5% | n/a | -5.2% | +18.3% |
| agilon health AGL | United States | $1.90B | +109% | 0% | -4% | 67.5× | n/a | n/a |
| Sonida Senior Living SNDA | United States | $1.58B | -14% | +49% | -11% | n/a | n/a | n/a |
| Emeis EMEIS.PA | France | $1.94B | -30% | +4% | 3% | n/a | 21.3% | +8.5% |
| Dian Diagnostics 300244.SZ | China | $1.97B | +11% | -5% | 9% | 25.2× | 2.4% | -1.1% |
| Guangzhou Kingmed Diagnostics 603882.SS | China | $1.99B | +5% | -3% | 7% | 31.7× | 6.7% | -6.1% |
| U.S. Physical Therapy USPH | United States | $1.48B | +68% | +11% | 10% | 30.4× | 19.9% | +13.0% |
| Clariane CLARI.PA | France | $1.40B | -20% | +1% | 6% | 8.6× | 6.7% | +6.5% |
| NeoGenomics NEO | United States | $2.18B | +88% | +11% | -6% | 58.9× | n/a | n/a |
| H.U.Group 4544.T | Japan | $1.35B | +24% | +1% | 2% | 41.0× | 10.1% | +2.1% |
| AddLife ALIF-B.ST | Sweden | $2.29B | +25% | +2% | 8% | 40.5× | 21.6% | +14.6% |
| Addus HomeCare ADUS | United States | $2.32B | +25% | +12% | 11% | 16.6× | 4.9% | +13.2% |
| Diagnostyka DIA.WA | Poland | $1.29B | -5% | +19% | 15% | 18.4× | 6.9% | +18.9% |
| OPKO Health OPK | United States | $1.29B | +52% | -11% | -29% | n/a | n/a | n/a |