Dr. Agarwals Health Care Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Dr. Agarwals Health Care Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dr. Agarwal's Healthcare reported Q1 FY27 revenue from operations of INR614 crores, up 26% year-on-year, with Ind AS EBITDA of INR177 crores at a 28.5% margin. The company launched 18 new facilities including 16 surgical centers, its highest ever in a single quarter, taking the network to 285 facilities across 14 states. Management discussed regional performance, same-store sales growth trends, doctor additions, and provided an update on the pending merger.
Numbers mentioned
Revenue from operations: INR614 crores (Q1 FY27)
p. 3
“delivered revenue from operations of INR614 crores, growing 8.8% sequentially, also our strongest quarter-on-quarter growth”
Adil Agarwal, page 3 of the filed PDF · View the filing
Total income: INR620 crores (Q1 FY27)
p. 3
“For Q1 FY27, total income stood at INR620 crores, up 24% year-on-year, while revenue from operations grew a whopping 26% to INR614 crores”
Adil Agarwal, page 3 of the filed PDF · View the filing
Ind AS EBITDA: INR177 crores, margin 28.5% (Q1 FY27)
p. 3
“The quarter delivered a robust Ind AS EBITDA of INR177 crores, growing 25.2% year-on-year with margins of 28.5%, an improvement of 30 basis points with a PAT margin expanding by 127 basis points to 8.9%”
Adil Agarwal, page 3 of the filed PDF · View the filing
New facilities commissioned: 18 new greenfield facilities (Q1 FY27)
p. 3
“we expanded our footprint by commissioning 18 new greenfield facilities, strengthening our reach and capacity”
Adil Agarwal, page 3 of the filed PDF · View the filing
Total network facilities: 285 facilities (as of June 30, 2026)
p. 4
“Now in India, we have a total network of 285 facilities across 14 states and 5 union territories, covering 165 cities”
Adil Agarwal, page 4 of the filed PDF · View the filing
Patients served: over 8.8 lakhs patients (Q1 FY27)
p. 4
“During the quarter ended June 30, 2026, we served over 8.8 lakhs patients and performed over 90,000 surgeries”
Adil Agarwal, page 4 of the filed PDF · View the filing
High-end cataract surgeries share: 29.3% of 67,000 total cataract surgeries (Q1 FY27)
p. 4
“high-end cataract surgeries accounted for 29.3% of the 67,000 total cataract surgeries performed”
Adil Agarwal, page 4 of the filed PDF · View the filing
Femto Cataract growth: 33.4% year-on-year, crossing 1,548 procedures (Q1 FY27)
p. 4
“robotic cataract surgeries, what we refer to as the Femto Cataract, grew by 33.4% year-on-year, crossing 1,548 procedures for the quarter”
Adil Agarwal, page 4 of the filed PDF · View the filing
South region revenue: INR387 crores, up 22.8% year-on-year (Q1 FY27)
p. 5
“This quarter, the region delivered INR387 crores in revenue, a phenomenal 22.8% year-on-year growth”
Adil Agarwal, page 5 of the filed PDF · View the filing
Surgeries performed: close to 91,000 surgeries, 15.5% year-on-year growth (Q1 FY27)
p. 6
“For the quarter ended June, we performed close to 91,000 surgeries, marking a 15.5% year-on-year growth”
Yashwanth Venkat, page 6 of the filed PDF · View the filing
Revenue from operations in India: INR552 crores, up 25.3% year-on-year (Q1 FY27)
p. 7
“Revenue from operations in India for Q1 stood at INR552 crores, reflecting a growth of 25.3% year-on-year”
Yashwanth Venkat, page 7 of the filed PDF · View the filing
Doctor and employee costs: 34% of total revenues (Q1 FY27)
p. 7
“Doctor and employee costs have increased slightly to 34% of total revenues in Q1 FY '27 with the addition of talent across all facilities launched in Q1 FY '27”
Yashwanth Venkat, page 7 of the filed PDF · View the filing
Interest on lease liability: around INR18 crores (Q1 FY27)
p. 8
“Now, in terms of the interest on lease liability for Q1, it is around close to INR18 crores.”
Yashwanth Venkat, page 8 of the filed PDF · View the filing
Finance cost: about INR23.5 crores, down from INR24.7 crores (Q1 FY27 vs Q1 FY26)
p. 12
“finance cost actually moved from about close to INR24.7 crores in Q1 of last year to about close to INR23.5 crores”
Yashwanth Venkat, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
New facility additions — 12 facilities in Q2 and 30 in second half · FY27
stated firmly by Adil Agarwal
p. 6
“Looking ahead, we're looking at adding 12 facilities for Q2 and 30 in the second half.”
Adil Agarwal, page 6 of the filed PDF · View the filing
Full year facility additions plan — 60 new facilities, including 40 surgical centers · FY27
stated conditionally by Adil Agarwal
p. 6
“We came into FY '27 with a plan to add 60 new facilities, including 40 surgical centers.”
Adil Agarwal, page 6 of the filed PDF · View the filing
Delhi NCR facility additions — three to five more facilities · remainder of the year
stated firmly by Adil Agarwal
p. 6
“With three to five more facilities planned for the remainder of the year, we remain committed to building a meaningful presence in the Delhi NCR market.”
Adil Agarwal, page 6 of the filed PDF · View the filing
Merger completion — completion of merger · mid-November
stated conditionally by Adil Agarwal
p. 12
“So, we are in the process of closing some of the final items when it comes to the merger, and we expect to close this around mid-November.”
Adil Agarwal, page 12 of the filed PDF · View the filing
Same-store sales growth for South facilities — 12% to 13%
stated as an aspiration by Adil Agarwal
p. 11
“It is our endeavour to hope to continue with a similar same-store sales growth pattern.”
Adil Agarwal, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Premiumization contributed around 7.5% and price hikes around 0.5%, totaling about 8% value growth on a like-to-like basis.
Answered by Rahul Agarwal
Asked by Maulik: How much of the revenue growth came from value (premiumization and price hike) versus volume?
p. 7
“On the premiumization we are close to around 7.5%. And price hike, so far this year, we have realized around 0.5%.”
Rahul Agarwal, page 7 of the filed PDF · View the filing
Greenfield losses are around INR20 crores at corporate EBITDA level, including centers launched in FY26 and FY27 plus pre-operating losses.
Answered by Rahul Agarwal
Asked by Maulik: How much are the losses from newly opened facilities?
p. 8
“INR20 crores. This includes both the centers launched in FY '26 and FY '27. Also includes pre-operating losses as well.”
Rahul Agarwal, page 8 of the filed PDF · View the filing
Volume grew around 8% and value grew around 8%, with OPD growth contributing 6% and conversion contributing 2%.
Answered by Rahul Agarwal
Asked by Nikhil: What is the split between volume and value in the SSSG for facilities up to FY23?
p. 8
“volume grew by around 8% and value grew by around 8%. So, it's a breakup between the two.”
Rahul Agarwal, page 8 of the filed PDF · View the filing
Delhi is a new entry driving much of the growth, and Punjab benefited from a low base last year due to Operation Sindoor, but overall trends are positive across all North branches.
Answered by Adil Agarwal
Asked by Nikhil Upadhyay: Is North region growth driven by Delhi-NCR or also by smaller markets?
p. 9
“at a broad level, we are seeing a trend which is very, very positive for us in North across all our branches.”
Adil Agarwal, page 9 of the filed PDF · View the filing
Yes, most new doctors were added for new centers and productivity gains will be seen as those centers mature.
Answered by Adil Agarwal
Asked by Tushar Manudhane: Is the recent doctor addition largely for new facilities, meaning revenue benefit is still to come?
p. 9
“Correct. So, the last four months alone, we have added 100 new doctors to our network, so in many of these centers, especially in Maharashtra, in Delhi-NCR, many new doctors have joined the network.”
Adil Agarwal, page 9 of the filed PDF · View the filing
Overall attrition is 16-17% including junior doctors, but senior doctor attrition is very low at 2-3%.
Answered by Adil Agarwal
Asked by Tushar Manudhane: What is the doctor attrition rate?
p. 10
“I think we're still at that 16%, 17% attrition rate overall at a group level.”
Adil Agarwal, page 10 of the filed PDF · View the filing
Management said it's difficult to pin an exact number but expects the shift toward higher realization to continue as insurance penetration and technology adoption grow.
Answered by Adil Agarwal
Asked by Tushar Manudhane: Will average realization per surgery continue growing at the current pace or plateau?
p. 11
“So, it's difficult to answer whether same 10% will be there or 8% will happen.”
Adil Agarwal, page 11 of the filed PDF · View the filing
Rupee gross margin will increase because the additional charge for Femto procedures exceeds the license click fee cost.
Answered by Adil Agarwal
Asked by Tushar Manudhane: Will margins compress due to higher technology costs like Femto cataract equipment?
p. 11
“Rupee gross margin will definitely go up because for a Femto cataract procedure, in terms of additional charge, it will be close to about INR35,000, whereas the click fee which you will be paying for the license, that comes to around INR10,500, INR11,000.”
Adil Agarwal, page 11 of the filed PDF · View the filing
South SSSG is in line with the overall mature facility cohort growth of approximately 16.5%.
Answered by Adil Agarwal
Asked by Maulik: Will South region SSSG remain higher than other regions?
p. 11
“The SSSG growth for our South center is pretty much in line with what Rahul had mentioned, which is the cohort up to FY26 are growing approximately 16.5%”
Adil Agarwal, page 11 of the filed PDF · View the filing
Management expects to close the merger around mid-November.
Answered by Adil Agarwal
Asked by Paras Sarkar: When is the merger expected to complete?
p. 12
“we expect to close this around mid-November”
Adil Agarwal, page 12 of the filed PDF · View the filing
Risks flagged
Rising greenfield losses from new facility launches
p. 3
“despite rising greenfield losses driven by 23 surgical new facilities launched in the 6 months”
Adil Agarwal, page 3 of the filed PDF · View the filing
Prior-year impact of Operation Sindoor and floods on Punjab and Jammu and Kashmir growth
p. 6
“Punjab and Jammu and Kashmir, which saw muted growth last year due to the impact of Operation Sindoor and floods have bounced back strongly in this quarter.”
Adil Agarwal, page 6 of the filed PDF · View the filing
New facilities take time to mature, limiting near-term productivity
p. 9
“I think from a scale-up perspective, as we mentioned that three years at least it takes us from moving from an emerging facility to becoming a mature facility.”
Adil Agarwal, page 9 of the filed PDF · View the filing
Compliance and property requirements constraining facility launch pace
p. 11
“as you know, some of these places, we want to make sure that you have the right compliance properties”
Adil Agarwal, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.