Company Overview
About Dr Agarwals
Founded in 1957, and registered in 1994 as a Company, Dr Agarwal?s Eye Hospital is a leading chain of eye hospitals with predominant presence in Tamil Nadu. Under the able leadership of Dr Amar Agarwal, the company has been a pioneer and leader in the Ophthalmology market with an established market position and healthy brand recall in the eye care segment. It offers comprehensive services in the eye-care segment including Cataract, Glaucoma,
Laser Correction, Cornea and Refractive, Retina, and Squint among others.
Indian Healthcare Industry*
Indian Healthcare Delivery Market Poised for Robust Growth in the Medium Term
India?s healthcare delivery industry is projected to grow from 6.3 lakh crore in FY2024 to 9.1-9.3 lakh crore by FY2028, at a CAGR of 9-11%. Growth is driven by strong damentals, rising awareness and affordability, and increased government focus. Structural factors such as lifestyle-related ailments, medical tourism, higher incomes and changing demographics further fuel demand.
Segmentation of the Indian Healthcare Delivery Market by Single Specialty and Multi specialty Hospitals
India?s healthcare delivery market comprises single- specialty and multi-specialty hospitals. Multi-specialty accounts for 55-65% of the private and trust-based market, while the share of single-specialty is ~35-45%. In FY2024, the market of single-speciality health care hospitals was valued at 1.5-1.9 lakh crore.
Multi-Specialty Hospitals:
Offer a wide range of medical specialties under one roof, enabling integrated and holistic care
Designed to manage complex, multi-system conditions and comorbidities efficiently
Benefit from economies of scalein infrastructure, diagnostics, and staffing
Attract a larger, more diver sepatient base due to breadth of services
Enable internal referrals and cross-specialty collaboration, improving patient retention
Support round-the-clock emergency and critical care services Growth drivers for multi-hospitals facilities include coordinated care, advanced infrastructure, and strong referral networks, enabling long-term, sustainable expansion.
Single Specialty Hospitals:
Focus exclusively on a specific illness or type of ailment
Infrastructure, operations and budgets are tailored to the needs of that condition
Require lower capital expenditure (capex), making them capex-light, scalable and replicable
Offer specialised expertise and superior clinical protocols for high-quality outcomes
Invest in dedicated medical equipment not typically found in general hospitals
Preferred by patients for focused care and consistent quality
More agility in decision-making with fewer management complexities
Better positioned to adopt advanced technologies
Growth drivers for single specialty hospitals include a patient-centric model, clinical focus, cost efficiency, scalability through standardised protocols and streamlined operations. Strong brand equity, network expansion, and investment in advanced technology further enhance their ability to deliver consistent, high- quality care.
*Assessment of the healthcare delivery sector in India with focus on eye care specialty dated January 2025 by CRISIL Market Intelligence & Analytics, a division of CRISIL Limited
A. Indian Eyecare Industry
Large Addressable Eye Care Market with Huge Untapped Potential a. India?s eye care industry is projected to reach a market size of 55,00065,000 crore by FY2028, growing at a CAGR of 1214% from FY2024. While eye care currently represents 6% of Indian healthcare delivery market, it remains one of the fastest- growing segments due to rising demand and significant untapped potential.
According to IAPB, India has the world?s highest number of visually impaired people, with nearly one in every five affected. The high prevalence of eye disorders drives a growing need for medical intervention, making eye care an integral part of the domestic health care system.
Eye Care is a Critical Healthcare Need in India Today: India has the Highest Number of People with
Vision Loss Globally
Number of people with vision loss (MM) b. Key Growth Drivers
Demographics and Income:
Rising income levels, growing per capita NNI, ageing population
Disease Burden:
Increasing prevalence of myopia, cataract, glaucoma, and other eye disorders
Policy and Coverage:
Government schemeslike NPCB & VI and Ayushman Bharat, expanding health insurance penetration
Market Trends:
Growth in medical tourism, rising awareness of
Industry Enablers:
Value-added services, strong brand equity, wide networkpresence,SOP-drivencare,andcomprehensive treatment offerings
Untapped Potential:
India?s lower cataract surgery rates compared to 80-85% c. Segmentation of the Eyecare Industry
Surgical Interventions:
Cataract Surgery
Retina Surgery
Refractive Surgery
Glaucoma and Cornea-Based Surgery
Non-Surgical Services
Routine check-ups and screenings
Early identification of key eye disorders that require surgery
Post-surgical recovery through regular monitoring and follow-up care
Indian Eye Care Market Split
By Value - FY2024E
d. Market Structure
India?s eye care market comprises a mix of organised eye care service chains and standalone hospitals and clinics. Split of India?s eyecare market (in value) by eyecare service chains and standalone eye hospitals/ clinics (FY2024E)
Headroom for Further Growth for Organised Eye Care Service Chains in a Fragmented Market Headroom for Further Growth for Organised
Eye Care Service Chains in a Fragmented Market
Split ofSplit of Indian Eye Care Market (in Value) (FY2024E)Indian Eye Care Market (in Value)
INR 0.38 lakh crore c. INR 0.38 lakh crore e. e. Overview of eye care delivery structure in Indiain India Primary Eyecare Facilities:
Primary Eye care Facilities: B.
Initial point of contact for early detection of
Initial point of contact for early detection of conditions conditions like cataract and refractive errors like cataract and refractive errors
Services include eye examinations, diagnosis,
Servicestreatment include for eyemaintaining examinations,healthy diagnosis, vision, treatment for maintaining healthy vision, and more and more
Refer complex cases to secondary and tertiary care Refer complex cases to secondary and tertiary facilitiescare facilities for furtherfor further treatmenttreatment Secondary Eyecare Facilities:
Secondary Eyecare Facilities:
Secondary Eye & care Facilities: Are handled by ophthalmologists and offer
Are handled by ophthalmologists and offer cataract, cataract, simple glaucoma surgeries, and other simpleminor surgical proceduresglaucoma surgeries, and other minor surgical procedures Offer other non-surgical treatments and refer complex cases to tertiary care facilities
Offer other non-surgical treatments and refer complex cases to tertiary care facilities
Tertiary Eye care Facilities:
Manage the full spectrum of eye-related diseases.
Conduct research and provide training to secondary eyecare facilities
f. Key Entry Barriers for the Eye care Industry
The Indian eye care industry poses high entry barriers due to capital-intensive infrastructure, limited specialist talent, entrenched brand loyalty, and complex regulatory compliance.
B. India?s Eyewear Market*
The domestic eyewear market is expected to grow at a CAGR of ~13% between FY2025 and FY2030P, expanding nearly 1.5 times faster than the overall Indian retail market and 3 times faster than the global eyewear market. The market is projected to grow from ~H78,800 crore in FY2025 to ~H1,48,300 crore by FY2030P Prescription eyeglasses dominate the segment, contributing ~73% of the market by value, followed by sunglasses and contact lenses. Growth is being driven by rising refractive errors among children and teenagers, lifestyle changes and increasing awareness of refractive errors across cities.
*Industry Report on the Eyewear Market dated July 28, 2025 by Redseer Strategy Consultants Private Limited
Financial Performance and Operational Performance
The company saw a robust growth in FY25. The top line consistently grew at 24.0% from 324.27 Cr to 402.24 Cr. The revenue growth along with consistent cost control measures, has reflected down on to EBITDA with
28.7% growth from 96.03 Cr to 123.59 Cr. In the capital markets, the company saw a significant increase in market capitalization with the share pricing reaching north of 4,300 per share as on 26th May 2025 (with an increase of 18.9% to last year price).
The company has also been committed in consolidating its presence in Tamil Nadu by exploring the accessibility to the remote areas. Our network grew to 61 facilities this year, up from 50 last year.
SWOT Analysis
Strengths
The company has been able to continue its momentum by achieving growth in both revenue and EBITDA, while increasing the profit margin as well. The promoters who possess an ideal blend of clinical expertise and managerial proficiency helps navigate the any headwinds in operations side with ease. The company?s long-standing accomplishments in the field of ophthalmology has helped to create a favourable position in market to reach and attract a larger patient population.
Weakness
The company?s operations are dependent upon the ophthalmologists, given the scare availability of merely 27,000 ophthalmologists and 42,000+9 eye care practitioners (includes optometrists, ophthalmic assistants and refractionists) in India, which is significantly lower compared to the country?s vast population, highlights the operational reliance on a few regions due to clustering of branches has made the performance of branches dependent on economic, social and political well-being of that region.
Opportunities
The individuals are highly health conscious, especially in the aftermath of the COVID outbreak. This will stimuli for new opportunities in the eye care segment. The development of new state-of- the-art technology with the combination of a seasoned team of doctors enables to delivery exemplary eye-care services. The company is actively learning experiences through the success and challenges of the peers, further have been proactive in mitigating those risks from leveraging its knowledge from the above. The above factors complement the company?s future prospectus in the field of ophthalmology foreseeing a broader growth in the healthcare industry.
Threats
The region-specific operation model of the company faces immense pressure from competition with limited scope for expansion.Theuncertaintyofglobaleconomyamidongoing conflicts have led to the hard geo-economic policies among the developed countries, lingering the concerns about their potential impact on the overall business landscape.
Human Resource
In the service industry, human resources play a crucial role, the performance of which has a significant the overall performance of the company. The company has developed a team of experienced human resource professionals handling the talent acquisitions and retentions in line the primary vision of the company. The details regarding developments in Human Resources is dealt in the Particulars of Employees forming part of the of the Directors? Report.
Internal Control Systems and Their Adequacy
The organization has consistently adhered to the internal controls which is designed and updated as required effectively throughout the operations of the company to ensure accurate accounting, monitoring operations, safeguarding assets against unauthorized use or losses, complying with regulations, and ensuring the reliability of financial reporting. These controls have been thoughtfully implemented to provide the necessary safeguards and reasonable assurance.
Risk and Mitigation
Competition intensity and new entrants to the market: The new entrants of sole practitioners who are capturing the market by providing comparable services with primitive technology and the well established peers expanding its presence around the company?s vicinity poses a threat to market share. This can have a substantial effect on a company?s bottom line.
Risk Mitigation: The company has equipped itself to delivery high quality service with no compromise on patient safety which has been the long-standing capability of Dr. Agarwal?s. The same stands as a competitive advantage for the Company.
Pace of obsolescence of technology and treatment methods: The developments in technology have been inevitable in healthcare sector, various procedures & machines are available for performing the same surgeries. The company not being updated about change in trends of the obsolescence of technology poses a risk to performance of surgeries.
Risk Mitigation: R&D department of the company constantly explores new ways to equip itself with near-term and incremental enhancements, as well as step-change improvements to existing products and processes, resulting in minimal obsolescence.
Materials Risk: Any delay in procurement of high quality materials could result in postponement of surgeries resulting in less patient satisfaction. impactin Risk Mitigation: The company?s procures material directly from manufactures and super- stockists for timely delivery and to obtain best quality materials. Labour deficit and loss of key staff members, including medical personnel: Non-availability of quality doctors could result in lesser patient satisfaction which could impact significantly the topline.
Labour deficit and loss of key staff members, including medical personnel: Non-availability of quality doctors could result in lesser patient satisfaction which could impact significantly the topline.
Risk Mitigation: The organisation has been committed in recruiting and training talented physicians and enhancing their capabilities.
Increasing compliance and regulatory impediments: The increasing stringent measures of the global regulatory environment has led to heightened regulatory scrutiny, which has raised the minimum standards that must be maintained. This requires the alignment of corporate performance objectives with regulatory compliance requirements.
Risk Mitigation: The company understands that regulatory requirements can be challenging at times and has put up accurate measures to adhere to the evolving regulatory standards to align its decision making process and incorporate these into the business plan in which it works in line with regulatory standards.
Key Ratios
Trade Receivables Turnover Ratio (i.e. Debtors Turnover Ratio) | 29.53 | 27.71 | 7% |
Inventory Turnover Ratio | 7.74 | 8.96 | -14% |
Interest coverage ratio* | 6.26 | 9.68 | 35.3% |
Current Ratio | 0.64 | 0.74 | -13% |
Debt-Equity Ratio | 1.59 | 1.71 | -7% |
Operating profit margin | 21.19% | 21.74% | 2.6% |
Net Profit Ratio | 0.14 | 0.15 | -5% |
Return on Net worth | 26.07% | 29.50% | 11.6% |
Cautionary Statement: The goals, aspirations, or projections of the company may be considered forward-looking within the context of the securities laws and regulations that are now in effect. It is possible that the actual results will be significantly different from those represented in the statement. The global and domestic business climate, changes in government rules and tax laws, economic developments inside the country, and other factors such as litigation and the like are important elements that could influence the operations of the company.
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